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Shyamkamal Investments Ltd.

BSE: 505515 Sector: Financials
NSE: N.A. ISIN Code: INE203N01015
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NSE 05:30 | 01 Jan Shyamkamal Investments Ltd
OPEN 5.90
PREVIOUS CLOSE 5.95
VOLUME 11886
52-Week high 14.90
52-Week low 5.07
P/E 99.17
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.90
CLOSE 5.95
VOLUME 11886
52-Week high 14.90
52-Week low 5.07
P/E 99.17
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shyamkamal Investments Ltd. (SHYAMKAMALINV) - Auditors Report

Company auditors report

To the Members of

M/s SHYAMKAMAL INVESTMENTS LIMITED

1. Report on the Financial Statements & Opinion

Report on the Financial Statements

We have audited the accompanying standalone financial statements of SHYAMKAMALINVESTMENTS LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss and Cash Flow Statements for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

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 theCompanies Act 2013 (‘the act') in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2022 and Profit and its cash flows forthe 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 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. Wehave determined that there are no key Audit matters to be communicated in our report.

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

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the financial statements and our auditor's report thereon.

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

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

5. 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.

This responsibility includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting 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.

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.

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

6. 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.

7. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 ("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" 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 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 March 312022 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

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 unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to other matters to be included in Auditors' Report in accordance withrequirements of Section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us no remuneration has been paid by the Company to its Directors during the yearand

h) 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 questionof delay in transferring such sums does not arise.

For ABN & Co
Chartered Accountants
FRN :004447C
sd/-
S C Kabra
Partner
Place: Mumbai (M. N.: 035604)
Date: 25th May 2022 UDIN:22035604AJPBTA3019

ANNEXURE "A" TO THE AUDITORS" REPORT OF M/s SHYAMKAMAL INVESTMENTSLIMITED

FOR THE YEAR ENDED ON 31ST MARCH 2022

(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 property plant & equipments we have to reportthat the Company was not having any property plant & equipments during and at the endof year.

(b) The Company was not having any property plant & equipments at the end of yearand therefore question of physically verification of property plant & equipments anddiscrepancies in such verification does not arise..

(c) The Company was not having any immovable property during the year so the questionof title deeds of immovable property in the name of the company does not arise.

(d) The Company has not revalued any of its Property Plant and Equipment (includingright-of-use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii)(a) During the year the inventories of shares and securities have been verified atreasonable intervals by the management with Demat Account and physical securities if anyexcept shares lying with third parties if any and in our opinion coverage and procedureof such verification by the management was appropriate.

(b) As informed to us no discrepancy of 10% or more in aggregate was noticed onphysical verification of any class of inventory.

(c) The Company has not been sanctioned working capital limits in excess of 15 crore in aggregate during the year from banks or financial institutions on the basisof security of current assets. Hence reporting under clause 3(ii)(c) of the order is notapplicable.

iii) During the year the Company has not made any investments in provided anyguarantee or security or granted any loans or advances in the nature of loans secured orunsecured to companies firms Limited Liability Partnerships or any other parties hencerequired of reporting under clause 3 (iii)(a)(b)(c)(d)(e) & (f) of the order isnot applicable to the company.

iv) The Company has not granted any loans made investment and guarantees andsecurities provided during the year hence reporting upon the compliance with theprovisions of Sections 185 and 186 of the Companies Act 2013 does not arise.

v) The Company has not accepted any deposit or amounts which are deemed to be deposits.Hence reporting under clause 3(v) of the Order is not applicable.

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 in respect of anyactivities of the company.

vii) In respect of statutory dues:

(a) In our opinion the Company has generally been regular in depositing undisputedstatutory dues including Goods and Services tax Provident Fund Employees' StateInsurance Income Tax Sales Tax Service Tax duty of Custom duty of Excise Value AddedTax Cess and other material statutory dues applicable to it with the appropriateauthorities. There were no undisputed amounts payable in respect of Goods and Service taxProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax duty ofCustom duty of Excise Value Added Tax Cess and other material statutory dues in arrearsas at March 312022 for a period of more than six months from the date they becamepayable.

(b) There were no statutory dues referred to in sub-clause (a) above which have notbeen deposited as on March 31 2022 on account of disputes.

viii) There were no transactions relating to previously unrecorded income that havebeen surrendered or disclosed as income during the year in the tax assessments under theIncome Tax Act 1961 (43 of 1961).

ix) (a) According to the records of the company examined by us and as per theinformation and explanations given to us the company has not defaulted in repayment ofloans and borrowings to any financial institution Bank government. The Company has notissued any Debenture during the year.

(b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are nooutstanding term loans at the beginning of the year and hence reporting under clause3(ix) (c) of the Order is not applicable.

(d) On an overall examination of the financial statements of the Company funds raisedon short-term basis have prima facie not been used during the year for long-termpurposes by the Company.

(e) On an overall examination of the financial statements of the Company the Companyhas not taken any funds from any entity or person on account of or to meet the obligationsof its subsidiaries.

(f) The Company has not raised any loans during the year on the pledge of securitiesheld in the subsidiaries associates or joint venture and hence reporting under clause 3(ix) (f) of the order is not applicable.

x) (a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable.

(b) During the year the Company has not made any preferential allotment or privateplacement of shares or convertible debentures (fully or partly or optionally) and hencereporting under clause 3(x)(b) of the Order is not applicable.

xi) (a) According to the information and explanations given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedin Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014with the Central Government during the year and upto the date of this report.

(c) No whistle blower complaints was received by the Company during the year (and uptothe date of this report) so clause 3(xi)(c) of the Order is not applicable.

xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

xiii) In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act 2013 with respect to applicable transactions with the related parties andthe details of related party transactions have been disclosed in the standalone financialstatements as required by the applicable accounting standards.

xiv) (a) In our opinion the Company has an in house internal audit system commensuratewith the size and the nature of its business.

(b) However no internal audit reports was available on record during the year and tilldate.

xv) In our opinion during the year the Company has not entered into any non-cashtransactions with its Directors or persons connected with its directors. Thereforeprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

xvi) (a) In our opinion the Company is required to be registered under section 45-IAof the Reserve Bank of India Act 1934 and the company has obtained the registration.

(b) the company has not conducted any non banking financial or housing financialactivities during the year without permission from RBI.

(c) In our opinion there is no core investment company within the Group (as defined inthe Core Investment Companies (Reserve Bank) Directions 2016) and accordingly reportingunder clause 3(xvi) (c) & (d) of the Order is not applicable.

xvii) The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately preceding financial year.

xviii) There has been no resignation of the statutory auditors of the Company duringthe year.

xix) On the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

xx) The provisions of Section 135 of the Companies Act 1956 regarding Corporate SocialResponsibility are not applicable to the Company so clause 3(xx) (a) and (b) of the Orderare not applicable to the Company.

For ABN & Co
Chartered Accountants
FRN :004447C
sd/-
S C Kabra
Partner
Place: Mumbai (M. N.: 035604)
Date: 25th May 2022

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT OF M/s SHYAMKAMALINVESTMENTS LIMITED FOR THE YEAR ENDED 31ST MARCH 2022

(Referred to in paragraph 7(2)(f) 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 M/sSHYAMKAMAL INVESTMENTS LIMITED ("the Company") as of 31 March 2022 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

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.

Auditor's 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") 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.

Opinion

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 2022 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
Chartered Accountants
FRN :004447C
sd/-
S C Kabra
Partner
Place: Mumbai (M. N.: 035604)
Date: 25th May 2022

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