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Kisan Mouldings Ltd.

BSE: 530145 Sector: Industrials
NSE: N.A. ISIN Code: INE017C01012
BSE 11:09 | 16 Jul 140.15 -6.55
(-4.46%)
OPEN

151.00

HIGH

151.00

LOW

139.75

NSE 05:30 | 01 Jan Kisan Mouldings Ltd
OPEN 151.00
PREVIOUS CLOSE 146.70
VOLUME 19984
52-Week high 235.50
52-Week low 96.55
P/E 3503.75
Mkt Cap.(Rs cr) 475
Buy Price 140.15
Buy Qty 6.00
Sell Price 141.00
Sell Qty 53.00
OPEN 151.00
CLOSE 146.70
VOLUME 19984
52-Week high 235.50
52-Week low 96.55
P/E 3503.75
Mkt Cap.(Rs cr) 475
Buy Price 140.15
Buy Qty 6.00
Sell Price 141.00
Sell Qty 53.00

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 312017 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 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 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 2017 and its Loss and its Cash Flow for the year ended on that datehowever The Company has not charged depreciation on surplus and non-operating Assets whichresults in understatement of loss by Rs 103 lakh and corresponding result on Fixed Assetsof the company.

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 the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required 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 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 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 except from the matter specified in Emphasis of Matter the aforesaid(standalone) financial statements comply with the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014.

e. On the basis of written representations received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 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 has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 32 to the financial statements;

ii. The Company did not have any long term contracts for which there were any materialforeseeable losses.

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

iv. The Company has disclosed in the financial statements as to holding as well asdealing in Specified Bank Notes (SBN) during the period from 8th November 2016 to 30thDecember 2016 and these are in accordance with books of account maintained by the Company(Refer note 17 to the standalone financial statements.

For and on behalf of
ADV & Associates
Chartered Accountants
FRN : 128045W
Ankit Pathi
Date: May 29 2017 Partner
Place: Mumbai Membership No.: 162441

"Annexure-A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading 'Report on Other Legal &RegulatoryRequirement" of our report of even date to the financial statements of the Companyfor the year ended March 31.2017:

1. (a) The Company has maintained proper records showing full particulars includingquantitative 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. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

4. In our opinion and according to the Information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.

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. As informed to us the maintenance of Cost Records as not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

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 \falueadded 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 2017 for a period of more than six monthsfrom the date on when they become payable except TDS of Rs 17 lakhs and Indirect taxes ofRs 461 lakhs.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any disputes except as mentioned below:

Name of the statute Nature of Dues Amount in lakhs 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 3648.29 1993 TO 2013 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
The Central Excise Act 1944 EXCISE DUTY SERVICE TAX 1998.54 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

B. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks except as mentioned inAnnexure 1 (a) which is part of the audit report. The company did not have any outstandingdues to debenture holders during the year.

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 Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13. In our opinion all transactions with the related parties are incompliance withsection 177 and 188 of Companies Act 2013 and thedetails 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 8538000 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 our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

For and on behalf of
ADV & Associates
Chartered Accountants
FRN : 128045W
Ankit Pathi
Date: May 29 2017 Partner
Place: Mumbai Membership No.: 162441

"Annexure-B" to the Independent Auditor's Report

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 KisanMouldings Limited ("the Company") as of March312017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 assessment 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 authorisations ofmanagement and directors of the company; and (3) 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 affectively as at March 31 2017 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
Ankit Pathi
Date: May 29 2017 Partner
Place: Mumbai Membership No.: 162441

 

Annexure - 1 (a) :-
Loans Due Date Payment Date Instalments Amount
Union Bank Of India Working Capital Term Loan(1098) 01/01/2017 29/03/2017 210000
01/02/2017 Not Paid 210000
01/03/2017 Not Paid 210000
Union Bank Of India (1565) 01/01/2017 29/03/2017 100000
01/02/2017 28/04/2017 100000
01/03/2017 Not paid 100000
Union Bank Of India Funded Interest Term Loan (383) 01/01/2017 27/03/2017 56000
01/02/2017 28/04/2017 56000
01/03/2017 Not Paid 56000
Union Bank Of India Funded Interest Term Loan (384) 01/01/2017 27/03/2017 208000
01/02/2017 28/04/2017 208000
01/03/2017 Not paid 208000
Punjab National Bank (746) 31/01/2017 04/03/2017 1100000
28/02/2017 31/03/2017 1100000
01/03/2017 29/04/2017 1100000
Punjab National Bank (1019) 31/01/2017 04/03/2017 600000
28/02/2017 31/03/2017 600000
01/03/2017 29/04/2017 600000
Punjab National Bank Funded Interest On Working 31/01/2017 04/03/2017 193000
Capital Term Loan(1374) 28/02/2017 31/03/2017 193000
31/03/2017 29/04/2017 193000
Punjab National Bank Funded Interest On Working 31/01/2017 04/03/2017 250000
Capital Term Loan(1383) 28/02/2017 31/03/2017 250000
31/03/2017 29/04/2017 250000
Punjab National Bank Working Capital Term Loan(14384) 31/01/2017 04/03/2017 250000
28/02/2017 31/03/2017 250000
31/03/2017 29/04/2017 250000
IDBI Working Capital Term Loan (620) 01/01/2017 03/01/2017 167000
01/02/2017 09/02/2017 167000
01/03/2017 02/03/2017 167000
IDBI Funded Interest Term Loan(639) 01/01/2017 03/01/2017 208000
01/02/2017 10/02/2017 208000
01/03/2017 02/03/2017 208000
IDBI Funded Interest Term Loan(648) 01/01/2017 03/01/2017 167000
01/02/2017 13/02/2017 167000
01/03/2017 02/03/2017 167000
IDBI 222 01/01/2017 03/01/2017 2777000
01/02/2017 09/02/2017 2777000
01/03/2017 02/03/2017 2777000
ICICI Funded Interest Term Loan (2243) 31/01/2017 21/03/2017 602000
28/02/2017 11/04/2017 602000
31/03/2017 Not Paid 602000
ICICI Funded Interest Term Loan (2246) 31/01/2017 21/03/2017 28000
28/02/2017 10/04/2017 28000
31/03/2017 Not Paid 28000
ICICI Working Term Loan(2241) 31/01/2017 21/03/2017 33000
28/02/2017 10/04/2017 33000
31/03/2017 Not Paid 33000
ICICI (2179) 31/01/2017 21/03/2017 3007000
28/02/2017 10/04/2017 3007000
31/03/2017 Not Paid 3007000
SVC Funded Interest On Term Loan(1107) 01/01/2017 27/01/2017 39000
01/02/2017 28/02/2017 39000
01/03/2017 23/03/2017 39000
SVC Funded Interest On Term Loan(llOS) 01/01/2017 27/01/2017 106000
01/02/2017 28/02/2017 106000
01/03/2017 23/03/2017 106000
SVC Funded Interest On Term Loan(1109) 01/01/2017 27/01/2017 152000
01/02/2017 28/02/2017 152000
01/03/2017 23/03/2017 152000
SVC (1051) 01/01/2017 31/01/2017 1239000
01/02/2017 28/02/2017 1239000
01/03/2017 29/03/2017 1239000
SVC(928) 01/01/2017 31/01/2017 938000
01/02/2017 22/02/2017 938000
01/03/2017 15/03/2017 938000
SVC (1074) 01/01/2017 27/01/2017 150000
01/02/2017 28/02/2017 150000
01/03/2017 23/03/2017 150000
SVC(1106) 01/01/2017 27/01/2017 188000
01/02/2017 28/02/2017 188000
01/03/2017 23/03/2017 188000
SVC Working Capital Term Loan (1105) 01/01/2017 27/01/2017 188000
01/02/2017 28/02/2017 188000
01/03/2017 29/03/2017 188000
Dailmer Financial Services India Private Limited 05/02/2017 27/02/2017 37803
05/03/2017 23/03/2017 38133
HDFC 846 05/03/2016 06/03/2016 77401
HDFC 6169 05/09/2016 07/09/2016 40502
05/10/2016 31/12/2016 40819
05/11/2016 31/12/2016 41139
05/12/2016 31/12/2016 41462
05/02/2017 06/02/2017 42114
05/03/2017 06/03/2017 42445
HDFC 743 05/12/2016 01/01/2017 35540
HDFC 1947 05/12/2016 01/01/2017 35540
Kotak Mahindra 1251117 05/02/2017 06/02/2017 19437
05/03/2017 06/03/2017 19601
Kotak Mahindra 0390 05/03/2017 06/03/2017 32286
Kotak Mahindra 6406 01/11/2016 01/01/2017 20489
01/12/2016 02/01/2017 17970
01/01/2017 17/01/2017 18123
01/03/2017 17/03/2017 18434
Mahindra And Mahindra 722 25/03/2017 28/03/2017 32499
Mahindra And Mahibdra 3791 25/03/2017 28/03/2017 29934
Mahindra And Mahindra 4209 20/02/2017 21/02/2017 6629
20/03/2017 21/03/2017 6710

 

For and on behalf of
ADV & Associates
Chartered Accountants
FRN : 128045W
Ankit Pathi
Date: May 29 2017 Partner
Place: Mumbai Membership No.: 162441