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Auditor Report of KPT Industries Ltd.
Mar 31, 2025
We have audited the Financial Statements of KPT Industries Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31,
2025, and the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of
Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of Material Accounting Policies and other
explanatory information (hereinafter referred to as âthe Financial Statementsâ).
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 Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, and its profit (including Other
Comprehensive Income), changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements
of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
1. Trade Receivables:
The company has trade receivables of Rs.3,402.00 lacs at the year end (refer Note No. 4 to the financial statements) which amounts
to 29.91 % of the total assets of the company. Timing of collection of dues from the customers may differ from the actual credit period.
Significant judgment is required by the management to estimate the amounts unlikely to be ultimately collected.
The recoverability of the Companies trade receivables and the valuation of the allowance for bad and doubtful debts is a key audit
matter due to the judgement involved.
Our audit procedure included, but not limited to following-
⢠We have Obtained an understanding and assessed the design, implementation, and operating effectiveness of the Companyâs
key internal controls over the trade receivables including adherence to the requirements of the relevant Indian accounting
standards.
⢠We performed audit procedures on existence of trade receivables, which included reading and comparing balance confirmations
with books, testing subsequent receipts and sales transactions for the samples selected.
⢠Where there were indicators that the trade receivables were unlikely to be collected within contracted payment terms, we
assessed the adequacy of the allowance for bad and doubtful debts. To do this:
⢠We assessed the aging of trade receivables quantum of claims with and from the customers.
⢠We have evaluated the independent confirmations from customers and performed alternate audit procedures on sample
basis.
⢠We also considered historical reasonability of forecasting the allowance for bad and doubtful debts.
⢠Disclosure requirements as per schedule III of the companyâs act were verified.
⢠Discussion with management about status and prospects of suits filled for receivables and assessment of requirement for
provisioning.
Other Information
The Companyâs Board of Directors is responsible for the other information. The other information comprises the information included
in the Annual report, but does not include the Financial Statements and our auditorâs report thereon.
Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of
these Financial Statements that give a true and fair view of the financial position, financial performance (including other comprehensive
income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of 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.
In preparing the Financial Statements, the management is responsible for assessing the Companyâs ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditorâs Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit.
We also:
⢠Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
⢠Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the
Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our
auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ), 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; a statement on the matters specified in paragraphs 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 except for the matters stated in the paragraph 2(i)(vi) below on reporting under Rule 11(g).
c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in
Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified under Section 133 of
the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164
(2) of the Act.
f) With reference to the maintenance of accounts and other matters connected therewith, refer to our comment in paragraph 2(i)
(vi) below, on reporting under rule 11 (g).
g) With respect to the adequacy of the internal financial controls with reference to financial statements and the operating
effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
h) As required by section 197 (16) of the Act; in our opinion and according to information and explanation provided to us, the
remuneration paid by the company to its directors is in accordance with the provisions of section 197 of the Act and remuneration
paid to directors is not in excess of the limit laid down under this section.
i) With respect to the other matters to be included in the Auditorâs 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) The Company has disclosed the impact of pending litigations on its financial position in its Financial Statements - Refer
Note no. 28 to the Financial Statements;
(ii) The Company did not have any long-term contracts including derivative contracts as at 31st March 2025.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company.
(iv) (a) The management has represented to us that, to the best of its knowledge and belief, other than as disclosed in
the Note no 47 to the financial statements, if any, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other
person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the company (âUltimate Beneficiariesâ) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) the management has represented to us, that, to the best of its knowledge and belief, other than as disclosed in the
Note no 47 to the accounts to the Financial Statements, if any, no funds have been received by the Company from
any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded
in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the information and explanation given to us and audit procedures performed as considered reasonable
and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the
representations made by the management and as mentioned under sub-clause (iv)(a) and (iv)(b) above contain any
material misstatement.
(v) The dividend declared and paid during the year by the Company is in compliance with Section 123 of the Act. Also, Board
of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at
the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as
applicable.
(vi) Based on our examination which included test checks, the company, has used accounting software for maintaining its
books of account which has a feature of recording audit trail (edit log) facility except in respect of maintenance of property,
plant and equipment records wherein the accounting software did not have the audit trail feature enabled throughout the
year. Further, the audit trail facility has been operating throughout the year for all relevant transactions recorded in the
software.
Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.
Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.â
For P G BHAGWAT LLP
Chartered Accountants
Firm Registration Number: 101118W/W100682
Akshay B. Kotkar
Partner
Membership Number:140581
UDIN: 25140581BMLEFC7930
Place - Kolhapur
Date - 23rd May, 2025
Mar 31, 2024
We have audited the Financial Statements of KPT Industries Limited ("the Companyâ), which comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of Material Accounting Policies and other explanatory information (hereinafter referred to as "the Financial Statementsâ).
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 Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2024, and its profit (including Other Comprehensive Income), changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
1. Trade Receivables:
The Company has trade receivables of Rs.3,255.27 lacs at the year end (refer Note No. 4 to the financial statements) which amounts to 27.02 % of the total assets of the Company. Timing of collection of dues from the customers may differ from the actual credit period. Significant judgment is required by the management to estimate the amounts unlikely to be ultimately collected.
The recoverability of the Companies trade receivables and the valuation of the allowance for bad and doubtful debts is a key audit matter due to the judgement involved.
Our audit procedure included, but not limited to following-
⢠We have obtained an understanding and assessed the design, implementation, and operating effectiveness of the Companyâs key internal controls over the trade receivables including adherence to the requirements of the relevant Indian accounting standards.
⢠We performed audit procedures on existence of trade receivables, which included reading and comparing balance confirmations with books, testing subsequent receipts and sales transactions for the samples selected.
⢠Where there were indicators that the trade receivables were unlikely to be collected within contracted payment terms, we assessed the adequacy of the allowance for bad and doubtful debts. To do this:
⢠We assessed the aging of trade receivables quantum of claims with and from the customers.
⢠We have evaluated the independent confirmations from customers and performed alternate audit procedures on sample basis.
⢠We also considered historical reasonability of forecasting the allowance for bad and doubtful debts.
⢠Disclosure requirements as per Schedule III of the Companyâs Act, were verified.
⢠Discussion with management about status and prospects of suits filled for receivables and assessment of requirement for provisioning.
Other Information
The Companyâs Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the Financial Statements and our auditorâs report thereon.
Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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.
In preparing the Financial Statements, the management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ), 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; a statement on the matters specified in paragraphs 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 except for the matters stated in the paragraph 2(k)(vi) below on reporting under Rule 11(g).
c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With reference to the maintenance of accounts and other matters connected therewith, refer to our comment in paragraph 2(k) (vi) below, on reporting under rule 11 (g).
g) With respect to the adequacy of the internal financial controls with reference to financial statements and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
h) As required by section 197 (16) of the Act; in our opinion and according to information and explanation provided to us, the remuneration paid by the company to its directors is in accordance with the provisions of section 197 of the Act and remuneration paid to directors is not in excess of the limit laid down under this section.
i) With respect to the other matters to be included in the Auditorâs 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) The Company has disclosed the impact of pending litigations on its financial position in its Financial Statements - Refer Note no. 28 to the Financial Statements;
(ii) The Company did not have any long-term contracts including derivative contracts as at 31st March 2024.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
(iv) (a) The management has represented to us that, to the best of its knowledge and belief, other than as disclosed in
the Note no 47 to the financial statements, if any, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) the management has represented to us, that, to the best of its knowledge and belief, other than as disclosed in the Note no 47 to the accounts to the Financial Statements, if any, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the information and explanation given to us and audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations made by the management and as mentioned under sub-clause (iv)(a) and (iv)(b) above contain any material misstatement.
(v) The dividend declared and/or paid during the year by the Company is in compliance with Section 123 of the Act. Also, Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
(vi) Based on our examination which included test checks, the Company, has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility except in respect of maintenance of property, plant and equipment records wherein the accounting software did not have the audit trail feature enabled throughout the year. Further, the audit trail facility has been operating throughout the year for all relevant transactions recorded in the software except for the instances reported below-
|
Sr. no. |
Name of software |
Type of software |
Period for which audit trail was not enabled |
|
1 |
MRP |
Application |
April 2023 to June 2023 |
Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31,2024.â
For P G BHAGWAT LLP
Chartered Accountants
Firm Registration Number: 101118W/W100682
Akshay B.Kotkar
Partner
Membership Number:140581 UDIN: 24140581BKDFCN7439
Place-Kolhapur Date-6th May 2024
Mar 31, 2015
We have audited the accompanying financial statements of Kulkarni Power
Tools Limited ("the Company"), which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the 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 of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these 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 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. 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 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, of the state of affairs of the Company as
at 31st March 2015, and its profit and 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, 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 paragraph 3 of the Order.
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 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 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 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:
1) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 30(A) to
the financial statements;
2) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
3) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Referred to in paragraph 1 of our Report on Other Legal and Regulatory
Requirements of even date.
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
b. The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
2. a. The inventory was physically verified during the year by the
management. In our opinion the frequency of verification is reasonable.
b. The procedures followed for physical verification by management are
reasonable and adequate in relation to size of Company and nature of
its business.
c. The Company is maintaining proper records of inventory.
Discrepancies between the physical stock and the book records noticed
on verification were properly dealt with in the books of accounts.
3. According to information and explanations given to us, the Company
has not granted any loans, secured or unsecured to companies, firms or
other parties covered in the register maintained under Section 189 of
the Companies Act.
Accordingly, the reporting under Clause 3 (iii) (a) and (b) of the
Companies (Auditor's Report) Order, 2015, is not applicable to the
Company.
4. In our opinion and according to the information given to us, there
were adequate internal control systems 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.
There is no continuing failure to correct major weaknesses in internal
control system.
5. According to information and explanation given to us, the Company
has complied with directives issued by Reserve Bank of India and the
provisions of Section 73 to 76 or any other relevant provisions of
Companies Act, 2013 and rules framed there under. As informed to us, no
order has been passed by the Company Law Board in respect of the said
provisions.
6. We have broadly reviewed the books of accounts and records
maintained by the Company pursuant to the rules made by Central
Government for the maintenance of cost records under Sub-section (1) of
Section 148 of the Companies Act 2013, and are of the opinion that
prima facie, the prescribed accounts and records have been made and
maintained. We have, however, not made a detailed examination of the
records with a view to determining whether they are accurate or
complete.
7. a. According to information and explanation given to us, the
Company is regular in depositing undisputed statutory dues with
appropriate authorities 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 applicable to it.
According to information and explanation given to us, no undisputed
amount payable in respect of statutory dues were in arrears, as at 31st
March, 2015 for a period of more than six months from the date they
became payable.
b. According to information and explanation given to us, there are no
dues of Income tax, Sales Tax, Wealth Tax, Service Tax, Custom duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below:
Nature of Dues Amount Period to which the Forum where dispute
is pending
(Rs,) amount relates
Sales Tax 1,796,230 2009-10 Jt. Commissioner of
Sales Tax (Appeals),
Kolhapur
Karnataka
Entry 232,096 2011-12 Jt. Commissioner of
Commercial
Tax Taxes (Appeals),
Bengaluru
Income Tax 3,384,126 2011-12 Commissioner of
Income Tax
(Appeals), Kolhapur
c. The amount required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made there under has been transferred to
such fund within time.
8. The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year and in the
immediately preceding financial year.
9. The Company has not defaulted in repayment of dues to a Financial
Institution or Bank.
10. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, accordingly the reporting under Clause
3 (x) of the Companies (Auditor's Report) Order, 2015, is not
applicable to the Company.
11. In our opinion, the term loans have been applied for the purpose
for which they were raised.
12. According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the year.
For M/s P.G. Bhagwat
Chartered Accountants
Firm Registration No: 101118W
Nikhil M Shevade
Place: Pune Partner
Date : 28th May, 2015 Membership No. 21737
Mar 31, 2014
We have audited the accompanying financial statements of Kulkarni Power
Tools Limited, ("the Company") which comprise the Balance Sheet as at
March 31, 2014, and 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
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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements, in order to design audit
procedures that are appropriate in the circumstances, 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
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
1. As required by the Companies (Auditor''s Report) Order, 2003, issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a. 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 it 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 comply with the 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 written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of Clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
f. 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 the cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE
Referred to in paragraph 1of our Report on Other Legal and Regulatory
Requirements of even date.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. 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 the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) Accordingly, the provisions of Clause 4(iii)(b),(c) & (d) of the
Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of Clause 4 (iii) (f) & (g) of the
Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
Register required to be maintained under that section; and
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements 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 complied with the directives issued by the
Reserve Bank of India and the provisions of Sections 58A, 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975, with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts and records
maintained by the Company, pursuant to the rules 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. We have, however, not made a detailed examination of the
records with a view to determining whether they are accurate or
complete.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March for a period of more than six months from the date they
became payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below.
Nature of Amount Period to which Forum where dispute
dues rs the amount is pending
relates
Sales Tax 229,616 2006-07 Jt. Commissioner of Sales Tax
(Appeal), Kolhapur
Sales Tax 867,518 2007-08 Jt. Commissioner of Sales Tax
(Appeal), Kolhapur
Central Excise 459,569 2007-08 to Commissioner of Central
2011-12 Excise, (Appeal) Pune
Central Excise 16,735,831 2008-09 to Dy. Commissioner of
2010-11 Central Excise, Kolhapur
(x) The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year and in the
immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) 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. Accordingly, the
provisions of Clause 4 (xii) of the Companies (Auditor''s Report) Order,
2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Accordingly, the provisions of Clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of Clause 4 (xix) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue during the year to raise money.
Accordingly, the provisions of Clause 4 (xx) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For M/s P. G. Bhagwat
Chartered Accountants
Firm Registration No: 101118W
Nikhil M Shevade
Place : Mumbai Partner
Date : 30th May, 2014 Membership No. 217379
Mar 31, 2013
We have audited the accompanying financial statements of Kulkarni Power
Tools Limited ("the Company"), which comprise the Balance Sheet as
at 31st March , 2013, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
1) 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 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.
2) 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 the
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 the internal control relevant to the
Company''s preparation and fair presentation of the financial
statements, in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the 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.
3) Opinion
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 31st March, 2013;
(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.
4) Report on Other Legal and Regulatory Requirements
A. 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.
B. 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 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, 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, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Sub-section (3C) of Section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013, taken on record by the Board of
Directors, none of the directors is 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 Act.
ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 4(A) 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) The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. 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 the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) Accordingly, the provisions of Clause 4(iii)(b), (c) & (d) of the
Companies (Auditor''s Report) order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per Section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of Clause 4 (iii) (f) & (g) of the
Companies (Auditor''s Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
Register required to be maintained under that section; and
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements, 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 complied with the directives issued by the
Reserve Bank of India and the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975, with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts and records
maintained by the Company pursuant to the rules 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. We have, however, not made a detailed examination of the
records with a view to determining whether they are accurate or
complete.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March for a period of more than six months from the date they
became payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below.
Nature of Amount Period to which the Forum where dispute
is pending
dues (Rs.) amount relates
Sales Tax 233,690 2005-06 Jt. Commissioner of
Sales Tax (Appeal),
Kolhapur
Central Excise 459,569 2007-08 to 2011-12 Dy. Commissioner of
Central Excise,
Kolhapur
(x) The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year and in the
immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) 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. Accordingly, the
provisions of Clause 4 (xii) of the Companies (Auditor''s Report)
Order, 2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund/society. Accordingly, the provisions of Clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003, are not
applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of Clause 4 (xix) of the Companies (Auditor''s Report)
Order, 2003, are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue during the year to raise money.
Accordingly, the provisions of Clause 4 (xx) of the Companies
(Auditor''s Report) Order, 2003, are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For M/s P. G. BHAGWAT
Chartered Accountants
Firm Registration No: 101118W
Nikhil M.Shevade
Place : Kolhapur Partner
Date : 29th May 2013 Membership No: 217379
Mar 31, 2012
1. We have audited the attached Balance Sheet of Kulkarni Power Tools
Limited as at 31st March, 2012 and the Profit and Loss account and also
the Cash Flow Statement of the Company 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 (Auditors' Report) Order, 2003 [as
amended by Companies (Auditors' Report) (Amendment) Order, 2004],
issued by the Central Government of India in terms of Sub-section (4A)
of Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 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 purpose 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 such
books;
(iii) the Balance Sheet and the Profit and Loss Account and 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 and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Sub-section (3C) of Section 211 of
the Companies Act, 1956;
(v) on the basis of the written representations received from the
Directors as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the Directors is 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 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(b) in the case of the Profit and Loss Account 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.
ANNEXURE TO THE AUDITORS' REPORT
(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.
(b) The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. 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 the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) Accordingly, the provisions of Clause 4(iii)(b),(c) & (d) of the
Companies (Auditors' Report) Order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per Section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of Clause 4 (iii) (f) & (g) of the
Companies (Auditors' Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of. its business with
regard to purchase of inventory and fixed assets and for the sale of
goods and services. During the course of audit, we have not observed
any continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
Register required to be maintained under that section; and
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements 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 complied with the directives issued by the
Reserve Bank of India and the provisions of Section 58A, 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975, with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of accounts and records
maintained by the Company, pursuant to the rules 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.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March for a period of more than six months from the date they
became payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below.
Nature of Dues Amount (Rs.) Forum where dispute is pending
Sales Tax 57,282 Appellate Authority, New Delhi
(x) In our opinion, the Company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year and
in the immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) 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. Accordingly, the
provisions of Clause 4 (xii) of the Companies (Auditors' Report)
Order, 2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund/society. Accordingly, the provisions of Clause 4
(xiii) of the Companies (Auditors' Report) Order, 2003, are not
applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment. .
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of Clause 4 (xix) of the Companies (Auditors' Report)
Order, 2003, are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue during the year to raise money.
Accordingly, the provisions of Clause 4 (xx) of the Companies
(Auditors' Report) Order, 2003, are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
Place : Mumbai For M/s. P. G. BHAGWAT
Date : 29th May, 2012 Chartered Accountants
Firm Registration No: 101118W
Nikhil M. Shevade
Partner
Membership No: 217379
Mar 31, 2011
1. We have audited the attached Balance Sheet of Kulkarni Power Tools
Limited as at 31st March, 2011 and the Profit & Loss Account and also
the Cash Flow Statement of the Company 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 (Auditorsà Report) Order, 2003 [as
amended by Companies (Auditors' Report) (Amendment) Order, 2004] issued
by the Central Government of India in terms of Sub-Section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 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 purpose 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
such books .
(iii) the Balance Sheet and the Profit and Loss Account and 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, and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Sub-Section (3C) of Section 211 of
the Companies Act, 1956;
(v) on the basis of the written representations received from the
Directors as on 31st March, 2011, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2011, 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 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(b) in the case of the Profit and Loss Account 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.
ANNEXURE TO THE AUDITORS' REPORT
(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.
(b) The fixed assets were physically verified during the year by the
management at reasonable intervals. According to information and
explanations given to us, no material discrepancies were noticed on
such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. 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 the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
(b) Accordingly, the provisions of Clause 4(iii)(b),(c) & (d) of the
Companies (Auditors' Report) Order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per Section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of Clause 4 (iii) (f) & (g) of the
Companies (Auditors' Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
register required to be maintained under that section; and
(b) According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements 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 complied with the directives issued by the
Reserve Bank of India and the provisions of Sections 58A, 58AA or any
other relevant provisions of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956, in respect of its windmill division and we are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March for a period of more than six months from the date they
became payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited on account of any
dispute other than those mentioned below.
Nature of dues Amount (Rs.) Forum where dispute is pending
Sales Tax 57,282 Appellate Authority, New Delhi
Income Tax 42,488 Commissioner of Income Tax
(Appeals), Kolhapur
(x) In our opinion, the Company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year and
in the immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) 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. Accordingly, the
provisions of Clause 4 (xii) of the Companies (Auditors' Report) Order,
2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/society. Accordingly, the provisions of Clause 4
(xiii) of the Companies (Auditors' Report) Order, 2003, are not
applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of Clause 4 (xix) of the Companies (Auditors' Report) Order,
2003, are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue during the year to raise money.
Accordingly, the provisions of Clause 4 (xx) of the Companies
(Auditors' Report) Order, 2003, are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For M/s P.G. BHAGWAT
Chartered Accountants
NIKHIL M. SHEVADE
Partner
Membership No: 217379
Firm Registration No: 101118W
Place : Pune
Date : 26th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Kulkarni Power Tools
Limited as at 31st March, 2010, and the Profit and Loss Account and
also the Cash Flow Statement of the Company 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 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 (Auditors Report) Order, 2003 [as
amended by Companies (Auditors Report) (Amendment) Order, 2004] issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 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 purpose 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
such books;
(iii) the Balance Sheet, and the Profit and Loss Account and 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, and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in Sub-section (3C) of Section 211 of
the Companies Act, 1956;
(v) on the basis of the written representations received from the
directors as on 31st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is 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 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31s March, 2010;
(b) in the case of the Profit and Loss Account 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.
ANNEXURE TO THE AUDITORS REPORT (Annexure 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.
(b) The fixed assets other than furniture and fixtures and dies and
moulds were physically verified during the year by the management at
reasonable intervals. According to information and explanations given
to us, no material discrepancies were noticed on such verification.
(c) The fixed assets, which were disposed off during the year, do not
form substantial part of the fixed assets owned by the Company.
(ii) (a) The inventory was physically verified during the year by the
management. 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 the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has during the year not granted any loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
(b) Accordingly, the provisions of clause 4(iii)(b), (c) & (d) of the
Companies (Auditors Report) Order, 2003, are not applicable to the
Company.
(c) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per Section 301 of the Companies Act, 1956.
(d) Accordingly, the provisions of clause 4 (iii) (f) & (g) of the
Companies (Auditors Report) Order, 2003, are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there were adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or agreements
referred to in Section 301 of the Act, have been entered in the
Register required to be maintained under that section; and
(b) According the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements, 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 complied with the directives issued by the
Reserve Bank of India and the provisions of Sections 58A, 58AA or any
other relevant provisions of the Companies Act, 1956, and the Companies
(Acceptance of Deposits) Rules, 1975, with regard to the deposits
accepted from the public. As informed to us, no order has been passed
by the Company Law Board in respect of the said provisions.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company,
pursuant to the rules made by the Central Government for the
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956, in respect of its windmill division and we are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at 31s
March for a period of more than six months from the date they became
payable.
(b) According to information and explanation given to us, there are no
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess, which have not been deposited on account of any
dispute other than those mentioned below.
Nature of dues Amount (Rs.) Forum where dispute is pending
Sales Tax 57,282 Appellate Authority, New Delhi
Income Tax 42,488 Commissioner of Income Tax
(Appeals), Kolhapur
(x) In our opinion, the Company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year and
in the immediately preceding financial year.
(xi) In our opinion and according to information and explanations given
to us, the Company is regular in repayment of dues to a financial
institution or bank.
(xii) 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. Accordingly, the
provisions of clause 4 (xii) of the Companies (Auditors Report) Order,
2003, are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/society. Accordingly, the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003, are not
applicable to the Company.
(xiv) According to information and explanation given to us, the Company
is not dealing in or trading in shares, securities, debentures and
other investments. The shares and other investments of the Company have
been held by the Company in its own name.
(xv) According to the information and explanation given to us, the
Company has not given any guarantee for loan taken by others from banks
or financial institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to information and explanation given to us, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
Company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the Company
has no outstanding debentures during the year. Accordingly, the
provisions of clause 4 (xix) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xx) According to information and explanation given to us, the Company
has not made any public issue to raise money. Accordingly, the
provisions of clause 4 (xx) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xxi) According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For M/s P.G.BHAGWAT
Chartered Accountants
NIKHIL M. SHEVADE
Partner
Membership No. 217379
Membership No : 101118W
Place : Pune
Date : 27th May, 2010
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