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Katwa Udyog Ltd.

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Annual Report

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

Auditor's Report

To,

The Members of

Shri Keshav Cements & Infra Limited

[Formerly Known as KatwaUdyog Limited]

Belgaum

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Shri Keshav Cements & Infra Limited [Formerly Known as KatwaUdyog Limited] (the company),which comprise the Balance Sheet as at31 March 2016, 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 Standalone 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 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 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 standalone 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 standalone 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 standalone 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;

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;

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 standalone financial statements of the company have been prepared on a going concern basis.

Report on other Legal and Regulatory Requirements:

1) As required by the companies (Auditor''s Report) order 2016 (''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, a statement on the matters specified in paragraph 3 and 4 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 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 by 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.

e) 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.

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, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

h) With respect to the adequacy of Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure B and

I) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit & Auditor''s) Rules, 2014, In our opinion and to the 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.

There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE ''A'' TO THE INDEPENDENT AUDITOR''S REPORT OF SHRI KESHAV CEMENTS & INFRA LIMITED (FORMERLY KNOWN AS KATWA UDYOG LTD)

REFERREDTO IN PARAGRAPH 1 UNDER THE HEADING OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE

COMPANY''S (AUDITOR''S REPORT) ORDER 2016 CARO 2016

1) Fixed Assets:

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets.

b) 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.

c) According to the information and explanations given to us and on the basis of our examinations of the records of the company, the title deeds of immovable properties are held in the name of the company.

d) During the year company has undertaken expansion of the project. The project is under progress. During the year company has invested a sum of Rs.8,40,82,074/- which is shown as capital works in progress - project expansion in the balance sheet.

2) Inventory:

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) Loans & Advances:

The company has not granted any loans, secured or unsecured to companies, Firms, Limited Liability Partnerships or other parties covered in the Register maintain under section 189 of the companies act, 2013(''the act''). Accordingly, sub-paragraphs a, b, c of the order are not applicable to the company.

4) Loans & Investments, Guarantees and Security:

In our opinion and according to the information and explanations given to us, the company has not given any loans / guarantee / security to or on behalf of any party refer to in section 185 of the companies act, 2013. The company has complied with section 186 in respect of loans and investments made. The company has not given any guarantee or provided any security in connection with a loan to anybody corporate or any other person.

5) Acceptance of Public Deposits:

On the basis of our examinations of books and records of the company, in our opinion and according to the information and explanations given to us, the company has not accepted deposits during the year and therefore, the directives issued by the Reserve Bank of India and Provisions of sections 73 to 76 or any other relevant provisions of the companies act, 2013 and rules framed there under are not applicable to the company.

6) Cost Records:

We have broadly reviewed the cost records maintained by the Company pursuant to the companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under section 148(1) of the companies act, 2013 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

7) Statutory Dues:

a) According to the information and explanations given to us and on the basis of our examination of the books and records of the company, the company is regular in depositing undisputed statutory dues including provident fund, Income Tax, Sales Tax, VAT, Duty of Customs, Service Tax, Cess and other material statutory dues with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Sales Tax, Service Tax, Custom duty, Excise duty and cess were in arrears as at 31.03.2016 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, Sales Tax, Service Tax, Custom duty, Excise duty or Cess which have not been deposited on account of any dispute.

d) According the information and explanations given to us, there is no amount required to be transferred to investors education and protection fund in accordance with relevant provisions of the Companies Act. However, unpaid dividend for the year 2012-13 is showing in balance sheet for Rs. 25,309/-.

8) Repayment of Loans & Borrowings:

Based on our examination of books and records and according to the information and explanations given to us, the company has not defaulted in repayment of loans or borrowings to financial institutions or banks or government. The company has not issued any debentures. The company has taken unsecured loans from directors covered in Register maintained under section 73(2) of the companies act, 2013. In our opinion, the rate of interest and other terms and conditions on which loan has been taken from directors are not prima facie prejudicial to the interest of the company. The company is regular in repaying the principle amount as stipulated and has been regular in the repayment of interest.

9) Money Raised Application of Funds:

The company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, sub-paragraph 3 of the order is not applicable.

10) Frauds:

On the basis of our examination of books and records of the company and according to the information and explanations given to us, no material fraud by the company or on the company by its officers or employees has been noticed or reported during the year.

11) Managerial Remuneration:

According to the information and explanations given to us, and based on our examination of the records of the company, the company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the companies act, 2013.

12) Nidhi Company:

In our opinion and according to the information and explanations given to us, the company is not a Nidhi Company. Accordingly, sub-paragraph 3 of the order is not applicable.

13) Related party Transactions:

According to the information and explanations given to us, and based on our examination of the records of the company, transactions with the related parties are in compliance with section 177 and 188 of the act and details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards

14) Preferential Allotment/Private Placement:

According the information and explanations given to us, and based on our examination of records of company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year and therefore, sub-paragraph 3 of the order is not applicable.

15) Non-cash Transactions:

In our opinion and according to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him and therefore, sub-paragraph 3 of the order is not applicable.

16) Compliance with RBI Act, 1934:

Since the company is Cement Manufacturing Company, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934, hence not applicable.

ANNEXURE B: TO THE INDEPENDENT AUDITOR''S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF Shri Keshav Cements & Infra Limited Belgaum. (Formerly Known as Katwa Udyag Limited.)

Report on the Internal Financial Controls under Clause (I) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls over financial reporting of Shri Keshav Cements & Infra Limited Belgaum. (Formerly Known as Katwa Udyag Limited) (the Company) as of March 31,2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to expression opinion on the Company''s internal financial controls over financial reporting based on my/our audit. I/We conducted my/our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143 (10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls

over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence / we have obtained is sufficient and appropriate to provide a basis for my / our audit opinion on the Company''s internal financial controls system over financial reporting.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on my/our audit. I/We conducted my/our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note)and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance

Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence / we have obtained is sufficient and appropriate to provide a basis for my/our audit opinion on the Company''s internal financial controls system over financial reporting.

Place: Belgaum CA. Prabhakar K. Latkan

Date : 27.05.2016 M. No. 21730

1083, Ananthshayan Galli,

Belgaum-590002