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Kings India Chemicals Corporation Ltd.

BSE: 524214 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Kings India Chemicals Corporation Ltd. (KINGSINDCHEM) - Auditors Report

Company auditors report

The Shareholders of .



Report on the Financial Statements:

We have audited the attached Balance Sheet of M/s. KINGS INDIA CHEMICALS CORPORATIONLTD as at 31 " March 2015 and the annexed Profit and Loss Accountfor year ended on that date and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements:

These financial Statements are the responsibility of the Company's management.

Auditor’s Responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material miss-statement.

An audit includes examining on a test basis evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management as well as evaluating theoverall financial statement presentation. We believe that our audit provides reasonablebasis for our opinion.


In our opinion and to the best of our information and according to the explanationsgiven to us the said Accounts give the information required by the Companies Act 1956in conformity with the accounting principles generally accepted in India and on such basisgive a true and fair view:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015;

(b) in the case of the Profit and Loss account of the Loss of the Company for the yearended on that date and

(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:

As required by the Companies (Auditor's Report) Older 2003 as amended by theCompanies (Auditor's Report) (Amendment) Order2004 issued by the Government of India interms of Section 227(4-A) of the Companies Act 1956 we enclose in the annexure astatement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments in the annexure referred to above we report that:

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

(b) In our opinion proper books of accounts as required by Law have been kept by theCompany so far as appears from our examination of those books;

(c) The Balance Sheet the Profit and Loss account and the cash flow statement dealtwith by this report are in agreement with the books of account and returns.

(d) In our opinion the aforesaid Balance Sheet and Profit and Loss account comply withthe applicable accounting standards referred to in Sec.211 (3C) of the Act.

(e) On the basis of written representations received from the Directors of the Companyand taken on record by the board of directors none of the Directors is disqualified as on31 st March 2015 from being appointed as a director in terms of Sec. 274(1 )(g) of theCompanies Act 1966.

Chartered Accountants
FRN: 003379S
Date : 29.08.2015 MNo.:024005


Referred to in paragraph 3 of our Report of even date:

1. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the period.

2. (a) Physical verification of inventory has been conducted at reasonable intervals bythe management;

(b) The procedures of physical verification of inventory followed by the managementreasonable and adequate in relation to the size of the company and the nature of itsbusiness.

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

3. (a) The company has taken unsecured loans from a person (amount Outstanding

Rs.45.04 lakhs) covered in the register maintained under section 301 of the CompaniesAct

(b) The terms and conditions of loans taken Bythe Company are prima facie notprejudicial to the interest of the company. 4. According to the information andexplanation given to us there is adequate internal control procedure commensurate with thesize of the company and the nature of its business for the purchase of inventory fixedassets and for the sale of goods.

5. As per the explanation given to us transactions that need to be entered into aregister in pursuance of section 301 of the companies Act have been so entered.

6. The company has not accepted deposits from the public under Section 58A of theCompanies Act. 1956 and the rules made there under

7. The company has an internal audit system commensurate with its size and nature ofits business.

8. According to the information and explanation given to us the maintenance of costrecords as prescribed by the Central Government under clauses (d) of sub-section( 1) ofsection 209 of the Act have been made and maintained.

9. The Company is regular in depositing Provident Fund dues with the prescribedauthorities.

10. According to the information and explanation given to us no undisputed amountpayable in respect of income-tax Wealth tax Sales tax Customs duty Excise duty andcess were in arrears as at 31s' March 2015 for a period more than six months from the datefhey became payable.

11. The Company has incurred cash loss during the year. However the net worth of theCompany at the end of the financial year is more than its accumulated losses.

12. The Company has not granted loans and advances on the basis of security by way ofpledge of shares debentures and other securities.

13. As explained to us the company has not given any guarantee for loans taken byothers from bank or financial institutions.

14. The company has not borrowed any term loans from banks/fihancial institutionsduring the year under consideration. 15. Funds raised on short-term basis have not beenused for long term investments and vice versa.

16. In our opinion and based on the information furnished and explanation given to usno fraud on or by the company has been noticed or reported during the period.

17. The company is not a Sick Industrial company within meaning Section 3(1) (O) of theSick Industrial companies (Special Provisions) Act 1985.

18. The Other paragraphs of companies (Auditors Report) order 2003 which are not dealtwith by this report are not applicable to the company.

Chartered Accountants
FRN: 003379S
Date: 29.08.2015 Partner