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Keltech Energies Ltd.

BSE: 506528 Sector: Industrials
NSE: N.A. ISIN Code: INE881E01017
BSE 00:00 | 14 Dec 909.80 -0.10
(-0.01%)
OPEN

911.00

HIGH

911.00

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866.10

NSE 05:30 | 01 Jan Keltech Energies Ltd
OPEN 911.00
PREVIOUS CLOSE 909.90
VOLUME 24
52-Week high 1731.15
52-Week low 801.00
P/E 11.75
Mkt Cap.(Rs cr) 91
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 911.00
CLOSE 909.90
VOLUME 24
52-Week high 1731.15
52-Week low 801.00
P/E 11.75
Mkt Cap.(Rs cr) 91
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Keltech Energies Ltd. (KELTECHENERGIES) - Auditors Report

Company auditors report

To The Members of Keltech Energies Limited

Report on the Audit of the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Keltech EnergiesLimited ("the Company") which comprise the Balance Sheet as at 31 March2018 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Cash Flows Statement for the year then ended and asummary of the significant accounting policies and other explanatory information (hereinafter referred to as "Ind AS financial statements").

Management's Responsibility for the Ind A S 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 Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed undersection 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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 of theaccounting records relevant to the preparation and presentation of the Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the financial statements management is responsiblefor assessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

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 and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 theamounts and the disclosures in the Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Ind AS financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Ind AS financial statements.

We are also responsible to conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the entity's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in the auditor's report tothe related disclosures in the financial statements or if such disclosures areinadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to the date of the auditor's report. However future events or conditions maycause an entity to cease to continue as a going concern. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion 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 including the Ind AS of the state ofaffairs of the Company as at 31 March 2018 its profit (including other comprehensiveincome) changes in equity and its cash flows for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended 31 March 2017included in these Ind AS financial statements are based on the previously issuedstatutory financial statements prepared in accordance with section 133 of the Act and theCompanies (Indian Accounting Standards) Rules 2016 audited by Haribhakti & Co. LLPChartered Accountants (predecessor auditor) for the year ended 31 March 2017 whose reportsdated 18 May 2017 expressed an unmodified opinion on those financial statements. Ouropinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

2. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss theStatement of Changes in Equity and Cash Flow Statement and dealt with by this Report arein agreement with the books of account. d) In our opinion the aforesaid Ind AS financialstatements comply with the Indian Accounting Standards prescribed under section 133 of theAct. e) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 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 withreference to financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B". g) With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company has disclosedthe impact of pending litigations on its financial position in its Ind AS financialstatements - Refer Note 31 to the Ind AS financial statements. ii. The Company didnot have any other long-term contracts including derivative contracts for which there wereany material foreseeable losses. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.iv. The disclosures in the Ind AS financial statements regarding holdings as well asdealings in specified bank notes during the period from 8th November 2016 to 30thDecember 2016 have not been made since they do not pertain to the financial year ended 31March 2018.

For Khimji Kunverji & Co
Chartered Accountants
Firm Registration No 105146W
Hasmukh B Dedhia
Partner (F - 033494)
Place: Mumbai
Date: May 18 2018

"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members of KeltechEnergies Limited on the financial statements for the year ended 31 March 2018]

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. (b) During the year the fixed assetsof the Company have been physically verified by the management and as informed nomaterial discrepancies were noticed on such verification. In our opinion the frequency ofverification is reasonable having regard to the size of the Company and the nature of itsassets. (c) The title deeds of immovable properties recorded as fixed assets in the booksof account of the Company are held in the name of the Company.

(ii) The inventory (excluding stocks lying with the third parties) has been physicallyverified by the management during the year. In respect of inventory lying with thirdparties these have substantially been confirmed by them. In our opinion the frequency ofverification is reasonable. As informed no material discrepancies were noticed onphysical verification carried out during the year.

(iii) As informed the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189 of the Act. Accordingly paragraph 3 (iii)(a) 3 (iii)(b) and3 (iii)(c) of the Order are not applicable to the Company.

(iv) As informed the Company has not given any loans or made investments or givenGuarantees and securities. Accordingly Paragraph 3(iv) of the order is not applicable tothe Company. (v) In our opinion and according to the information and explanations given tous the Company has not accepted any deposits from the public within the provisions ofSections 73 to 76 of the Act and the rules framed there under. (vi) We have broadlyreviewed the books of account maintained by the Company in respect of products where themaintenance of cost records has been specified by the Central Government under sub-section(1) of Section 148 of the Act and the rules framed there under and we are of the opinionthat prima facie the prescribed accounts and records have been made and maintained. (vii)(a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income tax salestax service tax value added tax customs duty excise duty cess and any other materialstatutory dues applicable to it and According to the information and explanations given tous no undisputed amounts payable in respect of provident fund employees' stateinsurance income tax sales tax service tax value added tax customs duty excise dutycess and any other material statutory dues applicable to it were outstanding at the yearend for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us the dues outstanding withrespect to income tax \ sales tax service tax value added tax customs duty exciseduty on account of disputes are as follows:

Name of the statute Nature of dues Amount (` in Lakhs) Period to which the amount relates Forum where dispute is pending
Finance Act Service Tax 7.16 2005-06 to 2009-10 Customs Excise & Service Tax Appellate
1994 Tribunal (CESTAT) Bangalore.
Income Tax Income Tax 135.42 A.Y. 2009-10 CIT-Appeals
Act 1961
Income Tax Income Tax 79.43 A.Y. 2011-12 CIT-Appeals
Act 1961
Income Tax Income Tax 25.90 A.Y. 2012-13 CIT-Appeals
Act 1961
Income Tax Income Tax 58.86 A.Y. 2014-15 CIT-Appeals
Act 1961
Income Tax Income Tax 66.83 A.Y. 2015-16 CIT-Appeals
Act 1961
Central Sales Central 118.01 2009-10 Maharashtra Sales Tax Tribunal Mumbai.
Act 1956 Sales Tax

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings to a bank and governments. Further theCompany does not have any dues payable to financial institutions or debenture holders.

(ix) In our opinion and according to the information and explanations given to us theCompany has utilized the money raised by way of the term loans during the year for thepurposes for which they were raised. (x) During the course of our examination of the booksand records of the Company carried out in accordance with the generally accepted auditingpractices in India and according to the information and explanations given to us we haveneither come across any instance of fraud by the Company or any fraud on the Company byits officers or employees noticed or reported during the year nor have we been informedof any such instance by the management.

(xi) According to the information and explanations given to us managerial remunerationhas been paid / provided in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act. (xii) In our opinion andaccording to the information and explanations given to us the Company is not a NidhiCompany. Therefore paragraph 3(xii) of the Order is not applicable to the Company.

(xiii) According to the information and explanation given to us all transactionsentered into by the Company with the related parties are in compliance with Sections 177and 188 of Act where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Thereforeparagraph 3(xiv) of the Order is not applicable to the Company. (xv) According to theinformation and explanations given to us the Company has not entered into any non-cashtransactions with directors or persons connected with them during the year. (xvi)According to the information and explanation given to us the Company is not required tobe registered under Section 45-IA of the Reserve Bank of India Act 1934.

For Khimji Kunverji & Co
Chartered Accountants
Firm Registration No 105146W
Hasmukh B Dedhia
Partner (F - 033494)
Place: Mumbai
Date: May 18 2018

Annexure B to the Independent Auditors' Report of even date on the Ind AS financialstatements of Keltech Energies Limited– 31 March 2018

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting of KeltechEnergies Limited ("the Company") as at 31 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"). 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 the Company's policies the safeguardingof its 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 Act.

Auditors' 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 deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 Ind AS 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: (a) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (b) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial state- ments inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (c) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 31 March 2018 based onthe 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 ICAI.

For Khimji Kunverji & Co
Chartered Accountants
Firm Registration No 105146W
Hasmukh B Dedhia
Partner
(F - 033494)
Place: Mumbai
Date: May 18 2018