You are here » Home » Companies » Company Overview » Kalyani Investment Company Ltd

Kalyani Investment Company Ltd.

BSE: 533302 Sector: Financials
NSE: KICL ISIN Code: INE029L01018
BSE LIVE 15:40 | 21 Aug 1724.75 -35.30
(-2.01%)
OPEN

1757.00

HIGH

1757.00

LOW

1713.15

NSE 15:31 | 22 Aug 1733.25 1.95
(0.11%)
OPEN

1681.55

HIGH

1770.05

LOW

1680.50

OPEN 1757.00
PREVIOUS CLOSE 1760.05
VOLUME 198
52-Week high 2097.00
52-Week low 1060.00
P/E 70.17
Mkt Cap.(Rs cr) 754
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1757.00
CLOSE 1760.05
VOLUME 198
52-Week high 2097.00
52-Week low 1060.00
P/E 70.17
Mkt Cap.(Rs cr) 754
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kalyani Investment Company Ltd. (KICL) - Auditors Report

Company auditors report

To

The Members of

Kalyani Investment Company Limited

Report on the Standalone Financial Statements

I have audited the accompanying standalone financial statements of KalyaniInvestment Company Limited (''the Company'') which comprise the Balance Sheet as at31st March 2017 the Statement of Profit and Loss and the Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

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 ofthese standalone 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 the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial 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.

Auditor's Responsibility

My responsibility is to express an opinion on these standalone financial statementsbased on my audit.

I have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 financial controls relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the standalone financial statements.

Opinion

In my opinion and to the best of my information and according to the explanations givento me the aforesaid standalone financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India; of the state of affairs of the Companyas at 31st March 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Companies Act 2013 I give in the Annexure "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act I report that :

a) I have sought and obtained all the information and explanations which to the bestof my knowledge and belief were necessary for the purposes of my audit.

b) In my opinion proper books of account as required by law have been kept by theCompany so far as appears from my examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In my opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms ofSection 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to myseparate Report in Annexure "B."

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in my opinionand to the best of my information and according to the explanations given to me :

i. The Company does not have any pending litigations which would impact its financialposition;

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company;

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the booksof account maintained by the Company. Refer Note No.3.37 to the financial statements.

P. V. Deo
Place : Pune Chartered Accountant
Date : 25th May 2017 Membership No.41609

Annexure "A" referred to in the Independent Auditor's Report on thestandalone financial statements of KALYANI INVESTMENT COMPANY LIMITED for the year ended31st March 2017

In terms of the information and explanations sought by me and given by the Company andthe books and records examined by me in the normal course of audit and to the best of myknowledge and belief I state that :

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to me the fixed assets have been physically verified by theManagement at reasonable intervals during the financial year. According to theinformation and explanations given to me no discrepancies were noticed on physicalverification of the fixed assets.

(c) The Company does not own any immovable properties.

(ii) As explained to me the Company was not required to hold any physical inventoriesduring the financial year covered by this report. Thus paragraph 3(ii) of the Order isnot applicable to the Company.

(iii) The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013.

(iv) In my opinion and according to the information and explanations given to me theCompany has not granted any loans in contravention of Section 185 of the Companies Act2013. The Company has complied with the provisions of Section 186 of the Act with respectto the loans and guarantees given securities provided or investments made.

(v) The Company has not accepted deposits from the public within the meaning ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed thereunder.

(vi) Requirement to maintain cost records under sub-section (1) of Section 148 of theCompanies Act 2013 does not apply to the Company.

(vii) (a) According to the records of the Company the Company was found to be regularin depositing undisputed statutory dues applicable to it including income tax servicetax cess and any other statutory dues to the appropriate authorities. As explained to meby the Management the provisions of the Employees' State Insurance Act 1948 and theEmployees' Provident Fund and Miscellaneous Provisions Act 1952 do not apply to theCompany. According to the information and explanations given to me no undisputed amountspayable in respect of income tax service tax and any other statutory dues wereoutstanding as at 31st March 2017 for a period of more than six months from the datethose became payable.

(b) According to the records of the Company there are no dues of income tax or servicetax which have not been deposited on account of any dispute.

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders. Accordingly paragraph 3(viii) of theOrder is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) Based upon the audit procedures performed and the information and explanationsgiven by the Management I report that no fraud by the Company or no fraud on the Companyby its officers or employees has been noticed or reported during the year.

(xi) The Company has not paid any managerial remuneration during the financial yearcovered by this report. Accordingly paragraph 3 (xi) of the Order is not applicable.

(xii) In my opinion and according to the information and explanations given to me theCompany is not a nidhi company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

(xiii) According to the records of the Company and according to the information andexplanations given to me transactions with the related parties are in compliance withSections 177 and 188 of the Companies Act 2013 wherever applicable and the details havebeen disclosed in the Financial Statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations given to me and based on myexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph 3(xiv) of the Order is not applicable.

(xv) According to the information and explanations given to me and based on myexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable.

(xvi) The Company is a Non Deposit taking Core Investment Company as defined in theCore Investment Companies (Reserve Bank) Directions 2011. Since the Company is not aSystemically Important Non Deposit taking Core Investment Company it is not required toobtain Certificate of Registration under Section 45-IA of the Reserve Bank of India Act1934.

P. V. Deo
Place : Pune Chartered Accountant
Date : 25th May 2017 Membership No.41609

Annexure "B" referred to in the Independent Auditor's Report on thestandalone financial statements of KALYANI INVESTMENT COMPANY LIMITED for the year ended31st March 2017

I have audited the internal financial controls over financial reporting of KalyaniInvestment Company Limited ("the Company") as of 31st March 2017 inconjunction with my audit of the standalone financial statements of the Company for theyear 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I conducted my audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that I comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my 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 my 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 31st 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.

P. V. Deo
Place : Pune Chartered Accountant
Date : 25th May 2017 Membership No.41609