Elitecon International Ltd.
|BSE: 539533||Sector: Others|
|NSE: N.A.||ISIN Code: INE669R01018|
|BSE 00:00 | 16 Mar||Elitecon International Ltd|
|NSE 05:30 | 01 Jan||Elitecon International Ltd|
|BSE: 539533||Sector: Others|
|NSE: N.A.||ISIN Code: INE669R01018|
|BSE 00:00 | 16 Mar||Elitecon International Ltd|
|NSE 05:30 | 01 Jan||Elitecon International Ltd|
To the Members of M/s KASHIRAM AND JAIN COMPANY LIMITED
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of KASHIRAM JAIN AND COMPANYLIMITED (the Company') which comprise the balance sheet as at 31st March 2019 thestatement of profit and loss and the statement of Cash Flows for the year then ended and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as standalone financial statements').
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 theIndian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended ("Ind AS") andother accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2019 the profit and total comprehensive income changes inequity and its cash flows for the year ended on that date.
BASIS FOR OPINION
We conducted our audit of the standalone financial statement in accordance with theStandards on Auditing specified under Section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the Standalone financial statements underthe provisions of the Act and the Rules made there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.
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 Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing 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 financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our objective are to obtain reasonable assurance about whether the standalone financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion on these standalone financialstatements.
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 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 performingprocedures to obtain audit evidence about the amounts and the disclosures in thestandalone financial statements. The procedures selected depend on the Auditor's judgmentincluding the assessment of the risks of material misstatement of the standalone 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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the standalone financial statements.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by sub-section 3 of Section 143 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 Statement of Cash Flowsdealt 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 the Act read with relevant ruleissued there under;
e) on the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (2) of the Act;
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 - A";
g) with respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the company to its directors during the year is in accordance withthe provisions of section 197 of the Act.
h) 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 did not have any pending litigations in its financial statements.
ii. The Company did not have any long term contract including derivative contract whichmay lead to any foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditor's Report) Order 2016 (" the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "ANNEXURE B" a statement on the mattersspecified in the Order to the extent applicable.
"Annexure A" to the Independent Auditor's 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 KASHIRAMJAIN AND COMPANY LIMITED ("the Company") as of 31st March 2019 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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.
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 over financial reporting is a process designedto provide 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 thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the 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.
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 31st March 2019 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.
"Annexure B" to the Independent Auditor's Report
AUDITORS REPORT AS PER THE COMPANIES (AUDITOR'S REPORT) ORDER 2016 ON THE STANDALONEFINANCIAL STATEMENTS:
1. PROPERTY PLANT & EQUIPMENT [Clause 3(i)]
The Company has no Fixed Assets. As such the clause- 1(a) 1(b) & 1(c) of theCompanies (Auditors' Report) order 2016 is not applicable to the Company.
2. INVENTORY [Clause 3(ii)]
The Company has no inventory. As such the clause 2(a) 2(b) & 2(c) of the Companies(Auditors' Report) order 2016 is not applicable to the Company.
3. LOAN GIVEN BY COMPANY [Clause 3(iii)]
The Company has not granted any loans secured or unsecured to Companies Firms orother parties listed in the register maintained pursuant to provision of section 189 ofthe Companies Act 2013.
4. LOAN TO DIRECTORS AND INVESTMENT BY COMPANY [Clause 3(iv)]
In respect of loans investments guarantees and security the provisions of section185 and 186 of the Companies Act 2013 have been complied with.
5. DEPOSITS [Clause 3(v)]
According to the information and explanation given to us the Company has not accepteddeposits from the public during the financial year under audit.
6. COST RECORDS [Clause 3(vi)]
In our opinion and according to information and explanation given to us the Companydoes not manufacturing any goods and the provision related to maintenance of cost recordsby the Company under sub section (1) of section 148 of Companies Act 2013 for any of itsproducts as prescribed by Central Government are not applicable.
7. STATUTORY DUES [Clause 3(vii)]
Following matters shall be reported for statutory dues and disputed for tax and duties.
(a) The company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax sales-tax service tax duty of customsduty of excise value added tax cess and any other statutory dues to the appropriateauthorities.
(b) According to the information and explanations given to us there are no dues ofincome tax or sales tax or service tax or duty of customs or duty of excise or value addedtax which have not been deposited on account of any dispute.
8. REPAYMENT DUES [Clause 3(viii)]
Based on our audit procedures and as per the information & explanations given bythe management we are of the opinion the Company has not defaulted in repayment of loansor borrowing to a financial institution bank Government or dues to debenture holders.
9. UTILISATION OF INTIAL AND FURTHER PUBLIC OFFER [Clause 3(ix)]
In our opinion and according to information and explanations given to us the Companyhas not raised any money by way of initial public offer or further public offer (includingdebt instruments) and term loans.
10. FRAUD [Clause 3(x)]
No fraud has been noticed or reported on or by the Company during the year.
11. APPROVAL OF MANAGERIAL REMUNERATION [Clause 3(xi)]
The managerial remuneration has been paid or provided during the year in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Companies Act.
12 NIDHI COMPANY [Clause 3(xii)]:
In our opinion and according to information and explanations given to us clause (xii)of para 3 to Companies (Auditor's Report) Order 2016 w.r.t. Nidhi Company is notapplicable to Company.
13 RELATED PARTY TRANSACTION [Clause 3(xiii)]
In our opinion all transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards
14 PRIVATE PLACEMENT AND PREFERENTIAL ISSUES [Clause 3(xiv)]
During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.
15 NON CASH TRANSACTION [Clause 3(xv)]
In our opinion and according to the information and explanations given to us duringthe year the Company has not entered into any non-cash transactions with its Directors orpersons connected to its directors and hence provisions of section 192 of the CompaniesAct 2013 are not applicable to the Company.
16 REGISTER WITH RBI ACT 1934 [Clause 3(xvi)]
The Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.