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Kisan Mouldings Ltd.

BSE: 530145 Sector: Industrials
NSE: N.A. ISIN Code: INE017C01012
BSE 00:00 | 30 Oct 9.70 -0.40
(-3.96%)
OPEN

9.70

HIGH

10.38

LOW

9.68

NSE 05:30 | 01 Jan Kisan Mouldings Ltd
OPEN 9.70
PREVIOUS CLOSE 10.10
VOLUME 5059
52-Week high 26.85
52-Week low 6.51
P/E
Mkt Cap.(Rs cr) 33
Buy Price 9.60
Buy Qty 550.00
Sell Price 9.70
Sell Qty 200.00
OPEN 9.70
CLOSE 10.10
VOLUME 5059
52-Week high 26.85
52-Week low 6.51
P/E
Mkt Cap.(Rs cr) 33
Buy Price 9.60
Buy Qty 550.00
Sell Price 9.70
Sell Qty 200.00

Kisan Mouldings Ltd. (KISANMOULDINGS) - Auditors Report

Company auditors report

The Members of

KISAN MOULDINGS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of KISAN MOULDINGS LIMITED whichcomprise the Balance Sheet as at 31st March 2014 the Statement of Profit andLoss and Cash Flow Statement for the year ended and a summary of significant accountingpolicies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 (the Act) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement. An audit involvesperforming procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor'sjudgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error. In making those risk assessments the auditor considers internalcontrol relevant to the Company's preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on the effectiveness of the Company'sinternal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

OPINION

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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2014;

(b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2003 (the Order) issued bythe Central Government of India in terms of Section 227(4A) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(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 appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards notified under the Act read with theGeneral Circular 15/2013 dated 13th September 2013 of the Ministry ofCorporate Affairs in respect of Section 133 of the Companies Act 2013.

e. On the basis of the written representations received from the directors as on 31stMarch 2014 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2014 from being appointed as a director interms of Section 274(1) (g) of the Act.

For and on Behalf of

MITTAL & ASSOCIATES

Chartered Accountants

(Firm Registration No.106456W)

M. Mehta

Partner

M. No. 42990

Date: 28th May 2014

Place: Mumbai

ANNEXURE TO AUDITORS' REPORT

THE MEMBERS OF

KISAN MOULDINGS LIMITED

Referred to in paragraphs under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of KISANMOULDINGS LIMITED on the financial statement for the Year ended 31st March2014.

(i) Inrespectofitsfixedassets:

(a) The Company is maintaining proper records to show full particulars includingQuantitative details and situation of all fixed assets.

(b) As explained to us the fixed assets have been physically verified by themanagement during the year which in our opinion is reasonable having regard to the sizeof the Company and nature of its assets. No material discrepancies were noticed on suchphysical verification.

(c) The Company has not disposed off any substantial part of its fixed assets so as toaffect its going concern status.

(ii) In respect of its inventories:

(a) As explained to us inventories were physically verified by the management at theend of the year. In our opinion the frequency ofverification is reasonable.

(b) As per the information given to us the procedures of physical verification ofinventories followed by management are in our opinion reasonable and adequate inrelation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks and the book records were not material.

(iii) (a) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to Companies firms and other parties exceptto a group company covered in the register maintained under section 301 of the CompaniesAct 1956.

(b) The maximum amount involved during the year and year end balance of such unsecuredloan is Rs. 592.30/- Lacs and Rs. 466.51/-Lacs respectively

(c) In our opinion terms & conditions of such loan are not prima facie prejudicialto the interest of the Company

(d) The Company is regular in receiving of principal amount wherever stipulated.

(e) According to the information and explanations given to us the Company has takenunsecured loans from related parties covered in the register maintained under section 301of the Companies Act 1956.

(f) The maximum amount involved during the year and year end balance of such unsecuredloan is Rs. 642.34/ - Lacs and Rs. 125.53/ - Lacs respectively

(g) In our opinion terms & conditions of such loan are not prima facie prejudicialto the interest of the Company

(h) The Company is regular in payment of principal amount wherever stipulated.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control systems commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods. Further on the basis of our examination of the books and records of theCompany and according to the information and explanations given to us we have neithercome across nor have been informed of any continuing failure to correct major weaknessesin the informed internal control systems.

(a) According to the information and explanations given to us we are of the opinionthat the particulars of contracts or arrangements that need to be entered into theRegister maintained under section 301 of Act have been entered.

(b) In our opinion and according to the information and explanations given to us thetransactions made in pursuance of contracts and arrangements entered in registermaintained under Section 301 of the Companies Act 1956 and exceeding the value of rupeesfive lacs in respect of any party during the year have been made at prices which arereasonable having regard to prevailing market prices at the relevant time

(v) The Company has not accepted any deposits from the public to which the provisionsof sections 58A 58AA or any other relevant provisions of the Companies Act 1956 and therules framed there under would apply.

(vii) In our opinion the Company has an internal audit system commensurate with itssize and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the Company inrespect of products where pursuant to the Rules made by the Central Government themaintenance of cost records has been prescribed under section 209(1) (d) of the Act. Weare of the opinion that prima facie the prescribed accounts and records havebeen made andmaintained. The contents of these accountsand records have not been examined by us.

(ix) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the company is regular in depositingundisputed statutory dues including provident fund investor education and protectionfund employees state insurance income tax sales tax wealth tax service tax customdutyexcise duty and other statutory dues with the appropriate authorities. There are noundisputed amounts outstanding in respect of Sales tax provident fund employees stateinsurance Professional Tax investor education and protection fund income tax wealthtax service tax custom duty excise duty and other statutory dues outstanding as at 31stMarch 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us Following are the particulars of disputed amounts outstanding inrespect of Income Tax Sales Tax/Wealth Tax/Service Tax/Custom Duty/Excise Duty as at 31stMarch 2014.

Name of the Statute Nature of Dues Disputed Amt. ( Rs. InLacs) Financial Year Forum where dispute is pending
MPCT Act Sales Tax 3.03 1997-98 Dy. Commissioner of Sales Tax
CST Act Central Sales Tax .65 1997-98 Dy. Commissioner of Sales Tax
MPCT Act Sales Tax 4.80 1998-99 Dy. Commissioner of Sales Tax (Revision)

 

CST Act Central Sales Tax 5.39 1998-99 Dy. Commissioner of Sales Tax (Revision)
MPCT Act Sales Tax .20 2006-07 Dy. Commissioner of Sales Tax (Revision)
CST Act Central Sales Tax 0.73 2006-07 Dy. Commissioner of Sales Tax (Revision)
*KVAT Karnataka Value Added Tax 3.30 2005-06 Karnataka Appellate Tribunal Bangalore
**KVAT Karnataka Value Added Tax 6.99 2006-07 Karnataka Appellate Tribunal Bangalore
***KVAT Karnataka Value Added Tax 8.83 2007-08 Karnataka Appellate Tribunal Bangalore
The Bombay Sales Tax Act Sales Tax 1.74 1996-97 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 1.04 1996-97 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 11.00 1997-98 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 1.99 1997-98 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 37.02 1998-99 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 17.96 1998-99 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 36.66 1999-00 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 4.43 1999-00 Dy. Com. Sales Tax(Appeal) Navi Mumbai
****CST Act Sales Tax 35.70 2000-01 Dy. Com. Sales Tax(Appeal) Navi Mumbai
*****The Bombay Sales Tax Act Central Sales Tax 31.65 2000-01 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 120.85 2001-02 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 57.27 2001-02 Dy. Com. Sales Tax(Appeal) Navi Mumbai
******The Bombay Sales Tax Act Sales Tax 24.64 2002-03 Dy. Com. Sales Tax(Appeal) Navi Mumbai

 

Central Sales Tax 31.93 2002-03 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 15.04 2002-03 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 178.01 2002-03 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 17.57 2003-04 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 4.10 2003-04 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 38.82 2003-04 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 12.30 2003-04 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 241.97 2004-05 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 6.92 2004-05 Dy. Com. Sales Tax(Appeal) Navi Mumbai
The Bombay Sales Tax Act Sales Tax 200.91 2004-05 Dy. Com. Sales Tax(Appeal) Navi Mumbai
CST Act Central Sales Tax 13.46 2004-05 Dy. Com. Sales Tax(Appeal) Navi Mumbai
Income Tax Income Tax Mumbai 14.46 A.Y. 2008-09 Joint Commissioner of Income Tax (OSD) 8(2) Mumbai
# Excise & Service Tax Act Excise & Service Tax 1340.63 1998-99 to 2012-13 First Appellate Authority
# Excise & Service Tax Act 361.17 Vadodara Appellate Tribunal Gujarat

*Against these - the Company has paid Rs. 3.30 Lacs as differential VAT payment.

**Against these - the Company has paid Rs. 6.99 Lacs as differential VAT payment.

***Against these - the Company has paid Rs. 8.83 Lacs as differential VAT payment.

****Against these - the Company has paid Rs. 2.00 Lacs as differential VAT payment.

*****Against these - the Company has paid Rs. 2.00 Lacs as differential CST payment.

******Against these - the Company has paid Rs. 0.50 Lacs as differential CST payment.

*******Against these - the Company has paid Rs. 0.50 Lacs as differential CST payment.

# Against the disputed amount in respect of excise duty and service tax of KisanMouldings Limited for the period 1998-99 to 2012-13 amounts to Rs. 1701.80 Lacs companyhave paid Amount of Rs. 73.29/-Lacs

(x) . The Company has no accumulated losses as at 31st March 2014 and ithas not incurred any cash

losses during the financial year ended on that date or in the immediately precedingfinancial year.

(xi) . According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of dues to anyfinancial institutional.

(xii) According to the information and explanations given to us the Company has notgranted any loans and advances on the basis of security by way of pledge of sharesdebentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/nidhi/mutualbenefit fund/societies are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us theCompany is not dealer or trader in securities.The Company has not invested surplus fundsin marketable securities and mutual funds.

(xv) In our opinion and according to the information and explanation given to us thecompany has not given guarantee for any loans taken by others from banks or financialinstitutions

(xvi) In our opinion and according to the information and explanations given to us onan overall basis the term loans have been applied for the purpose for which they wereobtained.

(xvii) According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company we report that no funds raised onshort-term basis have been used for long-term investment.

(xviii) The Company has not made any preferential allotment of shares to parties andCompanies covered in the register maintained under Section 301 of the Companies Act 1956during the year.

(xix) The Company has not issued any debentures; accordingly the question of creatinga security for such debentures does not arise.

(xx) The Company has not raised any money by public issue during the year.

(xxi) 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 explanations given to us we have neither come across anyinstances of material fraud on or by the Company noticed or reported during the year norhave we been informed of such case by management.

For and on Behalf of

MITTAL & ASSOCIATES

Chartered Accountants

(Firm Registration No.106456W)

M. Mehta

Partner

M. No. 42990

Date: 28th May 2014

Place: Mumbai

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