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Kisan Mouldings Ltd.

BSE: 530145 Sector: Industrials
NSE: N.A. ISIN Code: INE017C01012
BSE LIVE 15:45 | 22 Sep 133.55 -2.85
(-2.09%)
OPEN

138.80

HIGH

138.80

LOW

132.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 138.80
PREVIOUS CLOSE 136.40
VOLUME 84522
52-Week high 140.80
52-Week low 40.00
P/E
Mkt Cap.(Rs cr) 385
Buy Price 133.55
Buy Qty 1802.00
Sell Price 0.00
Sell Qty 0.00
OPEN 138.80
CLOSE 136.40
VOLUME 84522
52-Week high 140.80
52-Week low 40.00
P/E
Mkt Cap.(Rs cr) 385
Buy Price 133.55
Buy Qty 1802.00
Sell Price 0.00
Sell Qty 0.00

Kisan Mouldings Ltd. (KISANMOULDINGS) - Auditors Report

Company auditors report

To

The Members of

Kisan Mouldings Limited.

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Kisan MouldingsLimited ('the Company') which comprise the balance sheet as at March 312016 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.

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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. 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 auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements. Opinion In our opinion and to the best ofour information and according to the explanations given to us.

Opinion

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 March 31 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 bythe Companies (Auditor's Report) Order 2016 ("the Order")issued bythe Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 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 ofthose 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 theAct read with Rule 7 of theCompanies (Accounts) Rules 2014;

(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 B"; and

(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 has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts statements;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Mittal & Associates
Chartered Accountants
Firm's registration number: 106456W
Date: May 23 2016 Hemant Bohra
Place: Mumbai Partner
Membership No.: 165667

ANNEXURE - A TO THE AUDITORS Rs.REPORT

The Annexure referred to in Independent Auditors Rs.Report to the members of theCompany on the standalone financial statements for the year ended March 31 2016 wereport that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation offixed assets

(b) The Company has a regular programme of physical verification of its fixed assets.In accordance with this programme certain fixed assets were verified during the year andno material discrepancies were noticed on such verification. In our opinion thisperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) As explained to us inventories were physically verified by the management at theend of the year and discrepancies noticed on verification of physical stocks and bookrecords were not material.

(iii) The Company has granted Interest free Loans amount of Rs.341.20 Lakhs [P.Y.346.42 Lakhs] to Kisan Irrigation And Infrastructure Limited [Formerly Known as Kisanirrigation Ltd] covered in the register maintained under section 189 of the Companies Act2013 ('the Act').

iv) In our opinion and according to the information and explanations given to us theCompany has not made any investment under provisions of section 185 and 186 of the Actwith respect to the loans and investments.

(v) The Company has not accepted any deposits in contravention of section 73 and 76 andany other relevant provision of Companies Act 2013.

(vi) We have broadly reviewed the books of accounts maintained by Company in respect ofproducts where pursuant to Rules made by Central Government the maintenance of costrecords have been prescribed under section 148(1) of the Act. We are of opinion thatprima facie the prescribed accounts and records have been made and maintained. Thecontents of these accounts and records have not been examined by us.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues have been not regularly deposited during the year by the Company with theappropriate authorities. As explained to us the Company having no any dues on account ofemployees Rs.state insurance duty of excise provident fund and custom duty. According tothe information and explanations given to us undisputed amounts payable in respect ofsales tax value added tax and service tax having 189.34 Crore dues were in arrears as atMarch 31 2016 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of duty of customs which have not been deposited with the appropriate authorities onaccount of any dispute. However according to information and explanations given to usthe following dues of income tax sales tax duty of excise service tax and value addedtax have not been deposited by the Company on account of disputes:-

Name of the Statute Nature of Dues Disputed Amt. (Rs.In Lakhs) Financial Year Forum where dispute is pending
MPCT Act Sales Tax 3.02 1997-98 Dy. Commissioner of Sales Tax
CST Act Central Sales Tax .65 1997-98 Dy. Commissioner of Sales Tax
ENTRYTAX Entry Tax .01 1997-98 Dy. Commissioner of Sales Tax
MPCT Act Sales Tax 3.29 1998-99 Dy. Commissioner of Sales Tax
ENTRYTAX Entry Tax .99 1998-99 Dy. Commissioner of Sales Tax
MPCT ACT Sales Tax (.64) 1998-99 Dy. Commissioner of Sales Tax
CST Act Central Sales Tax 5.39 1998-99 Dy. Commissioner of Sales Tax
ENTRYTAX Entry Tax 1.16 1998-99 Dy. Commissioner of Sales Tax
MPCT Act Sales Tax .18 2006-07 Dy. Commissioner of Sales Tax
CST Act Central Sales Tax 0.73 2006-07 Dy. Commissioner of Sales Tax
ENTRYTAX Entry Tax 0.01 2006-07 ASST.Commissioner of Sales Tax
Bombay Sales Tax Act Sales Tax 160.93 2004-05 Office of the Deputy Commissioner Palghar
Central Sales Tax Act Central Sales Tax 226.22 2004-05 Office of the Deputy Commissioner Palghar
Bombay Sales Tax Act Sales Tax 226.87 1993-94 Dy. Com. Sales Tax (Appeal) Navi Mumbai
Central Sales Tax Act Central Sales Tax 14.81 1993-94 Dy. Com. Sales Tax (Appeal) Navi Mumbai
Bombay Sales Tax Act Sales Tax 1.74 1996-97 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 1.04 1996-97 Dv. Com. Sales Tax (Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 11.00 1997-98 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 1.99 1997-98 Dv. Com. Sales Tax (Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 37.02 1998-99 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 17.96 1998-99 Dy. Com. Sales Tax (Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 36.66 1999-00 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 4.43 1999-00 Dy. Com. Sales Tax (Appeal) Navi Mumbai
****CST Act Sales Tax 35.70 2000-01 Dy. Com. Sales Tax (Appeal) Navi Mumbai
*****Bombay Sales Tax Act Sales Tax 31.65 2000-01 Dy. Com. Sales Tax (Appeal) Navi Mumbai
Bombay Sales Tax Act Sales Tax 120.85 2001-02 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 57.27 2001-02 Dy. Com. Sales Tax (Appeal) Navi Mumbai
******Bombay Sales Tax Act Sales Tax 24.64 2002-03 Dy. Com. Sales Tax (Appeal) Navi Mumbai
*******CST Act Central Sales Tax 31.93 2002-03 Dy. Com. Sales Tax (Appeal) Navi Mumbai
Bombay Sales Tax Act Sales Tax 15.04 2002-03 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 178.01 2002-03 Dy. Com. Sales Tax (Appeal) Navi Mumbai
Bombay Sales Tax Act Sales Tax 17.57 2003-04 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 4.10 2003-04 Dy. Com. Sales Tax (Appeal) Navi Mumbai
Bombay Sales Tax Act Sales Tax 38.82 2003-04 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 12.30 2003-04 Dy. Com. Sales Tax (Appeal) Navi Mumbai
Bombay Sales Tax Act Sales Tax 241.97 2004-05 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 6.92 2004-05 Dy. Com. Sales Tax (Appeal) Navi Mumbai
Bombay Sales Tax Act Sales Tax 200.91 2004-05 Dy. Com. Sales Tax (Appeal) Navi Mumbai
CST Act Central Sales Tax 13.46 2004-05 Dy. Com. Sales Tax (Appeal) Navi Mumbai
# Excise & Service Tax Act Excise & Service Tax 1832.66 1998-99 to 12-13 First Appellate Authority
# Excise & Service Tax Act 363.08 Vadodara Appellate Tribunal. Gujrat

****Against these- the Company has paid '2.00 Lakhs as differential VAT payment.

*****Against these- the Company has paid '2.00 Lakhs as differential CST payment.

******Against these- the Company has paid '50 Lakhs as differential CST payment.

*******Against these- the Company has paid '50 Lakhs as differential CST payment.

# Against the disputed amount in respect of excise duty and service tax of KisanMouldings Limited for the period 1998-99 to 2012-13 amounts to '2195.75 Lakhs Companyhave paid amount of '107.54/-Lakhs

(viii) The Company does not have any borrowings from any financial institution banksgovernment or debenture holders other than vehicle loan during the year.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not raise money through thePreferential issue or Private placement of share.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Mittal & Associates
Chartered Accountants
Firm's registration number: 106456W
Date: May 23 2016 Hemant Bohra
Place: Mumbai Partner
Membership No.: 165667

ANNEXURE - B TO THE AUDITORS Rs.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 KisanMouldings Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 ('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 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 judgment 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 overfinancial reporting is a process designed toprovide 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions 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 authorization 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 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 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 Mittal & Associates
Chartered Accountants
Firm's registration number: 106456W
Date: May 23 2016 Hemant Bohra
Place: Mumbai Partner
Membership No.: 165667