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K K Fincorp Ltd.

BSE: 503669 Sector: Financials
NSE: N.A. ISIN Code: INE509J01013
BSE LIVE 15:14 | 13 Dec 6.80 0.32
(4.94%)
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6.80

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6.80

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.80
PREVIOUS CLOSE 6.48
VOLUME 50
52-Week high 6.80
52-Week low 5.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 6.80
Buy Qty 1951.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.80
CLOSE 6.48
VOLUME 50
52-Week high 6.80
52-Week low 5.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 6.80
Buy Qty 1951.00
Sell Price 0.00
Sell Qty 0.00

K K Fincorp Ltd. (KKFINCORP) - Auditors Report

Company auditors report

To

The Members of

K K FINCORP LIMITED

(Formerly Kuberkamal Industrial Investments Ltd. )

Report on the Financial Statements

We have audited the accompanying financial statements of K K FINCORP LIMITED(Formerly Kuberkamal Industrial Investments Ltd.) which comprise the balance sheet asat 31st March 2017 and the statement of profit and loss and cash flowstatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe company's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. in the case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2017;

ii. in the case of the Statement of Profit and Loss of the Profit for the year endedon that date; and

iii. in the case of the Cash Flow Statement of the cash flows for the year ended onthat 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 of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure-A" a statement on the mattersspecified in paragraph 3 and 4 of the Order to extent applicable.

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 ourknowledge 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 thecompany 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 inagreement with the books of account and returns.

d. in our opinion the balance sheet statement of profit and loss and cash flowstatement comply with the accounting standards referred to in section 133 of the CompaniesAct 2013 and the Companies (Accounts) Rules 2014.

e. on the basis of written representations received from the Directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the director isdisqualified as on 31st March 2017 from being appointed as a Director interms of clause of sub-section (2) of section 164 of the Companies Act 2013.

f. in our opinion the Company has adequate internal financial controls system in placeand the operating effectiveness of such controls refer to our separate report in"Annexure - B".

g. with respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies Rules2014 in our opinion and to the best of ourinformation and according to explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements;

ii. the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivate contracts;

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company if any.

iv. The Company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the Company.

For SUNDARLAL DESAI & KANODIA
CHARTERED ACCOUNTANTS
(Firm Registration No.110560W)
Sd/-
(M. B. DESAI)
PLACE : MUMBAI PARTNER
DATED : 29th MAY 2017 Membership Number 33978

ANNEXURE - "A" TO THE AUDITORS' REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date]

(i) The Company does not own any fixed assets.

(ii) The Company is a NBFC primarily engaged in nonbanking financial services.Accordingly it does not hold any physical inventories.

(iii) The Company has granted loans to one corporate listed in the register maintainedu/s 189 of the Companies Act 2013:-

(a) In our opinion the rate of interest and other terms and conditions on which loanhad been granted to the bodies corporate listed in the register maintained u/s 189 of theact were not prima facie prejudicial to the interest of the Company.

(b) In the case of loans granted to the bodies corporate listed in the registermaintained u/s 189 of the Act the borrower have been regular in the payment of theprincipal and interest as stipulated.

(c) There are no overdue amount in respect of the loan granted to a body corporatelisted in register maintained u/s 189 of the Act.

(iv) According to the information and explanations given to us the Company hascomplied with the provisions of section 185 and 186 of the Companies Act 2013 in respectof loans investments guarantees and security.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public and hence the directives issued bythe Reserve Bank of India and provisions of the Companies Act 2013 and rules framed thereunder are not attracted.

(vi) The Company engaged in the business of NBFC and therefore the provisions relatingto maintenance of cost records are not applicable.

(vii) (a) According to the information and explanations provided to us the Company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding Provident Fund Investor Education Protection Fund Employees' State InsuranceIncome tax Sales tax Wealth tax Service tax Custom Duty Excise Duty Value Added TaxCess and other statutory dues as applicable to it with appropriate authorities and therewere no undisputed arrears as at 31st March 2017 for a period of more than sixmonths from the date they become payable.

(b) According to the information and explanations given to us there were no disputedstatutory dues of Income tax Sales Tax Wealth tax Service tax Customs Duty ExciseDuty Value Added Tax and Cess as at 31st March 2017.

(viii) In our opinion and according to the information and explanations given to usthe Company has neither availed any loans from financial institutions banks Governmentnor issuing any debentures.

(ix) In our opinion and according to the information and explanation given to us thecompany has not raised any money by way of initial public offer or further public offer(including debt instruments) and term loans during the year under review.

(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.

(xi) In our opinion and according to information and explanations given to us theCompany paid or provided managerial remuneration with requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion and according to information and explanation given to us theCompany is not Nidhi Company. Accordingly paragraph 3(XII) of the order is notapplicable.

(xiii) In our opinion and according to the information and explanations given to usall transactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where ever applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him.

(xvi) The Company has been registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For SUNDARLAL DESAI & KANODIA
CHARTERED ACCOUNTANTS
(Firm Registration No.110560W)
Sd/-
(M. B. DESAI)
PLACE : MUMBAI PARTNER
DATED : 29th MAY 2017 Membership Number 33978

ANNEXURE - "B" TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of K KFincorp Limited ( Formerly Kuberkamal Industrial Investments Ltd. ) ("theCompany") as of 31 March 2017 in conjunction with our audit of the financialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For SUNDARLAL DESAI & KANODIA
CHARTERED ACCOUNTANTS
(Firm Registration No.110560W)
Sd/-
(M. B. DESAI)
PLACE : MUMBAI PARTNER
DATED : 29th MAY 2017 Membership Number 33978