You are here » Home » Companies » Company Overview » Kisan Mouldings Ltd

Kisan Mouldings Ltd.

BSE: 530145 Sector: Industrials
NSE: N.A. ISIN Code: INE017C01012
BSE 16:01 | 27 Jun 28.40 1.35
(4.99%)
OPEN

27.90

HIGH

28.40

LOW

26.40

NSE 05:30 | 01 Jan Kisan Mouldings Ltd
OPEN 27.90
PREVIOUS CLOSE 27.05
VOLUME 5752
52-Week high 169.00
52-Week low 24.55
P/E
Mkt Cap.(Rs cr) 96
Buy Price 28.40
Buy Qty 2500.00
Sell Price 28.40
Sell Qty 240.00
OPEN 27.90
CLOSE 27.05
VOLUME 5752
52-Week high 169.00
52-Week low 24.55
P/E
Mkt Cap.(Rs cr) 96
Buy Price 28.40
Buy Qty 2500.00
Sell Price 28.40
Sell Qty 240.00

Kisan Mouldings Ltd. (KISANMOULDINGS) - Auditors Report

Company auditors report

To the Members of

Kisan Mouldings Limited

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying (standalone) financial statements of Kisan MouldingsLimited ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE (STANDALONE) 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 (standalone) financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these (standalone) financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules madethereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financialstatements.Theproceduresselecteddependonthe auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. 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 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) financial statements

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid (standalone) financial statements give the information requiredby the 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 March 31 2018 and its Loss and its Cash Flow for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order. 2. As required by section 143 (3) ofthe Act we report that: a. We have sought and obtained all the information andexplanations which to the best of our knowledge and belief were necessary for the purposeof our audit; b. In our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books; c. The BalanceSheet the Statement of Profit and Loss and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account d. In our opinion standalone financialstatements of the comply with the Accounting Standards specified under section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. e. On the basis of writtenrepresentations received from the directors as on March 31 2018 taken on record by theBoard of Directors none of the directors is disqualified as on March 31 2018 from beingappointed as a director in terms of Section 164 (2) of the Act. f. With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate Report in "AnnexureB". g. With respect to the other matters to be included in the Auditor's Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and 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 financial positionin its financial statements – Refer Note 44 to the financial statements; ii. TheCompany did not have any long termcontracts for which there were any material foreseeablelosses. iii. There has been no delay in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company.

For and on behalf of
ADV & Associates
Chartered Accountants
FRN:- 128045W
Sd/-
Ankit Rathi
Partner
M. No.- 162441
Place: Mumbai
Date: 21st May 2018

"ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement' of our report of even date to the financial statements of theCompany for the year ended March 31 2018: 1.(a) The Company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets;(b) The Fixed Assets have been physically verified by the management in a phased mannerwhich in our opinion is reasonable having regard to the size of the company and nature ofits business. Pursuant to the program a portion of the fixed asset has been physicallyverified by the management during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

(c) The title deeds of immovable properties are held in the name of the company. Excepttwo immovable properties acquired under the scheme of merger.

2.(a) The management has conducted the physical verification of inventory reasonableintervals.

(b) The discrepancies noticed on physical verification of the inventory as compared tobooks records which has been properly dealt with in the books of account were notmaterial.

3. According to information & explanations given to us and based upon auditprocedures conducted by us The Company has not granted any loanssecured or unsecured tocompanies firms Limited liability Partnership or other parties covered in the registermaintained under section 189 of the companies Act 2013.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act2013.

5. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6. We have broadly reviewed the books of accounts maintained by the company in respectof products where pursuant to rules made by the central government the maintenance ofcost records have been prescribed under section 148(1) of the act. We are of opinion thatprima facie the prescribed accounts and records have been made and maintained. Thecontents of these accounts and records have not been examined by us.

7.(a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Duty of Customs Duty of Excise Valueadded Tax Cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof the above were in arrears as at March 31 2018 for a period of more than six monthsfrom the date on when they become payable except Indirect taxes of Rs 218.32 lakh. b)According to the information and explanation given to us there are no dues of income taxsales tax service tax duty of customs duty of excise value added tax outstanding onaccount of any disputes except as mentioned below:

Name of the statute Nature of Dues Amount in lacs Period to which amount relates Forum where dispute is pending
The Central Sales Tax Act 1956 and Sales Tax / Vat/ Entry Act of Various States VAT CST ENTRY TAX 8650.20 1993 TO 2014 DY. COM. SALES TAX (APPEAL) NAVI MUMBAI DY. AND ASST. COMMISSIONER OF SALES TAX DC/ APPEAL SALES TAX PALGARH DC SALES TAX BELAPUR NODEL OFFICE JC APPEALS SALES TAX BHAYANDAR
The Central Excise Act 1944 EXCISE DUTY SERVICE TAX 2191.14 1998 TO 2015 COMMISSIONER CENTRAL EXCISE RAIGAD DY. COMMISSIONER OF ALIBAUG DIVISION A.C. DIVISION SILVASSA ADD. DIRECTOR GENERAL OF CENTRAL EXCISE INTELLIGENCE ADD. COMMISSIONER VAPI D.C. DIV.-IV SILVASSA ADDL. COMMISSIONER THANE-ii ASSISTANT & DEPUTY COMMISSIONER

8. In our opinion and according to the information and explanations given to us theCompany has defaulted in the repayment of dues to banks as mentioned below. The companydid not have any outstanding dues to debenture holders during the year.

Name Of Lender Amount (in Lakhs) Delay In Days Remarks if Any
Cholamandalam Investment and Finance Co. Ltd 1.23 1 to 11 Vehicle loan
Dailmer Financial Services India Private Limited 2.36 1 to 22 Vehicle loan
Union Bank Of India 116.32 1 to 90 Term Loan
Punjab National Bank 305.65 1 to 106 Term Loan
Industrial Development Banks Of India (IDBI) 337.32 1 to 65 Term Loan
Industrial Credit and Investment Corporation of India (ICICI) 385.31 1 to 60 Term Loan
Shamrao Vithal Co-operative Bank 322.06 1 to 28 Term Loan
The Housing Development Finance Corporation (HDFC) 11.17 1 to 26 Vehicle loan
Kotak Mahindra Bank 1.71 1 to 14 Vehicle loan
Mahindra And Mahindra Financial Services Ltd. 5.76 1 to 23 Vehicle loan
Industrial Credit and Investment Corporation of India (ICICI) 0.53 1 to 7 Vehicle loan

9. Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public Offer orfurther public Offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act; 12. In our opinion the Company is not a NidhiCompany. Therefore the provisions of clause 4 (xii) of the Order are not applicable tothe Company.

13. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has made preferential allotment of 5000000 sharesduring the year under review and the money raised from the issue has been utilized for thepurpose for which shares has been issued.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon. 16. In ouropinion the company is not required to be registered under section 45 IA of the ReserveBank of India Act 1934 and accordingly the provisions of clause 3 (xvi) of the Order arenot applicable to the Company and hence not commented upon.

For and on behalf of
ADV & Associates
Chartered Accountants
FRN:- 128045W
Sd/-
Ankit Rathi
Partner
M. No.- 162441
Place: Mumbai
Date: 21st May 2018

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF KISAN MOULDINGS LIMITED "THE COMPANY"

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 internalfinancial controls over financial reporting of Kisan Mouldings Limited ("theCompany") as of March 31 2018 in conjunction with our audit of the standalonefinancial 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 .These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 and 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 auditor's judgement 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 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 un authorized 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 March 31 2018 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 ICAI.

For and on behalf of
ADV & Associates
Chartered Accountants
FRN:- 128045W
Sd/-
Ankit Rathi
Partner
M. No.- 162441
Place: Mumbai
Date: 21st May 2018