you are here:

Katwa Udyog Ltd.

BSE Live

Jan 17, 16:00
61.00 -2.10 (-3.33%)
Volume
AVERAGE VOLUME
5-Day
1,623
10-Day
2,823
30-Day
2,713
1,325
  • Prev. Close

    63.10

  • Open Price

    64.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Katwa Udyog is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of SHRI. KESHAV CEMENTS AND INFRA LIMITED. BELGAUM. [formally known as Katwa Udyog Limited] as at 31st March 2008, Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. The Company during the year has changed the name from Katwa Udyog Limited to Shri. Keshav Cements and Infra Limited vide Registrar of Companies Bangalore Certificate dated: 07-11-2007. The change in mane is intimated to all the State & Central Government Departments and the change of name is confirmed. The change of name is also intimated to BSE - Mumbai the approval is under their consideration. 2. We conducted our audit in accordance with the 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 audi, provides a reasonable basis for our opinion. 3. The Company during the year i.e., 22-05-2007 acquired the assets of Shree Quality Cements Limited a sick unit located at S.No. 15 & 88 at Village Naganapur, Post: Lokapur, Taluka: Mudhol Dist: Bagalkot in public auction from IDBI and others Pune, through DRT Pune. The total price consideration (bid price) was fixed for Rs. 11.30 crores. As per the Orders of the DRT Pune, DRT Receiver handed over the possession of movable and immovable properties on 22-05-2007 as is where is basis along with lease hold rights. The Company took over the possession and the required renovation work and up gradation work is under process, It is separately shown under fixed assets schedule; hereinafter it will known as Plant-II. 4. As required by the Companies [Auditors Report] Order, 2003 as amended by the Companies (Auditors Report)(Amendment) Order, 2004(the Order), issued by Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 5. 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 the books;, iii) The Balance sheet, Profit and Loss Account and cash flow statements dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance sheet, 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 representation received from the directors, as on 31st March 2008 and taken on record by the Board of Directors, we report that none of the directors of the company are disqualified as on 3 lst March 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;. vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other notes thereon subject to note on accounts No. v 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 Balance Sheet of the state of affairs of the Company as at 31st March 2008; 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 cash flow statement, of cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS.REPORT Shri. Keshav Cements and Infra Limited [formally known as Katwa Udyog Limited] Belgaum. Referred to in paragraph 3 of our report of even date: In respect of Fixed Assets: i. a The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b. The Company has physically verified all the assets during the year in accordance with programme of verification, which in our opinion provides for physical verification of the Fixed Assets at reasonable intervals. According to the information and explanations given to us no material discrepaucies were noticed on such verification c. In our opinion and according to the information and explanations given to us, the Company has not made any substantial disposal of assets during the year and therefore the going concern concept is not affected. d. In our opinion and according the information and explanation given to us, the company has purchased additional machinery spares for Plant-I amounting to Rs 6,27,90,557/- and deducted modvat credit of Rs. 17,36,424/. Net amount of Rs. 6,10,54,133/- is shown under schedule Fixed Assets Plant-I Capital Work in progress. Similarly Company has purchased additional Plant & Machinery and spares for Plant-II amounting to Rs. 6,48,79,891/- and deducted Modvat credit of Rs. 19,29.514/- and net amount of Rs. 6.29.50,377/- is shown under schedule Fixed Assets Plant-II Capital Work in progress. e. The Company has acquired the assets of Shree Quality Cements Limited Naganapur a sick unit in public auction from IDBI Pune through, DRT Pune. The DRT Receiver has handed over the possession of movable and immovable assets on as is where is basis and the required renovation and up gradation work is under process. The same shown under fixed assets schedule as Plant-II. In respect of Inventories: ii. a. As explained to us the management during the year physically verified the inventories. In our opinion, the frequency of verification is reasonable. 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 were reasonable and adequate in relation to the size of the company and in 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 a. As informed, the company has not granted any loans, secured or unsecured to companies, firms, or parties, covered in the register; maintained under section 301 of the companies Act 1956. b. The company has taken unsecured loans from directors covered in the register maintained under section 301 of the companies Act 1956. The maximum amount involved during the year was Rs. 75651771 and year end balance of such loan taken was Rs 34057100. c. In our opinion, the rate of interest and other terms and conditions under section 301 of the Companies Act 1956 are not prima facie, prejudicial to the interest of the company. d. The company is regular in repaying the principal amount as stipulated and has been regular in the payment of interest. e. The company has not given loans and advances in the nature of loans to employees. iv. , In our opinion and according to the information and explanations given to us, there is adequate internal control systems commensurate with the size of the company and the nature of its business with regards to purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. v. a. According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into a register in pursuanceof 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 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 information and explanations given to us, the company has accepted public deposit, and subject to belated filing of statement in lieu of advertisement the company has complied with the provisions of section 58A.58AA of the Companies Act, 1956 and the Companies (Acceptance of the Deposit) Rules, 1975 with regard to the deposit accepted from public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other tribunal. vii. In our opinion, the company has an internal audit system commensurate with the size and nature of its business, but it needs to be strengthened. viii. It is reported by the management that the Company has appointed qualified Cost Auditor and has maintained cost records as required u.s. 209(l)(d) of the Companies Act 1956. The Cost Auditor has issued a certificate stating that the Company has complied with the requirements as required u.s. 209(1) (d) of the Companies Act 1956. iv. According to the records of the company, Provident Fund, Investors Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty. Excise duty, Cess, Fringe Benefit Tax and other material statutory dues applicable to it have been generally regularly deposited during the year with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of above were in arrears, as at March 31, 2008 for a period of more than six months form the date on which they became payable. x According to the information and explanations given to us, there are no dues of Income Tax, Sen ice Tax, Wealth Tax. Sales Tax, Custom Duty, Excise Tax, and Cess Fringe Benefit Tax, which have not been deposited on account of any dispute. xi The company does not have accumulated losses at the end of the financial year and had not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. xii In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. xiii , Based on our examination of the records and the information and explanation given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiv. In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society Therefore, the provisions of clause 4 of the order are not applicable to the Company. xv. In our opinion, as per the information and explanations given to us the company has not given any guarantee for the loans taken by others. xvi. In our opinion, the term loans have been applied for the purpose which they were raised. xvii. According to the cash flow statement and other records examined by us and the information and explanations given to us, on an over all basis, funds raised on short term basis have prima facie, not been used during the year for a long term investment (fixed assets etc) other than temporary deployment pending application. xviii. According to the information and explanations given to us, the company has not made any preferential allotments of shares to parties and companies covered in the register maintained under section 301 of the-Act. xx According to the information and explanations given to us, during the period covered by our audit report the company has not issued any debentures. xx. The Company has not raised any money by public issue during the year. xxl According to the information and explanation given to us, no fraud on or by the company has been noticed during the course of our audit Place: Belgaum C.A.PrabhakarK.Latkan Dated: July 28,2008 Chartered Accountant M.No. 200/21730 1083, Anantshayan Galli, Belgaum 590 002