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Kanchi Karpooram Ltd.

BSE: 538896 Sector: Industrials
NSE: N.A. ISIN Code: INE081G01019
BSE LIVE 15:26 | 18 Dec 170.35 8.10
(4.99%)
OPEN

170.35

HIGH

170.35

LOW

170.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 170.35
PREVIOUS CLOSE 162.25
VOLUME 3430
52-Week high 170.35
52-Week low 31.75
P/E 8.56
Mkt Cap.(Rs cr) 71
Buy Price 170.35
Buy Qty 133761.00
Sell Price 0.00
Sell Qty 0.00
OPEN 170.35
CLOSE 162.25
VOLUME 3430
52-Week high 170.35
52-Week low 31.75
P/E 8.56
Mkt Cap.(Rs cr) 71
Buy Price 170.35
Buy Qty 133761.00
Sell Price 0.00
Sell Qty 0.00

Kanchi Karpooram Ltd. (KANCHIKARPOORAM) - Auditors Report

Company auditors report

FOR THE YEAR ENDED 31 MARCH 2016

TO

THE MEMBERS OF KANCHI KARPOORAM LIMITED

Report on Financial Statements

We have audited the accompanying Standalone Financial Statements of KANCHI KARPOORAMLIMITED("The Company") which comprise the Balance Sheet as at 31 March 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary 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 preparationand presentation of these Standalone Financial Statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due 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 Accountingand Auditing Standards and matters which are required to be included in the audit reportunder the provisions 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 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 31 March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1 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 and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus.

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 Section133 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 31March 2016 and taken on record by the Board of Directors none of the Directors isdisqualified as on 31 March 2016 from being appointed as a Director in terms of Section164(2) of the Act; and

(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 A".

(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 no pending litigations as on 31st March 2016 and accordinglydisclosing the impact of the same on its financial position in its financial statementsdoes not arise

(ii) The Company did not have any long-term contracts including derivative contractsthat requires a provision for material foreseeable losses in these financial statements;and

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

2. 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 "B" a statement on the matters specified in theParagraphs 3 and 4 of the Order to the extent applicable.

For M/s R.SUBRAMANIAN AND COMPANY
(Chartered Accountants)
(Firm Registration No.004137S)
K.Jayasankar
Place : Chennai Partner
Date : 30.05.2016 M.No.014156

ANNEXURE "A" to The Independent Auditor's Report of even date on theStandalone Financial Statements of KANCHI KARPOORAM Limited.

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 KANCHIKARPOORAMLimited ("the Company") as of March 31 2016 in conjunction with ouraudit of the Standalone Financial Statements of the Company for the year ended on thatdate.

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 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 assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such 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 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 judgement 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 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 :

(i) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and Directors of the company; and

(iii) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 Institute of CharteredAccountants of India.

For M/s R.SUBRAMANIAN AND COMPANY
(Chartered Accountants)
(Registration No.FRN004137S)
K.Jayasankar
Place : Chennai Partner
Date : 30.05.2016 M.No.014156

Standalone Financial Statements of Kanchi Karpooram Limited.

The Annexure referred to in Paragraph 2 under the heading "Report on Other Legaland Regulatory Requirements" of our Report of even date:

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the Management at reasonableintervals and no material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the Company.

(ii) The Management has conducted physical verification of inventory at reasonableintervals and as per the information made available to us no material discrepancies werenoticed on such verification.

(iii) The Company has not granted any loans to any party covered in the registermaintained under section 189 of the Companies Act 2013.

(iv) According to the information and explanations given to us the company does nothave any loans investments guarantees and security which are subject to the provisionsof Sections 185 and 186 of the Companies Act 2013. Therefore the provisions of Para 4(iv)of the Companies (Auditors Report) 2016 are not applicable to this company.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has prescribed maintenance of Cost Records underSub-section (1) of Section 148 of the Companies Act 2013 and such accounts and recordshave been made and maintained.

(vii) According to the information and explanations given to us in respect of statutorydues:

(a) The Company is regular in depositing undisputed statutory dues including ProvidentFund Income Tax Sales Tax Service Tax Duty of Customs Duty of Excise Value AddedTax Cess andany other Statutory Dues to the appropriate authorities and there were noundisputed amounts payable which were in arrears as at 31st March 2016 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of sales tax income tax customs dutyexcise duty and cess which have not been deposited on account of any dispute as at 31stMarch 2016.

(viii) The Company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

(ix) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year.

(x) The Company has not noticed any fraud by the Company or any fraud on the Company byits Officers or employees or reported during the year.

(xi) The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.

(xii) The Company is not a Nidhi Company and hence complying with the provisions of theNidhi Rules 2014 does not arise.

(xiii) All transactions with the related parties are in compliance with Sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed inthe Financial Statements etc. as required by the applicable Accounting Standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) The Company has not entered into any non-cash transactions with Directors orpersons connected with him.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For M/s R.SUBRAMANIAN AND COMPANY
(Chartered Accountants)
(Registration No.FRN004137S)
K.Jayasankar
Place : Chennai Partner
Date : 30.05.2016 M.No.014156