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Kintech Renewables Ltd.

BSE: 512329 Sector: Infrastructure
NSE: N.A. ISIN Code: INE385F01016
BSE 00:00 | 26 Jul 184.85 6.85
(3.85%)
OPEN

186.00

HIGH

186.00

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184.85

NSE 05:30 | 01 Jan Kintech Renewables Ltd
OPEN 186.00
PREVIOUS CLOSE 178.00
VOLUME 87
52-Week high 193.20
52-Week low 92.15
P/E 61.21
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 186.00
CLOSE 178.00
VOLUME 87
52-Week high 193.20
52-Week low 92.15
P/E 61.21
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kintech Renewables Ltd. (KINTECHRENEW) - Auditors Report

Company auditors report

To The Members of KINTECH RENEWABLES LIMITED

Report on the Ind AS Financial Statements

Opinion

We have audited the Financial Statements of KINTECH RENEWABLES LIMITED(''the Company") which comprise the balance sheet as at March 31 2020 and thestatement of profit and loss (including other comprehensive income) statement of changesin equity and statement of cash flows for the year then ended and notes to the FinancialStatements including a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Financial Statements give the information required by theCompanies Act 2013 in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2020 and its profit (including other comprehensive income)changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theFinancial Statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis mater

Attention is invited to the financial statement relating to the scheme of amalgamation(merger) of the company Divine Wind farm Private Limited (DWPL) (Wholly Owned Subsidiary)(Transferor Company) was merged with Kintech Renewables Limited (KRL) (Parent Company)(Transferee Company) sanctioned in the vide order of National Company Law Tribunaldated:30th January 2020 effective from 01st April 2019.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Financial Statements of the current period. These matterswere addressed in the context of our audit of the Financial Statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS' REPORT THEREON

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the annual report but does not includethe Financial Statements and our auditor's report thereon.

Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

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 of theseFinancial Statements that give a true and fair view of the financial position financialperformance (including other comprehensive income) changes in equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards ('Ind AS') specified under section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Financial Statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

That Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Financial Statements.

As part of an audit in accordance with Standards on Auditing ('SAs') we exerciseprofessional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the FinancialStatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Financial Statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the FinancialStatements including the disclosures and whether the Financial Statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Financial Statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.

2. As requited 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 bythe Company so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss the Statement of Changes inEquity and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account.

d. In our opinion the aforesaid Financial Statements comply with the Indian AccountingStandards prescribed under Section 133 of the Act read with Companies (Indian AccountingStandard) Rules 2016.

e. On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of Section 164(2) of theAct.

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".

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

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

For DJNV & CO.
Chartered Accountants
Firm Regn. No. 115145W
Place: Ahmedabad
Date: 25/06/2020
Jayesh Parikh
(Partner)
M. No. 040650
UDIN: 20040650AAAAAO2093

ANNEXURE A TO THE AUDITOR'S REPORT

The Annexure referred to in our report to the members of KINTECH RENEWABLESLIMITEDfor the year ended on 31st March 2020 we report that:

(i) a. In our opinion and according to the information and explanation given to us thecompany is maintaining proper records showing full particulars including quantitativedetails and situation of Property plant and equipment.

b. In our opinion the Property plant and equipment have been physically verified bythe management at reasonable intervals having regard to the size of the company and thenature of its assets. No material discrepancies were noticed on such verification.

c. The company does not own any immovable property.

(ii) As explained to us physical verification of the inventories have been conductedat reasonable interval by the management which in our opinion is reasonable havingregard to the size of the company and nature of its inventories. No material discrepancieswere noticed on such physical verification.

(iii) The company has not granted any loan secured or unsecured to companies firmslimited liability partnerships or other parties covered in the said register maintainunder the section 189 of the act accordingly the provisions of clause 3(iii) (a) (b)and (c) of the Order are not applicable to the Company and hence not commented upon.

(iv) The company has not granted any loans or made any investments or provided anyguarantees or securities to the parties covered under sections 185 and 186 of the Act.Accordingly the provisions of clause 3(iv) of the order are not applicable to thecompany.

(v) The company has not accepted deposits within the provisions of section 73 to 76 orany other relevant provisions of the Companies Act 2013 therefore the provisions ofparagraph 3(v) of the order are not applicable to the company.

(vi) The central government has not prescribed the maintenance of cost records undersection 148(1) of the Act in respect of any of the company's products and hence clause VIof the order is not applicable.

(vii) a. According to the records of the company undisputed statutory dues includingprovident fund income tax service tax value added tax cess excise duty GST and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance & custom duty. According to the information andexplanations given to us no undisputed amounts payable in respect of the aforesaid dueswere outstanding as at 31 March 2020 for a period of more than six months from the datethey became payable.

b. According to the information and explanations given to us there are no materialdues of income tax or GST or sales tax or service tax or duty of customs or duty of exciseor value added tax which have not been deposited with the appropriate authorities onaccount of any dispute.

(viii) The company has neither taken any loans or borrowing from a financialinstitution bank Government nor it has issued any debentures.

(ix) The company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovision of Clause 3(ix) of the order is not applicable to the company.

(x) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanation given to us we have neither come across anyinstances of material fraud by the company by its officers or employees noticed orreported during the year nor we have been informed of any such case by the management

(xi) The company has not paid any managerial remuneration therefore clause (xi) of theorder is not applicable.

(xii) The company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of clause 3(xii) of the order are not applicable to the company.

(xiii) As per the information provided all transactions with the related parties areincompliance with sections 177 and 188 of Companies Act 2013 and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards;

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and hencethe clause3(xiv) is not applicable to the company.

(xv) As per the information and explanations given to us the company has not enteredinto any non-cash transactions with directors or persons connected with him and hence theprovisions of section 192 of Companies Act 2013 are not applicable.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.Hence this clause is not applicable.

For DJNV & CO.
Chartered Accountants
Firm Regn. No. 115145W
Place: Ahmedabad
Date: 25/06/2020
Jayesh Parikh
(Partner)
M. No. 040650
UDIN: 20040650AAAAAO2093

Annexure B to the Independent Auditors' Report of even date on Ind AS financialstatements of Kintech Renewables Limited- 31 March 2020.

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 KintechRenewables Limited ("the Company") as of 31 March 2020 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 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 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 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 auditors' 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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 2020 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.

For DJNV & CO.
Chartered Accountants
Firm Regn. No. 115145W
Place: Ahmedabad
Date: 25/06/2020
Jayesh Parikh
(Partner)
M. No. 040650
UDIN: 20040650AAAAAO2093

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