We have audited the standalone financial statements of
Kings Infra Ventures Limited (“the Company”), which
comprise the Balance Sheet as at 31st March 2025,
the Statement of Profit and Loss (including 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 information
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 (“Ind AS”) and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31st March, 2025, 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 of the Financial
Statements section of our report. 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 include 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 in the audit, or otherwise
appears 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 equity 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 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.
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 intends 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.
Auditors’ 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 in accordance
with SAs will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in 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
skepticism throughout the audit. We also:
• Identify 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 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 understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in 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's 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
underlying 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 factors 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, in 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) Order,
2020 (“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”
a statement on the matters specified in paragraphs 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
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, 2025 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2025 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(i)(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
in 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 during 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.
iii) There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company.
iv) With respect to clause (e) of Rule 11 of the
Companies (Audit and Auditors) Rules,2014, as
amended;
a) The Management has represented that, to the
best of its knowledge and belief, as disclosed
in the Note 45.7 to the accounts, no funds
have been advanced or loaned or invested
(either from borrowed 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 understanding, 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 45.7 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
an accounting software for maintaining its books of
account which has a feature of recording audit trail
(edit log) facility except that the software did not have
the security feature enabled to capture the credentials
of users effecting modifications to the accounting
entries for four months during the year. Further, during
the course of our audit we did not come across any
instance of audit trail feature being tampered with and
the audit trail has been preserved by the company as
per the statutory requirements for record retention.
For Elias George & Co.,
Chartered Accountants
Firm Regn. No. 000801S
Sd/-
Place: Kochi Joy P Jacob
Date: 30/05/2025 Partner
Membership No: 201678
UDIN: 25201678BMOXPC9572
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