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Kapashi Commercial Ltd.

BSE: 512399 Sector: Financials
NSE: N.A. ISIN Code: INE017I01019
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OPEN 45.00
PREVIOUS CLOSE 42.15
VOLUME 100
52-Week high 45.00
52-Week low 0.00
P/E 15.46
Mkt Cap.(Rs cr) 5
Buy Price 45.00
Buy Qty 411.00
Sell Price 0.00
Sell Qty 0.00
OPEN 45.00
CLOSE 42.15
VOLUME 100
52-Week high 45.00
52-Week low 0.00
P/E 15.46
Mkt Cap.(Rs cr) 5
Buy Price 45.00
Buy Qty 411.00
Sell Price 0.00
Sell Qty 0.00

Kapashi Commercial Ltd. (KAPASHICOMMERC) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

KAPASHI COMMERCIAL LIMITED

Annual Report 2015-16

Report on the Financial Statements

We have audited the accompanying financial statements of KAPASHI COMMERCIAL LIMITED(‘the Company’) which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and 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 Boardof Directors is responsible for the matters stated in Section 134(5) of the Companies Act2013 (‘the Act’) with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under Section 133 of the Act asapplicable. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 ofthese financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ 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 there under and the Order under Section 143(11)of the Act.

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 theauditors’ 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 financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 March31 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 relating to preparationof the financial statements have been kept by the Company so far as it appears from ourexamination 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 maintained for thepurpose of preparation of these financial statements.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act as applicable.

(e) On the basis of the written representations received from the Directors as on March31 2016 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2016 from being appointed as a Director in terms of Section 164 (2) of theAct.

(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’. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

(g) With respect to the other matters to be included in the Independent Auditors’Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii) The Company has made provision in its financial statements as required under theapplicable law or accounting standards for material foreseeable losses on long termcontracts including derivative contracts;

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 (‘theOrder’) issued by the Central Government in terms of Section 143(11) of the Act wegive in ‘Annexure B’ a statement on the matters specified in paragraphs 3 and 4of the Order.

For D. V. VORA & CO.

Chartered Accountants

Firm Reg. No.: 111624W

Dilip V. Vora

(Partner)

M. NO. : 30013

Place: Mumbai

Date: - 25/05/2016

Annual Report 2015-16

Annexure A to the Independent Auditor’s Report of even date on financialstatements of Kapashi Commercial Limited.

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

1. We have audited the internal financial controls over financial reporting of KapashiCommercial Limited (‘the Company’) as of March 31 2016 in conjunction with ouraudit of financial statements of the Company for the year ended on that date.

Management’s Responsibility for the Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI’).

3. 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’spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor’s Responsibility

4. 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 Standards on Auditing deemed to be prescribed under Section 143(10) of the Actand the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(‘the Guidance Note’) to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the ICAI.

5. 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 were established andmaintained and if such controls operated effectively in all material respects.

6. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

7. 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.

8. An entity’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. An entity’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 entity; (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 entity are being made only in accordance with authorisations ofmanagement and directors of the entity; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theentity’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting.

9. 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

10. 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 31 March 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 D. V. VORA & CO.

Chartered Accountants

Firm Reg. No.: 111624W

Dilip V. Vora

(Partner)

M. NO. : 30013

Place: Mumbai

Date: - 25/05/2016

Annual Report 2015-16

Annexure "B" to the Auditors’ Report.

Referred to in Paragraph 2 under "Report on other Legal and Regulatoryrequirements in independent Auditor’s report of even date on the accounts of KAPASHICOMMERCIAL LIMITED for the year ended March 31 2016

[I] The Company do not have any fixed Assets.

[II] The Company do not hold any Inventory.

[III] The Company has not granted any loans secured or unsecured to companies firmsand Limited liability partnership or other parties covered in the register maintainedunder section 189 of the Act.

[IV] In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

[V] The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2016 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

[VI] The Rules made by the Central Government for the maintenance of cost records underSubSection (1) of Section 148 of the Companies Act 2013 does not apply in respect ofCompany’s business.

[VII] [a] The company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident fund Employees’ state insurance Income-taxSales-tax Wealth-tax Service tax Custom duty Excise-duty cess and other statutorydues applicable to it.

[b] According to the information and explanations given to us no undisputed amountspayable in respect of Provident fund Employees’ state insurance Income-tax Sales-tax Wealth-tax Service tax Custom duty Excise-duty cess and other statutory duesapplicable to it were in arrears as at 31st March 2016 for a period of morethan six months from the date they became payable.

[c] According to the information and explanation given to us there are no dues ofsales tax income-tax customs duty wealth-tax service tax excise duty and cess whichhave not been deposited on account of any dispute.

[VIII] During the year the company has not taken any loan from any financialinstitution or bank and has not issued any debenture.

[IX] The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable.

[X] To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no fraud on the Company by its officers oremployees has been noticed or reported during the year.

[XI] The company has not paid / provided any managerial remuneration.

[XII] The Company is not a Nidhi Company and hence reporting under clause 3(xii) of theOrder is not applicable.

[XIII] In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the standalone financial statements as required by the applicableaccounting standards.

[XIV] During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

[XV] In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its Directors and hence provisions of Section 192 of theAct are not applicable.

[XVI] The Company is registered under Section 45-I of the Reserve Bank of India Act1934.

For D. V. VORA & CO.

Chartered Accountants

Firm Reg. No.: 111624W

Dilip V. Vora

(Partner)

M. NO. : 30013

Place: Mumbai

Date: - 25/05/2016