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Sri Krishna Constructions (India) Ltd.

BSE: 539363 Sector: Infrastructure
NSE: N.A. ISIN Code: INE094T01015
BSE 00:00 | 13 Jun Sri Krishna Constructions (India) Ltd
NSE 05:30 | 01 Jan Sri Krishna Constructions (India) Ltd
OPEN 5.46
PREVIOUS CLOSE 5.20
VOLUME 166
52-Week high 6.88
52-Week low 4.55
P/E 14.44
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.46
CLOSE 5.20
VOLUME 166
52-Week high 6.88
52-Week low 4.55
P/E 14.44
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sri Krishna Constructions (India) Ltd. (SRIKRISHNACON) - Auditors Report

Company auditors report

To the Membors of

Sri Krishna Constructions (India) Limited

Report on tho Audit of tho Financial Stntomonts

Opinion

I have audited the financial statements of Sri Krishna Constructions (India) Limited("the Company') which comprise the Balance Sheet as at March 31. 2020. the Stotemontof Profit and Loss (including Other Comprehensive Income) tho Statement of Changes inEquity and tho Statement of Cash Flows for tho year ended on that date and notes lo thefinancial statement Including a summary of the significant accounting policies and otherexplanatory information (hereinafter referred lo ns the financial statements')

In my opinion and to Ihe best of my information and according to the explanations givenIn mo. the aforesaid financial statements give the information required by the CompaniesAct. 2013 ("the Act") in the manner uo required and give a true and fail view inconformity with the Indian Accounting Standards prescribed under section 133 of the Acttend with the Companies (Indian Accounting Standards) Rules. 2015. as amended findAS") and other accounting principles generally accepted In India of the state ofaffairs of the Company ns at March 31. 2020 tho profit and total comprehensive incomechanges in equity and its cash flows for the year ondod on that dote

Basis for Opinion

1 conducted my audit of tho financial statements in accordance with tho Standards onAuditing specified under section 143(10) of the Act (SAs) My responsibilities under thoseStandards are further described in the Auditor s Responsibilities for the Audit of theFinancial Statements section of my report. I am independent of tho Company in accordancewith the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI)together with the independence requirements that are relevant lo my audit of Ihe financialstatements under tlie provisions of the Act and Ihe Rules made thereunder and I havefulfilled my other ethical responsibilities in accordance with these requirements and theICAI's Code of Ethics I behove that the audit evidence I have obtained is Sufficient andappropriate to provide a basis for my audit opinion on the financial statements

Key Audit Matters

Koy audit matters .ire those matters that in my professional judgmunl. were of mostsignificance in my audit of the financial Ginteincmto of the current period These /nattersworo addressed in the context of my audit of tlwj linancial sbiternonls as a wltole. andin forming my opinion thereon and I do not provide a separate opinion on those matters Ihave determined that there are no key audit matters to communicate in my report

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

The Company s Board of Directors is lesponsiblo foi the preparation of iho otherinformation. The oilier information comprises tfie information included m tho ManagementDiscussion ;md Aiwiiyuis. Board's Report inclutlii>g Annefcures to Board's Report.Business Responsibility Report. Corporate Governance and Shareholder's Information butdocs not include tho finnnqnl statomonts and my auditor's report

thereon

My opinion on the financial statements docs not cover the other information and I donot express any form of assurance conclusion thereon

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

If based on the work I have performed I conclude that there Is a malerial misstatementof this other information I am required to report that fact I have nothing to report inthis regard.

Management's Responsibility for the Financial Statomonls

The Company's Board of Directors is responsible for the matters statod in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair viow of tho financial position financial performance total comprehensiveincome changes In equity and cash flows of the Company in accordance with the Ind AS andother accounting principles generally accepted in India This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policios makingjudgments and estimates that are reasonable and prudent and design Implementation andmaintenance of adequate internal Financial controls that were operating effectively forensunng the accuracy and completeness of Ihe accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error

In preparing the financial statements management is responsible for assessing thoCompany'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 (o liquidate ihe Company or to cease operations or has no realisticalternative but to do so

The Board of Directors are responsible for overseeing the Company's Financial reportingprocess

Auditor's Responsibilities for the Audit of the Financial Statements

My objectives are lo obtain reasonable assurance about whether Ihe financial statementsas a whole are free from material misstatement whether due to fraud or error and to rssuean auditor's report that includes my opinion. Reasonable assurance is a high lovol ofassurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists Misstatements can arise from fraud orerror and are considered material if individually or In the aggregate. Urey couldreasonably be expected to influence the economic decisions of users taken on the busts ofthese Financial statements

As part of an audit in accordance with SAs I exorcise professional judgment andmaintain professional scepticism throughout the audit I also

• Identify and assess the risks of material misstatement of tlie fnunci.ilstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and ohtaln audit evidence that is sufficient and appropriate to provide abasts for my opinion. The risk of not detecting a material misstatement resulting fromfraud is highm Ilian for one* resulting from as fraud may involve collusion forgery.intentional omissions misrepresentations or the ovemde of internal control.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are oppropnato in the circumstances Under section143(3)(1) of the Act I am also responsible for expressing my opinion on whether theCompany has adequate intemnl financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures mode by management

• Conclude on the appropriateness of management's use of the going concern basisof accounting and. based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If I conclude that a material uncertainty exists.I am required to draw attention In my auditor's report to the related disclosures in thefinancial statements or. if such disclosures are Inadequate to modify my opinion. Myconclusions are based on the audit evidence obtained up to the date of my auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate me overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent meunderlying transactions and events In a manner that achieves fair presentation

l communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that Identify during my audit

I also provide those charged with governance with a statement that I havo complied withrelevant ethical requirements regarding independence and to communicate with Ihnm allrelationships and other matters that may reasonably bo thought to bear on my independenceand whore applicable related safeguards

From the matters communicated with those charged with governance I determine thosematters that were of most significance in Ihe audit of the financial statements of Ihecurrent period and are therefore the Key audit mailers. I desenbe these matters in myauditor's report unless law or regulation precludes public disclosure about Ihe matter orwhen in extremely rare circumstances. I determine that a matter should not becommunicated in my report because the adverse consequences of doing so would reasonably beexpected Ira outweigh the public Interest benefits of such communication

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor's Repnn) Order. 2010 ("the Order")issued by the Central Government in terms of Section 143(11} of the Act 1956 give inAnnoxuro A' a statement on Ihe matters specified in paragraphs 3 and 4 of the Order

2) As required by Section 143(3) of the Act. based on my audit I report that

a) I have sought and obtained alt the information and explanations which to the best ofmy knowledge and belief were necessary for ihe purposes of my audit

b) In my opinion proper books of account as required by law have been kept by theCompmiy so tin ar. it appears from my examination of IhoDO books

c) The Balance Slate! the Statement of Profit and Loss including Other ComprehensiveIncome. Statement ol Changes in Equity and the Statement of Cash Flow deal! will by theReport are in agreement with the relevant books of account

d) In my opinion the aforesaid financial statements comply with tho Ind AS Specifiedunder Section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules. 2014

e) On the basis of tho written representations received from the directors as on March31. 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of Section 164 (2) of theAct

f) Wilfi respect to tho adequacy of tho Internal financial controls over financialreporting of tho Company and the operating effectiveness of such controls refer to myseparate Report in Annexure B" My report expresses an unmodified opinion on thoadequacy 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 Roport Inaccordance with the requirements of section 107(16) of tho Act ns amended

In my opinion and to the best of my information and according to the explanations givento my. the remuneration paid by the Company to its directors during Die year is inaccordance with the provisions of section 197 of the Acl

h) With respect to tho other matters to be included in the Auditor's Report inaccordance with Rule

11 of the Companies (Audit and Auditors) Rules 2014. as amended in my opinion and totho best of my information and according to the explanations given to me:

i) the Company has disclosed the impact of pending litigations on its financialposition in its financial statements

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

HI) There has been no dolay in transferring amounts required to be transferred to thoInvestor Education and Protection Fund by the Company

For Bhnrath Bohra & Co.

Chartered Accountants

Firm No. 019238S .

Bharath Kumar A Bohra

Proprietor

Membership No.237646

UDIN 20237648AAAAB01446

Place: Bangalore

Date: 16.10.2020

ANNEXURE "A" TO THE INDEPENDENT AUDITOR S REPORT

(Referred lo In paragraph 1 under 'Report on Other legal and Regulatory Requirements'section ol my report to the Members ol Sri Krishna Constructions (India) Limited of evendate)

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

(b) The fixed assets are physically verified during the year by the Management duringthe year In my opinion the frequency of such verification is reasonable having regards tothe size of the Company and the nature of it's fixed assets. No material discrepancieswere noticed on such physical verifications.

(c) According to the information and explanations given to mo and on the basis of myexamination of the records of the Company the title deeds of immovable propertiesincluded in the fixed assets are held in the name of the Company.

(it) Physical verification of inventory in the form of Land has boon conducted atreasonable intervals by the management and no material discrepancies were noticed onphysical verification.

(iii) According to the information and explanations given to mo. the Company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or othei parties covered in the register maintained under Section 189 of theCompanies Act 2013 ( the Act ) Accordingly. Clause 3 (ill) (a) (b) and (c) of the Orderare not applicable to the Company.

(iv) In my opinion and according to the Information and explanation given to mo. theCompany has complied with the provisions of Section 185 and 186 of the Act. with respectto loans and Investments made.

(v) During the year The Company has not accepted any deposits from the public.

(vi) Maintenance of cost records has nol been specified by the Central Government undorsub-section (1) of section 118 of the Companies Act

(vii) (a) According to the information and explanations giv/en lo me and on tire basisof my examination of the records of the Company amounts dediicledfaccriiod In the books ofaccount in respect of undisputed statutory dues Including Provident fund. Employees' StateInsurance. Income-tax Goods and Service tax duty of customs duty of excise value addedtax. cess and othor material statutory dues which are outstanding for a period of morethan six months from the dale they became payable as on 31.03.2020 as under

SI. No. Nnturo of Duos Amount
1 TDS 44.41.078
2 Professional Tax 29200
3 PF Employees Contribution 603.379
PF Employers Contribution 5.67.353
5 Income Tax 4.66.60.508

(b) According to the information and explanations given to me. there are no dues ofIncome-tax. Sales lax. Service tax. GST. Duty of customs Duty of excise and Value addedtax as at 31 March 2020 which have not been deposited with the appropriate authonties onaccount of any dispute

(viii) In my opinion and according to the information and explanations given to me. theCompany has not defaulted in repayment of dues to the banker and overdue amount as at 31stMarch. 2020.

(ix) According to the information and explanations given to me and based on myexamination of the records of the Company the Company has not raised any moneys by way ofinitial public offer or further public offer (including debt instruments) and has notobtained any term loans during the year Accordingly Clause 3(lx) of the Order is notapplicable to the Company.

(x) During Iho course of my examination of the books and records of ttie Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the Information and explanations given to me. I hnvo neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported dunng the year nor have I been informed of any such case by theManagement.

(xi) In my opinion and according to the information and explanations given to me theCompany has paid/ptovided managerial remuneration in accordance wilt* the requisiteapprovals mandated by the provisions of section 197 rend with Schedule V Id the Act

(xil) In my opinion and according to the information and explanations given to me. theCompany is not a Nidhi company and the Nidhi Rules 2014 ore not applicable to it.Accordingly. Clause 3(xii) of tho Order is not applicable to tho Company

(xiii) According to the information and explanations given to mo and based on myexamination of tho records of the Company transactions with tho related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required byapplicable Ind AS.

(xiv) According to the information and explanations given to me and based on myexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year Accordingly. Clause 3(xiv) of the Order is not applicable to the Company.

(xv)According to the information and explanations given to me and based on myexamination of the records of the Company the Company has not entered into any non cashtransactions with directors or persons connected with them Accordingly. Clause 3(xv) ofthe Order is not applicable to tho Company.

(xvi) In my opinion and according to the information and explanations given to me theCompany is not required to be registered under Section 45-IA of the Rosorvo Bank of IndiaAct. 1934 Accordingly. Clause 3(xvi) of the Order ts not applicable to tho Company.

For Bhorath Bohro & Co.

Chartorod Accountants

Firm No 019238S

Bhnrath Kumar A Bohra

Proprietor

Membership No.237648

Place: Bangalore

Date: 16.10.2020

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred lo In paragraph 2(f) under Report on Other Legal and Regulatory Requirements'section of my report lo the Members of Sri Krishna Constructions (India) Limited of evendate)

Report on the Internal Financial Controls Over Financial Reporting under Clauso (I) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

I have audited the internal financial controls over financial ruportiny of Sri KrishnaConstructions (India) Limited ('the Company*) as of March 31. 2020 in conjunction with myaudit of the financial statements of the Company for the year ended on that dateManagement's Responsibility for Internal Financial Controls The Board of Directors of theCompany is responsible for establishing and maintaining internal financial controls basedon the Internal control over financial reporting criteria established by the Companyconsidering the essential components of internal conlrol staled in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting Issued by the Institute olChartered Accountants of India These responsibilities include Die design implementationand maintenance of adequate internal financial controls that wero operating effectivelyfoi ensuring the orderly and efficient conduct of its business including adhoronce lorespective company's policies the safeguarding of its assets the prevention anddetection of frauds and errors. Ihe accuracy and completeness of the accounting recordsand tho timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditor's Responsibility

My responsibility is to express an opinion on tho mtomal financial controls overfinancial reporting ol the Company based on my audit I conducted rny audit in accordancewith the Guidance Note on Audit of Internal Finonclal Controls Over Financial Reporting(the "Guidance Note*) issued by the Institute of Chartered Accountants of India andtho Standards on Auditing proscribed under Sncdon 143(10) of Ihe Companies Act. 2013. loIhe extent applicable lo an audit of internal financial controls Time Standards and IheGuidance Note require that I comply with othical requiromonts and plan and perform theaudit to ohtnin reasonable assurance about whether adequate internal financial controlsover financial reporting was established nnd maintained and if such controls operatedeffectively in nil material respects

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness My audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls ovor financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand oporaling effectiveness of internal control based on tho assessed risk. The procoduros/selected depend on tho auditor's judgement including the assessment of the risks ofmaterial misstatement of tho financial statements whether due to fraud or error. Ibelieve tlval the audit evidence I havo obtained Is sufficient and appropriate to providea basis for my audit opinion on the internal financial controls system over financialreporting of the Company.

Meaning of Internal Financial Controls Ovor Financial Reporting

A company's Internal financial control over financial reporting is a process designedto provide reasonable assurance regarding tho reliability of financial reporting and thepreparation of financial statements for external purposes In accordance with generallyaccepted accounting principles. A company's internal financial control ovor financialreporting includes those policies and procedures dial (I) 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 iriaccordance 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 unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements

Limitations of Internal Financial Controls over Financial Reporting

Because of tho inherent limitations of internal financial controls ovor financialreporting including the possibility of collusion nr improper management overrule ofcontrols material misstatements due lo error or fraud may occur and not bo detected.Also projections of any evaluation of tho internal financial controls over financialreporting to future periods are subject to the nsk that the internal financial conlrolover financial reporting rnny become inadequate been use of changes in conditions or thattho degree of compliance with the policies or procedures may deteriorate.

For Bhorath Bohro & Co.

Chartorod Accountants

Firm No 019238S

Bhnrath Kumar A Bohra

Proprietor

Membership No.237648

Place: Bangalore

Date: 16.10.2020

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