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Krishna Ventures Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 84.40 Cr. P/BV 7.08 Book Value (Rs.) 11.04
52 Week High/Low (Rs.) 134/51 FV/ML 10/1 P/E(X) 0.00
Bookclosure 30/09/2023 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2015-03 
We were engaged to audit the accompanying standalone financial statements of KRISHNA VENTURES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial 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 of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified 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 in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating for ensuring accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and 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 standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and except for the possible effects of matters described in the Basis for disclaimer of opinion paragraph, the financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:

in the case of Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

in the case of Statement of Profit and Loss, of the profit/loss for the year ended on that date; and

in the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2015, we give in the Annexure a statement on the matter specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section143 (3)of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of 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 the Company 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 Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and 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 financial position.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

Statement referred to in Report on Other Legal and Regulatory Requirements of our report of even date to the members of KRISHNA VENTURES LIMITED, on the accounts for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:- i. a) The Company has maintained proper records showing full particular including quantitative details and situation of its fixed assets.

b) The assets have been physically verified by the Management during the year and also there is a regular program of verification which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

ii. Since the Company does not have inventories, the question of physical verification of Inventories and maintaining proper records thereof does not arise. Further, the question of commenting, on reasonableness and adequacy of the procedures of physical verification of Inventories in relation to the size of the Company and the nature of its business, does not arise.

iii. As per the information furnished, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register, maintained under Section 189 of the Companies Act, 2013

a) As the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013, Clause iii) a) relating to regularity of receipt of principal amount and interest and Clause iii) b) relating to steps for recovery of overdue principal and interest of more than rupees one lakh, are not applicable.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, assets and with regard to sales of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v. In our opinion and according to information and explanation given to us, the Company has not accepted deposits during the year and hence the question of applicability of the directives issued by the Reserve Bank of India and the provisions of Section 73 to Section 76 or any relevant provisions of the Companies Act, 2013 and the rules framed there under, does not arise.

vi. Based on the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Section 148(1) of the Companies Act, 2013, in respect of the Company. Hence, the question of maintaining such accounts and records and our commenting there on does not arise.

vii. a) According to the information and explanations given to us, the Company did not have the required number of employees during the year, hence the question of depositing undisputed statutory dues of provident Fund, Employees' State Insurance dues with the appropriate authorities does not arise. The Company is generally regular in depositing with appropriate authorities undisputed amounts of Income Tax, Sales Tax, Wealth Tax, Service tax, Custom duty, Excise Duty, Cess and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax or Wealth Tax or Sales Tax or Service tax or Customs Duty or Excise Duty or Cess were in arrears as at March 31, 2015 for a period of more than six months from the date they become payable.

c) According to the information and explanations given to us, there are no amount required to be transferred to Investor Education and Protection fund in accordance with relevant provisions of the Companies Act, 1956(1 of 1956) and rules made there under.

viii. There are no accumulated losses of the Company as on March 31, 2015 and the Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

ix. The Company has not borrowed any amount from any financial institutions, Banks or debenture holders. Hence the question of our commenting on whether the Company has defaulted in repayment to Financial Institutions, Banks or Debenture holders does not arise.

x. In our opinion, the Company has not given guarantees for loans taken by others from Banks or Financial Institutions.

xi. In our opinion and according to the information and explanation given to us, the Company has not raised any new term loan during the year.

xii. On the basis of our examination of the books of accounts and other relevant records and information made available to us, prima-facie we have not noticed any fraud on or by the Company, during the year. Further, the management has represented to us that no fraud on or by the Company has been reported during the year. However, we are unable to determine / verify as to whether any such reporting has been made, during the year.

                                             For BANSI S. MEHTA & CO 

                                               Chartered Accountants

                                       Firm Registration No. 100991W

                                                     DIVYESH I. SHAH

Place: Mumbai                                                Partner

Date: 16thMay,2015                              Membership No. 37326

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