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Krishna Ventures Ltd.

BSE: 504392 Sector: Infrastructure
NSE: N.A. ISIN Code: INE537L01010
BSE 00:00 | 24 May 5.76 0.27
(4.92%)
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5.76

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5.76

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5.76

NSE 05:30 | 01 Jan Krishna Ventures Ltd
OPEN 5.76
PREVIOUS CLOSE 5.49
VOLUME 200
52-Week high 26.40
52-Week low 3.85
P/E
Mkt Cap.(Rs cr) 6
Buy Price 5.76
Buy Qty 7300.00
Sell Price 4.99
Sell Qty 450.00
OPEN 5.76
CLOSE 5.49
VOLUME 200
52-Week high 26.40
52-Week low 3.85
P/E
Mkt Cap.(Rs cr) 6
Buy Price 5.76
Buy Qty 7300.00
Sell Price 4.99
Sell Qty 450.00

Krishna Ventures Ltd. (KRISHNAVENT) - Auditors Report

Company auditors report

To the Members of

Krishna Ventures Limited

Report on the Fifinancial Statements

We have audited the accompanying financial statements of Krishna Ventures Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2018 the Statement ofPro t and Loss and Cash Flow Statement for the year then ended and a summary of the signicant accounting policies and other explanatory information.

Management's Responsibility for the Fifinancial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash ows of the Company in accordance with the accountingprinciples generally accepted in India including Accounting Standards speci ed underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of accounting recordsrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

While conducting the 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing speci ed 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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk 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. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2018 and its loss and its cash ows 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 the Government of India in terms of Section 143(11) of the Act we give in theAnnexure "A" a statement on the matters speci ed in paragraphs 3 and 4 of theOrder 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 Statement of Pro t and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards speci ed under Section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March31 2018 and taken on record by the Board of Directors none of the directors is disqualied as on March 31 2018 from being appointed as a director in terms of Section 164(2) ofthe 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". Our report expresses an unmodi ed opinion onthe adequacy opinion on the adequacy and operating effectiveness of the Company's internalfinancial control over financial 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 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; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the period underreport to transfer any sums to the Investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise.

For Shashikant J. Shah & Co.
Chartered Accountants
Firm Regn. No. 109996W
Nisha G. Unadkat
Place: Mumbai Partner
Dated: May 12 2018 Mem.No. 145206

Annexure "A" to the Independent Auditor's Report

(Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date)

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

b) As explained to us the xed assets have been physically veri ed by the management inaccordance with the phased programme of veri cation which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets.

According to information and explanation given to us no material discrepancies werenoticed on such veri cation.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company is in process of acquiring thetitle deeds of immovable properties in its name.

(ii) Since the Company does not have inventories the question of physical verificationof inventories and maintaining of proper records thereof does not arise.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies rms Limited Liability Partnershipor other parties covered in the register maintained under Section 189 of the Act.Accordingly clause 3 (iii) (a) (b) and (c) of the Order are not applicable and hence notcommented upon.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with provisions of section 185 and 186 of the Companies Act 2013 inrespect of loans investment guarantee and security.

(v) The Company has not accepted any deposits from the public. Accordingly clause 3(v)of the Order is not applicable.

(vi) The Cost records prescribed under section 148(1) of the Act is not applicable tothe Company and hence clause 3(vi) of the Order is not applicable.

(vii) a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally been regular indepositing undisputed statutory dues including Provident Fund Employees' State InsuranceIncome Tax Sales Tax Service tax Custom duty Excise duty value added tax cess andother statutory dues as applicable with the appropriate authorities. There were noundisputed amounts payable in respect of Provident Fund Employees' State InsuranceIncome tax Sales Tax Service Tax Customs Duty Excise Duty Value Added Tax Cess andother material statutory dues in arrears as at March 31 2018 for a period of more thansix months from the date they become payable.

b) There were no dues which have not been deposited in respect of Income tax SalesTax Service Tax Customs Duty Excise Duty and Value Added Tax on account of any dispute.

(viii) The Company has not borrowed any amount from the Fifinancials InstitutionsBanks and Debentures Holders hence the question of our commenting Company on whether theCompany has defaulted in repayment of its loans and borrowings to financial institutionsbank government or dues to debentures holders does not arise.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Accordingly paragraph 3 (ix)of the Order in respect thereof is not applicable.

(x) Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the Company or any fraud on the Company by itsOfficer/employees has been noticed or reported during the period nor have we been informedabout any such case by the Management.

(xi) In our opinion and according to information and explanations given to us theCompany has paid/provided remuneration in accordance with requisite approvals mandated bythe provisions of section 197 read with schedule V of the Companies Act 2013.

(xii) As the Company is not Nidhi Company the reporting under clause 3(xii) of theOrder is not applicable.

(xiii) 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 financial statements etc. as required by theapplicable accounting standards.

(xiv) During the period the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the period the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence provisions of section 192 of theCompanies Act 2013 are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 as the nancing activities is not the principal business of theCompany.

For Shashikant J. Shah & Co.
Chartered Accountants
Firm Regn. No. 109996W
Nisha G. Unadkat
Place: Mumbai Partner
Dated: May 12 2018 Mem.No. 145206

Annexure "B" to the Independent Auditor's Report

(Referred to in Paragraph 2(f) under the heading of "Report on Other Legal andRegulatory Requirements' of our report of even date)

Report on the Internal Fifinancial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 ("the Act")

We have audited the internal fifinancial controls over fifinancial reporting of KrishnaVentures Limited ("the Company") as of March 31 2018 in conjunction withour audit of the fifinancial statements of the Company for the period ended on that date.

Management's Responsibility for Internal Fifinancial Controls

The Company's management is responsible for establishing and maintaining internalfifinancial controls based on the internal control over fifinancial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Fifinancial Controls over Fifinancial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal fifinancial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable fifinancial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal fifinancialcontrols over fifinancial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Fifinancial Controls overFifinancial Reporting (the "Guidance Note") and the Standards on Auditing tothe extent applicable to an audit of internal fifinancial controls both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal fifinancial controls over fifinancialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal fifinancial controls system over fifinancial reporting and their operatingeffectiveness. Our audit of internal fifinancial controls over fifinancial reportingincluded obtaining an understanding of internal fifinancial controls over fifinancialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the fifinancial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is suf cient and appropriate toprovide a basis for our audit opinion on the Company's internal fifinancial controlssystem over fifinancial reporting.

Meaning of Internal Fifinancial Controls over Fifinancial Reporting

A company's internal fifinancial control over fifinancial reporting is a processdesigned to provide reasonable assurance regarding the reliability of fifinancialreporting and the preparation of fifinancial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal fifinancialcontrol over fifinancial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of fifinancialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 fifinancial statements.

Inherent Limitations of Internal Fifinancial Controls over Fifinancial Reporting

Because of the inherent limitations of internal fifinancial controls over fifinancialreporting 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 fifinancial controls over fifinancialreporting to future periods are subject to the risk that the internal fifinancial controlover fifinancial 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 to the best of information and explanations given to us the Companyhas in all materials respects an adequate internal fifinancial controls system overfifinancial reporting and such fifinancial controls over fifinancial reporting areoperating effectively as at March 31 2018 based on the internal control over fifinancialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Fifinancial ControlsOver Fifinancial Reporting issued by the Institute of Chartered Accountants of India.

For Shashikant J. Shah & Co.
Chartered Accountants
Firm Regn. No. 109996W
Nisha G. Unadkat
Partner
Place: Mumbai
Dated: May 12 2018 Mem.No. 145206