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Kanika Infrastructure & Power Ltd.

BSE: 532367 Sector: Others
NSE: N.A. ISIN Code: INE173B01023
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Buy Price 0.00
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Sell Qty 200300.00
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VOLUME 2700
52-Week high 0.20
52-Week low 0.19
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.19
Sell Qty 200300.00

Kanika Infrastructure & Power Ltd. (KANIKAINFRA) - Auditors Report

Company auditors report

TO THE MEMBERS OF KANIKA INFRASTRUCTURE & POWER LIMITED :

Report on the Financial Statements

We have audited the accompanying financial statements KANIKA INFRASTRUCTURE & POWERLTD (''the Company'') which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the 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 financial statements.

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 31stMarch 2016 and its profit / loss 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 ("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 statement of the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

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 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164(2) of the Act.

f) 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 knowledge and belief and according to the information andexplanations given to us: i. The Company does not have any pending litigations which wouldimpact its financial position

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For RAJ KUMAR KOTHARI & CO.
Chartered Accountants
Firm Registraion No. 320166E
(ASHOK KUMAR GHOSH)
Place : Kolkata Partner
Dated : The 30th day of May 2016 Membership No. : 053366

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Para 1 under 'Report on Other Legal and Regulatory Requirements' of ourReport of even date)

1. In respect of its fixed assets :

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

b) As explained to us fixed assets have been physically verified by the managementduring the year in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. No material discrepancieswere noted on such physical verification.

2. In respect of its inventories: a) According to the information and explanationsgiven to us inventories have been physically verified by the management during the year.In respect of inventory lying with third parties these have generally been confirmed bythem. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) On the basis of our examination of the inventory records in our opinion theCompany has been maintaining proper records of inventories. As explained to us nomaterial discrepancies were noticed on physical verification between physical stocks andbook records.

3. The Company has not granted any loans secured or unsecured to any company firmsor other parties covered in the register maintained under Section 189 of the Act. Henceclauses 3(a) and 3(b) are not applicable.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system 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 have not observed any continuing failureto correct major weaknesses in the aforesaid internal control system.

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

6. The Central Government has not prescribed the maintenance of cost records undersub-section (1) of Section 148 of the Companies Act 2013 in respect of the activitiescarried on by the Company.

7. According to the information and explanations given to us in respect of statutorydues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax wealth taxservice tax duty of customs duty of excise value added tax cess and any otherstatutory dues as applicable with the appropriate authorities.

(b) There were no amounts payable in respect of income tax or sales tax or wealth taxor service tax or duty of customs or duty of excise or value added tax or cess on accountof any dispute.

(c) There is no amount required to be transferred to Investor Education and ProtectionFund.

8. In our opinion the accumulated losses of the Company are not more than fiftypercent of its net worth. The Company has incurred cash losses during the financial yearcovered by our audit and the immediately preceding financial year.

9. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to any financial institution or bank ordebenture holders.

10. The Company has given guarantees in connection with loans taken by others frombanks or financial institutions.

In our opinion and according to the information and the explanation given to us theterms and conditions of the guarantees given are not prejudicial to the interest of theCompany.

11. The Company has not obtained any Term Loan during the year.

12. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

For RAJ KUMAR KOTHARI & CO.
Chartered Accountants
Firm Registraion No. 320166E
(ASHOK KUMAR GHOSH)
Place : Kolkata Partner
Dated : The 30th day of May 2016 Membership No. : 053366