To the Members of
Kamanwala Housing Construction Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of KamanwalaHousing Construction Limited (the Company') which comprises the StandaloneBalance Sheet as at 31st March 2018 the statement of Standalone Profit andLoss (including Other Comprehensive Income) and the Standalone Cash Flow Statement and thestatement of change in equity for the year then ended and a summary of significantaccounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial
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 standalone financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial 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.
In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions 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 misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the Company's directorsas well as evaluating 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 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 March 312018 and its profit (including other comprehensive income) its cash flowsand the changes in equity for the year ended on that date.
The financial statements and other financial information include the company'sproportionate share of Rs. 69.00 lacs in jointly controlled assets in respect of anUnincorporated Joint venture which is certified by the management.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" statement on thematters 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 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;
c. the Balance Sheet the Statement of Profit and Loss including other comprehensiveincome Statement of Changes in Equity and the Statement of Cash Flows dealt with by thisReport are in agreement with the books of account;
d. in our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act.
e. On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2018 from being appointed as a director in termsof section 164 (2) of the 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 be included in the
Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us:
the Company has disclosed the impact of pending litigations on its standalonefinancial statements -Refer Note no. 1.24.5 1.24.7 1.24.8 1.24.9 1.24.10 188.8.131.52.13 to the standalone Ind AS financial statements.
the Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses on long-term contracts.
there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
The disclosure requirements relating to holdings as well as dealing in specifiedbank notes were applicable for the period from 8 November2016 to 30 December2016 whichare not relevant to these financial statements. Hence reporting under this clause is notapplicable.
| ||For Majithia & Associates |
| ||Chartered Accountants |
| ||Firm Reg. No. 105871W |
| ||Bhavesh R. Majithia |
| ||Partner |
| ||Membership No. 048194 |
|Place: Mumbai || |
|Date: 30th May2018 || |