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Kiri Industries Ltd.

BSE: 532967 Sector: Industrials
NSE: KIRIINDUS ISIN Code: INE415I01015
BSE 00:00 | 15 Oct 440.50 -13.75
(-3.03%)
OPEN

455.00

HIGH

456.65

LOW

438.50

NSE 00:00 | 15 Oct 441.05 -13.75
(-3.02%)
OPEN

454.90

HIGH

456.30

LOW

438.30

OPEN 455.00
PREVIOUS CLOSE 454.25
VOLUME 19542
52-Week high 652.75
52-Week low 372.00
P/E 13.35
Mkt Cap.(Rs cr) 1,481
Buy Price 440.50
Buy Qty 304.00
Sell Price 443.00
Sell Qty 25.00
OPEN 455.00
CLOSE 454.25
VOLUME 19542
52-Week high 652.75
52-Week low 372.00
P/E 13.35
Mkt Cap.(Rs cr) 1,481
Buy Price 440.50
Buy Qty 304.00
Sell Price 443.00
Sell Qty 25.00

Kiri Industries Ltd. (KIRIINDUS) - Auditors Report

Company auditors report

To

The Members of Kiri Industries Ltd.

Report on the Financial Statements

We have audited the accompanying Standalone Ind AS financial statements of KiriIndustries Ltd. ("the Company") which comprise the Balance Sheet as atMarch 312018 the Statement of Profit and Loss (including Other Comprehensive Income)Cash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as "Ind AS Financial Statements").

Management's Responsibility for the Financial Statements

Management is responsible for the matters stated in section 134(5) of the CompaniesAct 2013 ("the Act") with respect to the preparation of these Standalone Ind ASfinancial statements that give a true and fair view of the state of affairs (financialposition) Profit (financial performance including Other Comprehensive Income) cash flowsand Changes in Equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the 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 control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

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 Standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the Standalone 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 Standalone Ind AS financial statements that give true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the Standalone 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 Standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Standalone 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 Ind AS:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 312018;

(b) i n the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Other Matter

The comparative financial information of the company for the year ended 31stMarch 2017 and the transition date opening balance sheet as 1st April 2016included in these Standalone Ind AS financial statements are based on the previouslyissued statutory financial statements prepared in accordance with the Companies(Accounting Standards) Rules 2006 audited by another firm of auditors whose report foryear ended 31st March 2017 and 31st March 2016 dated May 25 2017and May 30 2016 respectively expressed an unmodified opinion on those financialstatements as adjusted for the differences in the accounting principles adopted by theCompany on transition to the Ind AS which have been audited by us.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by Central Government of India in terms of sub-Section (11) of section 143 of theAct we give in "Annexure-1" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(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. 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 Statement of Profit and Loss Cash Flow Statement and theStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account;

d. in our opinion the aforesaid Standalone Ind AS financial statement comply with theIndian Accounting Standards specified under section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014;

e. on the basis of written representations received from the directors as on March312018 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure-2".

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses on long-term contracts including derivativecontracts.

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

For Pramodkumar Dad & Associates
Chartered Accountants
CA Pramod Dad
(Partner)
Place : Ahmedabad MRN: 038261
Date : May 29 2018 FRN: 115869W

Annexure to the Independent Auditor's Report

Annexure-1 to The Independent Auditors' Report for the year ended March 31 2018

(Referred to in Paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our report of even date on the Standalone Ind AS financialstatements of the company for the year ended March 312018.)

On the basis of such checks as we considered appropriate according to the informationand explanation given to us by the management and on the basis of examination of books ofaccounts during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) Fixed assets were physically verified during the year by the management atreasonable intervals; no material discrepancies were noticed on such verification.

(c) All the title deeds of immovable properties are held in the name of the companyexcept an Agricultural Land intended for Industrial purpose held in the name of theChairman of the company in his fiduciary capacity as per section 88 of the Indian Trustact 1882. Pending necessary approval for conversion of agricultural land into nonagricultural land.

2. (a) Inventories have been physically verified during the year by the management atreasonable intervals; and

(b) No material discrepancy was noticed on physical verification of stocks by themanagement and company is generally maintaining proper records of the inventories.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties listed in the register maintained under Section 189 of the Companies Act2013. Consequently the provisions of clauses 3(a) 3(b) and 3(c) of the order are notapplicable to the Company.

4. The company has complied with the provisions of section 185 and 186 of the CompaniesAct 2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

5. The company has not accepted any deposits under section 73 to 76 or any otherrelevant provision of the companies act during the concerned financial year.

6. We have been informed that maintenance of cost records under sub-section 1 ofsection 148 of the Companies Act 2013 is mandatory to the company and the cost records aremaintained by the company. However we have not made the detailed examination of the costrecords with a view to determine whether they are accurate or complete.

7. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding undisputed statutory dues as on March 312018 for a period ofmore than six months from the date they became payable.

(b) There are no disputed statutory dues that have not been deposited on account ofdisputed matters pending before appropriate authorities. According to the information andexplanation given to us the dues outstanding with respect to income tax sales taxservice tax value added tax customs duty excise duty on account of any dispute are asfollows.

Sr No. Name of the Statute Section under which dispute is pending Period to which amount relates (FY) Amount (Rs. in Lakhs) Forum where the dispute is pending
1 Income Tax Act 1961 143 (3) 2002-03 36.99 Income Tax Appellate Tribunal
143 (3) 2005-06 53.67 Income Tax Appellate Tribunal
271(1)(c) 2005-06 53.67 Income Tax Appellate Tribunal
143 (3) 2007-08 4.78 Income Tax Appellate Tribunal
143 (3) 2008-09 21.18 Income Tax Appellate Tribunal
143 (3) 2009-10 19.89 Income Tax Appellate Tribunal
271(1)(c) 2009-10 0.88 Commissioner of Income Tax (Appeals)
143 (3) 2010-11 316.06 Income Tax Appellate Tribunal
2 The Central Excise Act CENVAT 2009-10 341.08 High court
1944 Refund 2009-10 83.74 Central Excise and Service Tax Appellate Tribunal
2010-11 255.23 Central Excise Commissioner Appeal
2010-11 153.73 High Court
Similar Goods 2010-11 344.00 Central Excise Commissioner Appeal
2011-12 4.09 Central Excise Commissioner Appeal
Outward Transportation of Finished Goods 2013-14 2.17 Custom Excise and Service Tax Appellant Tribunal Ahmedabad
3 The Gujarat VAT Act 2003 VAT Liabilities 2007-08 62.39 Gujarat Value Added Tax Tribunal

8. The Company has not defaulted in repayment of dues to any bank or debenture holder.

9. The Company has not raised money through initial public offer nor taken any termloan during the year. Hence the question of application of funds for the purpose forwhich these were borrowed does not arise.

10. No fraud on or by the Company has been noticed or reported during the year norhave we been informed of such case by the management.

11. During the year under review the company has paid managerial remuneration inaccordance with the requisite approvals mandated by the provisions of the section 197 readwith schedule V to the companies act.

12. The company is not Nidhi Company therefore it is not required to follow NidhiRule 2014.

13. The transactions with related party are in compliance with sections 177 and 188 ofthe Companies Act 2013.

14. The Company has made preferential allotment to a firm of promoter group by way ofconversion of share warrants into equity shares for which the requirements of section 42of the companies act 2013 and SEBI guidelines have been complied with and the amountraised have been used for the purposes for which the funds were raised in the year ofreceipt.

15. The Company has not entered in to non-cash transaction with directors or personconnected with them during the year.

16. The Company is not required to be registered under section 45-IA of Reserve Bank ofIndia Act 1934.

For Pramodkumar Dad & Associates
Chartered Accountants
CA Pramod Dad
(Partner)
Place : Ahmedabad MRN: 038261
Date : May 29 2018 FRN: 115869W