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Shri Keshav Cements & Infra Ltd.

BSE: 530977 Sector: Industrials
NSE: N.A. ISIN Code: INE260E01014
BSE LIVE 15:40 | 22 Nov 190.85 -4.15
(-2.13%)
OPEN

197.00

HIGH

201.00

LOW

188.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 197.00
PREVIOUS CLOSE 195.00
VOLUME 1766
52-Week high 272.40
52-Week low 62.50
P/E 13.87
Mkt Cap.(Rs cr) 98
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 197.00
CLOSE 195.00
VOLUME 1766
52-Week high 272.40
52-Week low 62.50
P/E 13.87
Mkt Cap.(Rs cr) 98
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shri Keshav Cements & Infra Ltd. (SHRIKESHAV) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

SHRI KESHAV CEMENTS & INFRA LIMITED

[FORMERLY KNOWN AS KATWAUDYOG LIMITED]

BELGAUM

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Shri KeshavCements & Infra Limited [Formerly Known as KatwaUdyog Limited] ("thecompany")which comprise the Balance Sheet as at31 March 2016 the Statementof Profit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant 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 in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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. And We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe standalone 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.

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;

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b) In the case of the Statement of Profit and Loss of the profit for the yearended on that date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matters

There are no material/ Major points to be reported.

However the standalone financial statements of the company have been prepared on agoing concern basis.

Report on other Legal and Regulatory Requirements:

1) As required by the companies (Auditor's Report) order 2016 ('the order') issued bythe Central Government of India in terms of sub-section (11) of Section 143 of the Act wegive in the annexure A a statement on the matters specified in paragraph 3 and 4 of theorder.

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 appears from our examination of those books (and proper returns adequatefor the purposes of our audit have been received from the branches not visited by us)

c) [The reports on the accounts of the branch offices of the Company audited by us andhave been properly dealt by us in preparing this report]

d) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

e) 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.

f) The going concern matter described in sub-paragraph (b) under the Emphasis ofMatters paragraph above in our opinion may not have an adverse effect on the functioningof the Company.

g) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

h) With respect to the adequacy of Internal Financial Controls over Financial Reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure B" and

I) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit & Auditor's) Rules 2014 In ouropinion and to the best of our information and according to the explanations given to us:

i. Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which 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.

Place: Belgaum CA. Prabhakar K. Latkan
Date : 27.05.2016 M.No. 21730
1083 Ananthshayan Galli
Belgaum-590002

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT OF SHRI KESHAV CEMENTS & INFRALIMITED (FORMERLY KNOWN AS KATWA UDYOG LTD)

REFERREDTO IN PARAGRAPH 1 UNDER THE HEADING OF "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE

COMPANY'S (AUDITOR'S REPORT) ORDER 2016 CARO 2016

1) Fixed Assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b) The fixed assets are physically verified by the management in a phased manner overa period of three years which in our opinion is reasonable having regard to the size ofthe Company and nature of its business. No material discrepancies were noticed on suchverification. There was no substantial disposal of fixed assets during the year.

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

d) During the year company has undertaken expansion of the project. The project isunder progress. During the year company has invested a sum of Rs.84082074/- which isshown as capital works in progress project expansion in the balance sheet.

2) Inventory:

Physical verification of inventory has been conducted at reasonable intervals by themanagement. In our opinion the procedures of physical verification of inventory followedby the management are reasonable and adequate in relation to the size of the Company andnature of its business. The Company is maintaining proper records of inventory.Discrepancies noticed on physical verification as compared to book records which were notmaterial have been properly dealt with in the books of accounts.

3) Loans & Advances:

The company has not granted any loans secured or unsecured to companies FirmsLimited Liability Partnerships or other parties covered in the Register maintain undersection 189 of the companies act 2013('the act'). Accordingly sub-paragraphs a b c ofthe order are not applicable to the company.

4) Loans & Investments Guarantees and Security:

In our opinion and according to the information and explanations given to us thecompany has not given any loans / guarantee / security to or on behalf of any party referto in section 185 of the companies act 2013. The company has complied with section 186 inrespect of loans and investments made. The company has not given any guarantee or providedany security in connection with a loan to any body corporate or any other person.

5) Acceptance of Public Deposits:

On the basis of our examinations of books and records of the company in our opinionand according to the information and explanations given to us the company has notaccepted deposits during the year and therefore the directives issued by the Reserve Bankof India and Provisions of sections 73 to 76 or any other relevant provisions of thecompanies act 2013 and rules framed there under are not applicable to the company.

6) Cost Records:

We have broadly reviewed the cost records maintained by the Company pursuant to thecompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government undersection 148(1) of the companies act 2013 and are of the opinion that prima facie theprescribed cost records have been maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

7) Statutory Dues:

a) According to the information and explanations given to us and on the basis of ourexamination of the books and records of the company the company is regular in depositingundisputed statutory dues including provident fund Income Tax Sales Tax VAT Duty ofCustoms Service Tax Cess and other material statutory dues with the appropriateauthorities.

b) According to the information and explanations given to us no undisputed amountpayable in respect of Income Tax Sales Tax Service Tax Custom duty Excise duty andcess were in arrears as at 31.03.2016 for a period of more than six months from the datethey became payable.

c) According to the information & explanation give to us there are no dues ofIncome Tax Sales Tax Service Tax Custom duty Excise duty or Cess which have not beendeposited on account of any dispute.

d) According the information and explanations given to us there is no amount requiredto be transferred to investors education and protection fund in accordance with relevantprovisions of the Companies Act. However unpaid dividend for the year 2012-13 is showingin balance sheet for Rs. 25309/-.

8) Repayment of Loans & Borrowings:

Based on our examination of books and records and according to the information andexplanations given to us the company has not defaulted in repayment of loans orborrowings to financial institutions or banks or government. The company has not issuedany debentures. The company has taken unsecured loans from directors covered in Registermaintained under section 73(2) of the companies act 2013. In our opinion the rate ofinterest and other terms and conditions on which loan has been taken from directors arenot prima facie prejudicial to the interest of the company. The company is regular inrepaying the principle amount as stipulated and has been regular in the repayment ofinterest.

9) Money Raised Application of Funds:

The company has not raised any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordinglysub-paragraph 3 of the order is not applicable.

10) Frauds:

On the basis of our examination of books and records of the company and according tothe information and explanations given to us no material fraud by the company or on thecompany by its officers or employees has been noticed or reported during the year.

11) Managerial Remuneration:

According to the information and explanations given to us and based on our examinationof the records of the company the company has paid / provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of section 197 readwith schedule V to the companies act 2013.

12) Nidhi Company:

In our opinion and according to the information and explanations given to us thecompany is not a Nidhi Company. Accordingly sub-paragraph 3 of the order is notapplicable.

13) Related party Transactions:

According to the information and explanations given to us and based on our examinationof the records of the company transactions with the related parties are in compliancewith section 177 and 188 of the act and details of related party transactions have beendisclosed in the financial statements as required by the applicable accounting standards

14) Preferential Allotment/Private Placement:

According the information and explanations given to us and based on our examination ofrecords of company the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year andtherefore sub-paragraph 3 of the order is not applicable.

15) Non-cash Transactions:

In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him and therefore sub-paragraph 3 of the order is not applicable.

16) Compliance with RBI Act 1934:

Since the company is Cement Manufacturing Company the company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934 hence notapplicable.

Place: Belgaum CA. Prabhakar K. Latkan
Date : 27.05.2016 M.No. 21730
1083 Ananthshayan Galli
Belgaum-590002

ANNEXURE B: TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE

STANDALONE FINANCIAL STATEMENTS OF Shri Keshav Cements & Infra Limited Belgaum.

(Formerly Known as Katwa Udyag Limited.)

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 ShriKeshav Cements & Infra Limited Belgaum. (Formerly Known as Katwa Udyag Limited) ("theCompany") as of March 312016 in conjunction with our audit of the standal onefinancial statements of the Company for the year ended on that date

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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 my/our audit. I/We conducted my/our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143 (10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standard sand 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence I / we have obtained is sufficient and appropriateto provide a basis for my / our audit opinion on the Company's internal financial controlssystem over financial reporting.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on my/our audit. I/We conducted my/our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note")and the Standards on Auditing issued by ICAI anddeemed to be prescribed under section143(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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence I / we have obtained is sufficient and appropriateto provide a basis for my/our audit opinion on the Company's internal financial controlssystem over financial reporting.

Place: Belgaum CA. Prabhakar K. Latkan
Date : 27.05.2016 M.No. 21730
1083 Ananthshayan Galli
Belgaum-590002