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Kings Infra Ventures Ltd.

BSE: 530215 Sector: Infrastructure
NSE: N.A. ISIN Code: INE050N01010
BSE 00:00 | 18 Aug 83.30 1.10
(1.34%)
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NSE 05:30 | 01 Jan Kings Infra Ventures Ltd
OPEN 84.00
PREVIOUS CLOSE 82.20
VOLUME 39257
52-Week high 87.95
52-Week low 29.55
P/E 58.25
Mkt Cap.(Rs cr) 196
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 84.00
CLOSE 82.20
VOLUME 39257
52-Week high 87.95
52-Week low 29.55
P/E 58.25
Mkt Cap.(Rs cr) 196
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kings Infra Ventures Ltd. (KINGSINFRA) - Auditors Report

Company auditors report

To

The Members of

Kings Infra Ventures Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Kings Infra Ventures Limited("the Company") which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit and Loss and Loss (including Other Comprehensive Income) and theStatement of Changes in Equity and the Statement of Cash flows for the year then endednotes to the financial statements including a summary of significant accounting policiesand other explanatory information

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Ind AS prescribed under section 133 of the Act readwith the Companies (lnd AS) Rules2015 as amended ("Ind AS") and otheraccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2021 and its profit changes in equity and its cash lows for the yearended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion

Emphasis of Matter

We draw attention to Note 37.4 of the financial statement which describes the Company'sassessment on the impact of COVID-19 on its financial results and its operations.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor's Report Thereon.

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the Director's Report Corporate Governance Report ManagementDiscussion and Analysis Report but does not include the financial statements and ourauditor's report thereon. The annual Report is expected to be made available to us afterthe date of this auditor's report.

Our opinion on the financial statements does not cover the other information and wewill not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

When we read the annual report if we conclude that there is a material misstatementtherein we are required to communicate the matter to those charged with governance andtake necessary actions as per applicable laws and regulations.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial 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 ofthese standalone financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards specified in the Companies (Indian Accounting Standards)Rules 2015 (as amended) under Section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies makingjudgments and estimates that are reasonable and prudent and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditors' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

? Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)i) of theCompanies Act 2013 are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management

? Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 (1) of Section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss Statement of Changes in

Equity and the Statement of cash flow dealt with by this Report are in agreement withthe books of account.

d. In our opinion the aforesaid standalone financial statements comply with the

Indian Accounting Standards specified under Section 133 of the Act.

e. On the basis of the written representations received from the directors as on 3

1st March 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (2) of the Act. f. With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

g. The remuneration paid by the company to its directors is not in excess of the limitlaid down under Section 197(16) of the Companies Act 2013.

h. 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. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the

Investor Education and Protection Fund by the Company.

For Elias George & Co.
Chartered Accountants
Firm Regn. No. 000801S
Sd/-
Vaibhav T. Ved
Place: Ernakulam Partner
Date: 28/06/2021 Membership No: 235912
UDIN: 21235912AAAAFL9809

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in our Independent Auditor's Report to the members of KingsInfra Ventures Limited on the Standalone Financial Statements for the year ended 31stMarch 2021.

We report that:

i. a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us there is a regular program of physical verification of fixedassets which in our opinion is reasonable having regard to the size of the Company andthe nature of assets. During the year as informed to us no material discrepancies havebeen noticed on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. As explained to us the inventory has been physically verified by the managementduring the year. In our opinion the frequency of such physical verification of stock isreasonable. As explained to us no material discrepancies were noticed on physicalverification of inventories as compared to the book records.

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 ("the Act"). Accordingly the provisionsof clause 3(iii) (a) (b) and (c) of the Companies (Auditor's Report) Order 2016 are notapplicable to the company and hence not commented upon.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Companies Act 2013 inrespect of the loans and investments made and guarantees and security provided by it. TheCompany has not granted any loans or made any investments or provided any guarantees orsecurity to the parties covered under Section 185 of the Companies Act 2013.

v. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Rules framed there under are not applicable. . vi.As per the information and explanations given to us maintenance of cost records has notbeen specified by the Central Government under Section 148(1) of the Companies Act 2013in respect of the activities carried on by the company. vii. a) According to theinformation and explanations given to us and on the basis of our examination of books ofaccounts and records of the Company in our opinion the Company has been generallyregular in depositing the undisputed statutory dues including provident fund employees'state insurance income tax sales tax service tax duty of customs duty of excisevalue added tax cess and any other statutory dues as applicable with the appropriateauthorities. However the company has not paid its Advance Tax liability under section 207of the Income Tax Act 1961 for any of the instalments. As of 31st March 2021 totalunpaid Advance Tax liability works out to Rs. 5089211.71/- According to the informationand explanations given to us no undisputed amounts payable in respect of the above werein arrears as at 31st March 2021 for a period of more than six months from the date onwhich they became payable.

b) As per the information and explanations given to us in case of dues of Income Taxwhich have not been deposited on account of any dispute then the amount involved and theforum where the dispute is pending is as follows:

Name of the Statue Nature of the dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending Remarks If any
Income Tax Act 1961 Income Tax 928420 AY 2013-14 High Court of Kerala On account of dispute regarding unabsorbed depreciation for AY 1999-2000 to AY 2009-10
199080 AY 2014-15

According to the information and explanations given to us there are no material duesof sales tax service tax duty of customs or duty of excise or value added tax which havenot been deposited on account of any dispute.

i. According to the books of accounts of the Company examined by us and the informationand explanation given to us the Company has not defaulted in repayment of loans orborrowings to any financial institution bank Government or dues to debenture holders.

ii. In our opinion and according to the information and explanation given to us thecompany has utilized the monies raised by way of term loans during the year for thepurposes for which they were raised. The Company has not raised any moneys by way ofinitial public offer and further public offer (including debt instruments).

iii. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the year.

iv. The Company has paid or provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct. v. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Companies (Auditor's Report) Order 2016("the Order") are not applicable to the Company and hence not commented upon.

vi. In our opinion all transactions with the related parties are in compliance with

Sections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements as required by the applicable accounting standards.vii. The Company not has made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

viii. Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withits directors or persons connected with him. Accordingly the provisions of Clause 3(xv)of the Order are not applicable to the Company.

ix. The Company is not required to be registered under Section 45-IA of the Reserve

Bank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order arenot applicable to the Company.

For Elias George & Co.
Chartered Accountants
Firm Regn. No. 000801S
Sd/-
Vaibhav T. Ved
Place: Ernakulam Partner
Date: 28/06/2021 Membership No: 235912
UDIN: 21235912AAAAFL9809

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in our Independent Auditor's Report to the members of KingsInfra Ventures Limited on the Audit of Standalone Financial Statements for the year ended31st March 2021.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

Opinion

We have audited the internal financial controls over financial reporting of Kings InfraVentures Limited ("the Company") as of 31st March 2021 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

In our 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 March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the institute of CharteredAccountants of India("ICAI).

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.

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 ("1CAI). 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 company's 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.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by 1CAl and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofinternal financial controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our 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 proceduresselect depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due 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 Company's internal financial controls systemover financial reporting.

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.

For Elias George & Co.
Chartered Accountants
Firm Regn. No. 000801S
Sd/-
Vaibhav T. Ved
Place: Ernakulam Partner
Date: 28/06/2021 Membership No: 235912
UDIN: 21235912AAAAFL9809

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