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Auditor Report of Kings Infra Ventures Ltd. Company
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Auditor Report of Kings Infra Ventures Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of KINGS INFRA VENTURES LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the 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 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 of 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 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, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these 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. 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its profit/loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the(Auditor's 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,2013, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, 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 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 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in our Independent Auditor's Report of even date to the members of KINGS INF VENTURES LIMITED on the accounts for the year ended 31st March, 2015.

(i) a The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets

b As per the information and explanations given to us, the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(ii) a) Physical verification of inventory has been conducted by the management at reasonable intervals during the year.

b) In our opinion and according to the information and explanations given to us, the procedure for physical verification of inventory is reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of examination of the records of inventory, in our opinion, the company has generally maintained proper records of inventory. No material discrepancies were noticed on such verification.

(iii) a) As per the information's and explanations provided to us, the company has not granted unsecured loans to parties covered in the register maintained under section 189 of the Act.

b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii) (b) of the Order is not applicable to the Company in respect of repayment of the principal amount.

c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and nature of its business for the purchase of inventory and fixed assets and for sale of goods and services. During the course of our audit, no major weaknesses have been noticed in the internal controls.

(v) The company has not accepted any deposit from public within the meaning of section 73 to 76 or any other relevant provisions of the Act and Rules, framed there under.

(vi) The provisions regarding maintenance of cost records under section 148(1) of the Companies Act, 2013 are not applicable to the company.

(vii) a) According to the information and explanations provided to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income tax wealth tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues, applicable to it . As explained to us, no undisputed amounts payable were in arrears, as on 31st March, 2015 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute

c) According to the information and explanations given to us there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company

(viii) Accumulated losses at the end of the financial year are less than fifty per cent of its net worth and it has not incurred cash losses in current financial year and in the immediately preceding financial year.

(ix) As per the information and explanations given to us, the company has not defaulted in repayment of dues to banks, financial institutions or debentures holders.

(x) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xi) According to the information and explanations given to us, the company has not taken any term loans during the year.

(xii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investments.

(xiii) According to the information and explanations given to us, during the year, no fraud on or by the company has been noticed or reported. For SANKAR & MOORTHY Chartered Accountant

Sd/-

CA VC James BSC,FCA (Partner) Place: Ernakulam M.No.200/22565 Date: 30/05/2015 F.R.No.003575S


Mar 31, 2014

We have audited the accompanying financial statements of KINGS INFRA VENTURES L1MITF.D ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements Responsibilities for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance anti cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with general circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control 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.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; and

b) In the case of the Statement Profit and Loss, of the profit for the year ended on that date.

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. This report include a statement on matters specified in paragraph 4 of the Companies (Auditor''s Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956;

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations which to the best of 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 the Company so far as appears from our examination of those books

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement, dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the general circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013

e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Statement referred to in our report of even date to the members of KINGS INFRA VENTURES LIMITED on the accounts for the year ended 31st March, 2014.

(i) a The company has maintained proper records showing full particulars including Quantitative details and situation of fixed assets

b As per the information and explanations given to us, the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

c During the year, the company has not disposed off any part of fixed assets.

(ii) a) Physical verification of inventory has been conducted by the management at reasonable intervals during the year.

b) In our opinion and according to the information and explanations given to us, the procedure for physical verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of examination of the records of inventory , in our opinion, the company has generally maintained proper records of inventory .No material discrepancies were noticed on such verification.

(iii) a) As per the informations and explanations provided to us, the company granted unsecured loans to 3 parties covered in the register maintained under section 301 of the Act. The consolidated outstanding at the end of the year is Rs. 382.46 lakhs.

b) In our opinion the rate of interest and other terms and conditions on which loans have been granted to companies, firms or other parties listed in the registers maintained under Section 301 are not. prima facie, prejudicial to the interest of the company.

c) As per the informations and explanations provided to us the repayments of such loans, along with interest, if any. applicable are regular as stipulated.

d) Clause (iii)(d) of paragraph 4 of the said Order are not applicable to the company.

e) As per the informations and explanations provided to us, the company accepted unsecured loans from 5 parties covered in the register maintained under section 301 of the Act. The consolidated outstanding at the end of the year is Rs. 1690.65 lakhs.

f) As per the informations and explanations provided to us rate of interest, if any'' applicable, and other terms and conditions of loans taken by the company, secured or unsecured; are prima facie not prejudicial to the interest of the company

g) As per the informations and explanations provided to us payment of the principal amount and the interest .if any. are also regular as per the terms stipulated.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and nature of its business for the purchase of inventory'' and fixed assets and for sale of goods and services. During the course of our audit, no major weaknesses have been noticed in the internal controls.

(v) a) As explained to us and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered in the register in pursuance of section 301 of the Companies Act. 1956 in respect of each party during the year have been entered in the register.

b) In our opinion and according to the information and explanations given to us, the aforesaid contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The company has not accepted any deposit from public within the meaning of section 58A and 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules. 1975 framed thereunder.

(vii) In our opinion, the company''s internal audit system is commensurate with its size and nature of its activities.

(viii) The provisions regarding maintenance of cost records under section 209( 1 )(d) of the Companies Act. 1956 applicable to the company.

(ix) According to the information and explanations provided to us. the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues, applicable to it. As explained to us, no undisputed amounts payable were in arrears, as on 31st March, 2014 for a period of more than six months from the date they became pay able.

(x) Accumulated losses at the end of the financial year are less than fifty per cent of its net worth and it has not incurred cash losses in current financial year and in the immediately preceding financial year.

(xi) As per the information and explanations given to us, the company has not defaulted in repayment of dues to banks, financial institutions or debentures holders.

(xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii The provisions of any special statute applicable to Chit Fund or Nidhi or Mutual Fund Society are not applicable to the company.

(xiv; In our opinion and according to the explanations given to us. the company is not a dealer or trader in securities.

(xv) As explained to us, the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof, are prejudicial to the interest of the company.

(xvi) According to the information and explanations given to us. the company has not taken any term loans during the year.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investments.

(xviii) The company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956 during the year

(xix) In our opinion,the company has not issued any debentures during the year.

(xx) The company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us. during the year, no fraud on or by the company has been noticed or reported.

for SANKAR & MOORTHY Chartered/ Accountants

Place : Cochin V.C. JAMES Date : 23rd May 2014 partner M No.200/22565. FR No.0035755


Mar 31, 2013

1. We have audited the attached Balance Sheet of Kings Infra Ventures LIMITED, MUMBAI as at 31 ST MARCH, 2013, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable to the company.

4. Further to our comments in the Annexure referred to above, we report that:

i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

ii) in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

iii) the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

iv) in our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

v) on the basis of written representations received from the directors as on 31st March, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi) in our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to Note No.6 regarding non-provision of depreciation and Note No.7 regarding non- provision of gratuity and read together with other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2013;

b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the,year ended on that date.

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in Paragraph 3 of our report of even date) *

[i] (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) These fixed assets have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification. [ii] (a) As informed to us, the inventory has been physically verified at reasonable intervals during the year by the management.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on verification between physical stock and book records were not material.

[iii] (a) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act, 1956.

(b) The Company has taken interest free unsecured loans from three parties covered in the register maintained under section 301 of the Companies Act, 1956. The year end balance of such loans were Rs.3,65,16,353/- and the maximum balance outstanding at any time during the year of such loans were Rs.3,65,16,353/-.

(c) In our opinion, the other terms and conditions of such loans taken by the company are prima facie not prejudicial to the interest of the company.

(d) The terms of payment of principal amount of such loans were not stipulated and hence no comments regarding regularity of payment of principal amount.

[iv] In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

[v] (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of all contracts or arrangements that need to be entered into the register maintained under section 301 of the CompaniesAct, 1956 have been so entered.

(b) According to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of each party during the year except loan transactions as reported in clause (iii) above. [vi] The company has not accepted any deposits from the public during the year. [vii] The company does not have an internal audit system.

[viii] As informed to us, maintenance of cost records has not been prescribed by the Central Government u/s. 209(1 )(d) of the Companies Act, 1956 in respect of the activities carried on by the company.

[ix] (a) In our opinion and according to the information and explanations given to us, the company has generally been regular in depositing with the appropriate authorities the undisputed statutory dues applicable to it and there were no arrears of outstanding undisputed statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us, there are no dues of income tax,

- service tax, custom duty, wealth tax, cess which have not been deposited on account of any dispute except demands of excise duty for the years 1998-99 to 2000-01 aggregating to Rs.25,31,99,278/- which have been disputed before the Custom Excise & Service Tax Appellate Tribunal, Mumbai.

[x] The company''s accumulated losses as at 31st March, 2013 are not less than fifty percent of its net worth. The company has incurred cash losses during the financial year ended on that date and also in the immediately preceding financial year.

(xi] According to the information provided to us, the company has not borrowed funds from banks or financial institutions or issued debentures. Accordingly, clause 4(xi) of the Order is not applicable.

[xii] According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the Order is not applicable. [xiii] The company is not a chit fund or a nidhi/mutual benefit fund or a society. Accordingly, clause

4(xiii) of the Order is not applicable. [xiv] According to the. information and explanations given to us, in our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, clause 4(xiv) of the Order is not applicable.

[xv] According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, clause 4(xv) of the Order is not applicable.

[xvi] As informed to us, the company has not obtained any term loans during the year. Accordingly, clause 4(xvi) of the Order is not applicable.

[xvii] According to the information and explanation given to us and on an overall examination of the balance sheet of the company, in our opinion, the funds raised on short term basis have not been used for long term investment.

[xviii] According to the information and explanation given to us, the company has not made any preferential allotment of shares to the parties covered in the register maintained u/s.301 of the Companies Act, 1956 during the year.

[xix] The company has not issued any debentures. Accordingly, clause 4(xix) of the Order is not applicable.

[xx] The company has not raised any money by public issues during the year. Accordingly, clause 4(xx) of the Order is not applicable.

[xxi] According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Sd/-

A. C. JHAVERI & CO.

Place : Mumbai Chartered Accountant

Date: 02-09-2013 M. No.: 39525


Mar 31, 2012

1. We have audited the accompanied Financial statement attached Balance Sheet of KINGS INFRA VENTURES LIMITED, as at 31st March 2012, the Profit and Loss Account and Cash Flow Statement for the Year Ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standaids require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that:

a. We have 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 Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 3 Is1 March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f. In our opinion and to the best of our information and according to the explanations given to us. the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i. In the case of the Balance Sheet, of the state of affairs of the company as at 31" March 2012;

ii. In the case of Profit and Loss account, of the profit of the company for the year ended on that date; and

iii. In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

5. Referred to in paragraph 3 of our report of even date;

(i) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme 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.

(c) The company has not disposed off substantial part of its fixed assets during the year

(ii) The company does not have inventories other than land and multi storied residential apartment.

(iii) a) According to the information and explanations given to us the company has granted unsecured loans to parties covered in the register maintained under Section 301 of Companies Act 1956

b) According to the information and explanations given to us, the Company has taken unsecured loan from parties covered in the register maintained under section 301 of the Companies Act 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to fixed assets and with regard to the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) The company has not entered into contracts or arrangements with parties covered in the register maintained under section 301 of The Companies Act 1956, exceeding Rs.5,00,000/- during the financial year.

(vi) According to the information and explanations given to us, the company has not accepted any deposits from the public. Thus the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable .

(vii) The company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanations given to us, the Central Govt has not prescribed the maintenance of cost records under section 209(1) d of Companies Act 1956

(ix) a)The company is regular in depositing with appropriate authorities undisputed statutory dues like income tax, and other material statutory dues applicable to it except TDS payable.

b) According to the information and explanation given to us, an amount of Rs.163813.50 is payable in respect of TDS were in arrears, as at 31st March 2012 for a period of not more than six months from the date they became payable.

(c)According to the information and explanations given to us, there are no dues of income tax, and other statutory dues which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by ** our audit and not in the immediately preceding financial year.

(xi) The company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) According to the information and explanation given to us the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 5 (xiii) of the Companies (Auditor's Report) order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 5(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from a bank or financial institutions.

(xvi) According to the information and explanations given to us the term loans taken by the company have been applied for the purpose for which they are obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not made any public issue during the year under report.

(xx) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place: Ernakulam

Date: 29.05.2012 for SANKAR & MOORTHY

Chartered Accountants

V.C.JAMES

Partner

M. No. 200/22565. FA No:003575S


Mar 31, 2011

1. We have audited the attached Balance Sheet of KINGS INFRA VENTURES LIMITED, as at 31st March 2011, the Profit and Loss Account and Cash Flow Statement for the Year Ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that :

a. We have 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 Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31st March 2011and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2011;

ii. In the case of Profit and Loss account, of the profit of the company for the year ended on that date; and

iii. In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure

KINGS INFRA VENTURES LIMITED

5. Referred to in paragraph 3 of our report of even date;

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme 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.

(c) The company has not disposed any fixed assets during the year

(ii) The company does not have inventories other than land and multi storied residential apartment having an area of 20121.44 sq.ft.

(iii) a) According to the information and explanations given to us the company has not granted any unsecured loans to parties covered in the register maintained under Section 301 of Companies Act 1956

b) According to the information and explanations given to us, the Company has taken any unsecured loan from parties covered in the register maintained under section 301 of the Companies Act 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to fixed assets and with regard to the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) The company has not entered into contracts or arrangements with parties covered in the register maintained under section 301 of The Companies Act 1956, exceeding Rs.5, 00,000/- during the financial year.

(vi) According to the information and explanations given to us, the company has not accepted any deposits from the public , thus the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable .

(vii) The company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanations given to us, the Central Govt has not prescribed the maintenance of cost records under section 209(1) d of Companies Act, 1956

(ix) a)The company is regular in depositing with appropriate authorities undisputed statutory dues like income tax, and other material statutory dues applicable to it. b)According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, and other statutory dues were in arrears, as at 31st March 2011, other than those mentioned in note no.4 to the financial statements, for a period of more than six months from the date they became payable. (c)According to the information and explanation given to us, there are no dues of income tax, and other statutory dues which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) The company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) According to the information and explanation given to us the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 5 (xiii) of the Companies (Auditor's Report) order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 5(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

(xv) According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from a bank or financial institutions.

(xvi) According to the information and explanation given to us the term loans taken by the company have been applied for the purpose for which they are obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not made any public issue during the year under report.

(xx) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place: Ernakulam For Sankar & Moorthy

Date: 28.05.2011 Chartered Accountants Sd/- V C JAMES FCA

Partner

M.No. 200/22565


Mar 31, 2009

1. We have audited the attached Balance Sheet of KINGS INFRA VENTURES LIMITED, as at 31st March 2009, the Profit and Loss Account and Cash Flow Statement for the Year Ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4 A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that:

a. We have 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 Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31st March 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

i. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2009;

ii. In the case of Profit and Loss account, of the profit of the company for the year ended on that date; and

iii. In the case of Cash Flow Statement, of the cash flows for the year ended on that

Annexure KINGS INFRA VENTURES LIMITED

5. Referred to in paragraph 3 of our report of even date; (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme 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.

(c) The company has not disposed any fixed assets during the year

(ii) The company does not have inventories other than land.

(iii) a) According to the information and explanations given to us the company has not granted any unsecured loans to parties covered in the register maintained under Section 301 of Companies Act 1956

b) According to the information and explanations given to us, the Company has not taken any unsecured loan from parties covered in the register maintained under section 301 of the Companies Act 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to fixed assets and with regard to the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) The company has entered into contracts or arrangements with parties covered in the register maintained under section 301 of The Companies Act 1956, exceeding Rs.5,00,000/- during the financial year.

(vi) According to the information and explanations given to us, the company has not accepted any deposits from the public , thus the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable .

(vii) The company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanations given to us, the Central Govt has not prescribed the maintenance of cost records under section 209(1) d of Companies Act, 1956

(ix) a)The company is regular in depositing with appropriate authorities undisputed statutory dues like income tax, FBT and other material statutory dues applicable to it, other than Provident fund payable of Rs: 26516.95. b) According to the information and explanation given to us; no undisputed amounts payable in respect of income tax, FBT and other statutory dues were in arrears, as at 31st March 2009, other than those mentioned in note no.4 to the financial statements, for a period of more than six months from the date they became payable.

(c)According to the information and explanation given to us, there are no dues of income tax, FBT and other statutory dues which have not been deposited on account of any dispute except provident fund dues of Rs:26516.95.

(x) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit.

(xi) The company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) According to the information and explanation given to us the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 5 (xiii) of the Companies (Auditors Report) order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 5(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xv) According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from a bank or financial institutions.

(xvi) According to the information and explanation given to us the term loans taken by the company have been applied for the purpose for which they are obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not made any public issue during the year under report.

(xx) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For SANKAR & MOORTHY Chartered Accountants

Place: Ernakulam Date: 31.08.2009

V.C.JAMES Partner M. No.200/22565


Mar 31, 2008

I. We have audited the attached balance sheet of M/S KINGS INFRAVENTURES LIMITED, as at 31st March 2008, the profit and loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; subject to certain bills for expenses.

b. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books

c. The balance sheet, profit and loss account dealt with by this report are in agreement with the books of account

d. In our opinion, the balance sheet, profit and loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31" March 2008 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2008 from being appointed as ; director in terms of clause (g) of sub-section (I) of section 274 of the Companies Act, 1956;

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in confirmity with the accounting principles generally accepted in India;

i. In the case of the balance sheet, of the state of affairs of the company as at 31st March 2008.

ii. In the case of the profit and loss account, of the Lot. for the year ended on that date

Annexure Re: KINGS INTRA VENTURES LIMITED

5. Referred to in paragraph 3 of our report of even date;

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme 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.

(c) The company has not disposed off substantial part of fixed assets during the year

(ii) The company does not have inventories.

(iii) a) According to the information and explanations given to" us the company has granted unsecured loans amounting to P^s. 5,61,96,739/- to parties covered in the register maintained under Section 301 of Companies Act 1956 b) Accord ing to the information and explanations given to us, the Company has taken unsecured loan amounting to Rs.8,30,67,339/- from parties covered in the register maintained under section 301 of the Companies Act 1956.and Rs:83.19 crores from project development.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to fixed assets and with regard to the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) The company has entered into contracts of arrangements with parties covered in the register maintained under section 301 of The Companies Act 1956, exceeding Rs.5,00,000/- during the financial year.

(vi) According to the information and explanations given to us, the company has not accepted any deposits from the public , thus the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58A.A of the Companies Act, 1956 and the rules framed there under are not applicable .

(vii) The company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanations given to us, the Central Govt has not prescribed the maintenance of cost records under section 209(1) d of Companies Act, 1956

(ix) a)The company is regular in depositing with appropriate authorities undisputed statutory dues like income tax, FBT and other material statutory dues applicable to it, other than Provident fund payable of Rs:130803. b) According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, FBT and other statutory dues were in arrears, as at 31 st March 2008 for a period of more than six months from the date they became payable. Other than provident fund payable of Rs: 130803.

(c) According to the information and explanation given to us, there are no dues of income tax, FBT and other statutory dues which have not been deposited on account of any dispute, except provident fund dues of Rs:130803.

(xi) In our opinion, the accumulated losses of the company are-more-man fifty-percent of its net worth. The company has incurred cash losses during the financial year covered by our audit.

(xii) The company has no repayment of dues to a financial institution, bank or debenture holders.

(xiii) According to the information and explanation given to us the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiv) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 5 (xiii) of the Companies (Auditors Report) order, 2003 are not applicable to the company.

(xv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 5(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xvi) According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from a bank or financial institutions.

(xvii) According to the information and explanation given to us the term loans taken by the company have been applied for the purpose for which they are obtained.

(xviii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

(xix) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xx) The company has not made any public issue.

(xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place: Ernakulam For SHANKAR & MOORTHY

Date: 30.08.2008 Chartered Accountants

V.C.James Partner


Mar 31, 2007

Not Available

 
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