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Karnimata Cold Storage Ltd.

BSE: 537784 Sector: Others
NSE: N.A. ISIN Code: INE576P01019
BSE LIVE 14:52 | 03 Oct Stock Is Not Traded.
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OPEN 9.60
PREVIOUS CLOSE 12.00
VOLUME 12000
52-Week high 12.50
52-Week low 8.32
P/E 34.32
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.60
CLOSE 12.00
VOLUME 12000
52-Week high 12.50
52-Week low 8.32
P/E 34.32
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Karnimata Cold Storage Ltd. (KARNIMATACOLD) - Auditors Report

Company auditors report

To the Members of KARNIMATA COLD STORAGE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of KARNIMATA COLD STORAGE LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss and Cash Flow Statement for the year ended and a summary ofthe significant accounting policies and other explanatory information which we havesigned under reference to this report.

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 financial statements that give a true and fair view of thefinancial position financial performance and cash flow of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. 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 ofthe financial statements that give a true and fair view and are free from materialmisstatement 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 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.

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 controls 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:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017; and

b) in the case of the Statement of Profit and Loss of the Profit for the year ended onthat date.

c) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by "the Companies (Auditor's Report) Order 2016" issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "order") and on the basis of such checks of thebooks and records of the company as we considered appropriate and according to theinformation and explanations given to us We give in the Annexure B a statement on thematters specified in paragraphs 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 Cash Flow Statement dealtwith 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 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 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 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 does not have any pending litigations which would impact its financialposition.

(ii) The Company has no material foreseeable losses on long-term contracts includingderivative contracts if any

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

(iv) The Company has provided requisite disclosure as to holdings as well as dealingsin Specified Bank Notes during the period from 8th November 2016 to 30th December 2016and these are in accordance with the books of accounts maintained by the Company. Refer toNote to the Financial Statements.

For BIDASARIA & ASSOCIATES
Chartered Accountants
(FRN: 315101E)
Sd/-
14 Princep Street R. K. BIDASARIA
Kolkata - 700 072 Partner
Dated the 26th day of May 2017 MNO-057751

ANNEXURE-A TO THE AUDITORS' REPORT

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 KarnimataCold Storage 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

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 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:

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

2) 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

3) 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 31 March 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 BIDASARIA & ASSOCIATES Chartered Accountants
Chartered Accountants
(FRN: 315101E)
Sd/-
14 Princep Street R. K. Bidasaria
Kolkata - 700 072 Partner
Dated the 26th day of May 2017 M.NO.-052251

Annexure referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date

Re: Karnimata Cold Storage Limited (The Company)

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

i. (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 management atregular intervals; as informed to us no material discrepancies were noticed on suchverification;

(c) All the title deeds of immovable properties are held in the name of the company.

ii. a) As explained to us the inventory has been physically verified by the managementat reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification adopted by the management are reasonable and adequatein relation to the size of the company and nature of its business.

(c) The company is maintaining proper records of inventory and no materialdiscrepancies were obtained on physical verification.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of accounts the company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under section 189 of the Act.

iv. According to the information and explanations given to us and on the basis of ourexamination of the books of accounts in respect of loans and investments the provisionsof sections 185 and 186 of the Companies Act 2013 have been complied with. The Company hasnot given any guarantee and security. As the company is engaged in the business ofproviding infrastructural facilities covered under para 2 of Schedule VI thereforesection 186 is not applicable to the company.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act.

vii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees' State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India ;

(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 Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes

viii. According to the records of the company examined by us and as per the informationand explanations given to us the company has availed loans from banks and is regular inrepayment of its dues.

ix. According to the records of the company examined by us and as per the informationand explanations given to us the company has not raised moneys during the year throughfurther public offer.

x. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company by its officers oremployees noticed or reported during the course of our audit nor have we been informed ofany such instance by the Management.

xi. According to the records of the company examined by us and as per the informationand explanations given to us the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V of the Companies Act.

xii. This company is not a "Nidhi Company" therefore provisions of this parado not apply to the company.

xiii. According to the records of the company examined by us and as per the informationand explanations given to us all transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements as required by AS 18.

xiv. According to the records of the company examined by us and as per the informationand explanations given to us the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review.

xv. According to the records of the company examined by us and as per the informationand explanations given to us the company has not entered into any non-cash transactionswith directors or persons connected with them.

xvi. According to the records of the company examined by us and as per the informationand explanations given to us the company is not required to be registered under section45-IA of the Reserve Bank of India Act1934.

For BIDASARIA & ASSOCIATES
Chartered Accountants
(FRN: 315101E)
14 Princep Street Kolkata - 700 072
Sd/-
R. K. Bidasaria
Partner
Dated the 26th day of May 2017 M.NO.-052251