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BSE: 524019ISIN: INE473D01015INDUSTRY: Plastics - Plastic & Plastic Products

BSE   ` 1960.60   Open: 1869.50   Today's Range 1836.85
1980.00
+91.45 (+ 4.66 %) Prev Close: 1869.15 52 Week Range 1259.75
2595.05
Year End :2023-03 

INDEPENDENT AUDITOR’S REPORT


To the Members of KINGFA SCIENCE & TECHNOLOGY (INDIA) LIMITED

Report on the Audit of the Financial Statements


Opinion

We have audited the Financial Statements of Kingfa Science &
Technology (India) 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
Financial Statements”).

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid 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 accounting principles
generally accepted in India, of the state of affairs of the
Company as at March 31,2023, and its profit (including Other
Comprehensive Income), changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

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 Financial
Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the
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.

We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matters

We draw your attention to Note 33 to the financial statements
regarding delay in settlement or realisation of certain trade
payable and trade receivable balances, as the case may be,
denominated in foreign currency which are due to/from group
companies. As informed by management, the Company is in
the process of regularising these delays for making necessary
compliances in respect of aforesaid dues and it believes that
impact, if any, is not expected to be material to the financial
statements. Our opinion is not modified in respect of this matter.
Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the Financial
Statements of the current period. These matters were
addressed in the context of our audit of the Financial
Statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.

Other Information

The Company’s Board of Directors is responsible for the other
information. The other information comprises the Management
Discussion and Analysis; Board of Directors’ Report along with
its Annexures included in the Annual Report, but does not
include theFinancial Statements and our auditor’s report
thereon.Our opinion on the 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 Financial Statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially
inconsistent with the 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 Financial Statements

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 Financial Statements that give a true and
fair view of the financial position, financial performance
(including other comprehensive income), changes in equityand
cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under section 133 of
the Actread with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. 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 Financial Statements that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Financial Statements, the 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.

Those Board of Directors are also responsible for overseeing
the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial
Statements

Our objectives are to obtain reasonable assurance about
whether the 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 Financial Statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit.

We also :

• Identify and assess the risks of material
misstatement of the 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 system 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 Financial Statements, including the
disclosures, and whether the Financial Statements
represent the underlying transactions and events in
a manner that achieves fair presentation.

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.

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.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the 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

1. 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.

2. 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 except
that the back-up of the books of accounts and other
books and papers maintained in electronic mode has
been maintained on servers physically located
outside India.

c) The Balance Sheet, the Statement of Profit and Loss
(including other comprehensive income), the
Statement of Changes in Equity 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 Indian Accounting Standards
specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules,
2015, as amended.

e) On the basis of the written representations received
from the directors as on March 31, 2023taken on
record by the Board of Directors, none of the
directors is disqualified as on March 31, 2023from
being appointed as a director in terms of Section 164
(2) of the Act.

f) With reference to the maintenance of accounts and
other matters connected therewith, refer to our
comment in Paragraph 2 (b) above, the backup of
books of accounts and other books and papers
maintained in electronic mode has been maintained
on the servers located outside India.

g) With respect to the adequacy of the internal financial
controls with reference to financial reporting of the
Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure
B”.

h) As required by section 197 (16) of the Act; in our
opinion and according to information and
explanation provided to us, the remuneration paid by
the company to its directors is in accordance with the
provisions of section 1 97 of the Act and
remuneration paid to directors is not in excess of the
limit laid down under this section.

i) 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) The Company has disclosed the impact of
pending litigations on its financial position in its
Financial Statements - Refer Note 31.5.1 to the
Financial Statements;

(ii) The Company did not have any long-term
contracts including derivative contracts as at
March 31,2023.

(iii) There were no amounts which were required to
be transferred to the Investor Education and
Protection Fund by the Company.

(iv) (a) The management has represented to us that, to
the best of its knowledge and belief, other than
as disclosed in the notes to the accounts to the
financial statements, if any, no funds 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(s) or entity(ies), including
foreign entities (“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 to us, that, to
the best of its knowledge and belief, other than
as disclosed in the notes to the accounts to the
Financial Statements, if any, no funds have
been received by the Company from any
person(s) or entity(ies), including foreign
entities (“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 information and explanation
given to us and audit procedures performed as
considered reasonable and appropriate in the
circumstances, nothing has come to our notice
that has caused us to believe that the
representations made by the management and
as mentioned under sub-clause (iv)(a) and
(iv)(b) above contain any material
misstatement.

(v) The Company has not declared or paid dividend
during the year.

(vi) The requirement to the use of accounting software
for maintaining Company’s books of account which
has a feature of recording audit trail (edit log) facility,
as prescribed under rule 3(1) of the Companies
(Accounts) Rules, 2014,is deferred to financial years
commencing on or after April 1, 2023, therefore
reporting under Rule 11(g) of Companies (Audit &
Auditors) Rules,2014 is not applicable for financial
year ended on March 31,2023.

For P G BHAGWAT LLP

Chartered Accountants
Firm Registration Number:101118W/W100682

Abhijit Shetye
Partner

Membership Number: 151638
UDIN : 23151638BGQGET2277

Pune

May 24,2023