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moneycontrol.com भारत | लेखा परीक्षकों की रिपोर्ट > Construction & Contracting - Housing > लेखा परीक्षकों की रिपोर्ट से कमनवाला हाउसिंग कंस्ट्रक्शन - बीएसई: 511131, NSE: N.A

कमनवाला हाउसिंग कंस्ट्रक्शन

बीएसई: 511131  |  NSE: N.A  |  ISIN: INE344D01018  |  Construction & Contracting - Housing

खोजें कमनवाला हाउसिंग कंस्ट्रक्शन कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
We have audited the accompanying standalone financial statements
 of Kamanwala Housing Construction Limited (''the Company'') which
 comprise the Balance Sheet as at 31 March 2015, the Statement of
 Profit and Loss and the Cash Flow Statement for the year then
 ended and a summary 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 Section 134(5) of the Companies Act, 2013 (the Act)
 with respect to the preparation of these financial statements
 that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in
 accordance with the accounting principles generally accepted in
 India including the Accounting Standards specified under Section
 133 of the Act, read with Rule 7 of the Companies (Accounts)
 Rules, 2014.  This responsibility also includes maintenance of
 adequate accounting records in accordance with the provisions of
 the Act for safeguarding the assets of the Company and for
 preventing and detecting frauds and other irregularities;
 selection and application of appropriate accounting policies;
 making judgments and estimates that are reasonable and prudent;
 and design, implementation and maintenance of adequate internal
 financial controls, that were operating effectively for ensuring
 the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit.
 
 We have taken into account the provisions of the Act, the
 accounting and auditing standards and matters which are required
 to be included in the audit report under the provisions of the
 Act and the Rules made thereunder.
 
 We conducted our audit in accordance 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 the audit to obtain reasonable assurance about 
 whether the financial statements are free from material misstatements.
 
 An audit involves performing procedures to obtain audit evidence
 about the amounts and disclosures in the financial statements.
 The procedures selected depend on the auditor''s judgment,
 including the assessment of the risks of material misstatement
 of the financial statements, whether due to fraud or error. In
 making those risk assessments, the auditor considers internal
 financial control relevant to the Company''s preparation of the
 financial statements that give a true and fair view in order to
 design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion
 on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the
 operating effectiveness of such controls.  An audit also
 includes evaluating the appropriateness of accounting policies
 used and the reasonableness of the accounting estimates made by
 the Company''s Directors, as well as evaluating the overall
 presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is
 sufficient and appropriate to provide 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 explanations given to us, the aforesaid standalone
 financial statements give the information required by the Act in
 the manner so required and give a true and fair view in
 conformity with the accounting principles generally accepted in
 India:
 
 (i) in the case of the balance sheet, of the state of affairs of
 the Company as at 31st March, 2015;
 
 (ii) in the case of the statement of profit and loss, of the
 profit for the year ended on that date; and
 
 (iii) in the case of the cash flow statement, of the cash flows
 for the year ended on that date.
 
 Emphasis of Matters
 
 We draw your attention to 
 
 1. Note No. 1.8 relating to recognition of Rs. 110.75 lacs as
 compensation receivable from related party Aspen Properties Pvt.
 Ltd. However, the same is subject to confirmation from the
 party.
 
 2. Note No. 1.9 relating to reconciliation of Service tax
 input credit and other amounts as per the records with the
 Service Tax returns.
 
 Our opinion is not qualified / modified in respect of this
 matter.
 
 Other Matters
 
 The financial statements and other financial information include
 the company''s proportionate share in jointly controlled assets
 of Rs. 25.42 lacs in respect of an Unincorporated Joint venture
 which is certified by the management.
 
 Our opinion is not qualified / modified in respect of this
 matter.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015
 (the Order), as amended, issued by the Central Government of
 India in terms of Sub- section (11) of Section 143 of the Act,
 we give in the Annexure a statement on the matters specified in
 paragraphs 3 and 4 of the Order.
 
 2.  As required by Section 143 (3) of the Act, we report that:
 
 a.  we have obtained all the information and explanations which
 to the best of 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 the Company so far as appears from our
 examination of those books;
 
 c.  the Balance Sheet, Statement of Profit and Loss and Cash
 Flow Statement dealt with by this Report are in agreement with
 the books of account;
 
 d.  in our opinion, the aforesaid financial statements comply
 with the Accounting Standards specified
 
 under Section 133 of the Act, read with Rule 7 of the Companies
 (Accounts) Rules, 2014
 
 e.  on the basis of the written representations received from
 the Directors as on 31 March 2015 taken on record by the Board
 of Directors, none of the Directors is disqualified as on 31st
 March, 2015 from being appointed as a Director in terms of
 Section 164 (2) of the Act; and
 
 f.  with respect to the other matters to be included in the
 Auditor''s Report in accordance with Rule 11 of the Companies
 (Audit and Auditors) Rules, 2014, in our opinion and to the best
 of our information and according to the explanations given to
 us:
 
 - the Company has disclosed the impact of pending litigations on
 its financial position in its financial statements - Refer Note
 1.12.5, 1.12.6 & 1.12.7 to the financial statements;
 
 - the Company has made provision, as required under the
 applicable law or accounting standards, for material foreseeable
 losses on long-term contracts - Refer Note 1.7, 1.10 & 1.11 to
 the financial statements; and
 
 - There has been no delay in transferring amounts, required to
 be transferred, to the Investor Education and Protection Fund by
 the Company.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 The Annexure referred to in Paragraph 1 under heading of Report
 on Other Legal and Regulatory Requirements our report to the
 Members of M/s. Kamanwala Housing Construction Limited (''the
 Company'') for the year ended 31st March, 2015. We report that:
 
 1.  (a) The Company has maintained proper records
 
 showing full particulars, including quantitative details and
 situation of fixed assets.
 
 (b) As per the Information and Explanation provided to us, the
 Company has a regular programme of physical verification of its
 fixed assets by which fixed assets are verified in a phased
 manner over a period of three years. In accordance with this
 programme, certain fixed assets were verified during the year
 and no material discrepancies were noticed on such verification.
 In our opinion, this periodicity of physical verification is
 reasonable having regard to the size of the Company and the
 nature of its assets.
 
 2.  (a) As per the Information and Explanation given
 
 to us, the inventories have been physically verified during the
 year by the management.  In our opinion, the frequency of
 verification is reasonable.
 
 (b) In our opinion, the procedure followed by the management for
 such physical verification is reasonable and adequate in
 relation to the size of the Company and nature of its business.
 
 (c) In our opinion and according to information and explanation
 given to us, the Company is maintaining proper records of
 Inventory. No discrepancies were noticed on verification between
 physical inventory and the books records.
 
 3.  (a) The Company has granted loans to six parties
 
 covered in the register maintained under section 189 of the
 Companies Act, 2013 (''the Act'').
 
 (b) In the case of the loans granted to the parties listed in
 the register maintained under Section 189 of the Act, the
 borrowers have been regular in the payment of the interest as
 stipulated. The terms of arrangements do not stipulate any
 repayment schedule and the loans are repayable
 
 on demand. Accordingly, paragraph (iii) (b) of the Order is not
 applicable to the Company in respect of repayment of the
 principal amount.
 
 (c) There are no overdue amounts of more than Rupees one lakh in
 respect of the loans granted to the bodies corporate listed in
 the register maintained under Section 189 of the Act.
 
 4.  In our opinion and according to the information and
 explanations given to us, there is an adequate internal control
 system commensurate with the size of the Company and the nature
 of its business with regard to purchase of fixed assets and sale
 of goods and services. During the course of audit, we have not
 observed any continuing failure to correct major weakness in the
 internal control system.
 
 5.  The Company has not accepted any deposits from the public.
 
 6.  As per Companies (Cost Records and Audit) Rules, 2014,
 provisions of Section 148(1) relating to cost records and cost
 audit are not applicable to the Company.
 
 7.  (a) According to the information and explanations
 
 given to us and on the basis of our examination of the records
 of the Company, amounts deducted/ accrued in the books of
 account in respect of undisputed statutory dues including
 provident fund, income tax, sales tax, wealth tax, service tax,
 duty of customs, value added tax, cess and other material
 statutory dues have been regularly deposited during the year by
 the Company with the appropriate authorities.  According to the
 information and explanations given to us, no undisputed amounts
 payable in respect of provident fund, income tax, wealth tax,
 service tax, duty of customs, value added tax, cess and other
 material statutory dues were in arrears as at 31s March, 2015
 for a period of more than six months from the date they became
 payable except Sales Tax (VAT) to the extent of Rs. 2,70,458/- and
 Interest thereon of Rs. 8,08,745 which is outstanding for more
 than 6 months.
 
 (b) According to information and explanations given to us, the
 following dues of Income Tax, Sales Tax, Service Tax and Value
 Added Tax have not been deposited by the Company on account of
 disputes:
 
 Name of 
 Statute        Nature ofdues   Amount(Rs)   Period to which   ForumWhere 
                                                               dispute is     
                                                               pendingthe 
                                                 amount(Rs)
                                             relates (F.Y.)
 
 
 MVAT Act, 
 2002              Sales Tax     20,93,373          2006-07  Commissioner 
                                                                 of Sales
                                                             Tax (Appeal)
 
 MVAT Act, 
 2002              Sales Tax     14,53,613          2007-08  Commissioner 
                                                                 of Sales
                                                             Tax (Appeal)
 
 MVAT Act, 
 2002              Sales Tax      4,64,699          2008-09  Commissioner 
                                                                 of Sales
                                                             Tax (Appeal)
 
 MVAT Act, 
 2002              Sales Tax      23,68,921         2010-11  Commissioner 
                                                                 of Sales
                                                             Tax (Appeal)
 
 Income Tax 
 Act, 1961         Income Tax     3,77,72,628       2010-11  Commissioner
                                                                of Income 
                                                            Tax (Appeals)
 
 Income Tax 
 Act, 1961         Income Tax     82,27,910         2011-12  Commissioner
                                                                of Income 
                                                            Tax (Appeals)
 
 (c) According to the information and explanations given to us
 the amounts which were required to be transferred to the
 Investor Education and Protection Fund in accordance with the
 relevant provisions of the Companies Act, 1956 (1 of 1956) and
 rules there under has been transferred to such fund within time.
 
 8.  The Company does not have any accumulated losses at the end
 of the financial year and has not incurred cash losses in the
 financial year and in the immediately preceding financial year.
 
 9.  The Company did not have any outstanding dues to financial
 institutions, banks or debenture holders during the year.
 
 10.  In our opinion and according to the information and the
 explanations given to us, the Company has not given any
 guarantee for loans taken by others from banks or financial
 institutions.
 
 11.  In our opinion and according to the information and
 explanations given to us, the term loans taken were applied for
 the purpose for which the loans were obtained.
 
 12.  According to the information and explanations given to us,
 no material fraud on or by the Company has been noticed or
 reported during the course of our audit.
 
                                              For Majithia & Associates
 
                                                  Chartered Accountants 
                                                  Firm Reg. No. 105871W
 
 
 
                                                    Bhavesh R. Majithia
 
                                                                Partner 
                                                  Membership No. 048194 
 
 Place: Mumbai 
 
 Date: 29th May,2015.
स्रोत: रेलीगरे टेचनोवा

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