You are here » Home » Companies » Company Overview » Kkalpana Plastick Ltd

Kkalpana Plastick Ltd.

BSE: 523652 Sector: Consumer
NSE: N.A. ISIN Code: INE465K01016
BSE 00:00 | 20 Jul 6.82 0.32
(4.92%)
OPEN

6.82

HIGH

6.82

LOW

6.82

NSE 05:30 | 01 Jan Kkalpana Plastick Ltd
OPEN 6.82
PREVIOUS CLOSE 6.50
VOLUME 250
52-Week high 7.60
52-Week low 5.12
P/E 31.00
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.82
CLOSE 6.50
VOLUME 250
52-Week high 7.60
52-Week low 5.12
P/E 31.00
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kkalpana Plastick Ltd. (KKALPANAPLASTIC) - Auditors Report

Company auditors report

To the Members of M/S. KKALPANA PLASTICK LIMITED (Formerly : KALPENA PLASTIKSLIMITED)

Report on the Audit of the Standalone Financial Statements

We have audited the accompanying standalone financial statements of KKALPANA PLASTICKLIMITED ("the Company") which comprise the Balance Sheet as at 31st March 2017the Statement of Profit and Loss (including other comprehensive income) the Statement ofCash Flows and the Statement of Changes in Equity for the year ended on that date and asummary of the 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) Rules2014. 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 internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

1. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

2. 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 there under.

3. 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.

4. An audit involves performing procedures to obtain audit evidence about the amountsand 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

5. 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 31st March 2017 and its profit changes in equity and its cash flows forthe year ended on that date.

Reports 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 section 143(11) of the Act we givein the "Annexure - A" a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss theStatement of Changes in Equity and the Cash Flow Statement dealt with by this Report arein agreement with the books of account. d) In our opinion the aforesaid standalonefinancial statements comply with the Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014. e) On the basis of thewritten representations received from the directors as on 31st March 2017taken on record by the Board of Directors none of the directors is disqualified as on 31stMarch 2017 from being appointed as a director in terms of Section 164(2) of the Act. f)With respect to adequacy of the internal financial controls over financial reporting ofthe company and the operating effectiveness of such controls refer to our separate reportin "Annexure - B".

3. 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 our information and according to the explanations given to us: a) TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements – Refer Note 26 to the financial statements. b) The Company didnot have any long-term contract including derivative contract which may lead to anyforeseeable loss. c) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company. d) The companyhas provided requisite disclosure in its financial statements as to holdings as well asdealings in Specified Bank Notes during the period 8th November 2016 to 30thDecember 2016 and these are in accordance with the books of accounts maintained bythe company.

For B. K. Sharma & Associates
Chartered Accountants
(Firm Regn. No. 323388E)
(CA B. K. Sharma)
Place : Kolkata Proprietor
Date: 29th Day of May 2017 Membership No. 055602

Annexure–A to Independent Auditors' Report of M/S KKALPANA PLASTICK LIMITED

Report as per The Companies (Auditor's Report) Order 2016

i) a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The Fixed Assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.

c) The Company does not have any immovable property.

ii) As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on suchphysical verification.

iii) The company has granted loans or advances secured or unsecured to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder section 189 of the Companies Act 2013:

a) In our opinion the terms and conditions on which the loan have been granted are notprejudicial to the company's interest

b) In our opinion and according to the information and explanation given to us receiptof the principal amount and interest are also regular: and

c) According to the information and explanation given to us there is no overdue amountin respect of the loan granted to a body corporate listed in the register maintained undersection 189 of the Act.

iv) 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 Act with respectto the loans and investments made.

v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public. Therefore the provisions of Clause3(v) of the said Order are not applicable to the Company.

vi) The Company is not required to maintain cost records pursuant to the Companies(Cost Records and Audit) Rules2014 as amended and prescribed by the Central Governmentunder sub-section (1) of Section 148 of the Companies Act 2013. Therefore the provisionsof Clause 3(vi) of the said Order are not applicable to the Company

vii) 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 employees' state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added tax cessand any other statutory dues as applicable to the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of statutory dues being in arrears as at 31st March 2017 for a periodof 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 there are no dues of income tax or sales tax or service tax orduty of customs or duty of excise or value added tax as at 31.3.2017 which have not beendeposited on account of any dispute except the amounts as mentioned here under.

Name of the statute Nature of the Dues Demand Amount (Rs.) Period to which Amount relates Forum Where dispute is pending
Income Tax Act 1961 Assessed U/S154 2539296/- A.Y. 2008-09 Rectification U/s.154 filled with A.O.

viii) The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.

ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 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 explanations given to us no fraud by the company or anyfraud on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii) 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 all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. As such the provisions of Clause 3(xiv) of the Order are not applicable to theCompany.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi) In our opinion the Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act1934. The business of the company got discontinued in theF.Y 2012-13 and the management is trying to restart the operations and for the time beingthe management has deployed the idle funds in interest bearing loans or advances andaccordingly the provisions of clause 3 (xvi) of the Order are not applicable to theCompany.

For B. K. Sharma & Associates
Chartered Accountants
(Firm Regn. No. 323388E)
(CA B. K. Sharma)
Place : Kolkata Proprietor
Date: 29th Day of May 2017 Membership No. 055602

Annexure–B to Independent Auditors' Report of even date on the StandaloneFinancial Statements of Kkalpana Plastick Limited

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 M/SKKALPANA PLASTICK LIMITED ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 March 31 2017 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For B. K. Sharma & Associates
Chartered Accountants
(Firm Regn. No. 323388E)
(CA B. K. Sharma)
Place : Kolkata Proprietor
Date: 29th Day of May 2017 Membership No. 055602