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Kamdhenu Ltd.

BSE: 532741 Sector: Metals & Mining
NSE: KAMDHENU ISIN Code: INE390H01012
BSE 15:07 | 14 Dec 172.05 4.05
(2.41%)
OPEN

170.00

HIGH

179.00

LOW

169.80

NSE 14:59 | 14 Dec 172.40 3.75
(2.22%)
OPEN

172.00

HIGH

174.75

LOW

169.05

OPEN 170.00
PREVIOUS CLOSE 168.00
VOLUME 11284
52-Week high 290.50
52-Week low 160.50
P/E 20.10
Mkt Cap.(Rs cr) 420
Buy Price 172.20
Buy Qty 10.00
Sell Price 174.90
Sell Qty 30.00
OPEN 170.00
CLOSE 168.00
VOLUME 11284
52-Week high 290.50
52-Week low 160.50
P/E 20.10
Mkt Cap.(Rs cr) 420
Buy Price 172.20
Buy Qty 10.00
Sell Price 174.90
Sell Qty 30.00

Kamdhenu Ltd. (KAMDHENU) - Auditors Report

Company auditors report

ON THE INDIAN ACCOUNTING STANDARDS (IND AS)

FINANCIAL STATEMENTS

TO THE MEMBERS OF KAMDHENU LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying Ind AS financial statements of Kamdhenu Limited ('theCompany') which comprise the balance sheet as at 31st March 2018 thestatement of profit and loss (including other comprehensive income) the cash flowstatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE IND AS 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 Ind AS financial statements that give a true and fair view ofthe financial position financial performance (including other comprehensive income) cashflows and statement of changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards underSection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Company's Directors aswell as evaluating the overall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 2018 and its profit (including other comprehensive income)its cash flows and the changes in equity for the year ended on that date.

OTHER MATTERS

The Financial information of the Company for the year ended 31.3.2017 and thetransition date opening balance sheet as at 1.4.2016 included in the Ind AS financialstatements are based on the previously issued statutory financial statements for theyears ended 31.3.2017 and 31.3.2016 prepared in accordance with the Companies (AccountingStandard) rules 2006 (as amended) which were audited by another auditor namely M/s S.Singhal & Co. Chartered Accountants on which they expressed an unmodified opiniondated 30.05.2017 and 27.05.2016 respectively. The adjustments to those financialstatements for the differences in accounting principles adopted by the Company ontransition to Ind AS have been audited by us on which we have expressed an unmodifiedopinion vide our report dated 28.05.2018.

Our opinion is not qualified in respect of their matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2016 (''the Order'') issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe give in the Annexure ''A'' a statement on the matters specified in the paragraph 3 and4 of the order.

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 it appears from our examination of those books;

c) The balance sheet the statement of profit and loss (including other Comprehensiveincome) the cash flow Statement and the Statement of changes in Equity dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;

e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof Section 164 (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 B''; and

g) 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 note no. 38 to the Ind AS financial statements;

II. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on longterm contracts includingderivative contracts.

III. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For B S D & Co.

Chartered Accountants Firm's registration number: 000312S

(WARSHA SINGHANIA)

Partner

Membership number: 520935

Place: Gurugram Date: 28th May 2018

ANNEXURE- A TO THE AUDITOR'S REPORT

THE ANNEXURE REFERRED TO IN INDEPENDENT AUDITOR'S

REPORT TO THE MEMBERS OF THE COMPANY ON THE IND AS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH

2018 WE REPORT THAT:

(i) (a) The Company has maintained proper records showing

full particulars including quantitative 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) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company physical verification of the inventory has beenconducted at reasonable intervals by the management and discrepancies noticed which werenot material in nature have been properly dealt with in the books of accounts.

(iii) According to the information and explanation given to us during the year theCompany has not granted any loans secured or unsecured to companies firm or otherparties covered in the register maintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere are no loans investments guarantees and securities granted during the year inrespect of which provisions of section 185 and 186 of the Companies Act 2013 areapplicable.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuantto the Rules made by the Central Government for the maintenance of cost records undersection 148 of the Act and are of the opinion that prima facie the prescribed accountsand records have been made and maintained however we have not made a detailedexamination of such cost records.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccounts in respect of undisputed statutory dues including provident fund employee stateinsurance income-tax sales tax service tax duty of customs duty of excise valueadded tax cess goods & services tax and other material statutory dues have generallybeen regularly deposited during the year by the Company with the appropriate authorities.According to the information and explanations given to us no undisputed amounts payablein respect of provident fund employee state insurance income tax sales tax servicetax duty of customs duty of excise value added tax cess goods & services tax andother material statutory dues were in arrears as at 31st March 2018 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of income tax or sales tax or service tax or duty of custom or duty of excise orvalue added tax cess Goods & Services Tax which have not been deposited with theappropriate authorities on account of any dispute except following:

Name of the Statutes Nature of Dues Amount in Lakhs Financial year to which amount relates Forum where dispute is pending
Income Tax Act Income Tax Matters 1.92 2003-04 CIT (Appeals) Alwar
Central Excise Act Central Excise Duty 1349.07 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 CESTAT New Delhi Allahabad & Mumbai Commissioner (Appeals) of Central Excise/CGST Jaipur
Finance Act Service Tax 86.86 2008-09 CESTAT New Delhi

(viii) The Company has not defaulted in repayment of loan or borrowing to a financialinstitution or bank government. There are no debenture holders.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments). According to the information and explanationgiven to us no term loans were raised during the year.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For B S D & Co.

Chartered Accountants Firm's registration number: 000312S

(WARSHA SINGHANIA)

Partner

Membership number: 520935

Place: Gurugram Date: 28th May 2018

ANNEXURE-B TO THE 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 KamdhenuLimited (''the Company”) as of 31st March 2018 in conjunction with ouraudit of the Ind AS financial 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

AUDITOR'S RESPONSIBILITY

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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. 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. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company's internal financial controls system over 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.

OPINION

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 2018based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For B S D & Co.

Chartered Accountants Firm's registration number: 000312S

(WARSHA SINGHANIA)

Partner

Membership number: 520935

Place: Gurugram Date: 28th May 2018