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Caprihans India Ltd.

BSE: 509486 Sector: Industrials
NSE: CAPRIHANS ISIN Code: INE479A01018
BSE LIVE 15:40 | 02 Dec 100.85 -3.75
(-3.59%)
OPEN

101.15

HIGH

102.90

LOW

100.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 101.15
PREVIOUS CLOSE 104.60
VOLUME 2470
52-Week high 131.70
52-Week low 71.95
P/E 9.73
Mkt Cap.(Rs cr) 132.42
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 101.15
CLOSE 104.60
VOLUME 2470
52-Week high 131.70
52-Week low 71.95
P/E 9.73
Mkt Cap.(Rs cr) 132.42
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Caprihans India Ltd. (CAPRIHANS) - Auditors Report

Company auditors report

TO THE MEMBERS OF CAPRIHANS INDIA LIMITED

1. Report on the Financial Statements

. We have audited the accompanying financial statements of Caprihans India Limited("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss and Cash Flow Statement for the period then ended and asummary of significant accounting policies and other explanatory information hereafterreferred to as financial statements.

2. Management’s responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. Auditor’s Responsibility

3.1 Our responsibility is to express an opinion on these financial statements based onour audit.

3.2 We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

3.3 We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

3.4 An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for purpose of expressing an opinion onwhether the Company has in place an adequate internal financial control systems overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company’s Directors as well as evaluating theoverall presentation of the financial statements.

3.5 We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the financial statements.

4. Opinon

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2015 and its profit and its cash flows for the year ended on that date.

5. Emphasis of Matter

We invite attention to -

a. Note no. 24 (2) of the financial statements regarding excise duty mattersaggregating to Rs. 1659 lakhs disclosed as Contingent Liabilities

b. Note no. 24 (4) of the financial statements regarding delay in realisation of theassets of non-core activities to the extent of Rs. 245 lakhs. Our opinion is not modifiedin respect of these matters.

6. Report on Other Legal and Regulatory Requirements

As required by section 143(3) of the Companies Act 2013 we report that:

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit.

b. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d. In our opinion aforesaid financial statements comply with the Accounting Standardsreferred to Section 133 of the Companies Act 2013 read with Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312015 and taken on records by Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms Section 164 (2) of the Act.

7. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations in its financialstatements - Refer note 24(2) of financial statements.

(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no delays in transferring amounts to the Investor Education andProtection Fund during the year by the Company.

8. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.

for M. P Chitale & Co.
Chartered Accountants
ICAI Firm REG No. 101851W
Ashutosh Pednekar
Mumbai Partner
May 22 2015 ICAI M No. 041037

Annexure to the Independent Auditors’ Report

(Referred to in paragraph 8 of our report of even date)

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Pursuant to the Company’s programme of verifying fixed assets once in threeyears the Company has conducted physical verification of fixed assets during the year. Inour opinion such programme of verification is reasonable. As per the information andexplanations made available to us no material discrepancies were noticed on verification.

2. (a) Inventories have been physically verified by the Management during the year. Inour opinion the frequency of such verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management isreasonable and adequate in relation to the size of the Company.

(c) In our opinion the Company maintains proper records of inventory. We have beeninformed that no material discrepancies were noticed on physical verification ofinventories.

3. The Company has in earlier years given an unsecured loan to its ultimate holdingcompany i.e. Bilcare Limited a party covered in the register maintained under Section189 of the Companies Act 2013.

(a) There are delays in receipt of principal amount and interest as per the agreedrepayment schedule.

(b) Based on the information and explanations given to us the company has takenreasonable steps for recovery of the outstanding amount.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and sale of goodsand services. During the course of our audit we did not notice any continuing failure tocorrect any major weakness in internal controls.

5. According to the information and explanations given to us the Company has notaccepted any deposits.

6. We have reviewed the cost compliance certificate of the Company & are of theopinion that prima facie the cost records pursuant to Rule 5 of the Companies (CostRecords and Audit) Rules 2014 have been made and maintained for manufacturing activities.However we have not conducted a detailed examination of the cost records.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company

we find that the Company has generally been regular in depositing undisputed statutorydues such as provident fund employees’ state insurance dues income tax wealth taxetc. with the appropriate authorities. According to the information and explanations givento us no undisputed amounts payable in respect of the above statutory dues wereoutstanding as on 31st March 2015 for a period of more than six months from the date theybecame payable.

(b) The disputed statutory dues that have not been deposited on account of appealmatters pending before the appropriate authorities are as under:

Pertaining to Financial Years Amount (Rs. in lacs) Particulars Authority
1989-90 to 1993-94 594.24 Excise Duty CESTAT
1996-97 to 1997-98 185.14 Excise Duty CESTAT
1999-2000 24.10 Excise Duty CESTAT
1989-90 to 1994-95 0.50 Excise Duty CESTAT
2004 to 2005 119.62 Excise Duty CESTAT
1992-93 to 2001-02 251.18 Excise Duty Hon. Supreme Court
1995-96 to 1997-98 25.28 Excise Duty Hon. Supreme Court
1994-95 to 1996-97 242.14 Excise Duty Hon. Supreme Court
2006-07 to 2008-09 8.14 Service tax Commissioner (appeals)
2000-01 to 2006-07 400.00 Income tax ITAT
2008-2009 3.37 Central Sales Tax Joint Commissioner (appeals)
Total 1853.71

(c) The amount required to be transferred to the Investor Education and Protection Fundin accordance with the relevant provisions of the Companies Act 1956 and the Rules madethere under have been transferred to the Fund within time.

8. The Company has no accumulated losses as at the financial year end. There were nocash losses incurred in the financial year or the previous financial year.

9. The Company has neither taken any loans from a financial institution and a bank norissued any debentures.

10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

11. The Company has not obtained any term loans.

12. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the year.

for M. P. Chitale & Co.
Chartered Accountants
ICAI Firm REG No. 101851W
Ashutosh Pednekar
Mumbai Partner
May 22 2015 ICAI M No. 041037

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