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Kiran Vyapar Ltd.

BSE: 537750 Sector: Financials
NSE: N.A. ISIN Code: INE555P01013
BSE LIVE 15:52 | 22 Nov 144.40 -3.50
(-2.37%)
OPEN

152.95

HIGH

152.95

LOW

144.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 152.95
PREVIOUS CLOSE 147.90
VOLUME 5641
52-Week high 168.70
52-Week low 96.50
P/E 46.13
Mkt Cap.(Rs cr) 374
Buy Price 144.40
Buy Qty 264.00
Sell Price 0.00
Sell Qty 0.00
OPEN 152.95
CLOSE 147.90
VOLUME 5641
52-Week high 168.70
52-Week low 96.50
P/E 46.13
Mkt Cap.(Rs cr) 374
Buy Price 144.40
Buy Qty 264.00
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 March 2017the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 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 Standardsprescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 (as amended). This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls 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 the Company's Directors as well as evaluating the overall presentationof 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 these standalone 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 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

10. Further to our comments in Annexure A as required by Section 143(3) of the Act wereport that: a. we have sought and obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purpose of our audit; b. inour opinion proper books of account as required by law have been kept by the Company sofar as it appears from our examination of those books; c. the standalone financialstatements dealt with by this report are in agreement with the books of account; d. in ouropinion the aforesaid standalone financial statements comply with the AccountingStandards prescribed under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended); e. on the basis of written representations receivedfrom the directors and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164(2) of the Act; f. we have also audited the internal financial controls over financialreporting (IFCoFR) of the Company as on 31 March 2017 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 27 May 2017 as per Annexure B expresses our unmodified opinion on adequacyand operative effectiveness of internal controls over financial reporting; and g. withrespect to the other matters to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 (as amended) in our opinion andto the best of our information and according to the explanations given to us: i. theCompany as detailed in Note 32 to the standalone financial statements has disclosed theimpact of pending litigations on its standalone financial position; ii. the Company didnot have any long-term contracts including derivatives contract for which there were anymaterial foreseeable losses; iii. there were no amounts which were required to betransferred to the Investor Education and Protection Fund by the Company; and iv. theCompany as detailed in Note 35 to the standalone financial statements has made requisitedisclosures in these standalone financial statements as to holdings as well as dealings inthese Specified Bank Notes during the period from 08 November 2016 to 30 December 2016.Based on the audit procedures performed and taking into consideration the information andexplanation given to us in our opinion these are in accordance with the books of accountmaintained by the Company.

For Walker Chandiok & Co. LLP

Chartered Accountants

Firm Regn. No. : 001076N/N500013

per Anamitra Das

Partner

Membership No. : 062191

Place : Gurgaon

Date : 27 May 2017

Annexure A to the Independent Auditor's Report of even date to the members of KiranVyapar Limited on the standalone financial statements for the year ended 31 March2017

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 and to the best of our knowledge and beliefwe report that: (i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear however there is a regular program of verification once in 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) TheCompany does not hold any immovable property (in the nature of ‘fixed assets').Accordingly the provisions of clause 3(i)(c) of the Order are not applicable.

(ii) In our opinion the management has conducted physical verification of inventory atreasonable intervals during the year and no material discrepancies between physicalinventory and book records were noticed on physical verification. (iii) The Company hasgranted unsecured loan to one company covered in the register maintained under Section 189of the Act; and with respect to the same: (a) in our opinion the terms and conditions ofgrant of such loans are not prima facie prejudicial to the 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) In our opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). 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. Accordinglythe provisions of clause 3(vi) of the Order are not applicable. (vii) (a) The Company isregular in depositing undisputed statutory dues including provident fund employees' stateinsurance income tax sales-tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues as applicable to the appropriateauthorities. Further no undisputed amounts payable in respect thereof were outstanding atthe year-end for a period of more than six months from the date they become payable.

(b) The dues outstanding in respect of income-tax sales-tax service tax duty ofcustoms duty of excise and value added tax on account of any dispute are as follows:Statement of Disputed Dues

Name of the statute Nature of dues Amount (`) Amount Paid Under Protest (`) Period to which the amount relates Forum where dispute is pending Remarks if any
The Income-tax Act 1961 Income Tax 68500000 Nil AY 2011-12 Commissioner of Income Tax (Appeals) (see Note I below)
The Income-tax Act 1961 Income Tax 1539590 230950 AY 2013-14 Commissioner of Income Tax (Appeals) (see Note II below)
The Income-tax Act 1961 Income Tax 105434310 15815150 AY 2014-15 Commissioner of Income Tax (Appeals) (see Note II below)

Annexure A to the Independent Auditor's Report of even date to the members of KiranVyapar Limited on the standalone financial statements for the year ended 31 March2017

Note:

I. Pertains to outstanding demand of income tax in respect of the demerged Investmentdivision of Maharaja Shree Umaid Mills Limited. The Company is liable to pay the tax (inrespect of the demerged division) as per the order of the Hon'ble High Court at Calcutta.

II. The Company has made a payment of 15% of the disputed dues basis which a stay hasbeen granted for the said demand by the authorities.

(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 terms loans were applied for the purposes for which the loans wereobtained.

(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) Managerial remuneration has been provided by the company in accordance with therequisite approvals mandated by the provisions of Section 197 of the Act read withSchedule V to the Act.

(xii) In our opinion the Company is not a Nidhi Company. Accordingly provisions ofclause 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 withthe directors 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 Regn. No. : 001076N/N500013

per Anamitra Das

Partner

Membership No. : 062191

Place : Gurgaon

Date : 27 May 2017

Annexure B to the Independent Auditor's Report of even date to the Members of KiranVyapar Limited on the standalone Financial Statements for the year ended 31 March 2017.

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

1. In conjunction with our audit of the standalone financial statements of Kiran VyaparLimited ("the Company") as of and for the year ended 31 March 2017 we haveaudited the internal financial controls over financial reporting ("IFCoFR") ofthe Company as of that date.

Management's Responsibility for Internal Financial Controls

2. The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of the Company's business including adherenceto Company's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's IFCoFR based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theICAI 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 adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the standalone financial statementswhether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a 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 assurance regardingthe reliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sIFCoFR 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.

Annexure B to the Independent Auditor's Report of even date to the Members of KiranVyapar Limited on the standalone Financial Statements for the year ended 31 March 2017.

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 in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

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 2017 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 Regn. No. : 001076N/N500013
per Anamitra Das
Partner
Membership No. : 062191
Place : Gurgaon
Date : 27 May 2017