You are here » Home » Companies » Company Overview » Cox & Kings Ltd

Cox & Kings Ltd.

BSE: 533144 Sector: Services
NSE: COX&KINGS ISIN Code: INE008I01026
BSE LIVE 15:53 | 05 Dec 165.20 -0.90
(-0.54%)
OPEN

166.50

HIGH

169.50

LOW

163.65

NSE LIVE 15:40 | 05 Dec 164.85 -1.80
(-1.08%)
OPEN

168.45

HIGH

169.40

LOW

163.75

OPEN 166.50
PREVIOUS CLOSE 166.10
VOLUME 42031
52-Week high 256.45
52-Week low 140.50
P/E 10.29
Mkt Cap.(Rs cr) 2916.77
Buy Price 165.20
Buy Qty 350.00
Sell Price 0.00
Sell Qty 0.00
OPEN 166.50
CLOSE 166.10
VOLUME 42031
52-Week high 256.45
52-Week low 140.50
P/E 10.29
Mkt Cap.(Rs cr) 2916.77
Buy Price 165.20
Buy Qty 350.00
Sell Price 0.00
Sell Qty 0.00

Cox & Kings Ltd. (COX&KINGS) - Auditors Report

Company auditors report

To the Members of Cox & Kings Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Cox & KingsLimited ("the Company") which comprise the Balance Sheet as at March 31 2016and the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

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 provision of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofthe appropriate accounting policies; making judgements and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and fair presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 thereunder.

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.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s Directors as well as evaluatingthe overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books. c) The Balance Sheet Statement of Profit and Loss and CashFlow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theaccounting standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e) On the basis of written representations received fromthe directors as on March 31 2016 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2016 from being appointed as a director interms of section 164(2) of the Act. f ) With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate Report in "Annexure B". g) With respectto the other matters to be included in the Auditor’s Report in accordance with Rules11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best ofour information and according to the explanations given to us: i. The Company hasdisclosed the impact of pending litigations on its financial position in its financialstatements - Refer Note 34(II) to the financial statements. ii. The Company did not haveany material foreseeable losses on long-term contracts including derivative contracts thatrequire provision under any law or accounting standards for which there were any materialforeseeable losses. iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For Chaturvedi & Shah
Chartered Accountants
Firm Registration No. 101720W
Amit Chaturvedi
Place : Mumbai Partner
Dated : May 20 2016 Membership No. 103141

Annexure referred to the Auditors’ Report

"Annexure A" to Independent Auditors’ Report referred to in Paragraph 1under the heading of "Report on other legal and

regulatory requirements" of our report of even date.

1) In respect of its fixed assets : a) The Company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets onthe basis of available information. b) As explained to us all the fixed assets have beenphysically verified by the management in a phased periodical manner which in our opinionis reasonable having regard to the size of the Company and nature of its assets.

No material discrepancies were noticed on such physical verification. c) In our opinionand according to the information and explanations given to us title deeds of immovableproperties are held in the name of the company.

2) As explained to us physical verification of the inventories have been conducted atreasonable intervals by the management which in our opinion is reasonable having regardto the size of the Company and nature of its inventories. No material discrepancies werenoticed on such physical verification.

3) The Company has granted loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the register maintained under Section189 of the Act. In our opinion and according to information and explanations given to usin respect of these loans: a) The terms and conditions of the grant of such loans are notprejudicial to the company’s interest. b) There is no schedule of repayment ofprincipal and are repayable on demand. Also there is no stipulation as to date of paymentof interest. c) Since the principal and interest on these loans are repayable on demandquestion of overdue amount does not arise.

4) In respect of loans investments guarantees and security given by the Company: a)Company has complied with the provisions of section 185 of the Act in respect of loansgiven. b) Company has complied with the provisions of section 186 of the Act in respectof investments loans guarantee or security given.

5) According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of provisions of sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed there under. Therefore the clause (v)of paragraph 3 of the Order is not applicable to the Company.

6) To the best of our knowledge and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under sub section (1) of Section 148 ofthe Act in respect of the activities undertaken by the Company.

7) In respect of Statutory dues : a) According to the records of the Company exceptfor few instances of delay in payment of Service Tax TDS provident fund employees’state insurance and professional tax undisputed statutory dues including income taxsales tax duty of customs duty of excise value added tax cess and any other statutorydues have been regularly deposited with appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at March 31 2016 for a period of more than six monthsfrom the date they became payable. b) According to the records of the Company and theinformation and explanations given to us the disputed dues on account of income taxsales tax service tax duty of customs duty of excise value added tax cess that havenot been deposited before appropriate authorities are as under:

Name of the Statute Nature of the Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax/ Penalties. 2421452/- AY 2006-07 Commissioner Income Tax (Appeals)
57197190/- AY 2011-12 Income Tax Appellate Tribunal
Finance Act 1994 Service Tax 1290777449/- FY 2005-2011 Central Excise & Service Tax Appellate Tribunal
13201992 FY 2011-2012

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to a financial institution bankgovernment or debenture holders of the company.

9) The company has not raised money by way of initial public offer or further publicoffer (including debt instruments) or term Loan during the year and hence clause (ix) ofparagraph 3 of the Order is not applicable to the Company.

10) Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per information and explanations given to usno fraud by the Company or on the Company by its officers or employees has been noticed orreported during the year.

11) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

12) In our opinion company is not a nidhi company. Therefore the provisions of clause(xii) of paragraph 3 of the Order are not applicable to the company.

13) In our opinion and according to the information and explanations given to us alltransactions with related parties are in compliance with sections 177 and 188 of the Actand their details have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

14) In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year and hence clause (xiv) of paragraph 3 of theOrder is not applicable to the company.

15) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transaction with the directors or personsconnected with him and covered under section 192 of the Act.

Hence clause (xv) of the paragraph 3 of the Order is not applicable to the Company.

16) To the best of our knowledge and as explained the Company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934.

For Chaturvedi & Shah
Chartered Accountants
Firm Registration No. 101720W
Amit Chaturvedi
Place : Mumbai Partner
Dated : May 20 2016 Membership No. 103141

Annexure referred to the Auditors’ Report

"Annexure B" to Independent Auditors’ Report referred to in paragraph2(f) under the heading "Report on other legal andregulatory requirements" of ourreport of even date.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the Internal Financial Control over financial reporting of Cox &Kings Limited ("the company") as of March 31 2016 in conjunction with our auditof the standalone financial statements of the Company for the year then ended.

Management Responsibility for the Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For Chaturvedi & Shah
Chartered Accountants
Firm Registration No. 101720W
Amit Chaturvedi
Place : Mumbai Partner
Dated : May 20 2016 Membership No. 103141

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard