To the Members of Kilpest India Limited Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Kilpest IndiaLimited ('the Company') which comprise the balance sheet as at 31 March 2015 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 Standalone 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.
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 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 standalone financial statements.
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 2015 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 the Companies (Auditor's Report) Order 2015 ("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 on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.
2. As required by Section 143(3)of the Act were port 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
(e) on the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and
(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 information and according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note B(5)(ii) to the financial statements;
ii. the Company has made provision as required under the applicable laws or accountingstandards for material foreseeable losses. There are on long-term contracts includingderivative contracts; and
iii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company.
For R.C. BAHETI&CO.
Firm's registration number: 403034C
Membership No. 400993
Place: Bhopal Date : 29th May 2015
Annexure to the Independent Auditors' Report.
The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2015 we reportthat:
1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the Management at reasonableintervals. In our opinion the frequency of verification is reasonable having regard tothe size of the company and the nature of its assets. To the best of our knowledge nomaterial discrepancies have been noticed on such verification.
2. (a) The inventory of finished goods and raw and packing materials and stores andspare parts have been physically verified during the year by the Management. In ouropinion 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) In our opinion and according to the information and explanations given to us thecompany is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stocks and the book records were not material and thesame have been properly dealt within the books of accounts.
3. The company has given unsecured interest free advance to one company covered in theregister maintained under Section 189 of the Companies Act. Receipt of the principalamount is regular as stipulated.
4. (a) In our opinion and according to the information and explanations given to usthere are adequate internal control procedure commensurate with the size of the Companyand the nature of its business with regard to purchase of inventory fixed assets andwith regard to the sale of goods. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal controls.
(b) To the best of our knowledge and belief and according to the information andexplanations given to us we are of the opinion that the transactions that need to beentered into the register maintained under the companies Act have been so entered.
(c) In our opinion and according to the information and explanations given to us thetransactions made in pursuance of contracts or arrangements entered in. the registermaintained under the Companies Act and exceeding the value of rupees five lakhs inrespect of each party during the year have been made at prices which are ' reasonablehaving regard to prevailing market prices at the relevant time where such market pricesare available.
5. (a) The Company has not accepted deposits from the public.
(b) In our opinion the Company has an internal audit system commensurate with the sizeand nature of its business.
6. In our opinion and according to the information and explanations given to us theCentral Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act 2013.
7. (a) According to the information and explanations given to us the company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding Provident Fund investor education and protection fund Employees' StateInsurance Income Tax Sales Tax Service Tax Customs Duty Excise Duty Cess and othermaterial statutory dues applicable to it.
(b) Dues of income tax which has notbeen deposited on account of dispute are as under:
|Act ||Assessment Year ||Amount (Rs.) ||Appeals |
|Income Tax Act 1961 ||2005-06 ||1329660/- ||Pending at CIT- (A)Bhopal |
|Income Tax Act 1961 ||2007-08 ||1078240/- ||Pending at CIT- (A)Bhopal |
(c) As per information and explanations given to us no amount required to betransferred to the Investor Education and Protection Fund by the Company.
8. The company does not have any accumulated losses as of 31 st March 2015. The companyhas not incurred cash losses during the financial year covered by our audit and theimmediately 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 bank.
10. In our opinion the company has not given any guarantee for loan taken by othersfrom bank or financial institutions.
11. No term loan has been availed by the company for the year.
12. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the course of our audit.
| ||For R.C. BAHETI & CO. |
| ||Chartered Accountants |
| ||(RANJAN BAHETI) |
| ||PARTNER |
|Place: Bhopal ||Firm Registration No.: 403034C |
|Date: 29th May 2015 ||Membership No.: 400993 |