Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying Standalone Ind AS Financial Statements of Shristi Infrastructure Development Corporation Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed 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 the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements 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 Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these Standalone Ind AS 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 of the Standalone Ind AS Financial Statements 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 Standalone Ind AS Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS Financial Statements. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Standalone Ind AS 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 Companyâs Director. as well as evaluating the overall presentation of the Standalone Ind AS Financial Statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS 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 including the Ind AS, of the state of affairs of the Company as at 31st March, 2018 and its profit (including other comprehensive income), its changes in equity and its cash flows for the year ended on that date.
Other Matters
The comparative financial information of the Company for the year ended 31st March, 2017 and the transition date opening Balance Sheet as at 1st April, 2016 included in these Standalone Ind AS financial statements, are based on the statutory standalone financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the previous auditors whose report for the year ended 31st March, 2017 and 31st March, 2016 dated 25th May, 2017 and 27th May, 2016 respectively expressed an unmodified opinion on those financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us. Our opinion on the Standalone Ind AS financial statements and our report on Other Legal and Regulatory Requirements below is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of subsection (11) of section 143 of the Act, we give in the âAnnexure Aâ, a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we report that:
i. 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.
ii. 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.
iii. The Balance Sheet, the Statement of Profit and Loss, Statement of Changes in Equity and the Cash flow Statement dealt with by this Report are in agreement with the books of account.
iv. In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
v. On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Director. none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of section 164 (2) of the Act.
vi. 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 âAnnexure Bâ.
vii. With respect to the other matters to be included in the Auditorâs 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:
a. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Ind AS Financial Statements-Refer Note No. 31.1 to the Standalone Ind AS Financial Statements.
b. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
c. There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Company.
âAnnexure Aâ to the Independent Auditorâs Report
Statement referred to in paragraph âReport on Other Legal and Regulatory Requirementsâ of our report of even date to the members of Shristi Infrastructure Development Corporation Limited on the Standalone Ind AS Financial Statements for the year ended 31st March, 2018.
(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
(b) The fixed assets have been physically verified by the management during the year. To the best of our knowledge, no material discrepancy was noticed on such verification and in our opinion the periodicity of such physical verification is reasonable having regard to the size of the Company and nature of its assets.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) As explained to us, the inventories as at balance sheet date were physically verified during the year by the Management and no material discrepancies were noticed on such physical verification.
(iii) The Company has granted loans to 11 parties (including subsidiaries) covered in the register maintained under section 189 of the Act.
(a) In our opinion and as per information and explanations given to us, except for loans granted to the subsidiaries are interest free, other terms and conditions on which the loans had been granted were not, prima facie, prejudicial to the interest of the Company.
(b) In the case of the loans granted to the parties listed in the register maintained under section 189 of the Act, the loans are repayable on demand and have been repaid as and when demanded.
(c ) There are no overdue amounts in respect of the loan granted to subsidiaries 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 no loans, guarantees and securities granted in respect of which provisions of Section 185 and 186 of the Companies Act, 2013 are applicable. Based on our audit procedures performed and according to information and explanations given by the management, the Company has complied with provisions of section 186 of the Act in respect of investments made.
(v) The Company has not accepted any deposit within the meaning of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under. The directives issued by the Reserve Bank of India are not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company where pursuant to the rules made by the Central Government, the maintenance of Cost records has been prescribed under section 148(1) of the Act and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We, however, as not required, have not made a detailed examination of such records.
(vii) (a) According to the information and explanations given to us and based on the examination of the records of the Company as provided to us, the Company is regular in depositing undisputed statutory dues including provident fund, employeesâ state insurance, income tax, sales tax, service tax, goods and service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues, to the extent applicable, with appropriate authorities and no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2018 for a period of more than six months from the date of becoming payable.
(b) According to the information and explanations given to us, there are no dues of income tax, sales tax, service tax, goods and service tax, value added tax and cess which have not been deposited on account of any dispute.
(viii) The Company has not defaulted in repayment of loans or borrowings to banks, financial institutions and debenture holders. The Company has not taken any loan from the Government.
(ix) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. On the basis of our examination and according to the information and explanations given to us, money raised by way of term loans have been applied for the purpose for which the loans were obtained.
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) In our opinion, the Company is not a nidhi company. Therefore, clause (xii) of paragraph 3 of the said order is not applicable to the Company.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with them. Accordingly, clause (xv) of paragraph 3 of the said order is not applicable to the Company.
(xvi) According to the information and explanations given to us, the provisions of Section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.
âAnnexure Bâ to the Independent Auditorâs Report
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Shristi Infrastructure Development Corporation Limited (âthe Companyâ) as of 31st March, 2018 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such coatrols operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that:
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
For G. P. Agrawal & Co.
Chartered Accountants
Firmâs Registration No. - 302082E
CA. Sunita Kedia
Place: Kolkata Partner
Date: 21st May, 2018 Membership No. 60162
Mar 31, 2016
To the Members of Shristi Infrastructure Development Corporation Limited Report on the Financial Statements
We have audited the accompanying financial statements of Shristi Infrastructure Development Corporation Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these 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 and Companies (Accounting Standards) Amendment Rules, 2016. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 2016 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure- A", a statement on the matters specified in paragraphs 3 and 4 of the said Order to the extent applicable to the Company.
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 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 it appears from our examination of those books;
(c) the Balance Sheet, the 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 aforesaid standalone financial statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016;
(e) On the basis of written representations received from the directors as at 31st March 2016 taken on record by the Board of Directors, none of the directors as on 31st March 2016 are disqualified from being appointed as a director in terms of Section 164(2) of the Act; and
(f) 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"; and
(g) 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 the financial position;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and
iii. There has been no delay in transferring amounts required to be transferred to Investor Education and Protection Fund by the Company.
(Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements of our report of even date to the members of Shristi Infrastructure Development Corporation Limited on the standalone financial statements for the year ended 31st March, 2016)
1. a) The Company has maintained proper records of Fixed Assets showing full particulars including quantitative details and situation of fixed assets.
b) The Company has a phased program of physical verification of its fixed assets, which in our opinion, is reasonable having regard to the size of the Company and the nature of its business. In accordance with such program, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.
c) The title deeds of immovable properties are held in the name of the Company.
2. As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. No material discrepancies were noticed on such verifications of stocks by the management as compared to book records.
3. a) The Company has granted unsecured loans (repayable on demand) to companies covered in the register maintained under Section 189 of the Companies Act, 2013.
b) The terms and conditions of the grant of such loans are not prejudicial to the interests of the company.
c) In respect of the aforesaid loans, the Company has regularly received, from the parties, repayment of principal amounts and interests as stipulated.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans, investments, guarantees and securities made.
5. The Company has not accepted any deposits during the year, thus the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act and Rules framed there under, is not applicable. Accordingly clause (v) of Paragraph 3 of the order is not applicable to the Company.
6. According to the information and explanations given by the management, maintenance of cost records under Section 148(1) of the Companies Act, 2013 prescribed by the Central Government are maintained by the Company. However we have not broadly reviewed the same.
7. a) According to the information and explanations given to us and on the basis of our examination of the records, the
Company has generally been regular in depositing with the appropriate authorities undisputed statutory dues including provident fund and employees'' state insurance. However there are certain delays in depositing with appropriate authority undisputed statutory dues in respect of income tax deducted at source, sales tax, service tax, value added tax and cess, during the year ended 31 March 2016. As explained to us, the Company did not have any dues on account of investor education and fund, duty of customs and duty of excise arise during the year. According to the information and explanations given to us, there are no undisputed amount payable in respect of income tax, sales tax, service tax , value added tax, cess which were outstanding at the yearend for a period of more than 6 months from the date they became payable.
b) According to the information and explanations given to us, there are no dues of income tax, sales tax, service tax, value added tax and cess and Service tax which have not been deposited on account of any dispute.
8. The Company has taken term loans from banks and financial institutions during the year and there is no default in repayment of such loans.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments). Term Loans taken during the year were applied for the purposes for which they were raised.
10. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
11. According to the information and explanations given to us and based on our examination of the records of the Company, managerial remuneration paid or provided by the Company is in accordance with the provisions of Section 197 read with Schedule V to the Act, during the year.
12. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with Related Parties are in compliance with Sections 177 and 188 of the Companies Act, 2013. All such transactions have been disclosed in the financial statements as required by the applicable auditing standards.
14. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
16. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India.
(Referred to in paragraph 2(f) under the heading "Report on Other Legal and Regulatory Requirements of our report of even date to the members of Shristi Infrastructure Development Corporation Limited on the standalone financial statements for the year ended 31st March, 2016)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Shristi Infrastructure Development Corporation Limited ("the Company") for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For S. S. Kothari & Co.
Chartered Accountants
Firm''s Regn. No. 302034E
R. N. Bardhan
Place: Kolkata Partner
Dated: 27th May 2016 Membership No. 017270
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Shristi Infrastructure Development Corporation 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 Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
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 and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) order, 2015 ("the
order") issued by The Central Government, in terms of Sub-Section (11)
of Section 143 of the Act we give in the Annexure a statement of the
matters specified in paragraph 3 and 4 of the order.
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 standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, the company
has adequate internal financial controls over financial reporting of
the Company and the operating effectiveness of such control is
adequate.
(g) 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. As per information and explanations given to us, 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 are no amounts outstanding, required to be transferred, to
the Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
(Referred to in Paragraph 1 under the heading "Report on Other Legal
and Regulatory Requirements" of our report of even date to the members
of Shristi Infrastructure Development Corporation Limited on the
standalone financial statements for the year ended March 31, 2015)
As required by the Companies (Auditor's Report) Order, 2015 (as
amended) issued by the Central Government of India in terms of
Sub-Section (11) of Section 143 of the Companies Act,2013 and on the
basis of such checks as we considered appropriate and the information
and explanations given to us, we further report that:
1. a) The Company has maintained proper records of Fixed Assets showing
full particulars including quantitative details and situation of fixed
assets.
b) The Company has a phased programme of physical verification of its
fixed assets which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its business. In accordance with
such programme, the management has physically verified fixed assets
during the year and no material discrepancies were noticed on such
verification.
2. a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c) In our opinion and on the basis of our examination of the records,
the company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to books records.
3. According to the information and explanations given to us and on
the basis of our examination of the books of account, the company has
granted interest free unsecured loan(Repayable on Demand) to its wholly
owned subsidiary company covered in the register maintained under
Section 189 of the Companies Act, 2013.
In our opinion, and according to the information and explanations given
to us, the receipt of principal amount is regular. As the said loan is
repayable on demand, in our opinion there are no overdue amount.
4. 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 purchases of inventories and fixed assets, and
for the sale of goods. During the course of our audit, we have not
observed any major weaknesses in such internal control system.
5. The Company has not accepted any deposits from the public and
consequently, the directives issued by the Reserve Bank of India and
the provisions of Section 73 to 76 or any other relevant provisions of
the Companies Act, 2013 and the rules framed there under are not
applicable.
6. As per the information and explanations given by the management,
maintenance of cost records has been prescribed by the Central
Government under sub section (1) of section 148 of the Companies Act,
2013. However we have not broadly reviewed the same.
7 a) According to the information and explanations given to us, and on
the basis of our examination of the books of account, the Company has
generally been regular in depositing with appropriate authorities
undisputed statutory dues of provident fund and employees' state
insurance. However there are certain delays in depositing with the
appropriate authorities undisputed statutory dues in respect of
income-tax deducted at source, sales-tax, service tax, value added tax,
cess and any other material statutory dues applicable to it and there
is no outstanding 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 dues in respect of Income-tax, sales-tax, wealth-tax, service-tax,
custom duty, excise duty, and cess that have not been deposited with
the appropriate authorities on account of any dispute.
c) According to the information and explanations given to us there are
no amounts due which are required to be transferred to investor
education and protection fund in accordance with the relevant provision
of the Companies Act, 1956 and rules made there under.
8 The Company has neither accumulated losses as at 31st March, 2015 nor
incurred any cash losses during the financial year ended on that date
or in the immediately preceding financial year.
9 The Company has not defaulted in repayment of dues to financial
institution or bank or debenture holders as may be ascertained from the
examination of the books of account and other records of the Company.
10 According to information and explanations given to us the Company
has given guarantee for loans taken by other companies from banks and
financial institutions and outstanding amount as on 31st March, 2015 is
Rs. 20,256 lacs .In our opinion terms and condition of such gurantee
are not prejudicial of interest of the company.
11 To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not taken any
term loan during the year.
12 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For S. S. Kothari & Co.
Chartered Accountants
Firm Regn. No. 302034E
R.N. Bardhan
Partner
Place : Kolkata
Date : 29th May, 2015 Membership No. 17270
Mar 31, 2013
1. Report on the Financial Statements
We have audited the accompanying financial statements of Shristi
Infrastructure Development Corporation Limited, which comprise the
Balance Sheet as at 31st March, 2013 and the Statement of Profit & Loss
and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
2. Management''s Responsibility 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 and 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"). 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 misstatements,
whether due to fraud or error.
3. 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 misstatements.
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. 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.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read with other notes
thereon, give the information required by the Act in the manner so
required and also 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 31st March, 2013;
(b) In the case of Statement of Profit & Loss, 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.
5. Report on Other Legal and Regulatory Requirements
i) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms sub-section
4A of Section 227 of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Order.
ii) 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 the law have
been kept by the company as far as appears from our examination of
those books.
c) The Balance Sheet, Statement of Profit & 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 & Loss, and
Cash Flow Statement dealt with by this report comply with the
requirements of 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, 2013 and taken on record by the Board of Directors,
we report that none of the Directors are 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Auditors'' Report
The Annexure referred to in paragraph 1 of the Our Report of even date
to the Members of Shristi Infrastructure Development Corporation
Limited, on the accounts of the company for the year ended 31st March,
2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification. ''
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
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 and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses 3(b),
3(c) and 3(d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceed five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not arise.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 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 is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. 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.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments.
15. According to the information and explanations given to us, the
Company has given guarantees for loan taken by others from a bank or
financial institution. We are of the opinion that the related terms and
conditions are not prima facie prejudicial to the interest of the
Company.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
ForS.S.Kothari&Co.
Chartered Accountants
FirmRegn.No.302034E
R.N.Bardhan
Place :Kolkata Partner
Date : 27th May, 2013 Membership No.17270
Mar 31, 2012
1. We have audited the attached Balance Sheet of Shristi
Infrastructure Development Corporation Limited as at 31st March, 2012
and also the Statement of Profit and Loss for the year ended on that
date annexed thereto and the cash flow statement for the year ended on
that date. 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 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, as
amended by the Companies (Auditors Report) Amended Order, 2004, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
of the books and records of the Company as we considered appropriate
and according to the information and explanations given to us, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 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 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 dealt with by this report, have complied with
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
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 read together with
notes thereto and statement on Significant Accounting Policies
appearing in the schedule 20 give in the prescribed manner the
information required by the Companies Act, 1956, and also 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, 2012;
(ii) In the case of Statement of Profit and Loss, of the profit 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.
(Referred to in Paragraph 3 of our report of even date)
1. In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situations of its fixed assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year, which in our opinion appear
reasonable, having regard to the size of the Company and nature of its
assets. No material discrepancies were noticed on such physical
verification.
c. No fixed assets have been disposed off during the year.
2. a. The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b. The procedures of physical verification of inventories followed by
the Management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c. On the basis of our examination of the records of inventory, we are
of opinion that the company is maintaining proper records of inventory.
The discrepancies noticed on verification between physical stocks and
the books records were not material. The same have properly been dealt
with in the books of accounts.
3. The Company has not granted any loan, secured or unsecured during
the year to companies, firm or other parties covered in register
maintained under section 301 of the Companies Act, 1956.
The Company has not taken any loans secured or unsecured from
companies, firms or other parties covering register maintained under
section 301 of the Companies Act, 1956.
Accordingly clause 4(iii) (f) and (g) of the Order are not applicable.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with size of the company and the nature of its business
for the purchase of fixed assets and inventory items and for the
contract work done. During the course of our audit, no major weakness
has been noticed in the internal controls, nor has there been any
continuing failure on the part of the company to rectify major
weakness, if any.
5. According to the information and explanations given to us, there
are no transactions made in pursuance of contract or arrangements that
needed to be entered into the register maintained under section 301 of
the Companies Act, 1956.Accordingly clause 4(v)(b) of the Order is not
applicable.
6. The Company has not accepted any public deposit during the year.
The Company has refunded/transferred to IEPF of Rs. 88,450/- and Rs.
87,463/- towards deposits accepted earlier and interest thereon
respectively, from the escrow account.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956 is not applicable to the Company.
9. In respect of statutory dues:
a. According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Service Tax, Wealth
Tax, Customs Duty, Cess and other Statutory Dues have generally been
regularly deposited with the appropriate authorities in general.
According to the information and explanation given to us, no undisputed
amounts payable in respect of the aforesaid dues were outstanding as at
31st March 2012 for period of more than six months from the date of
becoming payable.
b. According to the information and explanation given to us and the
records of the Company examined by us, there are no disputes in respect
of any statutory dues.
10. As per records, the Company has no accumulated losses at the end
of financial year and has not incurred cash losses during the current
financial year or in the immediately preceding financial year.
11. The Company has not defaulted in repayment of dues to the
financial institution, bank or debenture holders.
12. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore the provisions of clause 4(xiii) of
the Companies (Auditors Report) order, 2003 are not applicable to the
company.
13. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2003 are not applicable to the company.
14. The Company has given guarantee for loans taken by other companies
from Banks & Financial Institutions and as per the Management
Representation we are of the Opinion that the related terms &
conditions are not prima facie prejudicial to the interest of the
Company.
15. As per records, the Company has not raised any term loan during
the financial year covered under audit and therefore the provisions of
clause 4(xvi) of the Companies (Auditors Report) order, 2003 are not
applicable to the company.
16. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, in our opinion
the funds raised on a short-term basis have not been used for long-term
investment.
17. During the year under audit, the Company has not made a
preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Companies Act, 1956.
18. The Company has not issued any debentures. Accordingly, the
provisions of Clause 4(xix) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
19. The Company has not raised any money by way of public issue during
the financial year covered under audit.
20. During the course of our examination of books of account carried
out in accordance with generally accepted practices in India, we have
neither come across any incidence of fraud on or by the Company nor
have we been informed of any such case by the management.
For S.S.Kothari & Co.
Chartered Accountants
Firm Regn.No.302034E
R. N. Bardhan
Place : Kolkata Partner
Date : 28th May, 2012 Membership No.17270
Mar 31, 2011
1. We have audited the attached Balance Sheet of Shristi
Infrastructure Development Corporation Limited as at 31st March, 2011
and also the Profit And Loss Account for the year ended on that date
annexed thereto and the cash flow statement for the period ended on
that date. 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 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 Reports ) Order , 2003, as
amended by the Companies (Auditors Reports ) Amended Order , 2004 ,
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956 and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us , we enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 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 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, 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, Profit and Loss account and Cash
Flow Statement dealt with by this report, have complied with 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
and 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 read together with
notes thereto and statement on Significant Accounting Policies
appearing in the schedule 20 give in the prescribed manner the
information required by the Companies Act, 1956, and also give a true
and fair view in conformity with the accounting principles
generally accepted in India:-
(i) In the case of 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 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 to the Auditors' Report
Referred to in Paragraph 3 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situations of its fixed assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year, which in our opinion appear
reasonable, having regard to the size of the Company and nature of its
assets. No material discrepancies were noticed on such physical
verification.
c. The fixed assets disposed of during the financial year were not
substantial compared to total value of assets.
2. a. The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b. The procedures of physical verification of inventories followed by
the Management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c. On the basis of our examination of the records of inventory, we are
of opinion that the company is maintaining proper records of inventory.
The discrepancies noticed on verification between physical stocks and
the books records were not material. The same have properly been dealt
with in the books of accounts.
3. The Company has not granted any loan, secured or unsecured during
the year to companies, firm or other parties covered in register
maintained under section 301 of the Companies Act, 1956.
The company has not taken any loans secured or unsecured from
companies, firms or other parties covering register maintained under
section 301 of the Companies Act, 1956.
Accordingly clause 4(iii) (f) and (g) of the Order are not applicable.
We have relied in this regard upon the entries recorded in the register
maintained under section 301 of the Companies Act, 1956 and the
Management's representation in this regard.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with size of the company and the nature of its business
for the purchase of fixed assets and inventory items and for the
contract work done. During the course of our audit, no major weakness
has been noticed in the internal controls, nor has there been any
continuing failure on the part of the company to rectify major
weakness, if any.
5. According to the information and explanations given to us, there
are no transactions made in pursuance of contract or arrangements that
needed to be entered into the register maintained under section 301 of
the Companies Act, 1956. Accordingly clause 4(v)(b) of the Order is not
applicable.
6. The Company has not accepted any public deposit during the year.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956 is not applicable to the Company.
9. In respect of statutory dues:
a. According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Service Tax, Wealth
Tax, Customs Duty, Cess and other Statutory Dues have generally been
regularly deposited with the appropriate authorities in general.
According to the information and explanation given to us, no undisputed
amounts payable in respect of the aforesaid dues were outstanding as at
31st March, 2011 for period of more than six months from the date of
becoming payable.
b. According to the information and explanation given to us and the
records of the Company examined by us, There are no disputes in respect
of any statutory dues.
10. As per records, the Company has no accumulated losses at the end
of financial year and has not incurred cash losses during the current
financial year or in the immediately preceding financial year.
11. The company has not defaulted in repayment of dues to the
financial institution, bank or debenture holders.
12. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
13. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
14. The Company has given guarantee for loans taken by other companies
from Banks & Financial Institutions and as per the Management
Representation we are of the Opinion that the related terms &
conditions are not prima facie prejudicial to the interest of the
company.
15. As per records, the Company has not raised any term loan during
the financial year covered under audit and therefore the provisions of
clause 4(xvi) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
16. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, in our opinion
the funds raised on a short-term basis have not been used for long-term
investment.
17. During the year under audit, the Company has not made a
preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Companies Act, 1956.
18. The Company has not issued any debentures. Accordingly, the
provisions of Clause 4(xix) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
19. The Company has not raised any money by way of public issue during
the financial year covered under audit.
20. During the course of our examination of books of account carried
out in accordance with generally accepted practices in India, we have
neither come across any incidence of fraud on or by the Company nor
have we been informed of any such case by the management.
For S. S. KOTHARI & CO.
Chartered Accountants
Firm Regn. No. 302034E
(R. N. BARHDAN)
Partner
Membership No.17270
Place: Kolkata
Date: 24th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Shristi
Infrastructure Development Corporation Limited as at March 31st 2010
and also the Profit and Loss Account for the year ended on that date
annexed thereto and the cash flow statement for the period ended on
that date. 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 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 Reports ) Order, 2003, as
amended by the Companies (Auditors Reports ) Amended Order, 2004 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
of the books and records of the Company as we considered appropriate
and according to the information and explanations given to us , we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 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 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, 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, Profit and Loss Account and Cash
Flow Statement dealt with
by this report, have complied with 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
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on March 31, 2010 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 read together with
notes thereto and statement on Significant Accounting Policies
appearing in the schedule 21 give in the prescribed manner the
information required by the Companies Act, 1956, and also 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 March 31, 2010; (ii) In the case of Profit and Loss
Account, of the profit 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 to the Auditors Report
Referred to in Paragraph 3 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situations of its fixed assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year, which in our opinion appear
reasonable, having regard to the size of the Company and nature of its
assets. No material discrepancies were noticed on such physical
verification.
c. The fixed assets disposed of during the financial year were not
substantial compared to total value of assets.
2. a. The inventory has been physically verified during
the year by the management. In our opinion, the frequency of
verification is reasonable.
b. The procedures of physical verification of inventories followed by
the Management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c. On the basis of our examination of the records of inventory, we are
of opinion that the company is maintaining proper records of inventory.
The discrepancies noticed on verification between physical stocks and
the books records were not material. The same have properly been dealt
with in the books of accounts.
3. The Company has not granted any loan, secured or unsecured during
the year to companies, firm or other parties covered in register
maintained under section 301 of the Companies Act, 1956.
The company has not taken any loans secured or unsecured from
companies.firms or other parties covering register maintained under
section 301 of the Act. 1956.
Accordingly clause 4(iii) (f) and (g) of the Order are not applicable.
We have relied in this regard upon the entries recorded in the register
maintained under section 301 of the companies act, 1956 and the
Management representation in this regard.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with size of the company and the nature of its business
for the purchase of fixed assets and inventory items and for the
contract work done. During the course of our audit, no major weakness
has been noticed in the internal controls, nor has there been any
continuing failure on the part of the company to rectify major
weakness, if any.
5. According to the information and explanations given to us, there
are no transactions made in pursuance of contract or arrangements, that
needed to be entered into the register maintained under section 301 of
the Companies Act, 1956.Accordingly clause 4(v)(b) of the Order is not
applicable.
6. The Company has not accepted any public deposit during the year.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956 is not applicable to the Company.
9. In respect of statutory dues:
a. According to the records of the company,
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Service Tax, Wealth Tax, Customs Duty, Cess and other Statutory Dues
have been regularly deposited with the appropriate authorities in
general. According to the information and
explanation given to us, no undisputed amounts payable in respect of
the aforesaid dues were outstanding as at 31st March 2010 for period of
more than six months from the date of becoming payable.
b. According to the information and explanation given to us and the
records of the Company examined by us. There are no dispute in respect
of any statutory dues.
10. As per records, the Company has no accumulated losses at the end
of financial year and has not incurred cash losses during the current
financial year or in the immediately preceding financial year.
11. The company has not defaulted in repayment of dues to the
financial institution, bank or debenture holders.
12. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore the provisions of clause 4(xiii) of
the Companies (Auditors Report) order, 2003 are not applicable to the
company.
13. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2003 are not applicable to the company.
14. The Company has given guarantee for loans taken by other companies
from Banks & Financial Institutions and as per the Management
Representation we are of the Opinion that the related terms &
conditions are not prima facie prejudicial to the interest of the
company.
15. As per records, the Company has not raised any term loan during
the financial year covered under audit and therefore the provisions of
clause 4(xvi) of the Companies (Auditors Report) order, 2003 are not
applicable to the company.
16. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of
the company, in our opinion the funds raised on a short- term basis
have not been used for long-term investment.
17. During the year under audit, the Company has not made a
preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Companies Act, 1956.
18. The Company has not issued any debentures. Accordingly, the
provisions of Clause 4(xix) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
19. The Company has not raised any money by way of public issue during
the financial year covered under audit.
20. During the course of our examination of books of account carried
out in accordance with generally accepted practices in India, we have
neither come across any incidence of fraud on or by the Company nor
have we been informed of any such case by the management.
S. S. KOTHARI & CO.
Chartered Accoutants
(Registration No. 302034E)
A. DATTA
Partner
Membership No.05634
Place: Kolkata
Date: 17.05.2010