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Kings Infra Ventures Ltd.

BSE: 530215 Sector: Infrastructure
NSE: N.A. ISIN Code: INE050N01010
BSE 00:00 | 17 Jun 22.85 0.15
(0.66%)
OPEN

23.00

HIGH

23.00

LOW

21.50

NSE 05:30 | 01 Jan Kings Infra Ventures Ltd
OPEN 23.00
PREVIOUS CLOSE 22.70
VOLUME 2399
52-Week high 28.45
52-Week low 14.50
P/E 45.70
Mkt Cap.(Rs cr) 54
Buy Price 21.50
Buy Qty 101.00
Sell Price 22.90
Sell Qty 335.00
OPEN 23.00
CLOSE 22.70
VOLUME 2399
52-Week high 28.45
52-Week low 14.50
P/E 45.70
Mkt Cap.(Rs cr) 54
Buy Price 21.50
Buy Qty 101.00
Sell Price 22.90
Sell Qty 335.00

Kings Infra Ventures Ltd. (KINGSINFRA) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR S REPORT

To the Members of Kings Infra Ventures Limited

Report on the Indian Accounting Standards (IND AS) Financial Statements

We have audited the accompanying Ind AS financial statements of Kings Infra VenturesLimited ("the Company") which comprise the Balance Sheet as at 31st March 2018the Statement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

Management s Responsibility for the Ind AS 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 ofthese Ind AS financial statements to give a true and fair view of the financial positionfinancial performance (including other comprehensive income) cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards specified in the Companies (IndianAccounting Standards) Rules 2015 (as amended) under Section 133 of the Act.

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 Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor s judgment including the assessment of the risks of material misstatement of theInd AS 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 Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company s Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs of the Company as at 31st March 2018 and its profit (including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

Other Matter

The financial information of the Company for the year ended 31st March 2017 and thetransition date opening balance sheet as at 1st April 2016 included in these Ind ASfinancial statements are based on the previously issued statutory financial statementsfor the years ended 31st March 2017 and 31st March 2016 prepared in accordance with theCompanies (Accounting Standards) Rules 2006 (as amended) which were audited by Sankar andMoorthy Chartered Accountants on which they expressed an unmodified opinion dated 29thMay 2017 and 27th May 2016 respectively. The adjustments to those financial statementsfor the differences in accounting principles adopted by the Company on transition to theInd AS have been audited by us.

Our opinion is not qualified in respect of these matters.

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" a statement on the matters specified inparagraphs 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 andobtained all the information and explanations which to the best of our knowledge andbelief 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 the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified 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 isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (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".

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. The Company does not have any pending litigations which would impact its financialposition. ii. The Company has entered into derivative contracts for which no materialforeseeable losses are expected. Further no material foreseeable losses are expected fromlong term contracts entered into by the company. iii. There were no amounts which wererequired 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
Kochi: 682020 Partner
Date:29/05/2018 Membership No:235912

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 Ind AS Financial Statements for the year ended 31st March2018.

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").

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. The Central Government has not prescribed maintenance of cost records for theCompany under Section 148(1) of the Companies Act 2013.

vii. According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees state insurance incometax sales tax service tax duty of customs duty of excise value added tax cess andany other statutory dues as applicable with the appropriate authorities.

viii. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution bank or Government. There were no debenture holders at anytime during the year 2017-18.

ix. Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments). The term loans taken by theCompany have been applied for the purpose for which they have been obtained. x. Based uponthe audit procedures performed and the information and explanations given by themanagement we report that no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year.

xi. 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.

xii. 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.

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

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

xv. 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.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Elias George & Co.
Chartered Accountants
Firm Regn. No. 000801S
Sd/-
Vaibhav T Ved
Kochi: 682020 Partner
Date:29/05/2018 Membership No:235912

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 Ind AS Financial Statements for the year ended 31st March 2018.

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 over financial reporting of Kings InfraVentures Limited ("the Company") as of 31st March 2018 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 Act.

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 theStandards on Auditing deemed to be prescribed under Section 143(10) of the Act to theextent applicable to an audit of internal financial controls both applicable to an auditof internal financial controls and both issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial 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 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.

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.

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 unauthorized 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 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 31st 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 Elias George & Co.
Chartered Accountants
Firm Regn. No. 000801S
Sd/-
Vaibhav T Ved
Kochi: 682020 Partner
Date:29/05/2018 Membership No:235912