Election 2014
SENSEX NIFTY
Kamanwala Housing Construction | Auditor's Report > Construction & Contracting - Housing > Auditor's Report from Kamanwala Housing Construction - BSE: 511131, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > CONSTRUCTION & CONTRACTING - HOUSING > AUDITORS REPORT - Kamanwala Housing Construction
Kamanwala Housing Construction
BSE: 511131|ISIN: INE344D01018|SECTOR: Construction & Contracting - Housing
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Apr 17, 13:28
22.00
-0.7 (-3.08%)
VOLUME 200
Kamanwala Housing Construction is not listed on NSE
Mar 12
Auditor's Report (Kamanwala Housing Construction) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying fnancial statements of KAMANWALA
 HOUSING CONSTRUCTION LIMITED (the Company), which comprise the
 Balance Sheet as at March 31, 2013, the Statement of Proft and Loss and
 Cash Flow Statement for the year then ended and a summary of signifcant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these fnancial
 statements that give a true and fair view of the fnancial position,
 fnancial performance and cash fows of the Company in accordance with
 the accounting principles generally accepted in India including
 Accounting Standards referred to in Section 211(3C) of the Companies
 Act, 1956 (the Act). This responsibility includes the design,
 implementation and maintenance of internal control relevant to the
 preparation of the fnancial 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 fnancial
 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 required that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the fnancial statements are free
 from material misstatements.
 
 An audit involves performance procedures to obtain audit evidence about
 the amount and disclosures in the fnancial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 risks of material misstatement of the fnancial statements, whether due
 to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparations and
 fair presentation of the fnancial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the fnancial statements.
 
 We believe that the audit evidence we have obtained is suffcient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid fnancial statements give the
 information required and read with note no. 33 regarding disclosure
 requirement under MSMED Act, 2006 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, 2013;
 
 (b) In the case of Statement of Proft and Loss of the ''Profts'' of the
 Company for the year ended on that date; and
 
 (c) In the case of Cash Flow Statement, of the cash fows for the year
 ended on that date.
 
 Report on other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 order) issued by the Central Government of India in terms of Section
 227(4A) of the Act, we give in the Annexure a statement on the matters
 specifed in paragraphs 4 and 5 of the Order.
 
 2.  As required by Section 227(3) of the Act, we report that:
 
 a.  We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b.  In our opinion, proper books of account as required by law have
 been kept by the Company so far as appears from our examination of
 those books of account.
 
 c.  The Balance Sheet, the Statement of Proft and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 d.  In our opinion, the Balance Sheet, the Statement of Proft and Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 referred to in Section 211(3C) of the Act except AS-15 wherein
 liability towards gratuity payment has been provided is without
 actuarially valued.
 
 e.  On the basis of the written representations received from the
 Directors as on March 31, 2013, taken on record by the Board of
 Directors, none of the Directors is disqualifed as on March 31, 2013,
 from being appointed as a Director in terms of Section 274(1)(g) of the
 Act.
 
 ANNEXURE TO THE AUDITOR''S REPORT
 
 1) (a) The Company is maintaining proper records to show full
 particulars including quantitative details and situation of fxed
 assets.
 
 (b) As per information and explanations given to us, physical
 verifcation of major items of fxed assets has been carried out in terms
 of the phased programme of verifcation of its fxed assets adopted by
 the Company and no material discrepancies were noticed on such
 verifcation.  In our opinion the frequency of verifcation is reasonable
 having regard to the size of the Company and nature of its business.
 
 (c) Fixed Assets disposed off during the year were not substantial.
 According to the information and explanation given to us, we are of the
 opinion that the disposal of fxed assets has not affected the going
 concern status of the Company.
 
 2) (a) The inventories have been physically verifed during the year by
 the management. In our opinion, the frequency of verifcation is
 reasonable.
 
 (b) In our opinion, the procedure followed by the management for such
 physical verifcation is reasonable and adequate in relation to the size
 of the Company and nature of its business.
 
 (c) In our opinion and according to the information and explanation
 given to us, the Company is maintaining proper records of Inventory. No
 discrepancies were noticed on verifcation between physical Inventory
 and the books records.
 
 3) (a) The Company has not granted secured or unsecured loans to any of
 the Companies covered in the register, maintained under Section 301 of
 the Companies Act, 1956, therefore Clause (3)(a)(b)(c)(d) of paragraph
 4 of the Order are not applicable.
 
 (b) The Company has taken unsecured loans from thirty parties covered
 in the register maintained u/s. 301 of the Companies Act, 1956 during
 the year and maximum amount involved during the year was Rs.
 35,45,58,748/- and the year end balance of loan taken from such parties
 was Rs. 29,11,84,911/-.
 
 (f) Based on the information and explanation given to us, we are of the
 opinion that rate of interest and other terms and conditions of loans
 taken by the Company from such parties are prima-facie not pre-judicial
 to the interest of the Company.
 
 (g) The Company is regular in payment of principal amount and interest
 wherever stipulated.
 
 4) In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the Company and the nature of its business for
 purchases of inventory and fxed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any
 continuing failure to correct major weakness in the lnternal Control
 System.
 
 5) (a) In our opinion and according to the information and explanation
 given to us, the transactions made in pursuance of contracts or
 arrangements that need to be entered in the Register maintained under
 Section 301 of the Companies Act, 1956 have been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the Register maintained under Section 301 of
 the Companies Act, 1956 and exceeding the value of Rs. 5,00,000/- in
 respect of each party during the year have been made at prices which
 appear reasonable as per information available with the Company.
 
 6) In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposits from the public
 within the meaning of Section 58A and 58AA or any other relevant
 provisions of the Companies Act 1956 and the Rules framed there under.
 Hence Clause (vi) of the Order is not applicable.
 
 7) In our opinion, the Company has internal audit system commensurate
 with the size and nature of its business.
 
 8) As informed to us, the maintenance of cost records has not been
 prescribed by the Central Government u/s. 209(1)(d) of the Companies
 Act, 1956, in respect of the activities carried on by the Company.
 
 9) (a) According to the information and explanations given to us and
 the records examined by us, the Company is regular in depositing with
 appropriate authorities undisputed statutory dues including provident
 fund, investor education and protection fund, employees state
 insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
 cess and other statutory dues except in the following cases.
 
 Sr. 
 No. Statutory Dues            Period/Due     Amount Due Date Rs.
 
 1.  VAT                       AY 2012-13          7,22,889
 
 2.  Service Tax               AY 2013-14          7,68,469
 
 3.  Income Tax                AY 2007-08          1,69,763
 
                               AY 2008-09          2,32,727
 
 According to the information and explanations given to us, no
 undisputed arrears of statutory dues except, above tabulated undisputed
 dues outstanding for more than six month as at 31st March, 2013 from
 the date they became payable.
 
 (b) According to information and explanation given to us, there are no
 disputed dues in respect of sales tax, wealth tax, service tax, custom
 duty, excise duty and cess as at last day of the fnancial year.
 
 10) The Company has no accumulated losses at the end of the fnancial
 year and it has not incurred any cash losses in the current and
 immediately preceding fnancial year.
 
 11) According to the information and explanations given to us and the
 records examined by us, the Company has not defaulted in repayment of
 dues to fnancial institutions or banks or debenture holders.
 
 12) In our opinion and according to the information and explanation
 given to us, no loans and advances have been granted by the Company on
 the basis of security by way of pledge of Shares, Debentures and other
 securities.
 
 13) In our opinion the Company is not a Chit Fund or a Nidhi/Mutual
 Beneft Fund/Society. Therefore Clause 4(xiii) of the Companies
 (Auditor''s Report) Order 2003 is not applicable to the Company.
 
 14) The Company has maintained proper records of transactions and
 contracts in respect of trading in securities, debentures and other
 investments and timely entries have been made therein. All shares,
 debentures and other investments have been held by the Company in its
 own name.
 
 15) According to the information and explanations given to us, the
 Company has given Corporate Guarantee of Rs. 17,00,00,000/- to Bank for
 the Loan taken by a Firm in which the Company is Partner, the terms and
 condition whereof are not prima-facie prejudicial to the interest of
 Company.
 
 16) In our opinion and according to the information and explanations
 given to us and the records examined by us, the term loans have been
 applied for the purposes for which they were obtained.
 
 17) On the basis of an overall examination of the Balance Sheet and
 Cash Flow Statement of the Company and the information and explanations
 given to us, we report that the Company has not utilised any funds
 raised on short-term basis for long-term investments.
 
 18) The Company has not made any preferential allotment of shares
 during the year.
 
 19) The Company has not issued any debentures.
 
 20) The Company has not raised any money by way of public issue during
 the year.
 
 21) In our opinion and according to the information and explanations
 given to us, no fraud on or by the Company has been noticed or reported
 during the year that causes the fnancial statements to be materially
 misstated.
 
                                       M. Mehta
 
                                       Partner M. No. 42990
 
                                       For and on Behalf of 
                                       MITTAL & ASSOCIATES
   
                                       Chartered Accountants
 
                                       Firm Registration No. : 106456W
 
 Place : Mumbai 
 
 Dated : 30th May, 2013.
Source : Dion Global Solutions Limited
Quick Links for kamanwalahousingconstruction
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.