TO THE MEMBERS OF KINGS INFRA VENTURES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of KINGS INFRA VENTURES LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other 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 of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.
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 of the state of affairs of the Company as at 31stMarch 2017 and the profit or loss account and cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the(Auditor's Report) Order2016("the Order") issued bythe Central Government of India in terms of sub-section (11) of Section 143 of theCompanies Act2013 we given in the Annexure A statement on the matters specifiedin the paragraph 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 bestof 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 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 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 of Section164 (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 Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 did not have any long-term contracts including derivative contracts forwhich 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.
| ||For Sankar & Moorthy |
| ||Chartered Accountants |
| ||Sd/- |
| ||CA VC James BSc. FCA |
|Kochi May 29 2017. ||Partner (M No. 200/22565 & F No. 003575S) |
ANNEXURE-A TO THE INDEPENDENT AUDITOR'S REPORT
The Annexure referred to in our Independent Auditor's Report of even date to themembers of KINGS INFRA VENTURES LIMITED on the accounts for the year ended 31st March2017.
1. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets
2. As per the information and explanations given to us the fixed assets have beenphysically verified by the management at reasonable intervals and no materialdiscrepancies were noticed on such verification.
3. The company has maintained the title deeds of all immovable properties which areheld in the name of the company.
4. Physical verification of inventory has been conducted by the management atreasonable intervals during the year.
5. In our opinion and according to the information and explanations given to us theprocedure for physical verification of inventory is reasonable and adequate in relation tothe size of the company and the nature of its business
6. On the basis of examination of the records of inventory in our opinion the companyhas generally maintained proper records of inventory. No material discrepancies werenoticed on such verification.
7. As per the information's and explanations provided to us the company has notgranted unsecured loans to parties covered in the register maintained under section 189 ofthe Companies Act - 2013.
8. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.
9. As per the information and explanations given to us the company have complied withthe directives issued by the Reserve Bank of India and the provisions of sections 73 to 76or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder the company has not accepted deposits during the year.
10. The provisions regarding maintenance of cost records under section 148(1) of theCompanies Act
2013 are not applicable to the company.
11. According to the information and explanations provided to us the company isregular in depositing with appropriate authorities undisputed statutory dues includingprovident fund employees' state insurance income tax service tax customs duty exciseduty value added tax cess and other material statutory dues applicable to it . Asexplained to us no undisputed amounts payable were in arrears as on 31st March 2017 fora period of more than six months from the date they became payable.
12. According to the information and explanations given to us there are no materialdues of sales tax excise duty of customs and cess or Value Added Tax which have not beendeposited with the appropriate authorities on account of any dispute.
13. As per the information and explanations given to us the company has not defaultedin repayment of dues to banks financial institutions or debentures holders.
14. According to the information and explanations given to us the company has notraised any fund by way of initial public offer or further public offer or term loans fromany Financial Institutions.
15. According to the information and explanations given to us during the year nofraud on or by the company has been noticed or reported.
16. The company has paid managerial remuneration as per the provisions of section 197read with schedule V to the Companies Act 2013.
17. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable
18. The company has complied with the provisions of section 177 of the Companies act2013.
19. According to the information and explanations given to us the company complied withthe requirement of Section 42 of the Companies Act 2013 relating to PreferentialAllotment / Private Placement of shares made during the year under review and the amountraised have been used for the purposes for which the funds were raised
20. According to the information and explanations given to us during the year thecompany has not entered into any non-cash transactions with directors or persons connectedwith him.
21. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
| ||For Sankar & Moorthy |
| ||Chartered Accountants |
| ||Sd/- |
| ||CA. VC James B.S.c. FCA |
| ||Partner |
| ||MNo. 200/22565 |
|Kochi May 29 2017. ||FNo. 003575S |