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Kiran Vyapar Ltd.

BSE: 537750 Sector: Financials
NSE: N.A. ISIN Code: INE555P01013
BSE LIVE 15:40 | 22 Sep 130.00 -4.75
(-3.53%)
OPEN

137.50

HIGH

137.50

LOW

125.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 137.50
PREVIOUS CLOSE 134.75
VOLUME 19416
52-Week high 142.20
52-Week low 95.00
P/E 37.25
Mkt Cap.(Rs cr) 337
Buy Price 132.00
Buy Qty 5.00
Sell Price 0.00
Sell Qty 0.00
OPEN 137.50
CLOSE 134.75
VOLUME 19416
52-Week high 142.20
52-Week low 95.00
P/E 37.25
Mkt Cap.(Rs cr) 337
Buy Price 132.00
Buy Qty 5.00
Sell Price 0.00
Sell Qty 0.00

Kiran Vyapar Ltd. (KIRANVYAPAR) - Auditors Report

Company auditors report

To the Members of KIRAN VYAPAR LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Kiran VyaparLimited ("the Company") which comprise the Balance Sheet as at 31 March2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended) and the guidelines issued by the Reserve Bank of Indiaas applicable to a Non-Banking Financial Company. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Act;safeguarding the assets of the Company; preventing and detecting frauds 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

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. 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 thereunder.

5. We conducted our audit in accordance with the Standards of 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 standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors’ judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

7. 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

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act 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 31 March 2016 and its profit and its cash flows for the year ended on that date.

Other matter

9. The standalone financial statements of the Company as at and for the year ended 31March 2015 was audited by another auditor whose report dated 16 May 2015 expressed anunqualified opinion on those financial statements. The balances as at 31 March 2015 as perthe audited financial statements regrouped and/ or reclassified wherever necessary havebeen considered as opening balances for the purpose of these standalone financialstatements.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4of the Order.

11. 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 purpose 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 financial statements dealt with by this report are in agreement with the booksof account;

d. in our 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 (as amended);

e. on the basis of written representations received from the directors as on 31 March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct; and

f. we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as of 31 March 2016 in conjunction with our audit of the financialstatements of the Company for the year ended on that date and our report dated 30 May 2016as per Annexure B expressing our unmodified opinion on adequacy and operativeeffectiveness of internal controls over financial reporting; 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. as detailed in Note 33 to the standalone financial statements the Company hasdisclosed the impact of pending litigations on its standalone financial position;

ii. the Company did not have any long-term contracts including derivatives contract forwhich there were any material foreseeable losses; and

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

For Walker Chandiok & Co LLP

Chartered Accountants

Firm Reg. No. 001076N/N500013

Per Anamitra Das

Partner

Membership No. 062191

Place: Kolkata

Date: 30th May 2016

Annexure A to the Independent Auditor’s Report of even date to the members ofKiran Vyapar Limited on the standalone financial statements for the year ended 31 March2016

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

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

(b) The Company has a regular program of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner over a period of three yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

(c) The Company does not hold any immovable properties (in the nature of ‘fixedassets’). Accordingly the provisions of clause 3(ii)(c) of the Order are notapplicable.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies between physical inventory andbook records were noticed on physical verification.

(iii) The Company has granted unsecured loan to one company covered in the registermaintained under Section 189 of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not primafacie prejudicial to company’s interest.

(b) the schedule of repayment of principal and payment of interest has been stipulatedand the repayment/ receipts of the principal amount and the interest are regular; and

(c) there is no overdue amount in respect of loans granted to such company.

(iv) In our opinion the Company has complied with the provisions of section 185 and186 of the Act in respect of loans investments guarantees and security.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) The Central Government has not specified maintenance of cost records undersub-section (1) of Section 148 of the Act in respect of Company’s services.Accordingly the provisions of clause 3(vi) of the Order are not applicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees’ state insurance income tax sales-tax service tax dutyof customs duty of excise value added tax cess and other material statutory dues asapplicable with the appropriate authorities. Further no undisputed amount payable inrespect thereof were outstanding at the year-end for a period of more than six months fromthe date they become payable.

Annexure A to the Independent Auditors’ Report of even date to the members ofKiran Vyapar Limited on the standalone financial statements for the year ended 31 March2016

(b) The dues outstanding in respect of income-tax sales-tax wealth tax service taxduty of customs duty of excise value added tax and cess on account of any dispute areas follows:

Name of the statute Nature of dues Amount ( Rs ) Amount Paid Under Protest ( Rs ) Period to which the amount relates Forum where dispute is pending
The Income Tax Act 1961 Income Tax 1539590 Nil AY 2013-14 Commissioner of Income Tax (Appeals)

(viii) The Company has not defaulted in repayment of loans or borrowings to any bank orfinancial institution or government during the year. The Company did not have anyoutstanding debentures during the year.

(ix) The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments). In our opinion the Company has applied the termsloans for the purpose for which the loans were obtained.

(x) No fraud by the Company or on the company by its officers or employees has beennoticed or reported during the period covered by our audit.

(xi) The Company has not paid or provided for any managerial remuneration. Accordinglythe provisions of clause 3(xi) of the Order are not applicable.

(xii) In our opinion the Company is not a Nidhi Company. Accordingly the provisionsof clause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withsections 177 and 188 of the Act where applicable and the requisite details have beendisclosed in the financial statements etc. as required by the applicable accountingstandards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

(xv) In our opinion the Company has not entered into any non-cash transactions withdirectors or persons connected with them covered under section 192 of the Act.

(xvi) The Company is required to be registered under section 45-IA of the Reserve Bankof India Act 1934 and such registration has been obtained by the company.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm Reg. No. 001076N/N500013

Per Anamitra Das

Partner

Membership No. 062191

Place: Kolkata

Date: 30th May 2016

Annexure B to the Independent Auditor’s Report of even date to the members ofKiran Vyapar Limited on the standalone financial statements for the year ended 31 March2016

Independent Auditor’s report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the standalone financial statements ofKiranVyaparLimited ("the Company") as of and for the year ended 31 March 2016we have audited the internal financial controls over financial reporting("IFCoFR") of the Company as of that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s Board of Directors is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India ("ICAI"). These responsibilities include thedesignimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of the Company’sbusiness including adherence to 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 ofreliable financial information asrequired under the Act.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s IFCoFR based onour audit. We conducted our audit in accordance withthe Standards on Auditing issued bythe ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of IFCoFR and the Guidance Note issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate IFCoFR wereestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyofthe IFCoFR and their operating effectiveness.Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that amaterial weakness exists and testingand evaluating the design and operating effectiveness ofinternal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material misstatement of the standalone financialstatements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovidea basis for our audit opinion on the Company’s IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company’s IFCoFR is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company’s IFCoFR includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company’s assets that could have a material effect on thefinancial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that IFCoFR may become inadequate because ofchanges inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls 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 issued by the ICAI.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm Reg. No. 001076N/N500013

Per Anamitra Das

Partner

Membership No. 062191

Place: Kolkata

Date: 30th May 2016