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KM Capital Ltd.

BSE: 530327 Sector: Financials
NSE: N.A. ISIN Code: INE339T01014
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KM Capital Ltd. (KMCAPITAL) - Auditors Report

Company auditors report

To

Members of

K M CAPITAL LIMITED

New Delhi

Report on the Financial Statements

We have audited the accompanying standalone financial statements of KM CAPITAL LIMITED(“the Company”) which comprise the Balance Sheet as at 31 March 2015 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.

1. 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended). 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

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

3. 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.

4. 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 standalone financial statements are free from material misstatement.

5. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s 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 the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

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

Opinion

7. 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 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor’s Report) Order 2015 (“theOrder”) issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4of the Order.

9. 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;

c. The standalone financial statements dealt with by this report are in agreement withthe books of 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 the written representations received from the directors as on 31March 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164(2) of the Act;

f. 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 has no pending litigations.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

for VBR & Associates
Chartered Accountants
(Vijay Bansal)
Partner
Place: Delhi Membership No. 88744
Date: 29.05.2015 Firm’s Registration No. 013174N

Re: K M Capital Ltd.

Annexure-I

Referred to in paragraph Report on Other Legal and Regulatory Requirements of ourreport of even date Based on the audit procedures performed for the purpose of reporting atrue and fair view on the financial statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined 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 fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification.

(iii) The Company has granted loans secured or unsecured to companies firms or otherparties covered in the register maintained under Section 189 of the Act and with respectto the same:

(a) The principal amounts are repayable on demand and since the repayment of such loanshas not been demanded in our opinion receipt of the principal amount is regular; and

(b) there is no overdue amount in respect of loans granted to such companies firms orother parties.

(iv) In our opinion there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory and fixedassets and for the sale of goods and services. During the course of our audit no majorweakness has been noticed in the internal control system in respect of these areas.

(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) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany’s products/ services. Accordingly the provisions of clause 3(vi) of theOrder are not applicable.

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees’ state insurance income-tax sales-tax wealthtax service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues as applicable with the appropriate authorities. Further noundisputed amounts payable in respect thereof were outstanding at the year-end for aperiod of more than six months from the date they become payable.

(b) There are no dues outstanding in respect of income-tax sales-tax wealth taxservice tax duty of customs duty of excise value added tax and cess on account of anydispute.

[c] There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder. Accordingly the provisionsof clause 3(vii)(c) of the Order are not applicable.

(viii) In our opinion the Company has accumulated losses of more than 50% of its NetWorth at the end of the financial year but it has not incurred cash losses in the currentand the immediately preceding financial year.

(ix) In our opinion the Company has not defaulted in repayment of dues to anyfinancial institution or a bank or to debenture-holders during the year.

(x) The Company has not given any guarantees for loans taken by others from banks orfinancial institutions.

Accordingly the provisions of clause 3(x) of the Order are not applicable.

(xi) In our opinion the Company has applied the term loans for the purpose for whichthese loans were obtained.

(xii) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit.

for VBR & Associates
Chartered Accountants
(Vijay Bansal)
Partner
Place: Delhi Membership No. 88744
Date: 29.05.2015 Firm’s Registration No. 013174N