The Members, KOA TOOLS INDIA LIMITED Report on the financial statements
We have audited the accompanying financial statements of KOA TOOLS INDIA 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 financial statements
The Company’s Board of Directors is responsible for the matters 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 the maintenance of adequate accounting records in accordance
with the provision of the Act for safeguarding of the assets of the Company and for
preventing and detecting the 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 internal financial control, 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.
Auditors’ 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 there under.
We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
the disclosures in the standalone financial statements. The procedures selected depend on
the auditors judgment, including the assessment of the risks of material misstatement of
the standalone 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 standalone financial statements that give 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
Company’s Directors, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obt ained is sufficient and appropriate to
provide a basis for our audit opinion on the standalone 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 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 31
March 2015 ;
(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on
that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2015 (“the Order")
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and
4 of the Order.
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
Comp any so far as appears from our examination of those books.
(c) The Balance Sheet, the 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 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 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the
Act
(f) With respect to the other matters included in the Auditors Report and to our best
of our information and according to the explanations given to us :
i. The Company does not have any pending litigations which would impact its financial
position;
ii. The Company did not have any long-term contracts including derivatives contracts
for which there were any material foreseeable losses;
iii. There were no amounts which required to be transferred to the Investor Education
and Protection Fund by the Company.
|
For P.C. BINDAL & CO. |
|
Chartered Accountants |
|
FRN: 003824N |
|
(CA K.C. GUPTA) |
| Placeof Signature: Noida |
Partner |
| Date: 28.05.2015 |
M.No.088638 |
Annexure to the Auditors’ Report
The Annexure referred to in our report to the members of KOA TOOLS INDIA LIMITED for
the year Ended on 31 March 2015, we report that:
i. (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) As explained to us, all the fixed assets have been physically verified by the
management during the year, which in our opinion is reasonable, having regard to the size
of the company and the nature of its business. No material discrepancies were noticed on
such verification.
ii. (a) As explained to us, inventories have been physically verified by the management
at regular intervals during the year.
In our opinion the frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by the management
are reasonable and adequate in relation to the size of the company and the nature of its
business.
(c) The company is maintaining proper records of inventory. No discrepancy has noticed
on verification between the physical stocks and the books records.
iii. The company has not granted any loans, secured or unsecured to companies, firms or
other parties covered in the register maintained under Section 189 of Companies Act 2013.
Accordingly clauses iii) a) and b) of the order are not applicable.
iv. In our opinion and according to the information and explanation given to us, there
are adequate internal control procedures commensurate with the size of the company and the
nature of its business with regard to purchases of inventory and with regard to the sale
of goods . During the course of our audit, we have not observed any major weakness in
internal controls.
v. In our opinion and according to the information and explanations given to us, the
comp any has not accepted any deposits from public to which the directives issued by
Reserve Bank of India and provisions of sections 73 to 76 of the Companies Act, 2013,
including rules framed there under, apply. Further, no order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of India or any other
tribunal.
vi. To the best of our knowledge and as explained to us, the Central Government has not
prescribed maintenance of cost records under clause of sub section (1) of section 148 of
the Companies Act, 2013 for the services rendered by the company.
vii. (a) According to the information and explanations given to us and according to the
books and records produced before us, the company is regular in depositing with
appropriate authorities undisputed statutory dues including provident fund,
employees’ state insurance, income-tax, sales-tax, wealth tax, service tax, duty of
customs, duty of excise, value added tax, cess and any other statutory dues with the
appropriate authority, as applicable to it.
(b) According to the information and explanations given to us, there are no dues of
income t ax or sales tax or wealth tax or service tax or duty of customs or duty of excise
or value added tax or cess which have not been deposited on account of any dispute.
(c) According to the information and explanations provided to us, the company is not
required to transfer to investor education and protection fund in accordance with the
relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.
viii. In our opinion, company has accumulated losses as at year end. Also, the Company
has incurred cash loss during the financial year covered by our audit; however, the
Company did not incur cash loss in the immediately preceding financial year.
ix. In our opinion and according to the information and explanations given to us,
during the year under audit, the comp any did not have any borrowings from any financial
institution, bank or debenture holders
x. According to the information and explanations given to us, the company has not given
any guarantee for loans taken by others from banks and financial institutions.
xi. According to the information and explanations given to us, the company has not
availed any term loan during the year under audit.
xii. According to the information and explanations given to us, no fraud on or by the
comp any has been noticed or reported during the course of our audit.
|
For P.C. BINDAL & CO. |
|
Chartered Accountants |
|
FRN: 003824N |
|
(CAK.C. GUPTA) |
| Placeof Signature: Noida |
Partner |
| Date: 28.05.2015 |
M.No.088638 |
+91-9892691696
