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K K Fincorp Ltd.

BSE: 503669 Sector: Financials
NSE: N.A. ISIN Code: INE509J01013
BSE 00:00 | 03 Dec 13.20 0
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13.20

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13.20

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13.20

NSE 05:30 | 01 Jan K K Fincorp Ltd
OPEN 13.20
PREVIOUS CLOSE 13.20
VOLUME 20
52-Week high 13.20
52-Week low 6.80
P/E 1320.00
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.20
CLOSE 13.20
VOLUME 20
52-Week high 13.20
52-Week low 6.80
P/E 1320.00
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

K K Fincorp Ltd. (KKFINCORP) - Auditors Report

Company auditors report

To

The Members of K K FINCORP LIMITED (Formerly Kuberkamal Industrial Investments Ltd.)

Report on the Financial Statements

I have audited the accompanying financial statements of K K FINCORP LIMITED(Formerly Kuberkamal Industrial Investments Ltd.) which comprise the balance sheet asat 31st March 2018 and the statement of profit and loss and cash flowstatement for the year then ended and a summary of significant accounting policies andother explanatory information.

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 andpresentation of these 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 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.

Auditors Responsibility

My responsibility is to express an opinion on these financial statements based on myaudit. I conducted my audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that I comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company s preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe company s internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Ibelieve that the audit evidence I have obtained is sufficient and appropriate to provide abasis for my audit opinion.

Opinion

In my opinion and to the best of my information and according to the explanations givento us the financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

i. in the case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2018;

ii. in the case of the Statement of Profit and Loss of the Loss for the year ended onthat date; and

iii. in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 I give in the "Annexure-A" a statement on the mattersspecified in paragraph 3 and 4 of the Order to extent applicable.

2. As required by section 143(3) of the Act I report that:

a. I have obtained all the information and explanations which to the best of myknowledge and belief were necessary for the purpose of my audit.

b. in my opinion proper books of account as required by law have been kept by thecompany so far as appears from my examination of those books.

c. the balance sheet and statement of profit and loss dealt with by this report are inagreement with the books of account and returns.

d. in my opinion the balance sheet statement of profit and loss and cash flowstatement comply with the accounting standards referred to in section 133 of the CompaniesAct 2013 and the Companies (Accounts) Rules 2014.

e. on the basis of written representations received from the Directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the director isdisqualified as on 31st March 2018 from being appointed as a Director interms of clause of sub-section (2) of section 164 of the Companies Act 2013.

f. in my opinion the Company has adequate internal financial controls system in placeand the operating effectiveness of such controls refer to my separate report in"Annexure B".

g. with respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies Rules2014 in my opinion and to the best of myinformation and according to explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements;

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

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company if any.

For YATIN KUMAR SHAH
CHARTERED ACCOUNTANT
Sd/-
(YATIN KUMAR SHAH)
PLACE : MUMBAI PROPRITOR
DATED : 29TH MAY 2018 Membership Number 159796

ANNEXURE - "A" TO THE AUDITORS REPORT

[Referred to in paragraph 1 under Report on Other Legal and Regulatory

Requirements section of my report of even date]

(i) The Company does not own any fixed assets.

(ii) The Company is a NBFC primarily engaged in nonbanking financial services.Accordingly it does not hold any physical inventories.

(iii) The Company has granted loans to corporates listed in the register maintained u/s189 of the Companies Act 2013:-

(a) In my opinion the rate of interest and other terms and conditions on which loanhad been granted to the bodies corporate listed in the register maintained u/s 189 of theact were not prima facie prejudicial to the interest of the Company.

(b) In the case of loans granted to the bodies corporate listed in the registermaintained u/s 189 of the Act the borrower have been regular in the payment of theprincipal and interest as stipulated.

(c) There are no overdue amount in respect of the loan granted to a body corporatelisted in register maintained u/s 189 of the Act.

(iv) According to the information and explanations given to us the Company hascomplied with the provisions of section 185 and 186 of the Companies Act 2013 in respectof loans investments guarantees and security.

(v) In my opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public and hence the directives issued bythe Reserve Bank of India and provisions of the Companies Act 2013 and rules framed thereunder are not attracted.

(vi) The Company engaged in the business of NBFC and therefore the provisions relatingto maintenance of cost records are not applicable.

(vii) (a) According to the information and explanations provided to us the Company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding Provident Fund Investor Education Protection Fund Employees State InsuranceIncome tax Sales tax Wealth tax Service tax Custom Duty Excise Duty Value Added TaxCess and other statutory dues as applicable to it with appropriate authorities and therewere no undisputed arrears as at 31st March 2018 for a period of more than sixmonths from the date they become payable.

(b) According to the information and explanations given to us there were no disputedstatutory dues of Income tax Sales Tax Wealth tax Service tax Customs Duty ExciseDuty Value Added Tax and Cess as at 31st March 2018.

(viii) In my opinion and according to the information and explanations given to us theCompany has neither availed any loans from financial institutions banks Government norissued any debentures.

(ix) In my opinion and according to the information and explanation given to us thecompany has not raised any money by way of initial public offer or further public offer(including debt instruments) and term loans during the year under review.

(x) To the best of my knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of my audit.

(xi) In my opinion and according to information and explanations given to us theCompany paid or provided managerial remuneration with requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) In my opinion and according to information and explanation given to us theCompany is not Nidhi Company. Accordingly paragraph 3(XII) of the order is notapplicable.

(xiii) In my opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where ever applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) In my opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith then.

(xvi) The Company has been registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For YATIN KUMAR SHAH
CHARTERED ACCOUNTANT
Sd/-
(YATIN KUMAR SHAH)
PLACE : MUMBAI PROPRITOR
DATED : 29TH MAY 2018 Membership Number 159796

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")

I have audited the internal financial controls over financial reporting of K KFincorp Limited (Formerly Kuberkamal Industrial Investments Ltd.) ("theCompany") as of 31 March 2018 in conjunction with my audit of the financialstatements 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I conducted my audit in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that I comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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 proceduresselected depend on the auditor s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company s internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting 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.

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 my 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 2018 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 YATIN KUMAR SHAH
CHARTERED ACCOUNTANT
Sd/-
(YATIN KUMAR SHAH)
PLACE : MUMBAI PROPRITOR
DATED : 29TH MAY 2018 Membership Number 159796