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Kamanwala Housing Construction Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 24.04 Cr. P/BV 0.34 Book Value (Rs.) 50.91
52 Week High/Low (Rs.) 24/7 FV/ML 10/1 P/E(X) 0.00
Bookclosure 30/09/2023 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2015-03 
We have audited the accompanying standalone financial statements of Kamanwala Housing Construction Limited ('the Company') which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation 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 are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

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 in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

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 in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2015;

(ii) in the case of the statement of profit and loss, of the profit for the year ended on that date; and

(iii) in the case of the cash flow statement, of the cash flows for the year ended on that date.

Emphasis of Matters

We draw your attention to -

1. Note No. 1.8 relating to recognition of Rs. 110.75 lacs as compensation receivable from related party Aspen Properties Pvt. Ltd. However, the same is subject to confirmation from the party.

2. Note No. 1.9 relating to reconciliation of Service tax input credit and other amounts as per the records with the Service Tax returns.

Our opinion is not qualified / modified in respect of this matter.

Other Matters

The financial statements and other financial information include the company's proportionate share in jointly controlled assets of Rs. 25.42 lacs in respect of an Unincorporated Joint venture which is certified by the management.

Our opinion is not qualified / modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order"), as amended, issued by the Central Government of India in terms of Sub- section (11) of Section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (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 aforesaid financial statements comply with the Accounting Standards specified

under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014

e. on the basis of the written representations received from the Directors as on 31 March 2015 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2015 from being appointed as a Director in terms of Section 164 (2) of the Act; and

f. with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

- the Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 1.12.5, 1.12.6 & 1.12.7 to the financial statements;

- the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses on long-term contracts - Refer Note 1.7, 1.10 & 1.11 to the financial statements; and

- There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Paragraph 1 under heading of "Report on Other Legal and Regulatory Requirements" our report to the Members of M/s. Kamanwala Housing Construction Limited ('the Company') for the year ended 31st March, 2015. We report that:

1. (a) The Company has maintained proper records

showing full particulars, including quantitative details and situation of fixed assets.

(b) As per the Information and Explanation provided to us, the Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

2. (a) As per the Information and Explanation given

to us, the inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedure followed by the management for such physical verification is reasonable and adequate in relation to the size of the Company and nature of its business.

(c) In our opinion and according to information and explanation given to us, the Company is maintaining proper records of Inventory. No discrepancies were noticed on verification between physical inventory and the books records.

3. (a) The Company has granted loans to six parties

covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act').

(b) In the case of the loans granted to the parties listed in the register maintained under Section 189 of the Act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable

on demand. Accordingly, paragraph (iii) (b) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(c) There are no overdue amounts of more than Rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under Section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of goods and services. During the course of audit, we have not observed any continuing failure to correct major weakness in the internal control system.

5. The Company has not accepted any deposits from the public.

6. As per Companies (Cost Records and Audit) Rules, 2014, provisions of Section 148(1) relating to cost records and cost audit are not applicable to the Company.

7. (a) According to the information and explanations

given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31s March, 2015 for a period of more than six months from the date they became payable except Sales Tax (VAT) to the extent of Rs. 2,70,458/- and Interest thereon of Rs. 8,08,745 which is outstanding for more than 6 months.

(b) According to information and explanations given to us, the following dues of Income Tax, Sales Tax, Service Tax and Value Added Tax have not been deposited by the Company on account of disputes:

Name of 
Statute        Nature ofdues   Amount(Rs)   Period to which   ForumWhere 
                                                              dispute is     
                                                              pendingthe 
                                                amount(Rs)
                                            relates (F.Y.)

MVAT Act, 
2002              Sales Tax     20,93,373          2006-07  Commissioner 
                                                                of Sales
                                                            Tax (Appeal)

MVAT Act, 
2002              Sales Tax     14,53,613          2007-08  Commissioner 
                                                                of Sales
                                                            Tax (Appeal)

MVAT Act, 
2002              Sales Tax      4,64,699          2008-09  Commissioner 
                                                                of Sales
                                                            Tax (Appeal)

MVAT Act, 
2002              Sales Tax      23,68,921         2010-11  Commissioner 
                                                                of Sales
                                                            Tax (Appeal)

Income Tax 
Act, 1961         Income Tax     3,77,72,628       2010-11  Commissioner
                                                               of Income 
                                                           Tax (Appeals)

Income Tax 
Act, 1961         Income Tax     82,27,910         2011-12  Commissioner
                                                               of Income 
                                                           Tax (Appeals)
(c) According to the information and explanations given to us the amounts which were required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

8. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

9. The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

10. In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

11. In our opinion and according to the information and explanations given to us, the term loans taken were applied for the purpose for which the loans were obtained.

12. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

                                             For Majithia & Associates

                                                 Chartered Accountants 
                                                 Firm Reg. No. 105871W

                                                   Bhavesh R. Majithia

                                                               Partner 
                                                 Membership No. 048194 
Place: Mumbai

Date: 29th May,2015.


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