The Mem hers
Shri Krishna Dcvcon Linn ted
Report on the Financial Statements
We have audited the accompanying standalone financial statements of Shri Krishna DevconLimited ("the Company1') which comprise the Balance Sheet as at 31 March2017 the Statement of Profit and Loss and Cash flow statement for the year then ended anda summary' of significant accounting policies and other cxpl anatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in sub-section 5of Section 134 of the Companies Act 2013 ('The Aci") with respecL lo the preparationof these Standalone financial .statements thaL give a true and fjir view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility'also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
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.
Wc conducted our audit in accordance with the Standards on Auditing specified undersub-section 10 of Section 143 of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements arc 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 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 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 ihe circ urns Lances but not for the pu rpose of expressing anopj nion on whether the Company has in place an adequate internal financial controlssystem over financial reporting and the operating effectiveness of such controls. An auditalso includes evaluating the appropriateness (if the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall 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 standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial slate men is gis/e the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith Lhe accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2017 and its profit and its cash flows for the yea r ended onthat date.
Report o n Other Lega l ami Regu latory Req uirements
1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government of India in exercise of powers conferred by sub-section 11 of secLi on 143 of the Act we enclose in Lhe Annexure "A" a suuemetiLon ihe mattersspecified in paragraphs 3 and 4 of the Order.
2. As required by sub-section 3 of Section 143 of the Act we re port that;
a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary forthe purpose of our audit;
b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;
0 the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt with bythis Report are in agreement with the books of account;
d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of Lhe Aciread wilh Rule 7 of LheCompanies (Accounts) Rules 2014.
e) On the basis of the wriLLen represen La Lions received from the DirecLors as onMarch 312017 Liken on record by Lhe Board of Directors none of the Directors aredisqualified as on March 312017 from being appointed as a Director in terms of sub-section 2 of Section 164 oft he 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 he included in the Auditors' Report inaccordance with Rule II of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given Lo us:
i. The Comp any does n L have any pending litigations which would impact iLsfinancial po si Li on;
ii. The company did not have any long term con tract including derivativeconLractforwhich there were any material foreseeable losses; and
iii. The company did nothave amount required to be transferred to the InvestorEducation and Protection Fund.
iv. The Company has provided requisite disclosures in the standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 3 November 2016 to 30 December 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with books ofaccount maintained by the Company and as produced to us by the Management - Refer Note 35to the sLmdalone financial sLulemenLs.
| ||For KhamleJwal & Kha tide IwaJ Associates |
| ||Chartered Accountants |
| ||Firm Registration No. 00B3B9C |
| ||CA. D urge sh Kha nde Iwal |
|Place: Indore ||Partner |
|Date: 30.05.2017 ||M. No. 077390 |
ANNEXIJRE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF S HR] KRISHNA DEVCONLIMITED FORTHEYEARENDED31ST MARCH 2017.
(Refer to i n our report of even d a te)
I. a) The Company has maintained proper records showing full particulars includingquanlilaiive details and situation of fixed assets.
b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.
c) According to the information and explanation gives to us and on the basis ofexamination of the records of the company the title deeds of'Immovable properties archeld in the name of the company.
ii. The inventor) Rs 'includes land plot of land completed buildings landunderdevelopment building under development etc. The inventory has been physicallyverified by the management during the year. In our opinion Lhe frequency ofsuchverification is reasonable and no material discrepancies wore noticed on physicalverification.
iii. In our opinion and according to information and explanations given to us theCompany has nor gran red any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Act. *4ccordingly paragraph 3 (iii) of the Order is not applicable to theCompany.
iv. In our opinion and According to the in formation and explanation gives to us thecompany has complied with the provisions of section 185 and 186 of the Act.
v. The company has not accepted any deposits from the public in accordance with theprovisions of sections 73 to 76 of the Act and the rules framed there under.
vi. We are informed Lhallhe maintenance of cost records has not been specified by lheCentral Government under sub - section (1) ofsection 148 of the Act.
vii. a) x4ccordmg to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including Provident Fundemployees'State Insurance Income-tax Sales-tax Service Taxdutyofcustoinsdutyofexcisevalueadded tax cess and any otherstarutory dues with theappropriate authorities. According to the information and explanations given to us noundisputed amount payable in respect of Provident Fund employees' State InsuranceIncome-tax Sa!cs-tax Service Tax duty of customs duty of excise value added tax cessand any olher undisputed statutory dues were outstanding aL Lhe end of the year for 3period of more Lhan six months from the date they become payable except due of Rs.2671620/- related to income tax for the financial year 2015-16.
b) According to the information and explanations given to us there are no dues ofProvident Fund employees' State Insurance income-tax Sales-tax Sendee Tax duty ofcustoms duty of excise value added tax cess aud any other statutory dues outstanding onaccount of any dispute.
viii. The company has not defaulted in repayment of dues to any Financial Institutionor Bank. The company has no debenture holders.
ix. In ouropinion and accordingly Lhe in formation and explanations given Lo us LheCompany has noL raised any money by way of initial public offer or further public offer(in eluding debt instruments) and term loans during the year. Accordingly paragraph 3(ix) oft.he Order is notapplicable.
x. Based upon the audit procedures performed and the information and explanations givento us no fraud by the Company or on the company by its officers and employees has beennoticed or reported during the year.
xi. According to the information and explanations given to us and based on theexamination of records of the company the company has paid or provided for managerialremuneration in accordance with the requisite approvals mandated by the [>rovisions ofseclion 197 read wiLh schecJule V to the Compa nies Act.
xii. According Lo the information anti explanations given lo us the company is not anidhi company. Accordingly paragraph 3(xii)
xiii. According to the information and explanations given to us and based on ourexaminations of the records of the Company transactions with Lhe related parlies are incompliance with seel ions 177 and 188 of ihe Act where applicable. The deiails of suchrelated party transactions have been disclosed in the financial statements as required byapplicable accounting standards.
xiv. According to the information and explanations give hi us and based on ourexamination of the records the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures duiing the year.
xv. According to the information and explanations given to us and based on ourexamination of the records the Company has nor entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3 [xv) of the Order is notapplicable.
xvi. The Company is nol required lo be registered under Section 4S-IA of the ReserveBank of India Acl 1934. Accordingly lhe provisions of Clause 3 [xvi] of the Order arcnot applicable to the Company.
| ||For Khandelwal & Khandclwal Associates |
| ||Chartered Accountants |
| ||Firm Registration No. 0 0 83 89C |
| ||CA. Durgesh Khandelwal |
|Place; Indore ||Partner |
|Date:30.05.2017 ||M. No. 077390 |