SHYAMKAMAL INVESTMENTS LIMITED
1. Report on the Financial Statements & Opinion
We have audited the accompanying financial statements of SHYAMKAMAL INVESTMENTSLIMITED ("the Company") which comprise the Balance Sheet as at March312019 the Statement of Profit and Loss and Cash Flow Statements for the year thenended and a summary of significant accounting policies and 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 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 2019 and Loss and its cash flows for the year ended on that date.
2. 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.
3. Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determine that there are no key audit mattersto be communicated in our report.
4. Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (the act') with respect to thepreparation of these financial statements that give a true and fair view of the financialposition and financial performance of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with rule 7 of Companies (Accounts) Rules 2014. Thisresponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent;design implementation and maintenance of adequate internal financial controls that areoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
The Board of Directors are also responsible for overseeing the company's financialreporting process
5. Auditor's Responsibility 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.
6. Report on Other Legal and Regulatory Requirements
As required by section 143(3) of the Act we further 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 purpose of our audit;
b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;
c) the Balance Sheet Statement of Profit 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 applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 ;
e) on the basis of written representations received from the directors as on March312019 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2019 from being appointed as a director in terms of Section164(2) of the Act and
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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014::
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 any occasion in case of the Company during the year underreport to transfer any sums to the
Investor Education and Protection Fund so the question of delay in transferring suchsums does not arise
7. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 ofthe Act we give in the Annexure a statement on the matters Specified in paragraphs 3 and4 of the Order to the extent applicable.
For ABN & Co
FRN : 004447C
S C Kabra
(M. N.: 035604)
Date: 28th May 2019.
ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT OF SHYAMKAMAL INVESTMENTSLIMITED FOR YEAR ENDED 31.03.2019
(Referred to in paragraph 6 (g) under "Report on Other Legal and RegulatoryRequirements' of our report of even date)
Report on the internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of ShyamkamalInvestments Limited ("the Company") as of 31 March 2019 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". 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 Companies Act 2013.
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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143 (10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.
Our audit involves performing procedures to obtain evidence about the adequacy of theinternal 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 risk 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 details 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 authorizations 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 Limitation 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.
In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2019 based on "the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control sated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India".
For ABN & Co
FRN : 004447C
S C Kabra
(M. N.: 035604)
Date: 28th May 2019.
ANNEXURE "B" TO THE AUDITORS' REPORT OF SHYAMKAMAL INVESTMENTS LIMITED FORTHE YEAR ENDED 31ST MARCH. 2019
(Referred to in paragraph 7 Our Report of even date)
On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:
(i) (a) As regards maintenance of proper records to show full particulars includingquantitative details and situation of fixed assets we have to report that the Company wasnot having any fixed asssets during and at the end of year.
(b) The Company was not having any Fixed Assets at the end of year and thereforequestion of physically verification of fixed assets and discrepancies such verificationdoes not arise..
(c) The Company is not having any immovable property during the year so the questionof title deeds of immovable property in the name of company does not arise.
ii) As explained to us the Stock of shares & Securities in company's custody havebeen physically verified or verified with Demat Account by the management at the end offinancial year or after the end of the year . In our opinion the frequency ofverification is reasonable. As informed to us no material discrepancies have been noticedon physical verification of sharesand securities as compared to books records.
iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms limited liability partnershipor any party covered in the register maintained under Section 189 of the Companies Act2013 during the year.
iv) According to the information and explanations given to us in respect of loansinvestments guarantees and security the provisions of section 185 and 186 of theCompanies Act 2013 have generally been complied with by the company during the year.
v) The Company has not accepted any deposits from the public which are covered underSection 73 to 76 of the Companies Act 2013 and no order has been passed by Company LawBoard or National Company Law Tribunal or Reserve Bank of India or any court or any otherTribunal.
vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Companies Act 2013.
vii) (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is generally regular in depositing theundisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty VAT Cess or anyother material statutory dues as applicable with the appropriate authorities in India;
According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were in arrears as at 31.03.2019 for a period ofmore than six months from the date they became payable.
(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Sales Tax Service TaxCustoms Duty Excise Duty or VAT which have not been deposited on account of any dispute.
viii) According to the records of the company examined by us and as per the informationand explanations given to us the company has not defaulted in repayment of loans andborrowings to any financial institution Bank government or dues to Debenture holders.
ix) In our opinion and according to the information and explanations given to us thecompany has not raised any money by way of initial public offer or further public offer(including debt instruments). The Term loans obtained by the company if any during theyear have been applied for the purpose for which the loans were obtained.
x) During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India no fraud byor on the Company by its officers or employees has been noticed or reported during theyear in the course of our audit.
xi) In our opinion managerial remuneration if any has been paid or provided inaccordance with requisite approvals mandated by the provisions of Section 197 read withSchedule V to the Companies Act 2013.
xii) The company is not a Nidhi Company and therefore Nidhi Rules 2014 are notapplicable to the company.
xiii) In our opinion and according to the information and explanations given to usall the transaction with related parties are generally in compliance with section 177 and188 of Companies Act 2013 wherever applicable and details have been disclosed in theFinancial Statements etc 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.
xv) The company has not entered into any non-cash transactions with directors orpersons connected with him in contravention of the provisions of section 192 of theCompanies Act 2013.
xvi) The Company has obtained registration under the Reserve Bank of India Act 1934.
For ABN & Co
FRN : 004447C
S C Kabra
(M. N.: 035604)
Date: 28th May 2019.