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Kapil Cotex Ltd.

BSE: 512036 Sector: Industrials
NSE: N.A. ISIN Code: INE393H01016
BSE LIVE 11:54 | 01 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 145.00
PREVIOUS CLOSE 145.00
VOLUME 1
52-Week high 145.00
52-Week low 145.00
P/E 906.25
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 145.00
Sell Qty 289.00
OPEN 145.00
CLOSE 145.00
VOLUME 1
52-Week high 145.00
52-Week low 145.00
P/E 906.25
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 145.00
Sell Qty 289.00

Kapil Cotex Ltd. (KAPILCOTEX) - Auditors Report

Company auditors report

To the Members of M/S KAPIL COTEX LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of Kapil Cotex Limited (TheCompany) which comprise the Balance Sheet as at March 31 2016 and the Statement ofProfit and Loss for the year ended and a summary of significant accounting policies andother 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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 fraudor error.

Auditor's Responsibility

Our responsibility7 is to express an opinion on these 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 theaudit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that w e comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the company has in place an adequate financial controls system over financialreporting and the operating effectiveness of such controls. An audit the accountingestimates made by 'Company's Directors as well as evaluating the overall presentation ofthe 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:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) In the case of the Profit and Loss Account of the profit for the year ended onthat date;

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat 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 Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order to the extent applicable.

2. As required by section 143 (3) of the Act we report that:

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

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

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

(d) In our opinion the Balance Sheet Statement of Profit and Loss comply with theAccounting Standards specified under Section 133 of Companies Act 2013 read with Rule 7of the Companies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on March 312016 and 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 sub-section (2) ofsection 164 of the Act.

For G S Toshniwal & Associates
(Chartered Accountants)
Firm Reg No.: - 116867W
(CA GAURI SHANKER TOSHNIWAL)
Place: Mumbai Proprietor
Date: 30.05.2016 M.No. 091594

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The annexure referred to in our Independent Auditors report to the members of theCompany on the financial statement for the Year ended on 31st March2016Wereport that:-

(i) In Respect of Fixed Assets:

1. The company has maintained proper records showing full particulars includingquantitative details and Situation of the fixed assets.

2. As explained to us the fixed assets have been physically verified by the managementat reasonable intervals and no material discrepancies were noticed on such verification.

3. The title deeds of immovable properties are held in the name of the company.

(ii) In Respect of Stock:

The Company does not have any physical inventories in hand so the paragraph 2 of theOrder is not applicable.

(iii) In Respect of loans secured or unsecured according to the information andexplanation given to us the company has not granted any secured or unsecured loans tocompanies Firms and other parties listed in the register. Consequently the requirementof clauses (iii) (a) to (iii) (b) of the paragraph 3 of the order not applicable.

(iv) In respect of loans investments guarantees and security wherever applicableprovisions of section 185 and 186 of the Companies Act 2013 have been complied with.

(v) In our opinion and according to the information and explanation given to us thecompany has not accepted deposits from the public within the meaning of section 73 to 76of the Act & directives issued by the Reserve Bank of India.

(vi) The central Government has not prescribed the maintenance of cost records undersection 148 (1) of the Act for any services rendered by the Company.

(vii) a) The company is regular in depositing of undisputed statutory dues. As informedto us there is no arrears of outstanding statutory' dues as at the last day of thefinancial year concerned for the period of more than six months from the date they becomepayable. Further it is explained to us Provident Fund Investor Education and ProtectionFund Employee's Statednsurance Sales tax. Wealth tax. Custom Duty Excise Duty cess arenot applicable to the company during the year.

b) According to the information & explanation given to us there are no materialdues of Income Tax Vat tax wealth tax duty of customs which have not been depositedwith the appropriate authorities on account of any dispute.

(viii) The company did not have any outstanding dues to financial institution Banks ordebenture holders during the year. The Company did not have any term loans outstandingduring the year.

(ix) No moneys w as raised by way of initial public offer or further public offer(including debt instruments)during the year.

(x) During the course of our examination of the books of account and records of thecompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanation given to us we have neither comeacross any instance of material fraud on or by the company noticed or reported during theyear nor have we been informed of such case by the management.

(xi) No managerial remuneration has been paid or provided during the year.

(xii) The Company is not a Nidhi Company so the relevant clause is not applicable tothe Company.

(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 in theFinancial 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 during the year under review.

(xvi) Considering the nature of the company's business the company is not required tobe registered under section 45-IA of the Reserve Bank of India Act

For G S Toshniwal & Associates
(Chartered Accountants)
Firm Reg No.: - 116867W
(CA GAURI SHANKER TOSHNIWAL)
Place: Mumbai Proprietor
Date: 30.05.2016 M.No. 091594

Annexure A to Independent Auditors' Report

Referred to the Independent Auditors' Report of even date to the members of KAPIL COTEXLIMITED on the financial statements as of and for the year ended March 31 2016

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

1. We have audited the internal financial controls over financial reporting of KAPILCOTEX LIMITED (-the Company”) as of March 31 2016 in conjunction with our audit ofthe financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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 Act.

Auditors' Responsibility

3. 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 deemed to be prescribed undersection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of internal financial controls and both issued bythe ICAI. 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.

4. 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 ov er financial reporting includedobtaining an understanding of internal financial controls ov er 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.

5. 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

6. 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

7. 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

8. 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 G S Toshniwal & Associates
(Chartered Accountants)
Firm Reg No.: - 116867W
(CA GAURI SHANKER TOSHNIWAL)
Place: Mumbai Proprietor
Date: 30.05.2016 M.No. 091594