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Kunststoffe Industries Ltd.

BSE: 523594 Sector: Industrials
NSE: N.A. ISIN Code: INE638D01021
BSE 00:00 | 17 Oct 22.55 0
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NSE 05:30 | 01 Jan Kunststoffe Industries Ltd
OPEN 22.55
PREVIOUS CLOSE 22.55
VOLUME 20
52-Week high 39.00
52-Week low 18.90
P/E 57.82
Mkt Cap.(Rs cr) 16
Buy Price 21.50
Buy Qty 79.00
Sell Price 22.55
Sell Qty 20.00
OPEN 22.55
CLOSE 22.55
VOLUME 20
52-Week high 39.00
52-Week low 18.90
P/E 57.82
Mkt Cap.(Rs cr) 16
Buy Price 21.50
Buy Qty 79.00
Sell Price 22.55
Sell Qty 20.00

Kunststoffe Industries Ltd. (KUNSTSTOFFINDS) - Auditors Report

Company auditors report

To

The Members

KUNSTSTOFFE INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of KUNSTSTOFFE INDUSTRIES LIMITED('the Company') which comprise the Balance Sheet as at 31st March 2018 and theStatement of Profit and Loss including the statement of Other Comprehensive Income theCash Flow Statement and the Statement of Changes in Equity for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as 'Financial Statement').

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in sub-section 5of section 134 of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these financial statements that give a true and fair viewof the financial position financial performance including other comprehensive incomecash flow and the Statement of Changes in Equity of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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.

We conducted our audit of the Financial Statements in accordance with the Standards onAuditing specified under sub-section 10 of Section 143 of the Act and other applicableauthoritative pronouncements issued by the institute of Chartered Accountants of India.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 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 the Company's Board of Directors as well as evaluating the overallpresentation 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us and subject to Notes the aforesaid financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its profit including other comprehensive income itscash flows and the statement of changes in equity 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') issued bythe Central Government of India in terms of sub-section 11 of section 143 of the Act wegive in the 'Annexure A' a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

2. As required by sub section 3 of Section 143 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 theCompany so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss including other comprehensiveincome the Cash Flow Statement dealt and the statement of changes in equity with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended.

e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms ofsub-section 2 of Section 164 of the Act.

f) With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in 'Annexure B'; and

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 does not have any pending litigations which would impact its financialposition.

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

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR A. V. Jobanputra & Co.
CHARTERED ACCOUNTANTS
Firm Registration No.: 104314W
A. V. Jobanputra
PROPRIETOR
(MEMBERSHIP NO : 016352)
Place:- Mumbai
Date:- 10/08/2018

Annexure A

The Annexure A referred to in Para 1 - Report on Other Legal Regulatory Requirements ofour Independent Auditor's Report to the members of the Company on the financial statementsfor the year ended 31 March 2018 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 the fixed assets have been physically verified by themanagement at reasonable intervals during the year which in our opinion is reasonablehaving regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such verification;

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the company;

ii) In our opinion the inventories have been physically verified during the year by theManagement at reasaonable intervals and as explained to us no material discrepancies werenoticed on physical verification;

iii) According to the information and explanations given to us the company has notgranted any secured or unsecured loans to Companies Firms or other parties covered inthe register maintained under section 189 of the companies Act 2013;

iv) The Company has not given loans or made investments or given guarantees andprovided security in terms of provisions of section 185 and 186 of The Companies Act2013;

v) The Company has not accepted deposits and hence the directive issued by the ReserveBank of India and the provisions of the sections 73 to 76 of the Act and the Companies(acceptance of Deposits) Rules 2014 (as amended). Accordingly the provisions of clause3(v) of the Order are not applicable to the Company;

vi) We have been informed that the Company is not required to maintain cost recordunder sub-section (1) of section 148 of the Companies Act 2013.

vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employee's stateinsurance income tax sales tax custom Duty service tax value added tax cess and anyother statutory dues have been regularly deposited during the year by the Company with theappropriate authorities and no undisputed amounts payable were in arrears as at 31 March2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no disputedamounts of income tax sales tax custom duty service tax or value added tax which havenot been deposited with the concerned authorities;

viii) In our opinion and according to the information and explanation given to us theCompany has not defaulted in repayment of loans or borrowings to a bank. The Company hasnot obtained any borrowing from any financial institutions Government or by way ofdebentures;

ix) On the basis of records examined by us and the information and explanations givento us the Company has not raised money by way of initial public offer or further publicoffer during the year;

x) In our opinion and according to the information and explanations given to us nofraud by the Company or on the Company by its officers or employees has been noticed orreported during the year;

xi) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company the Company has paid managerialremuneration as per Section 197 read with Schedule V to the Companies Act 2013;

xii) In our opinion and according to the information and explanations given to us thecompany is not a Nidhi company. Accordingly paragraph 3(xii) is not applicable;

xiii) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company all transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable and thedetails of the same have been disclosed in the financial statements as required by theapplicable 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;

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 any non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(15) ofthe order is not applicable;

xvi) The Company is not required to be registered under section 45-1A of the ReserveBank of India 1934.

FOR A. V. Jobanputra & Co.
CHARTERED ACCOUNTANTS
Firm Registration No.: 104314W
A. V. Jobanputra
PROPRIETOR
Place:- Mumbai (MEMBERSHIP NO : 016352)
Date:- 10/08/2018

Annexure B

The Annexure B referred to in Para 2(f) - Report on other Regulatory requirements ofour Independent Auditor's Report to the Members of the Company on the Internal FinancialControls under clause (i) of subsection 3 of section 143 of the Companies Act 2013("the act") for the year ended 31st March 2018

We have audited the internal financial controls over financial reporting of KUNSTSTOFFEINDUSTRIES LIMITED ("the company") as of 31st March 2018 in conjunction withour audit of the financial 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 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the company's internal financialcontrols over financial reporting based on our audit in accordance with the Guidance Noteon Audit of internal Financial Controls Over Financial Reporting (the "GuidanceNote") and the Standards on Auditing issued by ICAI and deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 judgment 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 assets of the company; (2) provide reasonable assurance that transactions arerecorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of the companyare being made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 materials 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 procedure may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312018 based on the internal controlover financial reporting criteria established by the company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

FOR A. V. Jobanputra & Co.
CHARTERED ACCOUNTANTS
Firm Registration No.: 104314W
A.V. Jobanputra
PROPRIETOR
Place:- Mumbai (MEMBERSHIP NO : 016352)
Date:- 10/08/2018