THE MEMBERS OF KAYEL SECURITIES LIMITED.
Report on the Financial Statements
We have audited the accompanying Financial Statements of KAYEL SECURITIES LIMITED("the Company") wl comprise the Balance Sheet as at March 31 2018 theStatement of Profit and Loss (including the Statement of Ot Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then enc and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies 2013 ('the Act') with respect to the preparation of theseFinancial Statements that give a true and fair view of State of Affairs (FinancialPosition) Profit or Loss (Financial Performance including Other Comprehensive Incor CashFlows and Statement of Changes in Equity of the Company in accordance with the accountingprinci] generally accepted in India including the Indian Accounting Standards ('Ind AS')specified under Section 133 of Act read with the Companies (Indian Accounting Standards)Rules 2015 as amended.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularit selection and application ofappropriate accounting policies; making judgments and estimates that are reasonableprudent; and design implementation and maintenance of adequate internal financialcontrols that were opera' effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation presentation of the Financial Statementsthat give a true and fair view and are free from material misstatem whether due to fraudor error.
Our responsibility is to express an opinion on these Financial Statements based on ouraudit. We have taken i account the provisions of the Act the accounting and auditingstandards and matters which are required to included in the audit report under theprovisions of the Act and the Rules made there under.
We conducted our audit of the Financial Statements in accordance with the Standards onAuditing issued by Institute of Chartered Accountants of India as specified underSection 143(10) of the Act. Those Standards reqi that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance at whether the FinancialStatements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in Financial Statements. The procedures selected depend on the auditor'sjudgment including the assessment of risks of material misstatement of the FinancialStatements whether due to fraud or error. In makine those Audit Report on the FinancialStatements of Kayel Securities Limited for the year ended on March 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 the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls.
An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Company's Directors aswell 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 these Financial Statements.
In our opinion and to the best of our information and according to the explanationsgiven to us read with the notes to accounts the aforesaid Financial Statements gives theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including specifiedunder Section 133 of the Act of the State of Affairs (Financial Position) of the Companyas at 31 March 2018 and it's Statement of Profit and Loss (Financial Performanceincluding Other Comprehensive Income) its Cash Flows and the Changes in Equity for theyear ended on that date.
The Comparative financial information of the Company for the year ended 31st March 2017and the transition date opening balance sheet as at April 1 2016 included in thesefinancial statement are based on the previously issued statutory Financial Statements forthe year ended 31st March 2017 and 31* March 2016 which were audited by the predecessorauditor. The Adjustment to those Financial Statements for the difference in accountingprinciples adopted by the Company on transition to the IND AS has been audited by us. OurOpinion is not qualified in respect to this matter.
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 Act we give in the Annexure A statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable for the year under consideration.
2. As required by Section 143 (3) of the Act we broadly 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 including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;
(d) In our opinion the aforesaid Financial Statements comply with the AccountingStandards as specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015
0) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164 (2) of theAct;
(i) 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;
(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) 1 here are no pending litigations having impact on the financial position of thecompany;
(n) I here are no long term contracts including derivative contracts and accordingly noprovision is required to be made for any loss from the same;
(in) 1 here is no fund which is pending to be transferred to the Investor Education andProtection Fund by the Company.
Cjv) The reporting on disclosures relating to Specified bank Notes is not applicable tothe Company for the year ended 31st March 2018. 13
|FOR HiTESH PRAKASH SHAH &CO |
|(FIRM REGD.NO: 127614W) |
|CHARTERED ACCOUNTANTS |
|HITESH P SHAH |
|MEMBERSHIP NO. 124095 |
|PLACE: AHMEDABAD |
|DATE: 29th MAY 2018 |