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Auditor Report of Kanchi Karpooram Ltd.
Mar 31, 2025
1. We have audited the accompanying Standalone Ind AS financial statements of Kanchi Karpooram Limited ("the
Company"), which comprise the balance sheet as at March 31, 2025, and the statement of profit and loss
(including other comprehensive income), statement of changes in equity and statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant accounting policies
and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").
2. 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 Companies Act,2013 ("the Act") in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed
under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company
as at March 31, 2025, the Profit (including Other Comprehensive Income), the cash flows and the changes in
Equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10)
of the Act. Our responsibilities under those Standards are further described in the "Auditor''s Responsibilities for
the Audit of the Standalone Financial Statements" section of our report. We are independent of the Company
in accordance with the Code of Ethics, as amended, issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements
under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of Ethics, as amended. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone Financial
Statements.
Key audit matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the Standalone Ind AS financial statements of the current period. These matters were addressed in the context
of our audit of the Standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
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Key Audit Matters |
Principal audit procedures |
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Other bank balances As on 31st March 2025, the Company carries |
Our audit procedures included: ⢠We have tested the design and operating effectiveness ⢠We have verified the confirmations of balances from the |
Other information
5. The Company''s Board of Directors is responsible for the other information. The other information comprises the
information included in the Company''s annual report but does not include the Standalone Financial Statements
and our auditor''s report thereon. The Company''s annual report is expected to be made available to us after the
date of this auditor''s report.
Our opinion on the Standalone Ind AS financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with
the Standalone Ind AS financial statements or our knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of management and those charged with governance for the Ind AS financial statements
6. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect
to the preparation of these Standalone Ind AS financial statements that give a true and fair view of the financial
position, financial performance, changes in equity 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. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of 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 Ind AS financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
7. In preparing the Ind AS financial statements, management is responsible for assessing the Company''s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the
Company''s financial reporting process.
Auditor''s responsibilities for the audit of Ind AS financial statements
8. Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS financial
statements.
9. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone Ind AS financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the company has adequate internal financial controls with reference to financial
statements in place and the operating effectiveness of such controls.
V_
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
10. We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
11. We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
12. From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the Standalone Ind AS financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
13. As required by the Companies (Auditor''s Report) Order, 2020 ("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 paragraphs 3 and 4 of the Order, to the extent applicable.
14. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements
of Section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration
paid by the Company to its Directors during the year was in compliance with provisions of Section 197 of
Companies Act, 2013.
15. 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 (including other comprehensive income), the Statement
of Changes in Equity and Cash Flow Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian 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 and taken on record by the Board of
Directors, none of the directors are disqualified as on March 31, 2025 from being appointed as a director in
terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financials statements of
the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s
internal financial controls with reference to financial statements.
(g) 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. There are no pending litigations involving the Company hence disclosure under Rule 11(a) is not applicable.
ii. The Company did not have any long-term contracts including derivative contracts on which there were
material foreseeable losses.
iii. During the year, the Company was required to transfer the unclaimed dividend pertaining to the financial
year 2016-17 that was declared in the General Meeting held on September 28, 2017 amounting to Rs.
6,06,334. There was a delay of two months in transferring this amount to the Investor Education and
Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other
person or entity, including foreign entity ("intermediaries"), with the understanding, whether recorded
in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person
or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations as
provided under (a) and (b) above, contain any material misstatement.
v. The dividend declared by the Company and paid during the year ending 31st March 2025 is in accordance
with Section 123 of Company Act, 2013 to the extent applicable.
vi. Based on our examination which included test checks, the company has used an accounting software for
maintaining its books of account which has a feature of recording audit trial (edit-log) facility and the same
has operated throughout the year for all relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instance of audit trial feature being tampered with. The
audit trial has been preserved by the company as per the statutory requirements for record retention.
For P CHANDRASEKAR LLP
Chartered Accountants
FRN 000580S/S200066
S Raghavendhar
Partner
Chennai M. No. 244016
May 27, 2025 UDIN: 25244016BMHPFP9737
Mar 31, 2024
1. We have audited the accompanying Standalone Ind AS financial statements of Kanchi Karpooram Limited ("the Company"), which comprise the balance sheet as at March 31, 2024, and the statement of profit and loss (including other comprehensive income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").
2. 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 Companies Act,2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the Profit (including Other Comprehensive Income), the cash flows and the changes in Equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditor''s Responsibilities for the Audit of the Standalone Financial Statements" section of our report. We are independent of the Company in accordance with the Code of Ethics, as amended, issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics, as amended. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.
Key audit matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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Key Audit Matters |
Principal audit procedures |
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Other bank balances As on 31st March 2024, the Company carries Other bank balances of ?4,745.83 lakhs. The amount of other bank balances have been considered a key audit matter given the relative size of the balance in the financial statements. |
Our audit procedures included: ⢠We have tested the design and operating effectiveness of controls with regard to maintenance of cash balances, operation of bank accounts and preparation of bank reconciliation statements. ⢠We have verified the confirmations of balances from the banks directly received by us and we have performed alternate audit procedures where direct confirmation could not be obtained. |
Other information
5. The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Company''s annual report but does not include the Standalone Financial Statements and our auditor''s report thereon. The Company''s annual report is expected to be made available to us after the date of this auditor''s report.
Our opinion on the Standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of management and those charged with governance for the Ind AS financial statements
6. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance, changes in equity 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
7. In preparing the Ind AS financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s responsibilities for the audit of Ind AS financial statements
8. Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS financial statements.
9. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
10. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
11. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
12. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
13. As required by the Companies (Auditor''s Report) Order, 2020 ("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 B, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
14. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of Section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its Directors during the year was in compliance with provisions of Section 197 of Companies Act,2013.
15. 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 (including other comprehensive income), the Statement of Changes in Equity and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian 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 and taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financials statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls with reference to financial statements.
(g) 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. There are no pending litigations involving the Company hence disclosure under Rule 11(a) is not applicable.
ii. The Company did not have any long-term contracts including derivative contracts on which there were 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.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("intermediaries"), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations as provided under (a) and (b) above, contain any material misstatement.
v. The dividend declared by the Company and paid during the year ending 31st March 2024 is in accordance with Section 123 of Company Act, 2013 to the extent applicable.
vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit-log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. The audit trail has been preserved by the company as per the statutory requirements for record retention.
For P CHANDRASEKAR LLP
Chartered Accountants FRN 000580S/S200066
S Raghavendhar
Partner
Chennai M. No. 244016
May 29, 2024 UDIN: 24244016BKELMA4271
Mar 31, 2023
M/s KANCHI KARPOORAM LIMITED Report on the audit of the Indian Accounting Standards (Ind AS)Financial Statement
Opinion
1. We have audited the accompanying Standalone Ind AS financial statements of Kanchi Karpooram Limited ("the Company"), which comprise the balance sheet as at March 31, 2023, and the statement of profit and loss (including other comprehensive income), statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").
2. 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 Companies Act,2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, the Profit (including Other Comprehensive Income), the cash flows and the changes in Equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditor''s Responsibilities for the Audit of the Standalone Financial Statements" section of our report. We are independent of the Company in accordance with the Code of Ethics, as amended, issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics, as amended. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone Financial Statements.
Key audit matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS financial statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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Key Audit Matters |
Principal audit procedures |
|
Other bank balances As on 31st March 2023, the Company carries other bank balances of Rs. 1,968.76 Lakh. The amount of other bank balances have been considered a key audit matter given the relative size of the balance in the financial statements. |
Our audit procedures included: ⢠We have tested the design and operating effectiveness of controls with regard to maintenance of cash balances, operation of bank accounts and preparation of bank reconciliation statements. ⢠We have verified the confirmations of balances from the banks directly received by us and we have performed alternate audit procedures where direct confirmation could not be obtained. |
Other information
5. The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Company''s annual report but does not include the Standalone Financial Statements and our auditor''s report thereon. The Company''s annual report is expected to be made available to us after the date of this auditor''s report.
Our opinion on the Standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Responsibilities of management and those charged with governance for the Ind AS financial statements
6. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance, changes in equity 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
7. In preparing the Ind AS financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s responsibilities for the audit of Ind AS financial statements
8. Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS financial statements.
9. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
10. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
11. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
12. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
13. As required by the Companies (Auditor''s Report) Order, 2020 ("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 B, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
14. With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of Section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its Directors during the year was in excess of the limits laid down in Section 197 of the Act to an extent of Rs. 64.55 lakhs. This excess amount has been shown as recoverable from the directors in the Standalone IndAS financial statements of the Company and will be treated as such unless waived by the shareholders in accordance with the Companies Act, 2013.
15. 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 (including other comprehensive income), the Statement of Changes in Equity and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian 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 and taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financials statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls with reference to financial statements.
(g) 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. There are no pending litigations involving the Company hence disclosure under Rule 11(a) is not applicable.
ii. The Company did not have any long-term contracts including derivative contracts on which there were 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.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("intermediaries"), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations as provided under (a) and (b) above, contain any material misstatement.
v. The dividend declared by the Company and paid during the year ending 31st March 2023 is in accordance with Section 123 of Company Act, 2013 to the extent applicable.
vi As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the Company only with effect from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is not applicable.
For P CHANDRASEKAR LLP
Chartered Accountants FRN 000580S/S200066
S Raghavendhar
Partner
Chennai M. No. 244016
May 27, 2023 UDIN: 23244016BGQPZH3852
Mar 31, 2018
INDEPENDENT AUDITORS'' REPORT FOR THE YEAR ENDED 31ST MARCH 2018
TO
THE MEMBERS OF
KANCHI KARPOORAM LIMITED
Report on the Ind AS Financial Statements
1. We have audited the accompanying Ind AS financial statements of Kanchi Karpooram Limited, ("the Company"), which comprises the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss(including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Ind AS Financial Statements
2. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,2013 ("the Actâ) with respect to the preparation of the seInd AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act and the Rules made thereunder.
3. 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 the 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
4. Our responsibility is to express an opinion on the seInd AS financial statements based on our audit. In conducting 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 thereunder. We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing as specified under Section143(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 Ind AS financial statements are free from material misstatement.
5. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give a 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 there adorableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
6. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
7. In our opinion and to the best of our information and according to the explanations given to us, the afore said Ind AS 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 Ind AS and accounting principles generally accepted in India, of the state of affairs of the Company as at 31stMarch 2018,and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Other Matters
8. The comparative financial information of the Company for the year ended 31stMarch 2017 and the transition date opening balance sheet as at 1stApril 2016 included in these Ind AS financial statements, are based on the previously issued statutory financial statements prepared in accordance with the Companies(Accounting Standards) Rules, 2006 audited by another firm of Chartered Accountants and their reports for the year ended 31stMarch 2017 and31stMarch 2016 dated 29th May 2017 and 30thMay 2016 respectively, expressing an unmodified opinion on those financial statements and have been restated to comply with Ind AS. Adjustments made to the previously issued said statutory financial information or the differences in the accounting principles adopted by the Company on transition to the Ind AS have been audited by us. Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditorâs Report) Order,2016 ("the Order") and 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 paragraphs 3 and 4 of the said Order, to the extent applicable.
10. 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 (including Other Comprehensive Income), the Cash Flow Statement and Statement of Changes in Equity dealt with by this report are in agreement with the books of account;
(d) in our opinion, the aforesaid IndAS financial statements, comply with the Indian Accounting Standards prescribed under Section 133 of the Act and the Rules made thereunder;
(e) on the basis of written representations received from the Directors as on 31stMarch 2018, and taken on record by the Board of Directors, none of the Directors is disqualified as on 31stMarch 2018, from being appointed as a Director in terms of Section 164 (2)of the Act;
(f) with respect to the adequacy of the internal financial controls with reference to financial statements and the operating effectiveness of such controls, refer tour separate report in Annexure B; and
(g) with respect to the other matters to be included in the Auditorâs 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 explanations given to us:
i. the Company has no pending litigations as at 31st March 2018 and accordingly, disclosing the impact of pending litigations on its financial position in its financial statements does not arise.
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. there was no delay in transferring the required amount to the Investor Education and Protection Fund by the Company during the year.
a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) As explained to us, these fixed assets have been physically verified by the Management at regular intervals; as informed to us, no material discrepancies were noticed on such verification.
c) The title deeds of immovable properties are held in the name of the Company.
ii. The Management has conducted physical verification of inventory at reasonable intervals and as per the information made available to us, no material discrepancies were noticed on such verification.
iii. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not provided any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.
iv. According to the information and explanations provided to us, the Company does not have any loans, investments, guarantees and security which are subject to the provisions of Section 185 and 186 of the Companies Act, 2013. Therefore, provisions of Para 4(iv) of the Companies (Auditor''s Report) Order, 2016 are not applicable to the Company.
v. The Company has not accepted any deposits from public.
vi. On the basis of the records produced to us, we are of the opinion that, prima facie, the cost records prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013 have been maintained. However, we have not carried out any detailed examination of such records.
vii. According to the information and explanations given to us in respect of statutory dues:
a) the Company has generally been regular in depositing with the appropriate authorities the undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty and Cess though there has been a slight delay in a few cases. To the best of our knowledge and according to the information and explanations given to us, there were no arrears of outstanding statutory dues as at 31st March 2018 for a period of more than six months from the date they become payable.
b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, there were no dues of Income Tax or Sales Tax or Customs Duty or Excise Duty or Value Added Tax or Goods and Services Tax, as at 31st March 2018, which have not been deposited on account of any dispute.
viii. On the basis of verification of records and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to a financial institution, bank, Government or dues to debenture holders.
ix. In our opinion and according to the information and explanations given to us, the Company has not raised monies by way of initial public offer or further public offer (including debt instruments) during the year. The term loans availed were applied for the purposes for which they were raised.
x. 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 to us by the Management, no fraud by the Company and no fraud on the Company by its officers or employees has been noticed or reported during the year.
xi. In our opinion and according to the information and explanations given to us, managerial remuneration paid or provided has been in accordance with the requisite approvals mandated by the provisions of Section 197, read with Schedule V to the Companies Act, 2013.
xii. The Company is not a Nidhi Company and hence compliance with the provisions of the Nidhi Rules is not applicable.
xiii. In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013 where applicable and the details have been disclosed in the financial statements, as required by the applicable accounting standards.
xiv. During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures.
xv. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him which will come under the purview of Section 192 of the Companies Act, 2013.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
1. We have audited the internal financial controls with reference to the financial statements of Kanchi Karpooram Limited ("the Company") as of 31st March 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
2. The Companyâs 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 Companyâs 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
3. Our responsibility is to express an opinion on the Companyâs internal financial controls with reference to the financial statements, based on our audit. We conducted 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 with reference to financial statements were in place and if such controls were operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, 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 auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls with reference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements
6. A companyâs internal financial controls with reference to financial statements are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial controls with reference to financial statements includes those policies and procedures that
a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
c) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements
7. Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at 31st March 2018, 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.
Place : Chennai For P.CHANDRASEKAR, LLP
Date : 16th May 2018 CHARTERED ACCOUNTANTS
(Firm Regn. No.000580S/S200066)
S.SRIRAM
Partner
Membership No. 205496
Mar 31, 2015
Report on Financial Statements
We have audited the accompanying financial statements of KANCHI
KARPOORAM LIMITED("The Company") which comprise of the Balance Sheet as
at 31stMarch 2015, Statement of Profit &Loss,and 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 Directorsare responsible for the matters stated
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
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 a re free from material misstatement, whether due to fraud orerror.
Auditor's Responsibility
Our responsibility is to express an opinion on these 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 a bout whether the financial statements
are free from materia I 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 a true and fair view
in order to design audit procedures that are appropriate to 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 accounting policies used and the reasonableness of
the accounting estimates made by the company's directors, as well as
evaluating the overall presentation of thefinancial 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 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 Bala nee Sheet, of the state of affairs of the
Company as at 31st March 2015; and
b) In the case of the Statement of Prof it and Loss, of the Prof it for
the year ended on that date.
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date. 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 oflndia in terms of Subsection
(11) of Section 143 of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 3 and 4 of the Order.
2. As required bysection 143(3) of the Act, we reportthat:
a) We have sought and obtained all the information and explanations,
which to the best of our knowledge and belief were necessary for the
purpose 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 and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us.
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 financial statements comply with the
Accounting Standards Specified under Section 133oftheAct, read with
Rule 7 ofthe Companies (Accounts) Rules 2014.
e) On the basis of written representations received from the directors
as on 31stMarch 2015 and 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) ofthe Act.
f) With respect to the other matters to be included in the Auditors
report in accordance with Rule 11 of the Companies (Audits and
Auditors) Rules 2014, in our opinion and to the best of our information
and according to the explanationsgiventous:-
(I) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
(ii) The company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses,
(iii) There has been no delay in transferring a mounts, required to be
transferred to thelnvestor Education and Protection fund by the
Company.
Annexure referred to in Paragraph lunderthe heading "Report on other
legal and regulatory requirements "of our Report of even date to the
members of KANCHI KARPOORAM LIMITED on the accounts of the company for
the year ended 31st March, 2015 :
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
I. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us, these fixed assets have been physically
verified by the management at regular intervals; as informed to us no
material discrepancies were noticed on such verification;
II. (a) As explained to us, inventories were physically verified
during the year by the management at reasonable intervals.
(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 nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of inventories
and no material discrepancies noticed on physical verification.
III. The company has not granted Secured or unsecured loans to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act 2013.
IV. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
Purchase of Inventories andfixed assets and for the sale of goods and
services. Duringthe course of audit we have not observed any continuing
failure to correct major weaknesses in internal controls.
V. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013
VI We have broadly reviewed the books of accounts maintained by the
company in respect of products the maintenance of cost records has been
prescribed under sub-section (1) of Section 148 of the Companies Act,
2013 and are of the opinion that prima facie, the prescribed accounts
and records have been maintained. We have not, however made a detailed
examination of the records with a view to determine whether they are
accurate or complete.
VI. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, Investor education and protection fund Income-tax,
Service act and other material statutory dues, as applicable, with the
appropriate authorities in India. No undisputed amounts payable in
respect of outstanding statutory dues were in arrears as at 31st March
2015 for a period of more than six months from the date they become
payable.
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
sales tax, income tax, customs duty, wealth tax, excise duty and cess,
which have not been deposited on account of any dispute, as at 31st
March 2015.
(c) According to the information and explanation made available to us
there are no amount required to be transferred to Investor Education
and protection fund.
VII. The company has no accumulated losses as at 31st March 2015. The
company has not incurred cash losses in the financial year under report
and in the immediately preceding financial year.
VIII. The company has not defaulted in repayment of dues to
Banks/Financial institutions/Debenture holders.
IX. The company has not given guarantees for loans taken by others
from banks or financial institutions.
X. The term loans have been applied for the purpose for which they
were obtained.
XI. To the best of our knowledge belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year
For M/s R.SUBRAMANIAN AND COMPANY
(Chartered Accountants)
(Registration No.FRN004137S)
K.Jayasankar
Partner
M.No.014156
Mar 31, 2014
We have audited the accompanying financial statements of KANCHI
KARPOORAM LIMITED which comprise of the Balance Sheet as at 31st March
2014, Statement of Profit & Loss and 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
Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (Âthe ActÂ). The responsibility includes the
design, implementation and maintenance of internal control 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. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 of
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 auditorÂs 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 control relevant to the CompanyÂs preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in thecircumstances.An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of thefinancial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, thefinancial 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 31st March 2014
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 Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (AuditorÂs Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2. As required by section 227(3) of theAct, we report that:
(a) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of
ouraudit;
(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;
(c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956. Read with
the general Circular 15/2013 dated 13th September 2013 of the or
corporate offciers in respect of section 133 of the CompaniesAct, 2013.
(e) On the basis of written representations received from the directors
as on 31st March 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31s1 March 2014 from being
appointed as a director in terms of clause (g) of sub-section
(1)ofsection274ofthe CompaniesAct, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441Aof the
CompaniesAct, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
KANCHI KARPOORAM LIMITED
ANNEXURE REFERRED TO IN PARAGARAPH 1 OF OUR REPORT OF EVEN DATE
1. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
2. Some of the fixed assets were physically verified during the year by
the Management in accordance with a program of verification, which in
our opinion provides for physical verification of all the fixed assets
at reasonable intervals. According to the information and explanations
give to us, no material discrepancies were noticed on such
verification.
3. Fixed assets disposed off during the year do not affect the concept
of going concern.
4. Inventories were physically verfied during the year by the
management at reasonable intervals.
In our opinion and according to the information and explanations given
to us, the procedure of physical verification of inventories followed
by the management was reasonable and adequate in relation to the size
of the Company and the nature of its business.
In our opinion and according to the information and explanations given
to us, the Company has maintained proper records of its inventories and
no material discrepancies were noticed on physical verification.
5. The company has not granted any loan secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the companiesAct 1956.
6. In our opinion and according to the information and explanations
given to us, the company has not availed loansfrom parties listed in
the registermaintained under section 301 of the CompaniesAct, 1956.
7. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services and there was no continuing failure to
correct any major weakness.
8. In our opinion and according to the explanations given to us,
transactions made in pursuance of contracts or arrangements requiring
entry in the registers maintained under section 301 of the
CompaniesAct, 1956 have been entered.
The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
9. The company has no fixed deposits requiring compliance of provisions
of Section 58 and 58 AA or any other relevant provisions of the act and
the rules framed there under.
10. In our opinion and according to the information and explanation
given to us the company has an internal Audit system commensurate with
the size and nature of its business.
11. We have broadly reviewed the books and records maintained by the
company relating to the materials, labour and other items of cost
maintained by the Company pursuant to the Rules made by the Central
Government for Maintenance of cost records under Section 209(1)(d) of
the Companies Act, 1956. We are at the opinion that prima facie the
prescribed accounts and records have been made and maintained for the
period under audit.
We have however not made a detailed examination of the said records
with a view to determine whether they are accurate orcomplete.
12. According to the information and explanations given to us, the
Company has been generally regualrally regular in deposting undisputed
statutory dues, Including Provident Fund, Employee''s State Insurance,
Incometax, Sales-tax, Service Tax, Custom Duty, Excise Duty, cess and
any other statutory dues with the appropriate authorities during the
year. However, occasional delays have been observed in remitting the
stautory dues. The company has no dues towards Investor Education and
Protection Fund and Wealth Tax.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, service tax, were
in arrears as at 31.03.2014 for a period more than six months from the
date they became payable.
According to the information and explanations given to us, there are no
dues of Sales tax, income Tax, Customs Duty, Wealth Tax, Excise Duty
and cess which have not been deposited on account of any dispute.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, service tax, were
in arrears as at 31.03.2014 for a period more than six months from the
date they became payable.
According to the information and explanations given to us, there are mo
dues of Sales tax, income Tax, Customs Duty, Wealth Tax, Excise Duty
and cess which have not been deposited on account of any dispute.
13. The Company has no accumulated losses at the end of the year. The
Company has not incurred any cash loss during the financial yearand the
immdeiately preceding financial year.
14. The Company has not defaulted in the payment of dues to financial
institutions, banks or debenture holders during the year.
15. The Company has not granted any loan or advance on the basis of
security by way of pledge of shares, and othersecurities.
16. In our Opinion and according to the information and explanations
given to us the Company is not a Chit Fund, mutual Benefit fund
orSociety.
17. The Company is not dealing in trading of shares, securities,
debentures and other investments and therefore the provisions of clause
4 (xiv) of the Companies (Auditor''s Report) order, 2003 are not
applicable this Company.
18. In our opinion and according to the information and explanations
given to us the Company has not given any guarantee for any loans taken
by others from banks and financial institutions during the financial
year.
19. To the best on our knowledge and belief and according to the
information and explanations given to us, new term loan availed by the
Company during the year have been applied for the purposes for which
loans were obtained.
20. According to the cash flow statement and other records examined by
us and the information and explanation join to us, to funds on
shortterm basis have been used for long term investments.
21. The Company has not allotted shares during the financial year to
companies covered in the register maintained under section 301 ofthe
Companies Act, 1956.
22. According to the information and explanations given to us and the
records examined by us, no debentures have been issued during the year.
23. To the best of our knowledge and belief and according to the
information and explanations given to us or by the Company no fraud on
or by the company was noticed or reported during the financial year.
24. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the financial year.
For R. Subramanian and Company
Chartered Accountants
FRN 004137 S
Sd/-
Place : Chennai M. RAJASEKAR (Partner)
Date : 30.05.2014 M. No. 228637
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of KANCHI
KARPOORAM LIMITED which comprise of the Balance Sheet as at 31st March
2013, Statement of Profit & Loss and 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
Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). The responsibility includes the
design, implementation and maintenance off internal control 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. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 of
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 control relevant to the Company''s preparation and
fair presentation of the financial statements 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 management, 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 31st March 2013
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 Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose 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;
(c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
(e) On the basis of written representations received from the directors
as on 31st March 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2013 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid no cess is due
and payable by the Company.
2. As required by the Companies (Auditor''s Report) Order, 2003 ("the
OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given
to us, we give in the annexure a statement on the matters specified
in the paragraphs 4 and 5 of the said Order.
ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE
i (a) The Company is maintaining proper records which is being updated
showing full particulars, including quantitative details and situation
of Fixed assets.
(b) The Fixed Assets have been physically verfied by the management in
a phased manner which in our opinion is reasonable commensurate to the
size of the Company and nature of its assets. No material discrepancies
between the books and the physical verification of Fixed Assets was
noticed.
(c) Substantial part of the Fixed assets have not been sold during the
year under review affecting Going concern.
ii. (a). The stock of Finished goods, Work in progress, raw materials
and stores have been Physically verified during the year by the
management. In our opinion the frequency of verification is reasonable.
(b) The procedure 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 has maintained proper records of Inventory. The
discrepancies noticed on verification between the Physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
iii. (a) The Company has not availed loans from Parties listed in the
register maintained under section 301 of the Companies Act, 1956.
(b) The Company has not granted any loans to Companies, firms or other
parties listed in the Register maintained under Section 301 of the
companies Act 1956.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business in regard to purchase of Inventory, fixed assets and with
regard to the Sale of goods. During the course of audit, we have not
observed any continuing failure to correct major weakness in Internal
Controls.
v. (a) According to the information and explanations given to us, and
based on our verification, we are of the opinion that the transactions
that were required to be entered in the register maintained under
section 301 of the Companies Act, 1956 have been duly recorded.
(b) In our opinion and according to the information and explanations
given to us the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956 in respect of any Party during the year have
been made at rates or values which are reasonable having regard to the
relevant market rates or values at the relevant time.
vi. The Company has not accepted any fixed deposits from the public
during the year requiring compliance of provisions of Section 58 A and
58 AA or any other relevant provisions of the Companies Act 1956.
vii. The Company has an Internal audit system Commensurate with the
size of the Company and the nature of its business.
viii. 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 (1) of Section 209 of the
Companies Act, 1956 and are of the opinion that prima facie, the
prescribed accounts and records have been maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
ix. (a) According to the information and explanations given to us, the
Company has been regular in depositing undisputed statutory dues
including Employees Provident Fund Employees'' State Insurance, Investor
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax Customs
Duty Excise Duty, Cess and any other statutory dues with the
appropriate authorities during the year. However occasional delays have
been observed in remitting the statutory dues
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax .service tax etc
were in arrears as at 31.03.2013 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations made available to us,
there are no dues of Sales tax, Income tax, Customs duty, Wealth tax ,
Excise duty and cess which have not been deposited on account of any
dispute.
x. The Company has no accumulated losses as at the end of the year,
and has not incurred cash loses during the year and also in the
immediately preceding financial year.
xi. As per the information and explanation made available to us, the
Company has not defaulted in repayment of dues to any Financial
Institutions, Banks or Debenture holders.
xii. The Company has not granted any loan or advance on the basis of
Security by way of pledge of shares, Debentures and other securities.
xiii. The Company is not a Chit fund or nidhi /mutual benefit fund
/society and therefore the provisions of clause 4 (xiii) of the
Companies (Auditors Report order) 2003 are not applicable to this
Company.
xiv. The Company is not dealing in or trading in shares, securities,
debentures and other investments and therefore the Provisions of
clause 4 (xiv) of the Companies (Auditor''s Report) order, 2003 are
not applicable to this Company.
xv. 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 during the financial year.
xvi. To the best of our knowledge and belief and according to the
information and Explanations given to us, Term Loans have been applied
for the purpose for which they were raised.
xvii. According to the Cash flow statement and other records examined
by us and based on the information and explanations given to us, on an
overall basis, no funds raised on Short term basis have been used for
Long term Investments.
xviii. During the year Company has not made any preferential allotment
of shares to parties and companies covered in the register maintained
under section 301 of the companies act 1956.
xix. No debentures have been issued by the Company during the year.
xx. The Company has not raised any money by way of Public issue during
the year.
xxi. To the best of our knowledge and according to information and
explanations given to us, no fraud on or by the Company was noticed or
reported during the financial year that causes the financial statements
to be materially misstated.
For R. Subramanian and Company
Chartered Accountants
FRN 004137 S
Sd/-
A.S. RAMANATHAN
Place : Chennai Partner
Date : 30.05.2013 M. No. 11072.
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