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Kingfa Science & Technology

BSE: 524019|NSE: HYDROS&S|ISIN: INE473D01015|SECTOR: Plastics
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Auditor's Report (Kingfa Science & Technology) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Hydro S&S Industries Limited (''the Company''), which comprise the
 balance sheet as at 31 March 2015, the statement of profit and loss and
 the cash flow statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation and presentation of these standalone financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the accounting principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
 also includes maintenance of adequate accounting records in accordance
 with the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 AUDITORS'' RESPONSIBILITY
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act.  Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 OPINION
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 give the information required by the Act in the manner so required and
 give a true and fair view in conformity with the accounting principles
 generally accepted in India, of the state of affairs of the Company as
 at 31 March 2015 and its losses 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 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 2.  As required by Section 143 (3) of the Act, we report that:
 
 (a) we have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 (b) in our opinion proper books of account as required by law have been
 kept by the Company so far as it appears from our examination of those
 books;
 
 (c) the balance sheet, the statement of profit and loss and the cash
 flow statement dealt with by this Report are in agreement with the
 books of account;
 
 (d) in our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
 
 (e) on the basis of the written representations received from the
 directors as on 31 March 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 March 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act; and
 
 (f) with respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  the Company has disclosed the impact of pending litigations on its
 financial position in its financial statements: Refer note 25 of the
 financial statements.
 
 ii.  the Company did not have long-term contracts including derivative
 contracts for which there were any material foreseeable losses; and
 
 iii.  there has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO INDEPENDENT AUDITORS'' REPORT OF EVEN DATE
 
 i) a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.  
 
 b) These fixed assets have been physically verified by the management
 at the end of the financial year which in our opinion is reasonable
 having regard to the size of the Company and the nature of its assets.
 According to the information and explanations given to us, no material
 discrepancies were noticed on such verification.
 
 ii) (a) As explained to us, inventories held by the Company were
 physically verified during the year at reasonable intervals by the
 management.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 iii) The company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 u/s 189 of the Act.
 
 iv) a) In our opinion and according to the information and explanations
 given to us, there exists and adequate internal control systems
 commensurate with the size of the Company and nature of its business
 with regard to the purchase of inventories and fixed assets and for the
 sale of goods and services.
 
 b) In our opinion and according to the information and explanations
 given to us, there is no continuing failure to correct major weaknesses
 in internal control system of the Company. 
 
 v) The Company has not accepted any deposits from the public during the
 year to which the directives issued by the Reserve Bank of India and
 the provisions of sections 73 to 76 or any other relevant provisions of
 the Companies Act and the rules framed there under are applicable.
 
 vi) The maintenance of cost records has not been prescribed by the
 Central Government under sub-section 1 of Section 148 of the Companies
 Act.
 
 vii) According to the records of the Company,
 
 (a) The Company is regular in depositing undisputed statutory dues
 including provident fund, employee''s 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, with the
 appropriate authorities during the year.
 
 (b) there are no dues of income tax or sales tax or wealth tax or
 service tax or duty of customs or duty of excise or value added tax or
 cess which have not been deposited on account of any dispute except the
 following pending in appeals:
 
 (i) Income tax of Rs. 19.47 lakhs before the first appellate authority
 
 (ii) Customs duty of Rs. 26.78 lakhs before the first appellate
 authority
 
 (iii) Sales tax of Rs. 56.87 before the first appellate authority and
 
 (iv) Central Excise and Service tax before the first appellate
 authority Rs. 14.07 lakhs.
 
 (c) The Company is required to transfer amounts of Rs. 2,61,261 to
 investor education and protection fund under the relevant provisions of
 the Companies Act, 2013 and the same has been transferred to the said
 fund within time.
 
 viii) The Company has accumulated losses at the end of the financial
 year i.e. 31.03.2015 which is more than fifty percent of its net worth.
 The Company has incurred cash losses in this financial year ended
 31.03.2015 and also in the immediately preceding financial year ended
 31.03.2014.
 
 ix) On the basis of records produced, the Company has not defaulted in
 repayment of the dues to bank. The Company has not availed borrowing
 facilities from financial institutions and debenture holders.
 
 x) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions during the year.
 
 xi) As per records produced and information and explanations given, the
 term loans have been applied for the purpose for which these term loans
 were obtained.
 
 xii) On the basis of the audit procedures carried out by us and
 information and explanations given by the management, we state that no
 material fraud on or by the Company has been noticed or reported during
 the course of our audit.
 
                                               For P. SRINIVASAN & Co.,
 
                                                Chartered Accountants 
 
                                     (Firm Registration No. : 004054S)
 
 Place : Chennai                                    CA. P. SRINIVASAN
 
 Date :28th May 2015                                          Partner
 
                                               Membership No. : 02090
Source : Dion Global Solutions Limited
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