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Shri Kalyan Holdings Ltd.

BSE: 532083 Sector: Financials
NSE: N.A. ISIN Code: INE079N01019
BSE LIVE 11:18 | 19 Apr Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.06
PREVIOUS CLOSE 3.12
VOLUME 1
52-Week high 3.12
52-Week low 3.06
P/E 4.19
Mkt Cap.(Rs cr) 3
Buy Price 3.06
Buy Qty 999.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.06
CLOSE 3.12
VOLUME 1
52-Week high 3.12
52-Week low 3.06
P/E 4.19
Mkt Cap.(Rs cr) 3
Buy Price 3.06
Buy Qty 999.00
Sell Price 0.00
Sell Qty 0.00

Shri Kalyan Holdings Ltd. (SHKALYANHOLD) - Auditors Report

Company auditors report

TO THE MEMBERS OF SHRI KALYAN HOLDINGS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SHRI KALYAN HOLDINGSLIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 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 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.

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 andthe 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 control 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.

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 of the state of affairs of the Company as at 31stMarch 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the ‘Annexure-A’ a statement on the mattersspecified in paragraphs 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 Balance Sheet Statement of Profit & Loss and Cash FlowStatement comply with the Accounting Standards specified under Section 133 of the Actread 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 in termsof Section 164 (2) of the Act.

(f) with respect to adequacy of interim financial controls over financial reporting ofthe company and operating effectiveness of such controls refer to our separate 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 did not have any pending litigations as on the Balance Sheet date

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 BANSHI JAIN & ASSOCIATES
Chartered Accountants
Firm Registration No.100990W
Sd/-
Place: MUMBAI B.L. JAIN
Date: 28th May2016 Partner
Membership No. 016600

‘Annexure A’ to the Independent Auditors’ Report

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended on 31st March 2016. Wereport that:

1) In Respect of its Fixed Assets:

A) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

B) The fixed assets of the company have been physically verified by the managementduring the year and discrepancies between the book records and the physical verificationhave been properly accounted in the books. In our opinion the frequency of verificationis reasonable.

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 company.

2) In respect of its Inventories:

A) As explained to us the inventory of shares and securities has been physicallyverified during the year by the management.

In our opinion the frequency of verification is reasonable. There were nodiscrepancies noticed on verification between the stocks lying in Demat Account and thebook records.

3) In Respect of Loans Granted

According to the information and explanation given to us the company has grantedunsecured loans to twenty four companies covered in the register maintained under Section189 of the Companies Act. The balance outstanding as at the end of the year was Rs.303117853/-.

A) The terms and conditions of the grant of aforesaid loans are not prejudicial to thecompany’s interest.

B) In respect of the aforesaid loans the parties are repaying the principal amounts asstipulated and are also regular in payment of interest wherever applicable.

C) There are no overdue amounts in respect of the above loan.

4) 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 Act with respectto the loans and investments made.

5) According to information and explanation given to us the Company has not acceptedany deposits from the public. Accordingly Clause 3 (v) of the order is not applicable.

6) The Central Government of India has not prescribed the maintenance of cost recordsunder section 148(1) of the Act for any of the services rendered by the company.

7) In respect of statutory dues:

A) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income- taxsales tax value added tax duty of customs service tax cess and other statutory dueshave been regularly deposited during the year by the Company with the appropriateauthorities. As explained to us the Company did not have any dues on account ofemployees’ state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other statutory dues were in arrears as at 31 March 2016for a period of more than six months from the date they became payable.

B) According to the information and explanations given to us there are no materialdues of profession tax service tax duty of customs value added tax income tax and cesswhich have not been deposited with the appropriate authorities on account of any dispute.

8) According to the records of the company examined by us and the information andexplanations given to us the company has not defaulted in repayment of dues to anyfinancial institution or bank as at the balance sheet date.

9) According to the records of the company examined by us and the information andexplanations given to us the company has not raised moneys by way of initial public offeror further public offer (including debt instruments). During the year company has raisedmoney by way of term loan which were applied for the purpose for which those are raised.

10) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanation given to us we have neither come across anyinstance of fraud done by the company or any fraud done on the company by its officers oremployees noticed or reported during the year nor have we been informed of such case bythe management.

11) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid/provided formanagerial remuneration during the year. Accordingly Clause (xi) of the order is notapplicable.

12) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly Clause (xii) of the Order is not applicable.

13) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xvi)of the Order is not applicable.

16) According to the records of the company examined by us and the information andexplanations given to us the Company is a Non Banking Financial Corporation and it hasobtained registration under section 45-IA of the Reserve Bank of India Act 1934.

For BANSHI JAIN & ASSOCIATES
Chartered Accountants
Firm Registration No.100990W
Sd/-
Place: MUMBAI B.L. JAIN
Date: 28th May2016 Partner
Membership No. 016600

Annexure B to the Auditors’ 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 SHRIKALYAN HOLDINGS LIMITED ("the Company") as of 31 March 2016 in conjunctionwith our audit of the 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’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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 a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk.

The procedures selected depend on the auditor’s judgment including the assessmentof the risks of material misstatement of the financial statements whether due to fraud orerror.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement 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 controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For BANSHI JAIN & ASSOCIATES
Chartered Accountants
Firm Registration No.100990W
Sd/-
Place: MUMBAI B.L. JAIN
Date: 28th May2016 Partner
Membership No. 016600