We have audited the standalone financial statements of Kings Infra Ventures Limited (;cthe Company”), which comprise the Balance Sheet as at 31st March 2024. the Statement of Profit and Loss(induding Other Comprehensive Income),the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and Notes to the standalone financial statements, including a summary of material accounting policies and other explanatory information.
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 infoimation required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Ind AS prescribed under Section 133 of the Act read with the Companies (Ind AS) Rules,2015, as amended C'Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2024, and its profit, changes in equity* and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our* audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit qf the Financial Statements section of our repoit. We are independent of the Company in accordance with the ‘Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s Management and Board of Directors is responsible for the other information. The other information comprises the Director’s Report, Corporate Governance Report, Management Discussion and Analysis Report, but does not mclude the financial statements and our auditor’s report thereon. The annual report is expected to be made available to us after* the date of this auditor’s report.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance- conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained m the audit, or otherwise appear s to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take necessary actions as per applicable laws and regulations.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
The Company's Management and 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, changes in equity1 and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act. This responsibility1 also mcludes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguar ding of the assets of the C ompany 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 effectively for ensuring the 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, whether1 due to fraud or error.
In preparing the financial statements, the Management and Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either mtends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditors1 Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted m accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fr aud or error and are considered material if, individually or m the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an under standing of internal control relevant to the audit in order to design audit procedures that are appropriate m the circumstances. Under Section 143(3)(i) of the Companies Act, 2013. we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management and Board of Directors.
• Conclude on the appropriateness of Management and Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our' conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the under lying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that individually or in aggregate, make it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factor's in
(i) Planning the scope of our audit work and in evaluating the results of our work; and
(ii) To evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, m extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Older. 2020 ('the Order’7), issued by the
Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act
2013. we give in the Annexure A” a statement on the matters specified in paragraphs 3 and 4 of
the Older, 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 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 appear s from our examination of those books except for certain matters in respect of audit trail as stated in the paragraph 2(i)(vi) below.
c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity 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 Indian Accounting Standards specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act;
f) The modifications relating to the maintenance of accounts and other matters connected therewith in respect of audit trail are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2(0(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in ' .Annexure B”.
h) With respect to the other matters to be included m the Auditors’ report in accordance with Section 197(16) of the Act. in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid-provided by the Company to its directors duiing the year is in accordance with the provisions of Section 197 read with Schedule V to the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act; and
i) 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, as amended, 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.
m. 1 here were no amounts which were required to be transferred to the Investor education
and Pr otection Fund by the Company
iv. With respect to clause (e) of Rule 11 of the Companies (Audit and Auditors) Rnles.2014, as amended;
a) The Management has represented that, to the best of its knowledge and belief, as disclosed in the Note 42.7 to the accounts, no funds have been advanced or loaned or invested (either from boirowed funds or share premium or any other sources or kind of funds) by the Company to or in any other' person or entity, including foreign entities (“Intermediaries'*), with the under standing, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other' persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries’') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
b) The Management has represented that, to the best of its knowledge and belief, as disclosed in the Note 42.7 to the accounts, no funds have been received by the Company from any person or entity, including foreign entities ('Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party* (“Ultimate Beneficiaries'’) or provide any guarantee, security* or the like on behalf of the Ultimate Beneficiaries.
c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) above contain any material misstatement.
v. The Company has not declared or paid any dividend during the year. Hence, the provisions of Section 123 of the Companies Act, 2013 are not applicable to the Company.
vi. Based on our examination, the Company, has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility except that the audit trail feature of software used by the company did not operate throughout the year.
Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with, in respect of accounting software for the period for which the audit trail feature was enabled and operating.
For Elias George & Co.,
Chartered Accountants Fum Regn. No. 000S01S
Sd/-
Vaibhav T Yed
Place:Kochi Partner
Date: 30.05/2024 Membership No: 235912
UDIN:24235912BKAHYS7122
1
Identity1 and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
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