you are here:

Konark Synthetics Ltd.

BSE: 514128 | NSE: | Series: NA | ISIN: INE517D01019 | SECTOR: Textiles - Processing

BSE Live

Dec 01, 16:00
15.80 -0.05 (-0.32%)
Volume
AVERAGE VOLUME
5-Day
1,255
10-Day
870
30-Day
633
13,353
  • Prev. Close

    15.85

  • Open Price

    15.80

  • 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)

Konark Synthetics is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of Konark Synthetic Limited (''the Company''), which comprise the Balance Sheet as at 31st 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 the 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. Auditor''s Responsibility Our responsibility is to express an opinion on the 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 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 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 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, of the state of affairs of the Company as at 31 March 2015 and its profit and its cash flows for the year ended on that date. Emphasis of Matter: We would like to draw the attention on the Company''s policy of providing for gratuity as and when paid and not on the basis of actuarial valuation as per AS 15. The same has been stated in Note 27 of Notes to Accounts. 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 31st March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st 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 does not have any pending litigations and therefore no impact or disclosure in relation to the same has been made in the financial statement; (ii) the Company does not see any foreseeable losses on long-term contracts as on the balance sheet date and the Company has not entered into any derivative contracts, therefore no provision has been made in relation to the same; iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year. Annexure to the Independent Auditors'' Report The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a programme of physical verification of its fixed assets by which fixed assets are verified. In accordance with this programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. (ii) In respect of its inventories: a) The inventories have been physically verified during the year by the management. 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 are reasonable and adequate in relation to the size of the Company and the nature of its business. c) The Company has maintained proper records of inventories. As per the information and explanation given to us, no material discrepancies were noticed on physical verification (iii) According to the information and explanations given to us, the Company has granted unsecured loan to companies covered in the register maintained under section 189 of the Companies Act and thus, paragraph 3 (iii) of the Order is not applicable. a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has granted unsecured loans to its subsidiaries/step down subsidiaries, with or without interest, during the year of which details are as follows. (Rs,in Lac) No. of Parties Loan Given* Maximum Balance Closing Balance 5 253.86 1443.83 1415.57 * includes interest amount. b) In our opinion, interest, whenever charged and other terms and conditions of loans given by the company are not prima facie prejudicial to the interest of the company. c) In absence of any stipulated time period we are unable to comment on the repayment of the principal amounts and interest whether paid in time or not. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets. (v) The Company has not accepted any deposits from the public and thus, paragraph 3(v) of the Order is not applicable. (vi) The Central Government has prescribed the maintenance of cost records under section 148(1) of the Companies Act, 2013. The company has maintained such cost records which we have broadly reviewed. However no detailed analysis of such records has been done by us. (vii) a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues such as provident fund, income tax, and others as applicable, have been regularly deposited during the year by the Company with the appropriate authorities. b) According to the records of the Company, and information and explanations given to us there are no dues of Income tax / Sales Tax / Wealth Tax / Service Tax/ Custom Duty/ Excise Duty/ Cess which has not been deposited on account of disputes. c) According to the audit carried by us and the information and explanations given to us, the company having no amount of unpaid dividend which is required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956. (viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. (ix) As per the information and explanations given to us and based on our audit, the Company has not defaulted in repayment of dues to financial institution or bank. (x) In our opinion and according to the information and the explanations given to us, the Company has given any guarantee of Rs.5960/- Lac (P.Y-Rs.3190/- Lac) for loans taken by its subsidiaries and step down subsidiaries. In our opinion guarantee given by the company are prima facie not prejudicial to the interest of the company. (xi) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Company were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained. (xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. For Bhuwania & Agrawal Associates Chartered Accountants Firm''s registration number: 101483W Niranjankumar Agrawal Partner Membership No. 34659 Place: Mumbai Date : 30th May, 2015