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KKalpana Industries (India) Ltd.

BSE: 526409 Sector: Industrials
NSE: N.A. ISIN Code: INE301C01028
BSE 00:00 | 26 Apr 37.50 0
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NSE 05:30 | 01 Jan KKalpana Industries (India) Ltd
OPEN 39.00
PREVIOUS CLOSE 37.50
VOLUME 607
52-Week high 54.50
52-Week low 25.05
P/E 23.44
Mkt Cap.(Rs cr) 353
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 39.00
CLOSE 37.50
VOLUME 607
52-Week high 54.50
52-Week low 25.05
P/E 23.44
Mkt Cap.(Rs cr) 353
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

KKalpana Industries (India) Ltd. (KKALPANAINDS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

KKALPANA INDUSTRIES (INDIA) LIMITED

Report on the Financial Statements

We have audited the accompanying Standalone inancial statements of Kkalpana Industries(India) Ltd. ("the Company") which comprise the Balance Sheet as at March 312017the Statement of Proit and Loss h Cas Flow Statement for the year then ended and asummary of signiicant accounting policies and otherplanatory ex 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 preparation ofthese Standalone inancial statements that give true and fair view a of the inancialposition inancial performance and cash lows of the Company in accordance with theccounting a principles generally accepted in India including the Accounting Standardsspeciied under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal inancialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the inancialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Standalone inancial 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 speciied 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 inancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the inancial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe inancial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal inancial control relevant to the Company’s preparationf the inancial o statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate int ernal inancialcontrols system over inancial reporting and the operating effectiveness of such controls.An audit a lso includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the inancial stat ements. We believe thatthe audit evidence we have obtained is suficient and appropriate to provide a basis forour audit opinion on the Standalone inancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid

Standalone inancial statements give the information required by the Act in the mannerso required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2017and its Proit and its Cash Flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the "Annexure A" astatement on the matters speciied in paragraphs 3 and 4 of the Order.

As required by section 143 (3) of the Act we report that: we have sought and obtainedall the information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit; in our opinion proper books of account as requiredby law have been kept by the Company so far as it appears from our examination of thosebooks; the Balance Sheet the Statement of Proit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account in our opinion theaforesaid Standalone inancial statements comply with the Accounting Standards speciiedunder section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

On the basis of written representations received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disqualiied as onMarch 31 2017 from being appointeds a director in terms of Section 164 (2) of the Act.

With respect to the adequacy of the internal inancial controls over inancial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure B".

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:

The Company does not have any pending litigations which would impact its inancialposition.

The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

There were no amounts which were required to be transferred to the Investor Educationand Protection Fund by the Company.

The Company has provided requisite disclosures in the standalone inancial statements asto holdings as well as dealings in Speciied Bank Notes during the period from 8 November2016 to 30 December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the management.

For and on behalf of
B. MUKHERJEE & CO.
CHARTERED ACCOUNTANTS
Firm Registration No. 302096E
B. MUKHERJEE
Place: Kolkata PARTNER
Date: 30th May 2017 (Membership No. 002941)

"Annexure A" to the Independent Auditors’ Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement’ of our report of even date to the inancial statements of theCompany for the year ended March 31 2017:

(1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of ixed assets; (b) The Fixed Assets have beenphysically veriied by the management in a phased manner designed cover to all the itemsover a period of three years which in our opinion is reasonable having regard to thesize of the company and nature of its business. Pursuant to the program a portion of theixed asset has been physically veriied by the management during the year and no materialdiscrepancies between the books records and the physical ixed assets have been noticed.

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

(2) The management has conducted the physical veriication of inventory at reasonableintervals.The discrepancies noticed on physical veriication of the inventory as comparedto books records which has been properly dealt with in the books of account were notmaterial.

(3) The Company has not granted any loans secured or unsecured to companies irmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

(4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013in respect of loans investments guarantees and security.

(5) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

(6) As informed to us the maintenance of Cost Records has been speciied by the CentralGovernment under subsection (1) of Section 148 of the Act in respect of the activitiescarried on by the company has been maintained. (7) (a) According to information andexplanations given to us and on the basis of our examination of the books of account andrecords the Company has been generally regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance Income-Tax Sales tax Service TaxDuty of Customs Duty of Excise Value Added Tax Cess and any other statutory dues withthe appropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the above were in arrears as at March 31 2017for a period of more than six months from the date on when they become payable.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute. (8) In our opinion and according to the informationand explanations given to us the Company has not defaulted in the repayment of dues tobanks.

(9) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

(10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

(11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

(12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the Order are not applicable to the Company.

(13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

(15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

(16) In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the Company and hence not commented upon.

For and on behalf of
B. MUKHERJEE & CO.
CHARTERED ACCOUNTANTS
Firm Registration No. 302096E
B. MUKHERJEE
Place: Kolkata PARTNER
Date: 30th May 2017 (Membership No. 002941)

"Annexure B" to the Independent Auditor’s Report of even date on theStandalone Financial Statements of Kkalpana Industries (India) Ltd.

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 inancial controls over inancial reporting of KkalpanaIndustries (India) Ltd ("the Company") as of March 31 2017 in conjunction withour audit of the standalone inancial 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 internalinancial controls based on"the internal control over inancial 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 ICAI.These responsibilities include the design implementation andmaintenance of adequate internal inancial controls that were operating effectively forensuring the orderly and eficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of eliable inancial r information as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal inancialcontrols over inancial 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 inancial 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 inancial c ontrols over inancial reporting was established andmaintained and if such controls operated effectively in all m aterial respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalinancial controls system over inancial reporting and their operating effectiveness. Ouraudit of internal ina ncial controls over inancial reporting included obtaining anunderstanding of internal inancial controls over inanc ial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the inancial statements whether due to frau d or error. We believe thatthe audit evidence we have obtained is suficient and appropriate to provide a basis forour audit opinion on the Company’s internal inancial controls system over inancialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal inancial control over inancial reporting is a processdesigned to provide reasonable assurance regarding the reliability of inancial reportingand the preparation of inancial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal inancial control overinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly relect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of inancialtatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide

KKALPANA INDUSTRIES (INDIA) LIMITED

reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company’s assets that could have a materialeffect on the inancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal inancial controls over inancialreporting 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 inancial controls over inancialreporting to future periods are subject to the risk that the internal inancial controlover inancial 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 internalinancial controls system over inancial reporting and such internal inancial controls overinancial reporting were operating effectively as at March 31 2017 based on the internalcontrol over inancial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For and on behalf of
B. MUKHERJEE & CO.
CHARTERED ACCOUNTANTS
Firm Registration No. 302096E
B. MUKHERJEE
Place: Kolkata PARTNER
Date: 30th May 2017 (Membership No. 002941)