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Kwality Ltd.

BSE: 531882 | NSE: KWALITY | Series: NA | ISIN: INE775B01025 | SECTOR: Food Processing

BSE Live

Feb 23, 16:00
2.14 0.00 (0.00%)
Volume
No Data Available
1,223,660
  • Prev. Close

    2.14

  • Open Price

    2.14

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    2.14 (25998)

Kwality is not traded on BSE in the last 30 days

NSE Live

Feb 23, 15:58
2.20 0.00 (0.00%)
Volume
No Data Available
2,190,309
  • Prev. Close

    2.20

  • Open Price

    2.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    2.20 (70999)

Kwality is not traded on NSE in the last 30 days

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of Kwality Dairy (India) Limited as at 31 st March 2009 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. We conducted our audit in accordance with 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 audit provides a reasonable basis for our opinion. 2. As required by the Companies Auditors Report Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227(4A) of the Companies Act 1956 and on the basis of such checks of the books and records as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that : a) We have obtained all the information and explanations which to the best of our knowledge and belief ware necessary for the purpose of our audit. b) In our opinion, proper books of account as required by the law have been kept by the company, so far as appears from our examination of those books. c) The Balance Sheet and the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d) In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report have been prepared in compliance with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. e) On the basis of the written representations received from the directors, as on 31 st March, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March 2009 from being appointed as directors in terms of clause (g) of sub-section (1) of Section 274 of The Companies Act 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon/attached thereto give in the prescribed manner the information required by the Companies Act 1956 and also give a true and fair view in conformity with the accounting principles generally accepted in India: (i) In the case of the Balance Sheet of the state of affairs of the company as at 31 st March 2009; (ii) In the case of the Profit & Loss Account, of the profit for the year ended on that date; and (iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 2 of our report of even date) (1) (a) The company has generally maintained proper records showing full particulars including quantitative details and situations of its fixed assets. (b) As explained to us, the company is following a programme for verification of its fixed assets in a phased manner which, in our opinion is reasonable having regard to the size of the Company and nature of its assets. As informed, no material discrepancies were noticed on such verification. (c) There was no substantial disposal of fixed assets during the year. Based on information and explanation give by the management and the audit procedure performed by us, we are of the opinion that the sale of fixed assets if any has not effected the going concern status of the company. (2) (a) The Management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion the frequency of verification is reasonable. (b) The procedures of physical verification of inventory 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 is maintaining proper records of inventory and no material discrepancies were noticed on physically verification. (3) (a) The Company has not granted loans, secured or unsecured, to companies , firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. (b) The company has taken unsecured loan from two companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year and year-end balances of such loans aggregates to Rs 2500.00 Lacs. Besides the company has also received amounts under current account from two companies covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year Rs.4177.91 Lacs and year end balances of amount received from such parties was Rs. nil. (c) The Company had taken interest free loans from the parties covered in the register maintained U/s 301 of the companies act, 1956. In our opinion and according to the information and explanation given to us, the terms and conditions on which above mentioned loan have been taken from the companies listed in the register maintained U/s 301 of the companies act, 1956, are not prima facie prejudicial to the interest of the company. (d) According to the information and explanations give to us, the company is generrily regular in repayment of principal amounts and interest thereon wherever applicable. (4) 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, for the purchase of inventory and fixed assets and also for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control systems in respect of these areas. (5) (a) According to the information and explanations provided by the managements, we are of the opinion that the particulars of contracts or arrangements, referred to section 301 of the Act that need to be entered into the register maintained under 3 01 have been so entered. (b) In our opinion and according to the information and explanations given to us, there are the transactions referred to in (a) above did not exceed the value of Rupees Five Lac in respect of any party during the year. (6) The Company has not accepted any deposits from the public covered by the provision of section 58A and 58AA or any relevant provisions of companys Act 1956. (7) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. (8) We have broadly reviewed the books of account maintained by the company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 and are of opinion that prima facie, the prescribed accounts and records have been maintained. We have not, however carried out a detailed examination of the same. (9) (a) According to the records of the company, it has been generally regular in depositing undisputed statutory dues including Investor education fund, ESIC, Provident Fund, Sales Tax, Vat, Wealth Tax, Custom Duty, Cess and other statutory dues with appropriate authorities. There have been delays in depositing undisputed Advance Income Tax and Fringe Benefit Tax and the amount outstanding as at the last day of the financial year for a period exceeding six months from the date they became payable, amounts to Rs.206.38 Lacs and Rs. 1.69 Lacs respectively. There were no dues during the year towards Investor Education and Protection Fund and Excise Duty. (b) On the basis of our examination of documents and records of the Company, there were no disputed dues in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty. Disputed cess are as under: Name of the statute Nature Amount Period to Forum where of dues (Rs in lacs) which the pending amount relates Haryana Livestock Milk Development Cess 196.18 2002-2009 High Court Board, Gurgaon (10) The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year. (11) On the basis of record examined by us and the information and explanation given to us, except for some delays in few cases the company has not defaulted in repayment of dues to bank or financial institutions. The Company has not issued any debenture. (12) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other security. (13) In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the Company. (14) In our opinion and according to the information and explanations given to us, the Company is not a dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause (xiv) of Paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (16) According to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained. (17) 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 for long-term investment. (18) The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 195 6 during the year. (19) The company did not have any outstanding debentures during the year. (20) The company has not raised any money, through a public issue during the year. (21) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year. For Mukesh K Arora & Co. Chartered Accountants Place: Faridabad P.P. Mukerjee Date : 4th September, 2009 Partner Membership No.089854