Mar 31, 2015
We have audited the accompanying financial statements of KAYCEE
INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31,2015, the Statement of Profit and loss and the cash flow
statement for the year then ended, a summary 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 stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position and
financial performance and cash flow 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.
Auditors' 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 misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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 the 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, 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 31,2015;
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date and
(c) its 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, 2015 ("the
Order") 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 the paragraph 3 and 4 of the
Order, to the extent applicable.
2. 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 best of 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 the Company so far as it appears from our examination of those
books;
(c) the balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
(d) in our opinion, the aforesaid standalone 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 31 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:
i. there is no pending litigation as on 31 March 2015 and therefore
the Company has not made any disclosure in this regard in its financial
statements;
ii. the Company did not have any long-term contracts including
derivatives contracts and therefore no provision is required to be made
in this regard;
iii. there is no amount of due which is required to be transferred to
Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone
financial statements for the year ended 31 March 2015, we report that:
1. In respect of its fixed assets:
a) The Company is in the process of updating records showing full
particulars, including quantitative details and situation, of its fixed
assets.
b) All the fixed assets have been physically verified by the management
according to a regular program, which in our opinion, is reasonable
having regard to the size of the company and the nature of its assets.
No material discrepancies with respect to book records were noticed on
such verification.
2. a) The inventory has been physically verified by the respective
Management of the Company and subsidiary Company during the year. In our
opinion, the frequency of verification is reasonable.
b) In our opinion, the procedures of physical verification of inventory
followed by the Management of the Company are reasonable and adequate
in relation to the size of the aforesaid Company and the nature of
their business.
c) The Company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification of inventory of the
aforesaid Company as compared to the respective book records.
3. The Company has not granted any loans, secured or unsecured, to
companies, firm or other parties covered in the register maintained
under section 189 of the Companies Act, 2013, and hence clause 3(iii)
of the Companies (Auditor's Report) Order 2015 is not applicable to the
company.
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 inventory and fixed assets and for sale of goods and
services. We have not observed any major weakness in the internal
control system during the course of the audit.
5. The Company has not accepted any deposit from the public.
6. As informed to us, the maintenance of Cost Records has not been
prescribed by Central Government under Section 148 of the Act for any
of the goods sold or services rendered by the Company for the for the
accounting year ended on 31st March 2015.
7. In respect of statutory dues:
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. As explained to us, the
Company did not have any dues on account of employees' state insurance
and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
b. The disputed statutory dues aggregating to Rs 3.96 lacs (P.Y. Rs
3.96 lacs) have not been deposited on account of matters pending before
appropriate authorities are as under:
Name of the Nature of Year Forum where Amount (Rs
Statute the dues dispute is pending in lacs)
The Central Excise 2007-08 Superintendant of 3.96
Excise Act 1944 Excise
c. According to the information and explanations given to us, there is
no amount of due which is required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
8. The company has no accumulated losses as at 31st March, 2015 and it
has incurred cash loss during the current financial year and has not
incurred cash loss in the immediately preceding financial year.
9. Based on our audit procedures and according to the records,
information and explanation given to us by the Company, there is no
default in repayment of dues to financial institutions or banks. The
Company has not issued any debentures and therefore question of default
in repayment of dues to debenture holders does not arise.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from any
bank or financial institutions.
11. The Company has not raised any term loan.
12. On the basis of examination of books of accounts and other records
of the Company, we have not come across any fraud on or by the Company,
noticed or reported during the course of our audit, nor have we been
informed of such case by the Management.
For N. D. KAPUR & CO.
Chartered Accountants
Firm's Registration No: 001196N
Sd/-
S. K. AGRAWAL
Partner
Membership No. 13968
Mumbai
Dated: May 30, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Kaycee
Industries 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''s Responsibility For The Financial Statements
The Company''s 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 notified under the Companies
Act, 1956 (the Act) 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 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.
Auditors'' 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, 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 profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 Section
227(4A) 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. 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act 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 the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
Annexure referred to in Paragraph 1 under the heading of "Report on
other legal and regulatory requirements" of our report of even date
i. (a) The Company is in the process of updating records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the fixed assets have been physically verified by the
management according to a regular program, which in our opinion, is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies with respect to book records were
noticed on such verification.
(c) During the year, the company has not disposed off any substantial
part of its fixed assets. Therefore, it has not affected the going
concem concept of the company.
ii. (a) Physical verification of inventory has been conducted by the
management at reasonable intervals.
In our opinion, the frequency of verification is reasonable.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and nature of its business.
(c) The company is maintaining proper records of inventory. As
explained to us, no material discrepancy was noticed on physical
verification of inventory as compared to the book records.
iii. (a) The company has not granted loan to any party covered in the
register maintained under section 301 of the Act and as such clauses
(iii)(a), (iii)(b), (iii)(c) and (iii)(d) of the Order are not
applicable to the company.
(b The company has taken loan from one firm covered in the register
maintained under section 301 of the Act. Number of parties is one and
the amount involved is Rs. 20,00,000/-.
(c) The rate of interest and other terms and conditions of loans taken
by the company, are prima facie not prejudicial to the interest of the
company.
(d) There is no stipulation about payment of the principal amount.
Payments of interest are regular.
iv. 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 for the purchase of inventory and fixed assets and for sale of
goods and services. During the course of our audit, no major weakness
has been noticed in the internal control system.
Transactions that need to be entered in the register maintained under
section 301 of the Companies Act, 1956:
(a) Based upon the audit procedure applied by us and according to the
information and explanations given to us, we are of the opinion that
the particulars of contracts or arrangements referred to in section 301
of the Companies Act, 1956, have been entered in the register required
to be maintained under the section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs.5.00 lac in
respect of any party during the year, have been made at prices which
are reasonable, having regard to prevailing market prices at the
relevant time.
vi. According to the information and explanation given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of clause (vi) of the Order are not applicable to the
Company.
vii. In our opinion, the company has an adequate internal audit system
commensurate with the size and the nature of its business.
viii. We have broadly reviewed the books of account maintained by the
company pursuant to the order made by the Central Government for the
maintenance of cost records under section 209(1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. However, we have
not made a detailed examination of such accounts and records.
ix. (a) The company is generally regular in depositing with the
appropriate authorities undisputed statutory dues including provident
fund, investor education and protection fund, employees state
insurance, income tax, wealth tax, sales tax, service tax, custom duty,
excise duty, cess and other statutory dues applicable to it.
(b) The disputed statutory dues aggregating to Rs 3.96 lacs (P.Y. Rs
3.96 lacs) have not been deposited on account of matters pending before
appropriate authorities are as under:
Name of the Nature of Year Forum where Amount
Statute the dues dispute is (Rs. in lacs)
pending
The Central Excise 2007-08 Superintendant 3.96
Excise Act of Excise
1944
x. The company has no accumulated losses as at 31st March, 2014. The
company has not incurred any cash loss during the financial year.
xi. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or bank.
xii. According to the information and explanations given to us, the
company has not granted any loan and advance on the basis of security
by way of pledge of shares, debentures and other securities.
xiii. In our opinion, considering the nature of activities carried on
by the Company during the year, the company is neither a chit fund nor
nidhi / mutual benefit fund / society and hence clause (xiii) of the
Order is not applicable to the company.
xiv. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments and accordingly,
the provisions of clause (xiv) of the order is not applicable to the
company.
xv. In our opinion and according to the information and explanations
given to us, the company has not given guarantee for loans taken by
others from banks or financial institutions.
xvi. The company has not raised any term loans.
xvii. According to the information and explanations given to us and on
overall examination of Balance Sheet of the company, we are of the
opinion that the Company has utilised Rs. 32.43 lacs (P.Y. Rs 129.14
lacs) from internal accruals towards acquisition of fixed assets. No
funds raised on short-term basis have been used for long term
investment.
xviii. According the information and explanations given to us, the
company has made preferential allotment of 10,000 equity shares to one
company covered in the register maintained under section 301 of the
Companies Act, 1956. In our opinion, the price at which shares have
been issued is not prejudicial to the interest of the company.
xix. According the information and explanations given to us, the
company has not issued debentures during the year.
xx. According the information and explanations given to us, during the
year the company has not raised any money by public issue.
xxi. According the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For N. D. KAPUR & CO.
Chartered Accountants
Firm''s Registration No: 001196N
S. K. AGRAWAL
Mumbai Partner
Dated : 30TH May, 2014 M. No. 13968
Mar 31, 2012
We have audited the attached Balance Sheet of Kaycee Industries Limited
("the Company") as at 31st March 2012, the Profit and Loss Account
for the year ended on that date and the Cash Flow Statement for the
year ended on that date annexed thereto (together referred to as the
"financial statements"). These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order 2003, [ as
amended by Companies (Auditor's Report) (Amendment) Order, 2004 ]
(together the 'Order') issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956,
("the Act") and on the basis of such checks as we considered
appropriate, and according to the information and explanations given to
us, we give in the annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order to the extend applicable to the
Company.
3. Further to our comments in the annexure referred to in paragraph 2
above, 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 purposes of our
audit,
b) In our opinion, proper books of accounts 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 Balance Sheet, statement of Profit and Loss and
Cash Flow statement dealt with by this report comply with the mandatory
accounting standards referred in sub- section (3C) of section 211 of
the Companies Act, 1956.
e) On the basis of written representations received from the Directors,
as on March 31, 2012, and taken on record by the Board of Directors, we
report that none of the directors of the Company is disqualified as on
31ST March 2012 from being appointed as director in terms of clause (g
) of sub-section (1) of section 274 of the Companies Act, 1956,
4 In our opinion, and to the best of our information and according to
the explanations given to us, the accounts, read together with the
notes thereon, give the information required by the Companies Act 1956
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, 2012;
ii) In the case of 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.
Annexure referred to in paragraph 2 of Auditors' Report of even date
to the members of
Kavcee Industries Limited on the Financial Statements for the year
ended 31st March ,2012
1. In respect of its fixed assets:
a) The Company is in the process of updating records showing full
particulars, including quantitative details and situation, of its fixed
assets. As explained to us, the fixed assets have been physically
verified by the Management during the year in a phased periodical
manner, which in our opinion is reasonable, having regards to the size
of the Company and nature of its assets. According to the information
and explanation given to us, no material discrepancies were noticed on
such physical verification.
b) The fixed assets, which were disposed off during the year is under
the scheme of Arrangement between Kaycee Industries Limited and RDJ
Constructions Pvt. Ltd. wholly owned subsidiary of Kaycee Industries
Limited as per the court order dated 17th June, 2011 do not form
substantial part of the fixed assets owned by the company.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed off any substantial part of
fixed assets during the year to affect its going concern.
2. In respect of its inventories:
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year, in our opinion the
frequency of verification is reasonable, except stocks lying with third
parties for which no confirmation have been obtained in respect of such
inventory.
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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured, to
companies, firm or other parties covered in the register maintained
under section 301 of the companies act, 1956, (except trade advances )
and hence clause 4 (3) (a) to (g) of the Companies (Auditor's Report)
order 2003, are not applicable to the company.
4. The Company has not taken unsecured loans, from companies, firm or
other parties covered in the register maintained under section 301 of
the companies act, 1956 and hence clause 4 (3) (a) to (g) of the
companies (Auditor's Report) order 2003, are not applicable to the
company.
5. 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 the purchase of inventory, fixed assets and also for the sale of
goods. Further, on the basis of our examination of the books and
records of the company, and according to the information and
explanation given to us, we neither come across nor have been informed
of any continuing failure to correct major weaknesses in the aforesaid
internal control system.
6. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1946 aggregating to Rs.5,00,000/- (Rupees Five Lacs
only) or more in respect of any party during the year have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time.
The Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of the Act and the rules framed there
under.
7. The Company has an internal audit system, which is in commensurate
with its size and nature of its business.
8. As informed to us, the maintenance of Cost Records has not been
prescribed by Central Government under Section 209 (1) (d) of the
Companies Act, 1956 for any of the products manufactured by the
company.
9. In respect of statutory dues:
a. According to the records of the company as produced before us and
in accordance with generally accepted auditing practices in India and
also based on management representations, undisputed statutory dues in
respect of Provident Fund, Pension Fund, Employees' State Insurance,
Income-Tax, Customs Duty, MLW Fund, Sales Tax, Profession Tax, Excise
Duty, Cess, Service Tax and other statutory dues have generally been
regularly deposited by the Company during the year with the appropriate
authorities in India. According to the information and explanations
given to us, no undisputed amounts payables in respect of the aforesaid
dues were outstanding as at 31st March 2012 for a period of more than
six months from the date of becoming payable.
b. The disputed'statutory dues aggregating to Rs 3.96 lacs (RY. Rs
16.84 lacs) have not ' been deposited on account of matters pending
before appropriate authorities are as under:
Name of the Nature of the Year Forum where
dispute Amount
Statute Dues is pending (Rs in Lacs)
Central
Excise Excise 2007-08 Superintendent
of Excise 3.96
10. The company does not have accumulated losses as at 31st March,
2012 and has not incurred any cash losses either during the current
financial year or in the immediately preceding financial year.
11. Based on our audit procedures and according to the records,
information and explanation given to us, by the Company there is no
default in repayment of dues to financial institutions, banks.
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
12. According to information and explanation given to us, 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, considering the nature of activities carried on by
the Company during the year, the provisions of any special statue
applicable to chit fund nidhi / mutual benefit fund / societies, are
not applicable to it.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
15. According to the information and explanations given to us and the
representations made by the management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions during the year.
16. The Company has not raised any term loans.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has utilised Rs. 38.95 (P.Y. Rs 26.03
lacs) from internal accruals towards acquisition of fixed assets No
funds raised on short-term basis have been used for long term
investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act.
19. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the company has not
defaulted in repayment of dues to a financial institution or banks.
20. The Company has not issued any debentures.
21. On the basis of examination of books of accounts and other records
of the Company, we have not come across any fraud on or by the Company,
noticed or reported during the year, nor have we been informed of such
case by the Management.
For N. D. KAPUR & CO.
Chartered Accountants
Firm's Registration No: 001196N
Mumbai S. K. AGRAWAL
Dated: : 29th August 2012 Partner
M.No. 13968
Mar 31, 2011
We have audited the attached Balance Sheet of Kaycee Industries Limited
("the Company") as at 31st March 2011, the Profit and Loss Account for
the year ended on that date and the Cash Flow Statement for the year
ended on that date annexed thereto (together referred to as the
"financial statements"). These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order 2003, [ as
amended by Companies (Auditor's Report) (Amendment) Order, 2004 ]
(together the 'Order') issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956,
("the Act") and on the basis of such checks as we considered
appropriate, and according to the information and explanations given to
us, we give in the annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order to the extend applicable to the
Company.
3. Further to our comments in the annexure referred to in paragraph 2
above, 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 purposes of our
audit,
b) In our opinion, proper books of accounts as required by law, have
been kept by the Company, so far as appears from our examination of
those books,
c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account,
d) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the mandatory
accounting standards referred in sub- section (3C) of section 211 of
the Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on March 31, 2011, and taken on record by the Board of Directors, we
report that none of the directors of the Company is disqualified as on
31ST March 2011 from being appointed as director in terms of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956,
4. In our opinion, and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto, give in the prescribed
manner, the information required by the Act, and also give a true and
fair view, in conformity with the accounting principles generally
accepted in India,
i) In so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31 ST March, 2011,
ii) In so far as it relates to the Profit and Loss Account, of the
profit of the company for the year ended on that date, and
iii) In so far as it relates to the Cash Flow Statement of the cash
flows of the company for the ^ year ended on that date.
Annexure referred to in paragraph 2 of Auditors' Report of even date to
the members of Kaycee Industries Limited on the Financial Statements
for the year ended 31st March .2011
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantita- tive details and situation, of its fixed assets. As
explained to us, the fixed assets have been physically verified by the
Management during the year in a phased periodical man- ner, which in
our opinion is reasonable, having regards to the size of the Company
and nature of its assets. According to the information and explanation
given to us, discrepan- cies noticed on physical verification have been
adjusted in the books of account.
b) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the company.
c) In our opinion, the Company has not disposed off any substantial
part of fixed assets during the year to affect its going concern.
2. In respect of its inventories:
a) As explained to us, inventories have been physically verified by the
management at regu- lar intervals during the year, in our opinion the
frequency of verification is reasonable, except stocks lying with third
parties for which no confirmation have been obtained in respect of such
inventory.
b) In our opinion and according to the information and explanations
given to us, the proce- dures 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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured, to
companies, firm or other parties covered in the register maintained
under section 301 of the companies act, 1956, (ex- cept trade advances
) and hence clause 4 (3) (a) to (g) of the Companies (Auditor's Report)
order 2003, are not applicable to the company.
4. The Company has not taken unsecured loans, from companies, firm or
other parties covered in the register maintained under section 301 of
the companies act, 1956 and hence clause 4 (3) (a) to (g) of the
companies (auditor's Report) order 2003, are not applicable to the
company.
5. In our opinion and according to the information and explanations
given to us, there is an ad- equate internal control system
commensurate with the size of the Company and the nature of its
business with regard to the purchase of inventory, fixed assets and
also for the sale of goods. Further, on the basis of our examination
of the books and records of the company, and accord- ing to the
information and explanation given to us, we neither come across nor
have been informed of any continuing failure to correct major
weaknesses in the aforesaid internal control system.
6. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transac- tions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transac- tions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1946 aggregating to Rs. 5, 00,000/- (Rupees Five
Lacs only) or more in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
The Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of the Act and the rules framed there
under.
7. The Company has an internal audit system, which required to be
strengthen to com- mensurate with its size and nature of its business.
8. As informed to us, the maintenance of Cost Records has not been
prescribed by Central Gov- ernment under Section 209 (1) (d) of the
Companies Act, 1956 for any of the products manufac- tured by the
company.
9. In respect of statutory dues:
a. According to the books and records as produced before us and in
accordance with generally accepted auditing practices in India and also
based on management representations, undisputed statutory dues in
respect of Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Wealth Tax, Customs Duty,
Excise Duty, Cess, Service Tax and other statutory dues have generally
been regularly deposited, by the Company during the year with the
appropriate authorities in India, except TDS payments where delay is
observed. According to the information and explanations given to us, no
undisputed amounts payables in respect of the aforesaid dues were
outstanding as at 31st March 2011 for a period of more than six months
from the date of becoming payable
b. The disputed statutory dues aggregating to Rs 16.84 lacs (P.Y. Rs
16.84 lacs) have not been deposited on account of matters pending
before appropriate authorities are as under:
Sr. Name of the Nature of the Year Forum where dispute
No. Statute Dues is pending
1 Central Sales Tax Sales Tax 2000-01 Appellate Tribunal
2 Central Excise Excise 2007-08 Supretend of Excise
Name of the Amount
Statute (Rs in
Lacs)
Central Sales Tax 12.88
Central Excise 3.96
10. The company does not have accumulated losses as at 31st March,
2011 and has not incurred any cash losses either during the current
financial year or in the immediately preceding finan- cial year.
11. Based on our audit procedures and according to the records,
information and explanation given to us, by the Company there is no
default in repayment of dues to financial institutions, banks. In our
opinion and according to the information and explanation given to us,
no loans and ad- vances have been granted by the Company on the basis
of security by way of pledge of shares, debentures and other
securities.
12. according to information and explanation given to us, 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, considering the nature of activities carried on by
the Company during the year, the provisions of any special statue
applicable to chit fund nidhi /mutual benefit fund / societies, are not
applicable to it.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
According to the information and explanations given to us and the
representations made by the management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions during the year.
15. The Company has not raised any term loans.
16. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has utilised Rs. 26.03 lacs (RY. Rs 66.17
lacs) from internal accruals and right issue funds towards acquisition
of fixed assets and extension of building. No funds raised on
short-term basis have been used for long term investment.
17. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act.
18. The Company has not issued any debentures.
19. We have verified the end use of money raised by public issue from
the draft prospectus filed with SEBI, the offer document and as
disclosed in the notes to accounts.
20. On the basis of examination of books of accounts and other records
of the Company, we have not come across any fraud on or by the Company,
noticed or reported during the year, nor have we been informed of such
case by the Management.
For N. D. KAPUR & CO.
Chartered Accountants
Firm's Registration No: 001196N
S.K.AGRAWAL
Partner
M. No. 13968
Mumbai
Dated: 30TH August2011
Mar 31, 2010
We have audited the attached Balance Sheet of Kaycee Industries Limited
("the Company") as at 31st March 2010, the Profit and Loss Account for
the year ended on that date and the Cash Flow Statement for the year
ended on that date annexed thereto (together referred to as the
"financial statements"). These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditors Report) Order 2003, [ as
amended by Companies ( Auditors Report) ( Amendment) Order, 2004 ]
(together the Order) issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956,
("the Act")and on the basis of such checks as we considered
appropriate, and according to the information and explanations given to
us, we give in the annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order to the extend applicable to the
Company.
3. Further to our comments in the annexure referred to in paragraph 2
above, 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 purposes of our
audit,
b) In our opinion, proper books of accounts as required by law, have
been kept by the Company, so far as appears from our examination of
those books,
c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account,
d) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the mandatory
accounting standards referred in sub-section (3C) of section 211 of the
Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on March 31, 2010, and taken on record by the Board of Directors, we
report that none of the directors of the Company is disqualified as on
31st March 2010 from being appointed as director in terms of clause (g
) of sub-section (1) of section 274 of the Companies Act, 1956,
4 In our opinion, and to the best of our information and according to
the
explanations given to us, the said financial statements together with
the notes thereon and attached thereto, give in the prescribed manner,
the information required by the Act, and also give a true and fair
view, in conformity with the accounting principles generally accepted
in India,
i) In so far as it relates to Balance Sheet, of the state of affairs of
the Company as at 31ST March, 2010,
ii) In so far as it relates to the Profit and Loss Account, of the
profit of the company for the year ended on that date, and
iii) In so far as it relates to the Cash Flow Statement of the cash
flows of the company for the year ended on that date.
Annexure referred to in paragraph 2 of Auditors Report of even date
to the members of Kavcee Industries Limited on the Financial Statements
for the year ended 31st March ,2010
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation, of its fixed assets. As
explained to us, the fixed assets have been physically verified by the
Management during the year in a phased periodical manner, which in our
opinion is reasonable, having regards to the size of the Company and
nature of its assets. According to the information and explanation
given to us, discrepancies noticed on physical verification have been
adjusted in the books of account.
b) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the company.
c) In our opinion, the Company has not disposed off any substantial
part of fixed assets during the year to affect its going concern.
2. In respect of its inventories:
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year, in our opinion the
frequency of verification is reasonable, except stocks lying with third
parties for which no confirmation have been obtained in respect of such
inventory.
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) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured, to
companies, firm or other parties covered in the register maintained
under section 301 of the companies act, 1956 and hence clause 4 (3) (a)
to (g) of the Companies (Auditors Report) order 2003, are not
applicable to the company.
4. The Company has not taken unsecured loans, from companies, firm or
other parties covered in the register maintained under section 301 of
the companies act, 1956 and hence clause 4 (3) (a) to (g) of the
companies (auditors Report) order 2003, are not applicable to the
company.
5. 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 the purchase of inventory, fixed assets and also for the sale of
goods. Further, on the basis of our examination of the books and
records of the company, and according to the information and
explanation given to us, we neither come across nor have been informed
of any continuing failure to correct major weaknesses in the aforesaid
internal control system.
6. In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1946 aggregating to Rs. 5, 00,000/- (Rupees Five
Lacs only) or more in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
The Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of the Act and the rules framed there
under.
7. In our opinion, the Company has an internal audit system, which
requires to be further strengthened to commensurate with the size and
nature of its business and to increase scope and periodicity of the
same.
8. As informed to us, the maintenance of Cost Records has not been
prescribed by Central Government under Section 209 (1) (d) of the
Companies Act, 1956 for any of the products manufactured by the
company.
9. In respect of statutory dues:
a. According to the books and records as produced before us and in
accordance with generally accepted auditing practices in India and also
based on management representations, undisputed statutory dues in
respect of Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Wealth Tax, Customs Duty,
Excise Duty, Cess, Service Tax and other statutory dues have generally
been regularly deposited, by the Company during the year with the
appropriate authoritiesvin India, except TDS payments where delay is
observed. According to the information and explanations given to us,
no undisputed amounts payables in respect of the aforesaid dues were
outstanding as at 31st March 2010 for a period of more than six months
from the date of becoming payable
b. The disputed statutory dues aggregating to Rs 16.84 lacs (P.Y. Rs
16.84 lacs) have not been deposited on account of matters pending
before appropriate authorities are as under:
Sr.
No.Name of the Nature of the Year Forum where
dispute Amount
Statute Dues is pending (Rs in Lacs
1 Central Sales
Tax Sales Tax 2000-01 Appellate
Tribunal 12.88
2 Central Excise Excise 2007-08 Supretend of
Excise 3.96
10. The company does not have accumulated losses as at 31st March,
2010 and has not incurred any cash losses either during the current
financial year or in the immediately preceding financial year.
11. Based on our audit procedures and according to the records,
information and explanation given to us, by the Company there is no
default in repayment of dues to financial institutions, banks. In our
opinion and according to the information and explanation given to us,
no loans and advances have been granted by the Company on the basis of
security by way of pledge of shares, debentures and other securities.
12. according to information and explanation given to us, 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, considering the nature of activities carried on by
the Company during the year, the provisions of any special statue
applicable to chit fund nidhi / mutual benefit fund / societies, are
not applicable to it.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments.
According to the information and explanations given to us and the
representations made by the management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions during the year.
15. The Company has not raised any term loans.
16. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the Company has utilised Rs. 66.17 lacs (P.Y. Rs
116.90 lacs) from internal accruals and right issue funds towards
acquisition of fixed assets and extension of building. No funds raised
on short-term basis have been used for long term investment.
17. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act.
18. The Company has not issued any debentures.
19. We have verified the end use of money raised by public issue from
the draft prospectus filed with SEBI, the offer document and as
disclosed in the notes to accounts.
20. On the basis of examination of books of accounts and other records
of the Company, we have not come across any fraud on or by the Company,
noticed or reported during the year, nor have we been informed of such
case by the Manaaement.
For N. D. KAPUR & CO.
Chartered Accountants
Firms Registration No: 001196N
S. K. AGRAWAL
Partner
M.No.13968
Mumbai
Dated : 30th August 2010
Mar 31, 2003
We have audited the attached Balance Sheet of Kaycee Industries Limited
as at 31st March,2003 and also the annexed Profit & Loss Account of the
Company for the year ended on that date. These financial statements
are the responsibility of the companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Manufacturing and other Companies (Auditors
Report) Order, 1988 issued by the Company Law Board in terms of Section
227(4A) of the Companies Act 1956, we annex here to a statement on the
matters specified in paragraph 4 and 5 of the said order.
3. Further to our comments in the annexure referred to in paragraph 1
above, we state that:
a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion, proper Books of Accounts as required by law have
been kept by the Company so far as appears from our Examination of the
Books of the Company.
c) The Balance Sheet and Profit & Loss account dealt with by the report
are in agreement with the Books of Accounts of the Company.
d) In our opinion, the Profit and Loss Account and the Balance sheet
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956, except (i) the non provision of
retirement benefits, amount unascertained, as per Accounting Standard
15 issued by the Institute of Chartered Accountants of India.
e) Based on representation made by all the Directors of the Company and
according to the information and explanation as made available ,
Directors of the company do not prima facie have any disqualification
as referred to in clause (g) of sub- section 1 of section 274 of the
Act.
f) In our Opinion and to the best of our information and according to
the explanations given to us and as shown by the books of the company
read with accounting policies followed and other notes and (i)Note No.
20 concerning non provision of encashment of earned leave of the employees,
amount of which has not been calculated (ii) Note No. 23 regarding
Unascertainability of realisation value of material in process costing
Rs. 51.53 lacs lying with company for more than two years thereon, give
the information required by the Companies Act, 1956 in the manner so
required and present a true and fair view .
(i) in the case of the Balance Sheet of the state of affairs of the
Company as at 31st March,2003
(ii) in the case of the Profit and Loss Account of the Profit for the
year ended on that date.
Annexure To the Audit Report
prices which are reasonable having regard to prevailing market price
for such goods and materials or prices at which transactions for
similar goods have been made with other parties and are entered in the
register maintained under Section 301 of the Companies Act, 1956.
(xi) As explained to us, the Company has regular procedure for the
determination of unserviceable or damaged stores and raw materials and
necessary adjustments for the loss has been made in the accounts.
(xii) In our opinion and according to the information and explanations
given to us, . Company has complied with the Provisions of Section 58A
of the Companies Act 1956 and the Companies (Acceptance of Deposits)
Rules 1975 with regard to the deposits accepted from the public.
(xiii) In our opinion reasonable records have been maintained by the
company for the sale and disposal of scrap. The Company has no
by-Products.
(xiv) In our opinion the Company has an internal audit system
commensurate with its size and nature of business, however it requires
further strengthening.
(xv) The Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956 for any of
the products of the Company.
(xvi) According to the records of the Company Provident fund dues and
Employees State Insurance dues have been regularly deposited with the
appropriate authorities.
(xvii)In respect of trading activity of the Company there were no
damaged goods.
(xviii) According to the information and explanation given to us, there
were no undisputed amounts payable in respect of Income-tax, Sales tax,
Customs Duty, and Excise duty were outstanding as at 31st March 2003
for a period of more than six months from the date they became payable.
(xix) According to the information and explanations given to us no
personal expenses of employees or directors have been charged to
revenue account, other than those payable under contractual obligations
or in accordance with the generally accepted business practices.
(xx) The Company is not a sick industrial Company within the meaning of
clause (o) of subsection (1) of section 3 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
For N.D.KAPUR & CO.,
Chartered Accountants
RAVINDER KAPUR
Partner
MUMBAI
DATED : 31st JULY, 2003