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कोठारी इंडस्ट्रियल कॉर्पोरेशन

बीएसई: 509732  |  NSE: KOTHARINDL  |  ISIN: INE972A01020  |  Diversified

खोजें कोठारी इंडस्ट्रियल कॉर्पोरेशन कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
We have audited the accompanying financial statements of Kothari
 Industrial Corporation Limited (the Company), which comprise the
 Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
 and Cash Flow Statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management Responsibility for the Financial Statements
 
 Management is responsible for 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 Standards referred to in sub-section (3C) of section
 211 of the Companies Act, 1956 (the Act) read with the General
 Circular 15/2013 13th dated September 2013 of the Ministry of
 Corporate Affairs in respect of Section 133 of the Companies Act, 2013
 and in accordance with the accounting principles generally accepted in
 India. This responsibility includes the design, implementation and
 maintenance of internal control 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 financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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 misstatement.
 
 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 control relevant to the
 Company''s preparation and fair presentation of the financial
 statements in order to design audit procedures that are appropriate in
 the circumstances. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by management, 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.
 
 Basis for Qualified Opinion
 
 The Company has not provided for the following amounts in the accounts
 :-
 
 a) Interest payable to a trade creditor amounting to Rs.161.33 lacs
 and interest payable on an advance amounting to Rs.74.39 lacs.
 
 b) Any further amount payable to State Bank of India (Assignee : Kotak
 Mahindra Bank) in addition to the liability provided for in the books
 of accounts (grouped under Long-term borrowings) since the said sum
 has not been finally quantified.
 
 c) The effect of such non-provision of (a)and (b) above on the profit
 or loss of the Company as well as on the true and fair view of the
 state of affairs of the Company as at 31st March 2014 is not
 ascertainable.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us except for the effect/ possible effects of
 the matters described in the Basis for Qualified Opinion
 paragraph, the aforesaid 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:
 
 a) In the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31,2014; b) In the case of the Statement of Profit
 and Loss, of the loss for the year ended on that date; and c) In the
 case of the Cash Flow Statement, of the cash flows for the year ended
 on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1) As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2) As required by section 227(3) of the Act, we report that:
 
 a) Except for the effect of the matters described in para Basis for
 Qualified Opinion, 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) Except for the matters described in para Basis for Qualified
 Opinion, in our opinion, the Balance Sheet, Statement of Profit and
 Loss and Cash Flow Statement comply with the Accounting Standards
 referred to in subsection (3C) of section 211 of the Companies Act,
 1956 read with the general circular 15/2013 dated 13th September, 2013
 of the Ministry of Corporate Affairs in respect of Section 133 of the
 Companies Act, 2013.
 
 e) On the basis of written representations received from the directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2014, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
 
 Referred to in paragraph 1 under the heading Report on other Legal
 and Regulatory Requirements Section of our report even date.
 
 1. In Respect of Fixed Assets:
 
 a) the company has maintained proper records showing full particulars
 including quantitative details and situation of its fixed assets on
 the basis of available information.
 
 b) as explained to us, fixed assets have been physically verified by
 the management at reasonable intervals; no material discrepancies were
 noticed on such verification.
 
 c) in our opinion and according to the information and explanations
 given to us, the company has not disposed off substantial part of its
 fixed asset during the year and the going concern status is not
 affected.
 
 2. In Respect of Inventories:
 
 a) inventories have been physically verified during the year by the
 management at reasonable intervals. In our opinion the frequency of
 verification is reasonable.
 
 b) in our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 c) On the basis of our examination of the records of inventory, we are
 of the opinion that the company is maintaining proper records of
 inventory. The discrepancies noticed during physical verification
 between the physical stocks and the book records were not material.
 
 3. a) The company has not granted any loans, secured/unsecured, from
 companies, firms (or) other parties listed in the register maintained
 under Section 301 of the Companies Act, 1956.
 
 b) The company has not taken any loans during the year from parties
 listed in the register maintained under section 301 of the Companies
 Act, 1956.
 
 4 In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business with regard to purchases of inventory, fixed assets and with
 regard to the sale of goods. During the course of our audit, no major
 weakness has been noticed in the aforesaid internal controls.
 
 5. a) Based on the audit procedures applied by us and according to the
 information and explanations provided by the management, the
 particulars of contracts or arrangements referred to in section 301 of
 the Act have been entered in the register required to be maintained
 under that section.
 
 b) As per information & explanations given to us and in our opinion,
 the company has not made any transactions exceeding the value of five
 lakhs rupees in pursuance of contract or arrangements entered in the
 register maintained u/s 301 of the Companies Act. 1956.
 
 6. The Company has not accepted any deposits from public. Hence the
 directions issued by the Reserve Bank of India and the provisions of
 Section 58A and 58AA of the Companies Act 1956 and the Companies
 (Acceptance of Deposits) Rules, 1975 do not apply.
 
 7. In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 8. We have broadly reviewed the cost records maintained by the company
 pursuant to the companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government of India under Section 209(1)(d)
 of the Companies Act, 1956, and are opinion that prima facie, the
 prescribed accounts and records have been made and maintained. We
 have, however not made a detailed examination of the records with a
 view to determine whether they are accurate or complete.
 
 9. a) The Company is not regularly depositing undisputed statutory
 dues including provident fund, service tax, income tax (tax deducted
 at source), professional tax and property tax.
 
 b) According to the information and explanations given to us, the
 extent of arrears outstanding as on 31st March 2014 for a period of
 more than six months from the date they became payable, as certified
 by the Management is as under :-
 
 Service Tax	        18.88
 
 Income Tax (TDS)	25.50
 
 Provident Fund	         1.01
 
 Professional Tax	14.07
 
 Property Tax	        42.18
 
 c) According to the information and explanations given to us, details
 of disputed Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise
 Duty, Value Added Tax and Cess which have not been deposited on
 account of disputes are given below.
 
 10 The Company has accumulated losses at the end of the financial year
 which are more than 50% of its net worth of the Company. The Company
 has incurred cash loss during the current year as well in the
 immediate preceding financial year also.
 
 11. Based on our examination of the books and on the information and
 explanation given by the management, the company has defaulted in
 repayment of dues to financial institutions and banker(s) and the
 matter is pending adjudication before the Hon''ble Debt Recovery
 Tribunal, Chennai.
 
 12. The company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13. In our opinion, the company is not a chit fund or a nidhi/mutual
 benefit fund/society. Therefore, clause 4(xiii) of the Companies
 (Auditor''s Report) Order, 2003 is not applicable to the Company.
 
 14. Based on our examination of the records and evaluation of the
 related internal controls, we are of the opinion that proper records
 have been maintained of the transaction and contracts in relation to
 shares, debentures and other instruments and timely entries have been
 made in those records. We also report that the company has held the
 shares, securities in its own name
 
 15. The Company has not given any guarantee for loans taken by others
 from bank or financial institutions during the year.
 
 16. According to the information and explanations given to us, the
 Company has not taken any term loan during the year.
 
 17. According to the information and explanations given to us and on
 an overall examination of the financial statement of the Company,
 funds raised on short term basis have, prima facie, not been utilized
 for long term investment.
 
 18. The Company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under Section
 301 of the Companies Act.
 
 19. During the period covered by our audit report, the Company has not
 issued any debentures.
 
 20. The Company has not raised any money by way of public issues
 during the year.
 
 21. Based upon the audit procedures performed and based on the
 available information and explanations given by the management we
 report that no fraud on or by the Company has been noticed or reported
 during the course of our audit.
 
                                                For M/s. B.B.Naidu & Co.
                                                   Chartered Accountants
                                                     Firm Reg.No:002291S
                                                               (A.Sekar)
 Place: Chennai	                                                Partner
 Date: 28th May 2014	                          Membership No. :18784
स्रोत: रेलीगरे टेचनोवा

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