Mar 31, 2015
We have audited the attached Financial Statements of KCL Infra Projects
Limited comprising of Balance Sheet as at 31st March, 2015, also the
Statement of Profit & Loss and Cash flow statement of the Company for
the period ended on that date and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the matters stated in section 134(5) of
the Companies Act 2013, with respect to 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 maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company for
preventing and detecting fraud 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 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 there under.
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 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 of the
Financial Statements that give a true and fair view 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 of the Company, 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 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 profit for
the period 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, 2015 ("the
order") issued by the Central Government of India in terms of
sub-section (11) of the section 143 of the Act, we give in the
"Annexure A", a statement on the matters specified in the paragraph 3 &
4 of the Order.
2. As required by Section 143(3) of the Companies Act 2013, 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 account as required by the 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 dealt with by this
report are in agreement with the books of account.
(d) In our opinion, the aforesaid Financial Statements comply with
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 representation from the received from
the Directors as on 31st 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.
(f) With respect to the Other Matters to be included in the Auditor's
Report in accordance with the Rule 11 of the Companies (Audit and
Auditors) Rules 2014. In our opinion and to the best of our knowledge
and according to the information and explanations given to us:
i) The Company does not have any pending litigations which would impact
its financial position.
ii) The Company has made provision as required by law or accounting
standards for material foreseeable losses, if any.
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
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 notified by the Ministry of
Corporate Affairs on 10th April, 2015, we give a statement on the
matters specified on the paragraphs 3 and 4 of the order. We report on
the following points in continuation to our Independent Auditor's
Report -
(i) (a) In our opinion and according to information and explanations
given to us, the Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified by the management
at reasonable intervals. As informed to us, no material discrepancies
have been reported on such physical verification.
(ii) (a) According to the information given by the management, the
inventory in hand for the construction & infrastructure segment has been
physically verified during the year.
(b) In our opinion, 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 is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification of
Inventory as compared to the book records.
(iii) (a) In our opinion and according to the information and
explanations given to us, the Company has not granted any loan, secured
or unsecured to companies, firm or other parties covered in the register
maintained under section 189 of the Companies Act, 2013. Hence Paragraph
iii(b) and iii(c) of the order are not applicable.
(iv) 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, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the Company in respect of these areas.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
and consequently, the directives issued by the Reserve Bank of India
and the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there under with
regard to the deposits accepted from the public are not applicable.
(vi) As informed to us, the maintenance of cost records has not been
prescribed under sub-section (1) of section 148 of the Companies Act,
2013.
(vii) (a) According to the information and explanations given to us,
the Company is regular in depositing undisputed statutory dues including
provident fund, employees' state insurance, income-tax, sales-tax,
wealth tax, service tax, duty of customs, duty of excise, value added
tax, cess and any other statutory dues with the appropriate authorities
as applicable on Company.
(b) There are no amounts which have not been deposited with the
appropriate authorities on account of dispute.
(c) As explained to us, the Company does not have any dues on account
of investor education and protection fund.
(viii) The Company has no accumulated losses at the end of financial
year. However, it has not incurred losses in the current year, but
these losses are not cash losses.
(ix) Based on our audit procedures and as per information and
explanation given by the management, the Company has not defaulted in
repayment of dues to the financial institution, bank or debenture
holders.
(x) According to the information and explanations given to us and based
on the documents and records produced to us, the Company has not given
any guarantee for loans taken by others from banks or financial
institutions.
(xi) According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, we report that
term loans were applied for the purpose for which the loans were
obtained.
(xii) According to the information and explanation given to us, no
fraud on or by the Company has been noticed or reported during the
year.
For Mahesh C. Solanki & Co.
Chartered Accountants
ICAI Firm Reg. No. - 006228C
CA. Mahesh Solanki
Partner
M. No. -074991
Place: Thane
Date : 30th May, 2015
Mar 31, 2014
1. We have audited the attached Balance Sheet of KCL Infra Projects
Limited as at 31st March, 2014 and also the Statement of Profit and
Loss & Cash Flow Statement of the Company for the year ended on that
date and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
2. 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 8/2014 dated 4 April 2014 issued
by the Ministry of Corporate. 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
3. 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 entity''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
4. In our opinion and to the best of our information and according to
the explanations given to us, the 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 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
5. 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.
6. 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account of the company;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 read with the General Circular 8/2014 dated 4
April 2014 issued by the Ministry of Corporate Affairs.
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 31st March, 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 THE INDEPENDENT AUDITOR''S REPORT
KCL Infra Projects Limited
Referred to in paragraph 7 of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) According to the information given by the management, the
inventory in hand for the construction & infrastructure segment has
been physically verified during the year.
(b) In our opinion, 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 is maintaining proper records of inventory. There was
no material discrepancies noticed on physical verification of Inventory
as compared to the book records.
(iii) (a) In our opinion and according to the information and
explanation given to us, the Company has granted unsecured loan to
party listed in the register maintained under section 301 of the Act.
The maximum amount involved during the year was Rs. 42.60 lakhs in
respect of one company & the year end balance is Nil.
(b) According to the information and explanation given to us, we are of
the opinion that the transactions made during the year in pursuance of
such contracts or arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956, and exceeding
the value of Five Lacs Rupees in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the Company.
(v) (a) According to the information and explanation given to us, we
are of the opinion that particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956, required to be
entered into the register maintained under Section 301 of the Act have
been so entered.
(b) According to the information and explanation given to us, we are of
the opinion that the transactions made during the year in pursuance of
such contracts or arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956, and exceeding
the value of Five Lacs Rupees in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) According to the information and explanations given to us, and as
per our examination of records, the Company has not accepted any
deposits from public and therefore, the directives issued by the
Reserve Bank of India and the provisions of Section 58A and 58AA or any
other relevant provision of the Companies Act, 1956, and rules framed
there under, are not applicable.
(vii) In our opinion, the internal audit system is largely commensurate
with the size of the Company and nature of its business. However, it
needs greater coverage and improvement in periodicity.
(viii) The Central Government has not prescribed the maintenance of
cost records under section 209(1)(d) of the Companies Act, 1956, in
respect of the Company.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing undisputed statutory dues including investor
education and protection fund, Employee''s state insurance, incometax,
wealth-tax, service-tax, sales-tax, custom duty, excise duty, cess and
other material statutory dues as applicable with the appropriate
authorities during the year, and there were no such outstanding dues as
at 31st March, 2014 for a period exceeding six months from the date
they become payable.
(b) According to information and explanation given to us, and as per
our examination of records of the Company there are no dues on account
of sales tax, income tax, custom duty, wealth tax, excise duty and cess
matters that have not been deposited on account of dispute as on March
31st 2014.
(x) The Company has no accumulated losses at the end of financial year
and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per information and
explanation given by the management, the Company has not obtained any
borrowings from any Financial Institution or by way of debentures.
(xii) According to the information and explanations given to us and
based on the documents and records produced 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.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended)
are not applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of the
transactions and contracts in respect of trading in securities,
derivatives and other investments during the year and timely entries
have been made therein.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from bank
or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purpose for which they were raised.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investments.
(xviii) According to the records of the Company and the information and
explanation provided by the management, 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. Therefore the
clause whether the prices at which shares have been issued is not
prejudicial to the interest of the Company is not applicable to the
Company.
(xix) According to the information and explanations given to us, during
the year under audit, the Company has not issued any debentures.
(xx) The Company has not raised any money through public issues.
Therefore the clause of verification of end use of money raised by
public issues as disclosed in the notes to the financial statement is
not applicable to the company.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For Mahesh C. Solanki & Co.
Chartered Accountants
Firm Reg. No. 006228C
Place : Thane
Date : 30th May, 2014
CA. Mahesh Solanki
Partner
M.No. 074991
Mar 31, 2013
1. We have audited the accompanying financial statements of KCL Infra
Projects Limited which comprise the Balance Sheet as at 31st March
2013, and the Statement of Profit and Loss & 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:
2. 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"). 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:
3. 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 require- ments and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclo- sures 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 evaluat- ing 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion:
6. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements with the
notes thereon and attached thereto gives in the prescribed manner the
information required by the Companies Act, 1956 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 31st March, 2013 and
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date.
(c) In the case of the Cash Flow Statement for the year ended on that
date
7. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by the Companies (Auditor''s Report)(Amendment) Order, 2004
(together the ''Order'') issued by the Central Govern- ment 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 of the books and records of
the company as we considered appropriate and according to the
information and explanations given to us, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
8. Further to our comments in the Annexure referred to in we report
that :
i. 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;
ii. 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;
iii. The Balance Sheet, the Statement of Profit and Loss dealt with by
this report are in agree- ment with the books of account of the
Company;
iv. In our opinion the Balance Sheet, the Statement of Profit and Loss
comply with the Account- ing Standards referred to in sub section (3C)
of section 211 of the Companies Act, 1956 to the extent they are
applicable to the Company.
v. On the basis of written representation received from the directors,
as on 31st March, 2013 and taken on record by the Board of Directors of
the Company we report that none of directors are disqualified as on
31st March, 2013 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
vi. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURETOTHE INDEPENDENT AUDITOR''S REPORT KCL Infra Projects Limited
Referred to in paragraph 7 of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars including quantita- tive details and situation of fixed
assets. 7776 same are in the process of being updated.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion is reasonable having regard to the size of the company
and the nature of its assets.
No material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) According to the information given by the management, the
inventory in hand for the construction & infrastructure segment has
been physically verified during the year.
(b) In our opinion, the procedures of physical verification of
inventories followed by the man- agement are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. There was
no material discrep- ancies noticed on physical verification of
Inventory as compared to the book records.
(iii) (a) In our opinion and according to the information and
explanation given to us, the Company has not granted any secured or
unsecured loans to any parties listed in the register main- tained
under section 301 of the Act. (b) According to the information and
explanation given to us, we are of the opinion that the transactions
made during the year in pursuance of such contracts or arrangements
that need to be entered in the register maintained under section 301 of
the Companies Act, 1956, and exceeding the value of Five Lacs Rupees in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time. (iv) In our opinion and according to the information
and explanations given to us, there exists an adequate internal control
system commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the Company. (v) (a)
According to the information and explanation given to us, we are of the
opinion that particulars of contracts or arrangements referred to in
section 301 of the Companies Act, 1956, required to be entered into the
register maintained under Section 301 of the Act have been so entered.
(b) According to the information and explanation given to us, we are of
the opinion that the transactions made during the year in pursuance of
such contracts or arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956, and exceeding
the value of Five Lacs Rupees in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time. (vi) According to the
information and explanations given to us, and as per our examination of
records, the Company has not accepted any deposits from public and
therefore, the directives issued by the Reserve Bank of India and the
provisions of Section 58A and 58AA or any other relevant provision of
the Companies Act, 1956, and rules framed there under, are not appli-
cable. (vii) In our opinion, the internal audit system is largely
commensurate with the size of the Company and nature of its business.
However, it needs greater coverage and improvement in periodicity.
(viii) The Central Government has not prescribed the maintenance of
cost records under section 209(l)(d) of the Companies Act, 1956, in
respect of the Company. (ix) (a) According to the information and
explanations given to us and the records of the Company examined by us,
in our opinion, the Company is regular in depositing undisputed
statutory dues including investor education and protection fund,
Employee''s state insurance, in- come-tax, wealth-tax, service-tax,
sales-tax, custom duty, excise duty, cess and other material statutory
dues as applicable with the appropriate authorities during the year,
and there were no such outstanding dues as at 31st March, 2013 for a
period exceeding six months from the date they become payable. (b)
According to information and explanation given to us, and as per our
examination of records of the Company there are no dues on account of
sales tax, income tax, custom duty, wealth tax, excise duty and cess
matters that have not been deposited on account of dispute as on March
31st 2013. (x) The Company has no accumulated losses at the end of
financial year and it has not incurred
cash losses in the current and immediately preceding financial year.
(xi) Based on our audit procedures and as per information and
explanation given by the manage- ment, the Company has not obtained any
borrowings from any Financial Institution or by way of debentures.
(xii) According to the information and explanations given to us and
based on the documents and records produced 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. (xiii) In our opinion, the
Company is not a chit fund or a nidhi/ mutual benefit fund/society.
There- fore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
Company. (xiv) In our opinion and according to the information and
explanations given to us, the Company has maintained proper records of
the transactions and contracts in respect of trading in securities,
derivatives and other investments during the year and timely entries
have been made therein. (xv) According to the information and
explanations given to us, the Company has not given any guarantee for
loan taken by others from bank or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purpose for which they were raised.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investments.
(xviii) According to the records of the Company and the information and
explanation provided by the management, 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. Therefore the
clause whether the prices at which shares have been issued is not
prejudicial to the interest of the Company is not applicable to the
Company. (xix) According to the information and explanations given to
us, during the year under audit, the , Company has not issued any
debentures.
(xx) The Company has not raised any money through public issues.
Therefore the clause of veri- fication of end use of money raised by
public issues as disclosed in the notes to the financial statement is
not applicable to the company.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For Mahesh C. Solanki Co .
Chartered Accountants
Firm Reg. No. 006228C
CA. Mahesh Solanki
Place : Thane Partner
Date : 30th May, 2013 M. No. - 074991
Mar 31, 2012
1. We have audited the attached Balance Sheet of KCL Infra Projects
Limited as at 31st March, 2012 and also the Statement of Profit & Loss
& the Cash Flow Statement for the year ended on that date annexed
thereto. 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.
2. 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 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 financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by the Companies (Auditor''s Report)(Amendment) Order, 2004
(together the ''Order1) issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956,
(the ''ActO and on the basis of such checks of the books and records of
the company as we considered appropriate and according to the
information and explanations given to us, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i. 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;
ii. 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;
iii. The Balance Sheet, the Statement of Profit and Loss & the Cash
Flow Statement dealt with by this report are in agreement with the
books of account of the Company;
iv. In our opinion the Balance Sheet, the Statement of Profit and Loss
& the Cash Flow Statement comply with the Accounting Standards
referred to in sub section (3C) of section 211 of the Companies Act,
1956 to the extent they are applicable to the Company.
v. On the basis of written representation received from the directors,
as on 31st March, 2012 and taken on record by the Board of Directors of
the Company we report that none of directors are disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements with the
notes thereon and attached thereto gives in the prescribed manner the
information required by the Companies Act, 1956 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 31st March, 2012 and
(b) In the case Statement of Profit and Loss, of the profit for the
year ended on that date.
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
KCL Infra Projects Limited
Referred to in paragraph 3 of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets. The same are in the process of being updated.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) According to the information given by the management, the
inventory in hand for the construction & infrastructure segment has
been physically verified during the year.
(b) In our opinion, 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 is maintaining proper records of inventory. There was
no material discrepancies noticed on physical verification of Inventory
as compared to the book records.
(iii) (a) In our opinion and according to the information and
explanation given to us, the Company has not granted any secured or
unsecured loans to any parties listed in the register maintained
under section 301 of the Act.
(b) According to the information and explanation given to us, we are of
the opinion that the transactions made during the year in pursuance of
such contracts or arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956, and exceeding
the value of Five Lacs Rupees in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(iv) In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business, with regard to purchase of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal control system of the Company.
(v) (a) According to the information and explanation given to us, we
are of the opinion that particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956, required to be
entered into the register maintained under Section 301 of the Act have
been so entered.
(b) According to the information and explanation given to us, we are of
the opinion that the transactions made during the year in pursuance of
such contracts or arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956, and exceeding
the value of Five Lacs Rupees in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) According to the information and explanations given to us, and as
per our examination of records, the Company has not accepted any
deposits from public and therefore, the directives issued by the
Reserve Bank of India and the provisions of Section 58A and 58AA or any
other relevant provision of the Companies Act, 1956, and rules framed
there under, are not applicable.
(vii) In our opinion, the internal audit system is largely commensurate
with the size of the Company and nature of its business. However, it
needs greater coverage and improvement in periodicity.
(viii) The Central Government has not prescribed the maintenance of
cost records under section 209(l)(d) of the Companies Act, 1956, in
respect of the Company.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing undisputed statutory dues including investor
education and protection fund, Employee''s state insurance,
income-tax, wealth-tax, service-tax, sales-tax, custom duty, excise
duty, cess and other material statutory dues as applicable with the
appropriate authorities during the year, and there were no such
outstanding dues as at 31st March, 2012 for a period exceeding six
months from the date they become payable.
(b) According to information and explanation given to us, and as per
our examination of records of the Company there are no dues on account
of sales tax, income tax, custom duty, wealth tax, excise duty and cess
matters that have not been deposited on account of dispute as on March
31st 2012.
(x) The Company has no accumulated losses at the end of financial year
and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per information and
explanation given by the management, the Company has not obtained any
borrowings from any Financial Institution or by way of debentures.
(xii) According to the information and explanations given to us and
based on the documents and records produced 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.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/ society. There- fore, the provisions of clause
4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended)
are not applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of the
transactions and contracts in respect of trading in securities,
derivatives and other investments during the year and timely entries
have been made therein.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from bank
or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, on an overall basis, the term loans have been applied for
the purpose for which they were raised.
(xvii)According to the information and explanation given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investments.
(xviii) According to the records of the Company and the information and
explanation provided by the management, 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. Therefore the
clause whether the prices at which shares have been issued is not
prejudicial to the interest of the Company is not applicable to the
Company.
(xix) According to the information and explanations given to us, during
the year under audit, the Company has not issued any debentures.
(xx) The Company has not raised any money through public issues.
Therefore the clause of verification of end use of money raised by
public issues as disclosed in the notes to the financial statement is
not applicable to the company.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For Mahesh C. Solanki & Co.
Chartered Accountants
Firm Regn No. 006228C
CA. Mahesh Solanki
Place : Thane Partner
Dated : 30th May, 2012 M.No.074991
Mar 31, 2010
1. We have audited the attached Balance Sheet of KCL Infra Projects
Limited (Formerly Kadamb Constructions Limited) as at 31st March, 2010
and also the Profit & Loss account & Cash Flow statement for the year
ended on that date annexed thereto. 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.
2. 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 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 esti- mates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report)(Amendment) Order, 2004
(together the Order) issued by the Central Gov- ernment of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956,
(the Acf) and on the basis of such checks of the books and records of
the company as we consid- ered appropriate and according to the
information and explanations given to us, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i. 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;
ii. 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;
iii. The Balance Sheet, the Profit and Loss account & the Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company;
iv. In our opinion the Balance Sheet, the Profit and Loss Account & the
Cash Flow State- ment comply with the Accounting Standards referred to
in sub section (3C) of section 211 of the Companies Act, 1956 to the
extent they are applicable to the Company.
v. On the basis of written representation received from the directors,
as on 31st March, 2010 and taken on record by the Board of Directors of
the Company we report that none of directors are disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956.
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements with the
notes thereon and attached thereto gives in the prescribed manner the
information required by the Companies Act, 1956 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 31st March, 2010 and
(b). in the case of Profit and Loss Account of the profit for the year
ended on that date.
(c). in case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure
KCL Infra Projects Limited (Formerly Kadamb Constructions Limited)
Referred to in paragraph 3 of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets. The same are in the process of being updated.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) (a) In respect of the Inventories the provisions of clause 4 (ii)
of the Companies (Auditors Report) Order, 2003 (as amended) are not
applicable to the Company. So there are no matters which arise to be
reported in the aforesaid order.
(iii) (a) In our opinion and according to the information and
explanation given to us, the Company has not taken any loan secured or
unsecured from the firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanation
given to us, the Company has not granted any loan secured or unsecured
from the firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for
purchases of inventory and fixed assets. Further, on the basis of our
examination of the books of account and according to the information
and explanations given to us, we have not come across nor have we been
informed of any instance of major weaknesses in the aforesaid internal
control system.
(v) (a) According to the information and explanation given to us, we
are of the opinion that particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956, required to be
entered into the register maintained under Section 301 of the Act have
been so entered.
(b) According to the information and explanation given to us, we are of
the opinion that the transactions made during the year in pursuance of
such contracts or arrangements that need to be entered in the register
maintained under section 301 of the Companies Act, 1956, and exceeding
the value of Five Lacs Rupees in respect of any party during the year
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
as per the directives issued by the Reserve Bank of India and the
provisions of Section 58A, 58AA and any other relevant provisions of
the Act and the rules framed there under. Therefore, the provisions of
the clause (vi) of the said Order is not applicable to the Company
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) According to the information and explanation given to us, the
Central Government has not prescribed for the maintenance of cost
records under Section 209(l)(d) of the Act in respect of the products
of the company.
(ix) (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing undisputed statutory dues including investor
education and protection fund, Employees state insurance, in-
come-tax, wealth-tax, service-tax, sales-tax, custom duty, excise duty,
cess and other ma- terial statutory dues as applicable with the
appropriate authorities during the year, and there were no such
outstanding dues as at 31st March, 2010 for a period exceeding six
months from the date they become payable.
(b) According to the information and explanations given to us, the dues
of income-tax, sales- tax, wealth-tax, service-tax, custom duty, excise
duty and cess, which have not been deposited on account of dispute, are
as follows:
Name of the
statute Nature of
dues Amount Period to
involved which the Forum where
dispute
(Rs.) amount is pending
relates
-NIL-
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per information and
explanation given by the man- agement, the Company has not obtained any
borrowings from any Financial Institution or by way of debentures.
(xii) According to the information and explanations given to us and
based on the documents and records produced 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.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditors Report) Order, 2003 (as amended)
are not applicable to the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of the
transactions and contracts in respect of trading in securities,
derivatives and other investments during the year and timely entries
have been made therein.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by other from bank
or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, on an overall basis, no term loans have been acquired
during the year.
(xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investments.
(xviii) According to the records of the Company and the information and
explanation provided by the management, 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. Therefore the
clause whether the prices at which shares have been issued is not
prejudicial to the interest of the Company is not applicable to the
Company.
(xix) According to the information and explanation given to us during
the period covered by our audit report, the Company has not issued any
debentures.
(xx) The Company has not raised any money through public issues.
Therefore the clause of verification of end use of money raised by
public issues as disclosed in the notes to the financial statement is
not applicable to the company.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the 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 Mahesh C. Solanki & Co.
(Firm Registration No: 006228C)
Chartered Accountants
Mahesh Solanki
Place : Thane Partner
Date : 29th May, 2010 M. No. 074991