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Kothari World Finance Ltd.

BSE: 511138 Sector: Financials
NSE: N.A. ISIN Code: INE988F01017
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NSE 05:30 | 01 Jan Kothari World Finance Ltd
OPEN 56.00
PREVIOUS CLOSE 56.00
VOLUME 3500
52-Week high 65.90
52-Week low 48.75
P/E 17.28
Mkt Cap.(Rs cr) 42
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 56.00
CLOSE 56.00
VOLUME 3500
52-Week high 65.90
52-Week low 48.75
P/E 17.28
Mkt Cap.(Rs cr) 42
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kothari World Finance Ltd. (KOTHARIWRLDFIN) - Auditors Report

Company auditors report

To The Members KOTHARI WORLD FINANCE LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of KOTHARI WORLDFINANCE LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors are 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 Rule 7 of the Companies (Accounts)Rules 2014.

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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

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 ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder and order under section 143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing issued by the Institute of Chartered Accountants of India asspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone 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. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone 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 March 31 2018 and its profit & cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by Central Government of India in terms of Section 143 (11) of the Companies Act2013 of India we set out in the "Annexure A" statement on the mattersspecified in the paragraph 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act based on our audit 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 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 prescribed under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. on the basis of the written representations received from the directors of theCompany as on March 31 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 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 operative effectiveness of such controls refer to ourseparate report in "Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

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 InvestorEducation and Protection Fund by the Company.

For JMK & Co
Chartered Accountants
Firm Registration No. 120459W
Sd/-
Timal P. Maru
Partner
Membership No: 104942 Mumbai May 25 2018

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section our report to the Members of Kothari World Finance Limited of evendate)

1. In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) During the year the fixed assets of the Company have been physically verified bythe management and as informed no material discrepancies have been noticed on suchverification. In our opinion this frequency of physical verification is reasonable havingregard to the size of the Company and the nature of its assets.

c) According to the information and explanations given to us and the records examinedby us the Company does not have any immovable properties under Property plant andequipment. Accordingly the provisions of the clause 3(I)(c) of the Order is notapplicable to the Company.

2. The Company does not hold any securities in physical form. The securities held asstock-in-trade have been confirmed by the Management with the statement of holdingsprovided by the custodian at regular intervals. No material discrepancies were noticed oncomparing the statement received from custodian with book records/books of account.

3. In our opinion and accordingly to the information and explanation given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability partnerships or other parties covered in the Register maintained under section189 of the Act. Accordingly the provisions of clause 3(iii) (a) to (c) of the Order arenot applicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantee or security to the partiescovered under section 185 of the Act. Based on our audit procedures performed for thepurpose of reporting the true and fair view of the financial statements and according tothe information and explanations given by the Management the Company has complied withthe provisions of section 186 of the Act in respect of the loans and investments made andguarantees and securities provided by it to the extent applicable to the Company.

5. According to the information and explanations given to us the Company has notaccepted any deposits from the public and hence the directives issued by the Reserve Bankof India and the provisions of Sections 73 to 76 or any other relevant provisions of theAct and the Companies (Acceptance of Deposit) Rules 2015 with regard to the depositsaccepted from the public are not applicable. Further according to the information andexplanations given to us no order has been passed by the Company Law Board or theNational Company Law Tribunal or the Reserve Bank of India or any Court or any otherTribunal.

6. To the best of our knowledge and according to the information and explanations givento us the Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act in respect of the business activities carried on by thecompany. Accordingly the provisions of the clause 3 (vi) of the Order is not applicableto the Company.

7. In respect of Statutory Dues:

a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Goods and Service Tax Duty of CustomsDuty of Excise Value added Tax Cess and any other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at March 31 2018 for a periodof more than six months from the date on when they become payable.

b) According to the information and explanation given to us there are no dues ofIncome Tax Sales Tax Service Tax Goods and Service Tax Duty of Customs Duty ofExcise Value Added Tax outstanding on account of any dispute.

8. The Company has not taken any Loans or borrowings from financial institutions banksand government or has not issued any debentures. Accordingly provisions of the clause3(viii) of the Order is not applicable to the Company.

9. According to information and explanations given to us the company has not raisedmoneys during the year by way of initial public offer or further public offer (includingdebt instruments) or term loans. Accordingly provisions of the clause 3 (ix) of the Orderis not applicable to the Company.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

11. In our opinion and according to the information and explanation given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V to the CompaniesAct 2013.

12. In our opinion and according to Information and explanations provided to us theCompany is not a Nidhi Company. Accordingly provisions of the clause 3(xii) of the Orderis not applicable to the Company.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone finance statements as required by theapplicable accounting standards.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debenture during the year under review.Accordingly provisions of the clause 3 (xiv) of the Order is not applicable to theCompany.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withDirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order is not applicable to the Company.

16. The Company is required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934 and it has obtained the registration

For JMK & Co
Chartered Accountants
Firm Registration No. 120459W
Sd/-
Timal P. Maru
Partner
Membership No: 104942 Mumbai May 25 2018