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Kaira Can Company Ltd.

BSE: 504840 Sector: Industrials
NSE: N.A. ISIN Code: INE375D01012
BSE LIVE 10:15 | 22 Sep 1281.00 61.00
(5.00%)
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1281.00
PREVIOUS CLOSE 1220.00
VOLUME 20
52-Week high 1325.00
52-Week low 760.00
P/E 29.26
Mkt Cap.(Rs cr) 118
Buy Price 1159.00
Buy Qty 15.00
Sell Price 1279.90
Sell Qty 1.00
OPEN 1281.00
CLOSE 1220.00
VOLUME 20
52-Week high 1325.00
52-Week low 760.00
P/E 29.26
Mkt Cap.(Rs cr) 118
Buy Price 1159.00
Buy Qty 15.00
Sell Price 1279.90
Sell Qty 1.00

Kaira Can Company Ltd. (KAIRACAN) - Auditors Report

Company auditors report

TO THE MEMBERS OF KAIRA CAN COMPANY LIMITED. Report on the Financial Statements

We have audited the accompanying financial statements of KAIRA CAN COMPANY LIMITED("the Company") which comprises the Balance Sheet as at March 31 2017 theStatement of Profit and Loss the Cash Flow Statement for the year ended March 31 2017and a 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 in Section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provision of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 2017 and its profit and its cash flows for the 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the mattersspecified in the paragraph 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act 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 purposes of our audit.

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

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

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March31 2017 and taken on record by the Board of Directors none of the directorsdisqualified as on March 31 2017 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

g) 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 litigation on its financialpositions in its financials statement refer note 32 to the financial Statements.

ii. The Company does not have any material foreseeable losses on long term contractsincluding derivative contracts requiring provision under the applicable law or accountingstandards.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from November 82016 till December 30 2016 However we are unable to obtain sufficient and appropriateaudit evidence to report on whether the disclosures are in accordance with the books ofaccount maintained by the Company and as produced to us by the management - Refer note 33to the financial statements.

For KALYANIWALLA & MISTRY LLP

CHARTERED ACCOUNTANTS

Firm Registration No. 104607W/W100166

Sai Venkata Ramana Damarla

PARTNER

Membership No.: 107017

Place: Mumbai

Dated: May 26 2017

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Para 1 ‘Report on Other Legal and Regulatory Requirements' in ourIndependent Auditors' Report to the members of the Company on the financial statements forthe year ended March 31 2017.

Statement on Matters specified in paragraphs 3 & 4 of the Companies (Auditor'sReport) Order 2016:

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

(b) As explained to us the Company has a programme for physical verification of fixedassets at periodic verification intervals. In our opinion the period of is reasonablehaving regard to the size of the company and nature of its assets.No materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis ofexamination of the records of the company the title deeds of immovable properties areheld in the name of the Company.

ii. As explained to us physical verification of inventory has been conducted atreasonable intervals by the management and no material discrepancies were noticed onphysical verification and the same have been properly dealt with in the books of account.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Act. Therefore the provisions of subclause (a) (b) and (c) ofparagraph 3(iii) of the Order are not applicable.

iv. In our opinion and according to the information and explanations given to us andthe records examined by us the Company has not advanced any loans or made any investmentsor provided any guarantees or security to the parties covered under Section 185. TheCompany has made investments in the securities of other body corporate within the limitspecified by section 186 of the Act and details of such transactions have been disclosedin the financial statements.

v. In our opinion and according to the information and explanations given to us theCompany has complied with directives issued by the Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Act and the rulesframed thereunder with regard to deposits accepted from the public.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe Rules made by the Central Government of India for maintenance of cost records undersub-section (1) of section 148 of the Act and are of the opinion that prima facie theprescribed accounts and records are generally been made and maintained. We have nothowever made detailed examination of the records with a view to examine whether they areaccurate and complete.

vii. (a) According to the information and explanations given to us and the recordsexamined by us the Company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxDuty of Customs Duty of Excise Value Added Tax Cess and other material statutory dueswith the appropriate authorities wherever applicable and there are no such outstandingdues as at March 31 2017 for a period of more than six months from the date they becamepayable.

(b) According to the information and explanation given to us and the records examinedby us there are no material dues of Income Tax Sales Tax Service Tax Duty of CustomsDuty of Excise and Value added tax outstanding on account of any dispute except for thefollowings:

Name of the Statute Nature of Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Central Excise Act and Service Tax Excise Duty 171312204/- Various years from 2001-02 to 2015-16. Commissioner of Excise (Appeals) – III.
Central Excise Act and Service Tax Service Tax 29027769/- Various years from 2007-08 to 2011-12. Commissioner of Service Tax
Income Tax Act 1961 Income Tax 27121388/- Various years from 1989-90 to 2013-14 Income Tax Appellate Tribunal/ Commissioner of Income Tax Appeals/ High Court
Bombay Sales Tax Act Sales Tax 250320/- 1993-94 Deputy Commissioner of Sales Tax Appeals Mumbai

viii. According to the information and explanations given to us and based on thedocuments and records produced to us the Company has not defaulted in repayment of loansor borrowings to banks. The Company does not have dues to financial institutionsgovernment or debenture holders.

ix. The Company has not raised money through initial public offer or further publicoffer (including debt instruments).

In our opinion and according to the information and explanations given to us and basedon the documents and records examined by us on an overall basis the term loans obtainedby the Company were applied for the purpose for which the loans were obtained.

x. During the course of our examination of the books of account and records of theCompany and according to the information and explanation given to us and representationsmade by the Management no material fraud by or on the Company by its officers oremployees has been noticed or reported during the year.

xi. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with requisite approvals mandated by the provisions of section197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanation given to us theCompany is not a Nidhi Company. Accordingly provisions of paragraph 3(xii) of the Orderare not applicable.

xiii. According to the information and explanation given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Financial Statements as required by the applicableaccounting standards.

xiv. According to the information and explanation given to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

xv. According to the information and explanation given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withthe directors or persons connected with him. Hence the provisions of Section 192 of theAct are not applicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934 hence the provisions of paragraph 3 (xvi) of the Order are notapplicable.

For KALYANIWALLA & MISTRY LLP

CHARTERED ACCOUNTANTS

Firm Registration No. 104607W/W100166

Sai Venkata Ramana Damarla

PARTNER

Membership No.: 107017

Place: Mumbai

Dated: May 26 2017

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Para 2 (f) ‘Report on Other Legal and Regulatory Requirements' inour Independent Auditor's Report to the members of the Company on the financial statementsfor the year ended March 31 2017.

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 controls over financial reporting of KAIRACAN COMPANY LIMITED ("the Company") as of March 31 2017 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' 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 and the Standards on Auditing issued by ICAI and deemed to beprescribed 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 comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects.

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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 2017 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 Institute of CharteredAccountants of India.

For KALYANIWALLA & MISTRY LLP

CHARTERED ACCOUNTANTS

Firm Registration No. 104607W/W100166

Sai Venkata Ramana Damarla

PARTNER

Membership No.: 107017

Place: Mumbai

Dated: May 26 2017