You are here » Home » Companies » Company Overview » Koa Tools India Ltd

Koa Tools India Ltd.

BSE: 517471 Sector: Engineering
NSE: N.A. ISIN Code: INE316B01036
BSE 00:00 | 04 Mar Koa Tools India Ltd
NSE 05:30 | 01 Jan Koa Tools India Ltd
OPEN 0.99
PREVIOUS CLOSE 0.99
VOLUME 95900
52-Week high 0.99
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.99
Sell Qty 10200.00
OPEN 0.99
CLOSE 0.99
VOLUME 95900
52-Week high 0.99
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.99
Sell Qty 10200.00

Koa Tools India Ltd. (KOATOOLSINDIA) - Auditors Report

Company auditors report

The Members KOA TOOLS INDIA LIMITED Report on the financial statements

We have audited the accompanying financial statements of KOA TOOLS INDIA LIMITED(“the Company”) which comprise the Balance Sheet as at 31 March 2015 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the financial statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 (“the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a 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 Standalone Financial Statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matter's which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

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 standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the standalone financial statements that give true and fairview in order to design audit procedures that are appropriate in the circumstances butnot for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byCompany’s Directors as well as evaluating the overall presentation of the financialstatements.

We believe that the audit evidence we have obt ained 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 financial statements give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31March 2015 ;

(b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2015 (“the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

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 purposes of our audit. .

(b) In our opinion proper books of account as required by law have been kept by theComp any so far as appears from our examination of those books.

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

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct

(f) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us :

i. The Company does not have any pending litigations which would impact its financialposition;

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;

iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

For P.C. BINDAL & CO.
Chartered Accountants
FRN: 003824N
(CA K.C. GUPTA)
Placeof Signature: Noida Partner
Date: 28.05.2015 M.No.088638

Annexure to the Auditors’ Report

The Annexure referred to in our report to the members of KOA TOOLS INDIA LIMITED forthe year Ended on 31 March 2015 we report that:

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us all 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 the nature of its business. No material discrepancies were noticed onsuch verification.

ii. (a) As explained to us inventories have been physically verified by the managementat regular intervals during the year.

In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company is maintaining proper records of inventory. No discrepancy has noticedon verification between the physical stocks and the books records.

iii. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of Companies Act 2013.Accordingly clauses iii) a) and b) of the order are not applicable.

iv. In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchases of inventory and with regard to the saleof goods . During the course of our audit we have not observed any major weakness ininternal controls.

v. In our opinion and according to the information and explanations given to us thecomp any has not accepted any deposits from public to which the directives issued byReserve Bank of India and provisions of sections 73 to 76 of the Companies Act 2013including rules framed there under apply. Further no order has been passed by theCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any othertribunal.

vi. To the best of our knowledge and as explained to us the Central Government has notprescribed maintenance of cost records under clause of sub section (1) of section 148 ofthe Companies Act 2013 for the services rendered by the company.

vii. (a) According to the information and explanations given to us and according to thebooks and records produced before us the company is regular in depositing withappropriate authorities undisputed statutory dues including provident fundemployees’ state insurance income-tax sales-tax wealth tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authority as applicable to it.

(b) According to the information and explanations given to us there are no dues ofincome t ax or sales tax or wealth tax or service tax or duty of customs or duty of exciseor value added tax or cess which have not been deposited on account of any dispute.

(c) According to the information and explanations provided to us the company is notrequired to transfer to investor education and protection fund in accordance with therelevant provisions of the Companies Act 1956 (1 of 1956) and rules made there under.

viii. In our opinion company has accumulated losses as at year end. Also the Companyhas incurred cash loss during the financial year covered by our audit; however theCompany did not incur cash loss in the immediately preceding financial year.

ix. In our opinion and according to the information and explanations given to usduring the year under audit the comp any did not have any borrowings from any financialinstitution bank or debenture holders

x. According to the information and explanations given to us the company has not givenany guarantee for loans taken by others from banks and financial institutions.

xi. According to the information and explanations given to us the company has notavailed any term loan during the year under audit.

xii. According to the information and explanations given to us no fraud on or by thecomp any has been noticed or reported during the course of our audit.

For P.C. BINDAL & CO.
Chartered Accountants
FRN: 003824N
(CAK.C. GUPTA)
Placeof Signature: Noida Partner
Date: 28.05.2015 M.No.088638