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Katwa Udyog Ltd.

BSE Live

Dec 03, 16:00
49.00 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
1,424
10-Day
1,495
30-Day
1,416
5,745
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    49.00

  • Open Price

    49.00

  • Bid Price (Qty.)

    46.55 (50)

  • Offer Price (Qty.)

    49.40 (326)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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Katwa Udyog is not listed on NSE

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of Shri Keshav Cements & Infra Limited [Formerly Known as KatwaUdyog Limited] (the company),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, 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 Financial Statements The Company''s Board of Directors is responsible for the matters 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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.and We have taken into account the provisions of the Act, the accounting and auditing standards and Matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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; a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015; b) In the case of the Statement of Profit and Loss, of the profit for the 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. Emphasis of Matters There are no material/ Major points to be reported. However, the financial statements of the company have been prepared on a going concern basis. Report on other Legal and Regulatory Requirements: 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 appears from our examination of those books (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us) c) [The reports on the accounts of the branch offices of the Company audited under Section 143(8) of the Act by branch auditors have been sent to us and have been properly dealt by us in preparing this report] d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.[and the returns received from the branches not visited by us] e) 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. f) The going concern matter described in sub-paragraph (b) under the Emphasis of Matters paragraph above, in our opinion, may not have an adverse effect on the functioning of the Company. g) On the basis of 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. h) With respect to the other matters included in the Auditor''s Report and to our best of our information and according to the explanations given to us : i. Company does not have any pending litigations which would impact its financial position. ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses. 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 THE INDEPENDENT AUDITOR''S REPORT OF SHRI KESHAV CEMENTS & INFRA LIMITED (FORMERLY KNOWN AS KATWA UDYOG LTD) REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE 1) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. The fixed assets are physically verified by the management in a phased manner, over a period of three years, which in our opinion is reasonable having regard to the size of the Company and nature of its business. No material discrepancies were noticed on such verification. There was no substantial disposal of fixed assets during the year. During the year Company has purchased additional machinery and spares for Plant-I for an amount to Rs. 54,42,576/- Plant II Rs. 72,23,026/- Modvat Credit of Plant-I Rs. 5,47,840/- And Plant-II Rs. 8,19,104/- including capitalization after deducting MODVAT of Rs. 13,66,944/- 2) Physical verification of inventory has been conducted at reasonable intervals by the management. In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. The Company is maintaining proper records of inventory. Discrepancies noticed on physical verification as compared to book records, which were not material, have been properly dealt with in the books of accounts. 3) a) As informed, the company has not granted any loan, secured or unsecured, to companies, firms or parties covered in the register maintained under Section 189 of the Companies Act, 2013. b) The Company has taken unsecured loan from Directors covered in the register maintained under Section 73(2) of the Companies Act, 2013. The number of parties are 5 and the yearend balance of such loan taken was Rs.13,02,19,568/- c) In our opinion, the rate of interest and other terms and conditions on which loan has been taken from companies and parties covered in the Register maintained under Section 73(2) of the Companies Act, 2013 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. 4) In our opinion and according to the information and explanation given to us, there is an adequate internal control system commensurate with the size of the Company & nature of its business, for the purchases of inventory and fixed assets and for sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. 5) a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 73(2) of the Companies Act, 2013 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 have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6) In our opinion and according to the information & explanations given to us, the Company has not accepted deposits from public under section 73 to 76. Hence question of further compliances does not arise. 7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business, the Company has appointed a Chartered Accountant as an Internal Auditors and regularly carried out the Internal Audit. 8) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Sec.293 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We are, however, not required to make a detailed examination of the records with a view to determine whether they are accurate or complete. 9) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Excise duty, cess and other material statutory dues applicable to it. b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom duty, Excise duty and cess were in arrears as at 31.03.2015 for a period of more than six months from the date they became payable. c) According to the information & explanation give to us, there are no dues of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom duty, Excise duty or Cess which have not been deposited on account of any dispute. d) The amount required to be transferred to investors education and protection fund in accordance with relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund, However unpaid dividend for the year 2012-13 is showing in balance sheet for Rs.25,309/- . 10) The Company does not have any accumulated losses. It has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. 11) Based on our audit procedures and as per the information & explanation given by the management, the company has not defaulted in repayment of dues to financial Institution or Banks. 12) As informed and explained 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. 13) Since the Company is not dealing or trading in shares, securities, debentures and other investment, clause (xiv) of the Order is not applicable. 14) The company has not given any guarantee for loans taken by others from bank or financial institutions. 15) In our opinion and according to the information and explanations given to us, the term loans were applied for the purposes for which they were raised. 16) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short term basis have been used to finance long term investments. 17) During the period covered by our audit report, the Company has not issued any debentures. 18) The company has not raised any money from public issue during the year. 19) During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the management Place: Belgaum CA.Prabhakar K. Latkan Date: 26.05.2015 Chartered Accountant M.No : 21730 1083,Ananthashayan Galli, BELGAUM- 590 002