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Kalyani Investment Company Ltd.

BSE: 533302 Sector: Financials
NSE: KICL ISIN Code: INE029L01018
BSE 12:04 | 19 Oct 1989.00 0
(0.00%)
OPEN

1988.95

HIGH

1989.00

LOW

1988.95

NSE 11:59 | 19 Oct 1993.00 3.25
(0.16%)
OPEN

1989.00

HIGH

1993.00

LOW

1989.00

OPEN 1988.95
PREVIOUS CLOSE 1989.00
VOLUME 18
52-Week high 2955.00
52-Week low 1863.00
P/E 28.57
Mkt Cap.(Rs cr) 869
Buy Price 1952.85
Buy Qty 1.00
Sell Price 1989.00
Sell Qty 10.00
OPEN 1988.95
CLOSE 1989.00
VOLUME 18
52-Week high 2955.00
52-Week low 1863.00
P/E 28.57
Mkt Cap.(Rs cr) 869
Buy Price 1952.85
Buy Qty 1.00
Sell Price 1989.00
Sell Qty 10.00

Kalyani Investment Company Ltd. (KICL) - Auditors Report

Company auditors report

To

The Members of

Kalyani Investment Company Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Kalyani InvestmentCompany Limited (the Company) which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss and the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Companys 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 Standardsspecified under Section 133 of the Act read with the Rules of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial 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.

Auditor's Responsibility

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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

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 anddisclosures in the financial statements. The procedures selected depend on the auditorsjudgment 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 financial controls relevant to the Companys preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Companys Directors as well as evaluating the overall presentation ofthe 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.

Opinion

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 31st March 2018 and its profit and its cash flows for the year ended on that date.

Other Matters

The financial statements of the Company for the year ended 31st March 2017 wereaudited by other independent auditor whose report dated 25th May 2017 expressed anunqualified opinion on those statements. The audited balances as on 31st March 2017 havebeen considered as opening balances for the purpose of these financial statements.

Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 („theOrder‰) issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Companies Act 2013 we give in the Annexure „A‰ a statementon the matters specified in paragraphs 3 and 4 of the Order.

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 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 aforesaid standalone financial statements comply with theAccounting Standards specified

under Section 133 of the Act read with the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms ofSection 164(2) of the Act.

f) In our opinion there are no financial transactions or matters which have any adverseeffect on the functioning of the Company.

g) With respect to the adequacy of the internal financial controls with reference tofinancial statements and the operating effectiveness of such controls refer to ourseparate Report in Annexure „B‰.

h) With respect to the other matters to be included in the Auditors 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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which 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 M/s. P. G. Bhagwat
Firm Registration No.101118W
Chartered Accountant
Sanjay Athavale
Partner
Membership No.83374
Place : Pune
Date : 18th May 2018

ANNEXURE "A" TO THE AUDITOR'S REPORT (Referred to in our above report of evendate)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. (b) As explained to us the fixedassets have been physically verified by the Management at reasonable intervals during thefinancial year. According to the information and explanations given to us nodiscrepancies were noticed on physical verification of the fixed assets.

(c) The Company does not own any immovable properties.

(ii) As explained to us the Company did not hold any physical inventories during thefinancial year covered by this report. Thus paragraph 3(ii) of the Order is notapplicable to the Company.

(iii) The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans in contravention of Section 185 of the Companies Act2013. The Company has complied with the provisions of Section 186 of the Act with respectto the loans and guarantees given securities provided or investments made. (v) TheCompany has not accepted deposits from the public within the meaning of Sections 73 to 76or any other relevant provisions of the Companies Act 2013 and the rules framedthereunder.

(vi) Requirement to maintain cost records under sub-section (1) of Section 148 of theCompanies Act 2013 does not apply to the Company.

(vii) (a) According to the records of the Company the Company was found to be regularin depositing undisputed statutory dues applicable to it including income tax servicetax cess and any other statutory dues to the appropriate authorities. As explained to usby the Management the provisions of the Employees State Insurance Act 1948 and theEmployees Provident Fund and Miscellaneous Provisions Act 1952 do not apply to theCompany. According to the information and explanations given to us no undisputed amountspayable in respect of income tax service tax and any other statutory dues wereoutstanding as at 31st March 2018 for a period of more than six months from the datethose became payable.

(b) According to the records of the Company there are no dues of income tax or servicetax which have not been deposited on account of any dispute.

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders. Accordingly paragraph 3(viii) of theOrder is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) Based upon the audit procedures performed and the information and explanationsgiven by the Management we report that no fraud by the Company or no fraud on the Companyby its officers or employees has been noticed or reported during the year.

(xi) The Company has not paid any managerial remuneration during the financial yearcovered by this report. Accordingly paragraph 3 (xi) of the Order is not applicable.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

(xiii) According to the records of the Company and according to the information andexplanations given to us transactions with the related parties are in compliance withSections 177 and 188 of the Companies Act 2013 wherever applicable and the details havebeen disclosed in the Financial Statements as required by the applicable accountingstandards. (xiv) According to the information and explanations given to us and based on myexamination 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. Accordingly paragraph 3(xiv) of the Order is not applicable.

(xv) According to the information and explanations given to us and based on myexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable. (xvi) The Company is a Non Deposit taking Core InvestmentCompany as defined in the Core Investment Companies (Reserve Bank) Directions 2011.Since the Company is not a Systemically Important Non Deposit taking Core InvestmentCompany it is not required to obtain Certificate of Registration under Section 45-IA ofthe Reserve Bank of India Act 1934.

For M/s. P. G. Bhagwat
Firm Registration No.101118W
Chartered Accountant
Sanjay Athavale
Partner
Membership No.83374
Place : Pune
Date : 18th May 2018

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 with reference to financial statementsof Kalyani Investment Company Limited („the Company‰) as of 31st March 2018 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internalfinancial controls based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued 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 Companys policies the safeguarding ofits 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Companys internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the „Guidance Note‰) and the Standards on Auditing issuedby ICAI and deemed to be prescribed under Section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls with reference to financial statements wereestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of internal financial controls withreference to financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditors judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Companys internal financial controls withreference to financial statements.

Meaning of Internal Financial Controls with reference to ! nancial statements

A Companys internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Companys internal financial controlwith reference to financial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the Company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorisations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the Companys assets that could have a material effect on the FinancialStatements.

Inherent Limitations of Internal Financial Controls with reference to ! nancialstatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls with reference to financial statements and such internal financialcontrols with reference to financial statements were operating effectively as at 31stMarch 2018 based on the internal control with reference to financial statements 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.

Firm Registration No.101118W
Chartered Accountant
Sanjay Athavale
Partner
Membership No.83374
Place : Pune
Date : 18th May 2018