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KND Engineering Technologies Ltd.

BSE: 522189 Sector: Infrastructure
NSE: KNDENGTECH ISIN Code: N.A.
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KND Engineering Technologies Ltd. (KNDENGTECH) - Auditors Report

Company auditors report

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of KND EngineeringTechnologies Limited which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of the 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 preparation ofthese standalone financial statement that give a true and fair view of the financialposition financial performance of the company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 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. An audit also includes valuating theappropriateness of the accounting policies used and the reasonableness" of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained i$ sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

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 31st March 2015 and its profit for the year ended on that date.

Emphasis of .Matters

We draw attention to the following matters in the Notes to the financial statements:

Note 2 point no 4 to the financial statements which describes the uncertainty relatedto the outcome of the lawsuit filed against the Company by M/s Fab Leathers Ltd: Propertyat 30 Shakespeare Sarani Kolkata has been sold in 2009. The same property was released asper Hon'ble Calcutta High Court & Bombay High Court orders dated 16/03/2009 &dated 7/05/2009 respectively. However M/S Fab Leathers Ltd. has gone to Supreme Courtclaiming transfer of ownership of the said property & case is pending in SupremeCourt. There is no change in the status of this case from the last year and the case isstill pending.

Note 2 point no 12 to the financial statements which states about certain noncompliances: During the year under review the Company has not complied with the followingprovisions of the Act Rules Regulations Guidelines Standards etc. applicable to it:

(a) The Company remains suspended with BSE and NSE during the period under review dueto non Dematerialization of Equity Shares of the Company as per listing Agreement

(b) The Company has outstanding Payment of Listing fees for BSE and NSE for year underreview.

(c) The Company has yet not formed the Structure of Board and Committees as per therequirement of Clause 49. Appointment of Key Managerial Persons (KMP) is pending.Evaluation of Independent Directors' and Training programme is yet to be performed.

(d) Limited Audit review as per listing agreement is pending.

(e) Internal Auditor of the Company fs yet to be appointed.

Our opinion is not modified in respect of these matters

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors' Report) Order 2015 issued by the Government ofIndia in terms of sub section (11) of sec 143 of the Companies' Act 2013 we annexherewith an annexure on statement on the matters specified in paragraph 3 & 4 of thesaid order to the extent applicable.

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 the Cash Flow Statementdealt with 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 written representations received from the director's as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms ofsection'. 164(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 Point No4 a to e of Note 2 to the financialstatements;

ii. The company did not have any long term contracts including derivative contracts forwhich there were ary material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and

Protection Fund by the company at the end of the year

For L N TOOI & CO

Chartered Accountants

Registration No: 304022E

Lai it Kumar Tod i

Partner

Membership No: 054847

Kolkata

Dated: 25th day of May 2015

ANNEXURE TO THE 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:

(i} (a) The company has maintained Fixed Assets Register showing full particularsincluding quantitative details and situation of fixed assets in its new ERP software.Fixed asset records are being updated.

(b) The company has made physical verification of its fixed assets during the year in aphased manner.

(ii) (a) As informed the inventory has been physically verified by the management atreasonable intervals during the year

(iii) The company has granted unsecured loans/ advances to the entities covered in theregister maintained under section 189 of the Companies Act 2013.PleaserefertopointNo.13in Note2on Financial Statement for details. As informed to us the amountsare payable on demand.

(iv) In our opinion and according to the information and explanations given to us theinternal controf system of the Company with regard to purchase of inventory fixed assetsand the Sate of services needs to be strengthened

(v) As informed the Company has not accepted any deposit from the public covered underthe terms Df section 73 to 76 of the Company's Act 2013 or any other relevant provisionsof the Act & rules framed there under.

(vf) As explained to us the Central Government has not prescribed the maintenance ofcost records under Sub sec{1) of sec 148 of the Companies Act 2013.

(vii) (a) According to the records given to us by the company undisputed statutorydues including provident fund employee state insurance sales tax wealth tax servicetax custom duty excise duty cess and other statutory dues have not been regularlydeposited with the appropriate authorities. There are arrear outstanding statutory dues atthe last day of Financial year for a period of more than six months from the date theybecome payable. (Please refer to Point No 12 f of Notes 2 on Financial Statements.)

(b) According to the information and explanation given to us there are disputedstatutory liabilities with respect to above. (Please refer to point No.l a to d on Notes 2on Financial Statements.)

(c) As informed to us no amount is required to be transferred to Investor Educationand Protection Fund at the end of the year.

(viii)The Company does not have accumulated losses at the end of the financial year.The company has not incurred cash losses during the financial year covered by the audit aswell as in the immediately preceding financial year.

(lx) Based on our audit procedure and as per the information provided to us we are ofthe opinion that the company has defaulted in repayment of dues to financial institutionsbanks at the end of financial year covered by the audit. (Please refer to Note no 2.3 a 1on Financial Statements)

(x) As informed the Company has not given any guarantee for loans taken by others frombanks or Financial Institutions during the year hence this clause is not applicable.

(xi) The Company has raised term loans during the year for general purpose.

(xil) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the company and no material fraud on the company has been noticedor reported during the year

For L N TODI & CO

Chartered Accountants

Registration No: 304022E

La lit Kumar Todi

Partner

Membership No: 054847

Kolkata

Dated: 25th day ofMay 2015