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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 31st March 2011 and also the Profit and Loss Account tor the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management Our responsibility is to express an opinion on these financial statements based on our audit We canducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and pertorm the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examin- ing, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the account- ing 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 tor our opinion. As required by the Companies (Auditor''s Report] Order, 2O03,as amended by the Companies (Auditor''s report) amendment Order 2004 issued by the Central Government of India in terms of sub- section |4A] of Section 227 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 intormation and explanation given to us, we set out in the Annexure a statement on the matters specified in Paragraphs 4 and 5 of the said Order to the extent applicable to the Company Further to our comments in the Annexure referred to above, we report that: (i) We have obtained all the intormation and explanations, which to best of our knowledge and belief were necessary tor the purposes 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 those books, 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. In our opinion, the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, On the basis of written representations received from the directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appofnted as a director in terms of clause (g) of sub-section fl} of Section 274 of the Companies Act, 1956; in the case of the Profit and Loss Account of the Profit tor the year ended on that date. c> In the case of Cash Flow Statement, of the cash flows tor the year ended on that date ANNEXURE TO THE AUDITOR''S REPORT OF KWALITY DAIRY (INDIA) LIMITED toR THE YEAR ENDED 31ST MARCH 2011 a] The Company has generally maintained proper records showing full particulars Including quantitative details and situation of fixed assets b] All the assets have not been physically verified by the management during the year but there is a regular programme of verification of its fixed assets in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification c) During the year, the Company has not disposed off a substantial part of the fixed assets. Based on the intormation and explanation given by the management and on the basis of audit procedures pertormed by us, we are of the opinion that the sale of the fixed assets, if any, has not affected the gofng concern status of the Company. 2 The inventory has been physically verified during the year by the management, in our opinion, the frequency of verification is reasonable. 2a) The procedures of physical verification of inventories tollowed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business 2b> On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material 3a] 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. 3b) The Company has taken unsecured loans from three companies covered in the register maintained under section 301 of the Compa- nies Act 1956 The maximum amount involved during the year and year end balances of such loans aggregates to Rs. 6000.00 lacs. bestdes the company has also received amounts under current account from three companies covered in the Register maintainer under section 301 of the Companies Act, 1956 The maximum amount involved during the year Rs 1742.19 Lacs and year end balances of amount received from such companies were Nil. 3c> The Company had taken interest free loans from the parties covered in the register maintained under section 301 of the Companies Act,1956. In our opinion and according to the intormation and explanation given to us, the terms and canditions on which above mentioned loans have been taken from companies, firms or other parties listed in the registers maintained under Section 301 of the Companies Act, 1956, are not, prima facie, prejudicial to the interest of the Company. 3d) The Company is regular in repaying the principal amounts as stipulated and has been regular in the payment of Interest wherever agreed. 3e> There is no overdue amount of loans received from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 4 In our opinion and according to the intormation and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and tor the sale of goods and services During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control systems 5a) Based on the audit procedures applied by us and according to the intormation and explanations provided by the management, we are of tie opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered. 5b) According to the intormation and explanations given 1o us, the transactions with parties with whom transactions exceeding value of Rs.5 Lac have been entered into during the financial year are reasonable having regard To the prevailing market prices at the relevant time. 6 In our opinion and according to the intormation and explanations given to us, the Company has not accepted any depostts covered by the provisions of Sections 58Aand 59AAor any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Depostts) Rules, 1975 and hence the provisions of clause 4 (vi) of the Companies [Auditor''s Report] Order, 2003 are not applicable to the Company. 7 In our opinion, the company has an internal audit system commensurate with the size and nature of its business We recommend further enlargement of scope and coverage, in view of continuous growth and expansion. 8. We have broadly reviewed the books of accounts 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 209 of the Companies Act, 1956 and are of opinion that prima facie , prescribed accounts and records have been maintained We have not, however carried out a detailed examination of the records with a view to determine whether they are accurate or complete. 9a). According to the records of the Company examined by us, the Company has been generally regular in depostting with appropriate authorities undisputed statutory dues including, investor educations protection fund, employees'' state insurance, employees'' provident fund, central sales tax ,VAT, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues with appropriate authorities. There have been delays in depostting undisputed Advance Income Tax and the amount outstanding as at the last day of the financial year tor a period exceeding six months from the date they become payable, amounts to Rs 591.88 Lacs (prevyearRs. 467,65 Lacs]. There were no dues during the year towards Investor Education and Protection Fund and Excise Duty. 9b). According to the records of the Company examined by us and according to the intormation and explanations given to us, there are no dues of income-tax, sales tax, wealth tax, service tax, custom duty, excise duty and cess which have not been depostted on account of any dispute, except Nature of Statute Nature of dues Amount unpaid Year to which torum Where [Rs in lakhs) the amount relates pending Haryana Livestock Milk cess 246.60 2002-2011 High Court Development 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. Based on our audit procedures and in our opinion and according to the intormation and explanations given by the management, except tor some delays in few cases the Company has not defaulted in repayment of dues to banks and financial institutions. The company has not issued any debenture. 12 As the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities the provisions of clause 4 [xii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company 13 In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society, hence the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company 14. According to the intormation and explanation given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause |xiv) of paragraph 4 of the Companies (Auditor''s Report) order 2003 (as amended) are not applicable to the Company 15. According to the intormation and explanation given to us , the Company has not given any guarantee tor loans taken by others from bank or financial institutions. 16 In our opinion and according to the intormation and explanations furnished to us, the term loans have been applied tor the purpose tor which they were obtained. 17 According to the intormation 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 tor long-term investment. 18. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 30T of the Companies Act, 1956. 19. As the Company has not issued any debentures the provisions of clause 4 |xix] of the Companies [Auditor''s Report) Order, 2003 are not applicable to the Company. 20 As the Company has not raised any money by public issue the provisions relating to end use thereof as per clause 4 [xx| of the Companies [Auditor''s Report] Order, 2003 are not applicable to the Company. 21. Based upon the audit procedures pertormed and according to the intormation and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit tor P.P Mukerjee & Associates Chartered Accountants Firm''s Registration No. 023276N Place: New Delhi Date: September 1, 2011 P. R Mukerjee Proprietor Membership Number: 089854