The Members of
Shri Krishna Prasadam Limited
Report on the Financial Statements (standalone)
We have audited the accompanying financial statements of SHRI KRISHNA PRASADAMLIMITED which comprise the Balance Sheet as at March 31 2017 and the Statement ofProfit and Loss for the year then ended and a summary of significant accounting policiesand other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act 1956 ("the Act") read with General Circular15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section133 of the Companies Act 2013. This responsibility includes the design implementationand maintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;
b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate; and
c) in the case of the cash flow statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor's Report) Order 2003 ("the Order") as amended issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.
2) As required by section 227 (3) of the Act we report that:
a) we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;
b) Proper books of account as required by law have been kept by the Company so far asappears from our examination of those books.
c) the Balance Sheet and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account;
d) in our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards referred to in sub section (3C) of section 211 of the Companies Act1956; read with the General Circular 15/2013 dated 13 September 2013 of the Ministry ofCorporate Affairs in respect of Section 133 of the Companies Act 2013. ; and
e) on the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act 1956.
For Rishi Arora & Associates
Membership no. 501847
Place: New Delhi
ANNEXURE of our report for the F.Y. 2016-17
Re: SHRI KRISHNA PRASADAM LIMITED
(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets..
(c) During the year the company has not disposed off any Fixed Assets and GoingConcern Assumption is appropriated.
(ii) (a) The Inventories of the Company has been physically verified by the managementat year end. In our opinion the frequency of the verification is reasonable.
(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business. Nodiscrepancies were noticed on such physical verification as compared to the book recordsthereof.
(iii) (a) According to the information & explanation given to us the Company hasnot granted an interest free unsecured loan to a company covered in the registermaintained under Section 189 of the Companies Act 2013.
(b) The company has not taken interest free unsecured loan from parties which coveredin the register maintained under Section 189 of the Companies Act 2013.
(c) In our opinion and according to the information and explanation given to us otherterms and conditions for such loans are not prima facie prejudicial to the interest of thecompany.
(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control systems commensurate with the size of the Company andnature of its business for awarding of contracts for job work and purchase of Fixed Assetsand for the Sale of Goods and Services. In our opinion and according to the informationand explanations given to us there is no continuing failure to correct major weaknessesin internal control system of the company.
(v) (a) According to the information and explanations provided to us by the managementwe are of the opinion that the particulars of contracts or arrangements referred to insection 189 of the Companies Act that need to be entered into the register maintainedunder section 189 have been so entered.
(b) Transactions made in pursuance of such contracts or arrangements have been made atprices which are reasonable having regard to the prevailing market prices at the relevanttime.
(vi) The Company has not accepted deposits from the public within the meaning ofSection 73 or any other relevant provisions of the Companies Act 2013. Hence Clause 4 (vi)of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.
(vii) The Company has an effective internal audit system.
(viii) The Company Is not required to make cost records as required to be made underSection 148 (1) of the Companies Act 2013.
(ix) (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has been generally regular indepositing undisputed statutory dues including Income tax Sales Tax and Value Added Taxand other statutory dues during the year with the appropriate authorities. As at 31stMarch 2017 there were no undisputed statutory dues outstanding for a period of more thansix months from the date they became payable.
(b) According to the information and explanations given to us there are no dues whichhave not been deposited on account of any dispute of income tax and cess.
(x) The company has not incurred any cash loss during the financial year. Theaccumulated losses of the Company at the end of the Financial Year are not more than 50%of its net worth.
(xi) The Company has not defaulted in payment of loans taken from banks .The Companyhas not issued any Debentures.
(xii) According to the information and explanations given to us the Company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand other securities.
(xiii) In our opinion the Company is not a chit fund/nidhi/mutual benefitfund/society. Therefore the provisions of clause 4 (xiii) of the Companies (Auditor'sReport) Order 2003 are not applicable to the Company.
(xiv) In our opinion and according to the information and explanations given to us theCompany is not dealing or trading in shares securities debentures.
(xv) The Company has not given any guarantee for loans taken by others from bank orfinancial institutions.
(xvi) The company has applied term loans for the purposes for which the loans wereobtained.
(xvii) According to the information and explanations given to us on an overallexamination of the balance sheet of the company we report that no funds raised on shortterm basis have been applied for long term investment.
(xviii) The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under Section 189 of the Act
(xix) The Company has not issued debentures during the year. Accordingly no securityor charge needs to be created.
(xx) The Company has not raised any money by public issue during the year.
(xxi) During the course of our examination of the books and the records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of material fraud on or by the Company noticed or reported during the year norhave we been informed of such case by management.
For Rishi Arora & Associates
Membership no. 501847
Place: New Delhi