To,
The Members of,
Shri Krishna Prasadam Limited
Report on the Financial Statements (standalone)
We have audited the accompanying financial statements of SHRI KRISHNA PRASADAM
LIMITED which comprise the Balance Sheet as at March 31, 2017, and the Statement of
Profit and Loss for the year then ended, and a summary of significant accounting policies
and other explanatory information.
Managements 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") read with General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section
133 of the Companies Act, 2013. This 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.
Auditors 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 from 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 auditors
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 Companys 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 March
31, 2017;
b) in the case of the Profit and Loss Account, of the profit 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
1) As required by the Companies (Auditors Report) Order, 2003 ("the Order")
, as amended , 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 Order.
2) 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) 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 and Statement of Profit and Loss, dealt with by this Report are in
agreement with the books of account;
d) in our opinion, the Balance Sheet and Statement of Profit and Loss 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 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013. ; and
e) on the basis of written representations received from the directors as on March 31,
2017, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2017, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
For Rishi Arora & Associates
Sd/-
Rishi Arora
Chartered Accountant
Membership no. 501847
Firm No.027766N
Date: 30/05/2017
Place: New Delhi
ANNEXURE of our report for the F.Y. 2016-17
Re: SHRI KRISHNA PRASADAM LIMITED
(i) (a) The company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) 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..
(c) During the year, the company has not disposed off any Fixed Assets and Going
Concern Assumption is appropriated.
(ii) (a) The Inventories of the Company has been physically verified by the management
at year end. In our opinion, the frequency of the verification is reasonable.
(b) In our opinion and according to the information and explanations given to us the
procedures of physical verification of inventory followed by the management are reasonable
and adequate in relation to the size of the Company and the nature of its business. No
discrepancies were noticed on such physical verification as compared to the book records
thereof.
(iii) (a) According to the information & explanation given to us, the Company has
not granted an interest free unsecured loan to a company covered in the register
maintained under Section 189 of the Companies Act, 2013.
(b) The company has not taken interest free unsecured loan from parties which covered
in the register maintained under Section 189 of the Companies Act, 2013.
(c) In our opinion and according to the information and explanation given to us, other
terms and conditions for such loans are not prima facie prejudicial to the interest of the
company.
(iv) In our opinion, and according to the information and explanations given to us,
there are adequate internal control systems commensurate with the size of the Company and
nature of its business for awarding of contracts for job work and purchase of Fixed Assets
and for the Sale of Goods and Services. In our opinion and according to the information
and explanations given to us, there is no continuing failure to correct major weaknesses
in internal control system of the company.
(v) (a) According to the information and explanations provided to us by the management,
we are of the opinion that the particulars of contracts or arrangements referred to in
section 189 of the Companies Act that need to be entered into the register maintained
under section 189 have been so entered.
(b) 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.
(vi) The Company has not accepted deposits from the public within the meaning of
Section 73 or any other relevant provisions of the Companies Act 2013. Hence Clause 4 (vi)
of the Companies (Auditors Report) Order 2003 is not applicable to the Company.
(vii) The Company has an effective internal audit system.
(viii) The Company Is not required to make cost records as required to be made under
Section 148 (1) of the Companies Act, 2013.
(ix) (a) According to the information and explanations given to us and on the basis of
our examination of the books of account, the Company has been generally regular in
depositing undisputed statutory dues including Income tax, Sales Tax and Value Added Tax
and other statutory dues during the year with the appropriate authorities. As at 31st
March 2017, there were no undisputed statutory dues outstanding for a period of more than
six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues which
have not been deposited on account of any dispute of income tax and cess.
(x) The company has not incurred any cash loss during the financial year. The
accumulated losses of the Company at the end of the Financial Year are not more than 50%
of its net worth.
(xi) The Company has not defaulted in payment of loans taken from banks .The Company
has not issued any Debentures.
(xii) According to the information and explanations given to us, the Company has not
granted loans and advances on the basis of security by way of pledge of shares, debentures
and other securities.
(xiii) In our opinion, the Company is not a chit fund/nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors
Report) Order, 2003 are not applicable to the Company.
(xiv) In our opinion and according to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures.
(xv) The Company has not given any guarantee for loans taken by others from bank or
financial institutions.
(xvi) The company has applied term loans for the purposes for which the loans were
obtained.
(xvii) According to the information and explanations given to us, on an overall
examination of the balance sheet of the company, we report that no funds raised on short
term basis have been applied for long term investment.
(xviii) The Company has not made any preferential allotment of shares to parties and
companies covered in the register maintained under Section 189 of the Act,
(xix) The Company has not issued debentures during the year. Accordingly, no security
or charge needs to be created.
(xx) The Company has not raised any money by public issue during the year.
(xxi) During the course of our examination of the books and the records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instances of material fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by management.
For Rishi Arora & Associates
Sd/-
Rishi Arora
Chartered Accountant
Membership no. 501847
Firm No.027766
Place: New Delhi
Date: 30/05/2017.
+91-9892691696
