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KCL Infra Projects Ltd.

BSE: 531784 Sector: Infrastructure
NSE: N.A. ISIN Code: INE469F01026
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VOLUME 500
52-Week high 1.94
52-Week low 0.96
P/E 16.67
Mkt Cap.(Rs cr) 3
Buy Price 1.00
Buy Qty 10600.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.00
CLOSE 1.00
VOLUME 500
52-Week high 1.94
52-Week low 0.96
P/E 16.67
Mkt Cap.(Rs cr) 3
Buy Price 1.00
Buy Qty 10600.00
Sell Price 0.00
Sell Qty 0.00

KCL Infra Projects Ltd. (KCLINFRA) - Auditors Report

Company auditors report

To

The Members of

KCL Infra Projects Limited

Report on Financial Statements

We have audited the attached financial statements of KCL Infra Projects Limited (thecompany) comprising of Balance Sheet as at 31st March 2016 also the Statementof Profit & Loss and Cash flow Statement of the Company for the period ended on thatdate and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the matters stated in section 134(5) of the Companies Act2013 with respect to preparation and presentation of these financial statements that givea true and fair view of the financial position financial performance and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the company for preventing and detecting fraud and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent ; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards require that we 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 control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management of the Company as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

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

a) In the case of the Balance Sheet of the state of affairs of the Company as at March312016;

b) In the case of the Statement of Profit and Loss of the profit for the period endedon that date and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate

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 subsection (11) of the section 143of the Act we give in the "Annexure A" a statement on the matters specified inthe paragraph 3 & 4 of the Order.

2. As required by Section 143(3) of the Companies Act 2013 we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion proper books of account as required by the law have been kept by theCompany so far as it appears from our 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 our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

(e) On the basis of the written representations received from the Directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director interms of Section 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 ourseparate report in "Annexure-B" and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the 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 financialposition.

ii) The company has made provision as required by law or accounting standards formaterial foreseeable losses if any.

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

For Mahesh C. Solanki & Co.

Chartered Accou ntants

Firm Reg. No. 006228C

sd/-

CA. Mahesh Solanki

Partner

M. No. -074991

Place: Thane

Date : 30th May 2016

KCL Infra Projects Limited

Annexure-A to the Auditor's Report

The Annexure referred to Independent Auditor's Report to the members of the Company onthe financial statements for the year ended 31st March 2016 we report that: -

(i) (a) In our opinion and according to information and explanations given to us theCompany doesn't have fixed asset during the audit period accordingly Para (i) (b) (c) ofthe order are not applicable to the companies.

(b) The company's fixed assets have been physically verified by the management atreasonable intervals; and accordance with this programme no material discrepancies werenoticed on such verification the same have been properly dealt with in the books ofaccount. In our opinion this periodicity of physical verification is reasonable havingregard to the size of the company and the nature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

(ii) The company's physical verification of inventory has been conducted at reasonableintervals by the management and no material discrepancies were noticed and the same havebeen properly dealt with in the books of account.

(iii) In our opinion and according to the information and explanations given to us thecompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013. Hence paragraph ab and c of point iii of the order arenot applicable.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act2013.

(v) The company has not accepted any deposits from the public.

(vi) The Company's turnover is under the thresholds limit prescribed under sub clause(b) of Clause C of the Companies (cost records and audit) Rules 2014 hence not requiredto maintain the cost records.

(vii) (a) In our opinion and according to information and explanations given to us thecompany is regular in depositing undisputed statutory dues including provident fundemployee's state insurance income-tax sales tax service tax duty of excise ValueAdded Tax cess and other statutory dues to the appropriate authorities. And no statutorydues were in arrears as at 31 March 2016 for a period of more than six months from thedate they became payable.

(b) In our opinion and according to the information and explanations given to ustherewere no disputed amounts payable in respect of provident fund income tax sales taxvalue added tax duty of customs service tax cess.

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government.

(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) According to the information and explanations given to us no fraud by the companyor any fraud on the Company by its officers or employees has been noticed or reportedduring the year.

(xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid and provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(xii) In our opinion the company is not a Nidhi company. Accordingly paragraph 3(xii)of the order is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records there were no transactions done during the period with therelated parties. Accordingly paragraph 3(xiii) of the order is not applicable.

(xiv) In our opinion the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the order is not applicable.

(xv) According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with himAccordingly paragraph 3(xv) of the order is not applicable.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Mahesh C. Solanki & Co.

Chartered Accou ntants

Firm Reg. No. 006228C

sd/-

CA. Mahesh Solanki

Partner

M. No. -074991

Place: Thane

Date : 30th May 2016

KCL Infra Projects Limited

Annexure B to the Auditor's 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 KCL InfraProjects Limited ('the Company')as of 31st March2016 in conjunction with our audit of thestandalone financial statements 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). 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 the Company's policies the safeguarding of its assetsthe prevention 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 Act2013.

Auditor's 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 deemed to beprescribed under Section 143(10) of the Companies Act2013 to the extent applicable to anaudit of Internal Financial Controls and both issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting were established and maintained and if such controls operatedeffectively 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 the material weakness exists and testing and evaluating thedesign and operating effectiveness of internal control based on the assessed risk . Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material 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 authorizations of theManagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 controlor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2016 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Mahesh C. Solanki & Co.

Chartered Accountants

Firm Reg. No. 006228C

sd/-

CA. Mahesh Solanki

Partner

M. No. -074991

Place: Thane

Date : 30thMay 2016.