Mar 31, 2023
INDEPENDENT AUDITOR''S REPORT
To
The Members of
Veer Energy & Infrastructure Limited
Report on the Audit of the Standalone Financial Statements1. Opinion
We have audited the standalone financial statements of Veer Energy & Infrastructure Limited ("the
Company"), which comprise the balance sheet as at 31st March 2023, and the statement of Profit and
Loss, statement of changes in equity and statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant 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 Act in the manner so
required and give a true and fair view in conformity with the Ind AS and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and profit, total
comprehensive income, changes in equity and its cash flows for the year ended on that date.
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 there under, 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 are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. There are no any Key Audit Matter to be reported.
a. As per note no. 8, Inventories includes the inventory of Power Evacuation Facilities of Rs. 8.24 Crore
which is carried since last eight years. The management explained that due to change in tariff and no
power purchase policy since 2015 in wind energy sector, it could not be sold, the management expect
favorable policy from Gujarat Urja Vikas Nigam Limited (GUVNL) hence carried the inventory at the cost
only, as according to them, it can fetch a good price on declaration of the policy.
Same way the land for Windfarm of Rs. 6.69 crore is also carried since 2015 and it is also carried at the
cost price as per the above notion.
We are of the opinion that, if, there are no favorable policy as expected by the management, there may be
a huge reduction possible in the value of the above inventories, resulting in heavy losses.
Our opinion is not modified in respect of the above matters.
5. 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, changes in equity 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. 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 implementation and maintenance of 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 statement that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management 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 management 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.
6. Auditor''s 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.
There are no other matters which require to be reported.
8. Report on Other Legal and Regulatory Requirements
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 B" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
9. 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, 2023
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
2023 from being appointed as a director in terms of Section 164 (2) of the Act.
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 A".
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 has disclosed the impact of pending litigations on its financial position in its
financial statements - Refer Note 30 to the financial statements;
ii. the Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company-Note No. 20.
Chartered Accountants
Firm Registration No. 104182W
Jayesh Shah
Proprietor
Membership No. 033864
UDIN: 23033864BGYCSA5232
Place: Mumbai
Date: 22nd May, 2023
Mar 31, 2014
We have audited the accompanying financial statements of Veer Energy &
Infrastructure Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2014, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s 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") read with
the General Circular 15/2013 dated 13th September, 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act,
2013 and in accordance with the accounting principles generally
accepted in India. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit/
loss 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. in our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956; read with the General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013.
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
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 referred to in paragraph (1) under "Report on Other Legal and
Regulatory Requirements" of Independent Auditors Report of even date.
1) (i) The company has maintained proper records showing full
particulars including quantitative details and situations of fixed
assets on the basis of available information.
(ii) According to the information and explanation, the fixed assets
have been physically verified by the management once in a year which in
our opinion is reasonable, having regards to the size of the Company
and nature of its business. No material discrepancies have been noticed
on such verifications.
(iii) In our opinion, the Company has not disposed off a substantial
part during the year and the going concern status of the Company is not
affected.
2) (i) As per the information furnished, the inventories have been
physically verified by the management during the year at reasonable
intervals, having regard to the nature of stocks, the frequency of the
physical verification is reasonable.
(ii) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of the inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business;
(iii) The Company has maintained proper records of inventories. As
explain to us, no material discrepancies have been noticed on physical
verification of inventories as compared to book records.
3) (i) As per the information furnished, the Company has granted
unsecured interest free loans to its subsidiary covered in the
Register, maintained under Section 301 of the Companies Act,1956;
(ii) The rate of interest and other terms and conditions in respect of
the unsecured loans given by the Company to its employees and others,
are in our opinion, prima facie not prejudicial to the interest of the
Company;
(iii) In respect of such loans given by the Company, where stipulations
have been made, they have generally repaid the principal amounts as
stipulated and have been regular in payment of interest, where
applicable;
(iv) In respect of such loans given by the Company, there are no
overdue amounts more than Rs. 1,00,000/-.
(v) As per the information furnished, the Company has not taken any
loans secured or unsecured to companies, firms or other parties covered
in the Register, maintained under Section 301 of the Companies
Act,1956; Consequently, the requirements of Clauses (iii) (f & g) of
paragraph 4 of the Order are not applicable.
4) In our opinion and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the Company and nature of its business with regard to
purchase of inventories, fixed assets and for sale of goods & services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanation given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control system.
5) (i) Based on the procedures applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transactions made in pursuance of contracts or
arrangements, that need to be entered in to the register maintained
under Section 301 of the Companies Act,1956 have been so entered;
(ii) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of
contract/arrangements entered in the Register maintained under section
301 of the Companies Act, 1956 and exceeding the value of Rs.5,00,000/-
or more in respect of each party during the year have been made at
price s which appear reasonable as per information available with the
Company.
6) According to the information and explanation given to us, the
Company has not accepted any deposits during the year from the public
within the meaning of the provisions of Sections 58A and 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975. Hence, Clause (VI) of the order is not applicable to the
Company.
7) In our opinion, the Company has an adequate internal audit system
commensurate with its size and nature of its business.
8) The Company is not covered under section 209(1) (d) of the Companies
Act, 1956 hence, not required to maintain cost records.
9) (i) According to the information and explanation given to us and the
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Employees'' State
Insurance Fund, Income-tax, Sales-tax, wealth tax, service tax, Custom
Duty, Excise Duty, Cess and other statutory dues with appropriate
authorities. According to the records of the Company and the
information and explanations given to us, there are no undisputed
amounts payable in respect of Income Tax, Wealth Tax, Service Tax,
Custom Duty, Sales Tax, Excise Duty, PF, ESIC and any other statutory
dues which have remained outstanding as at 31st March, 2014. for a
period of more than six months from the date they become payable.
(ii) According to the records of the Company and information and
explanation given to us and record verified by us the outstanding dues
of Sales-tax, Custom Duty, Excise Duty, Income tax, wealth tax, service
tax , cess which have not been deposited, with the appropriate
authorities on account of disputes are as under .
Sr. Name of the Statue Nature of Dues Amt Due Period to which
No. the amt. relates
1. Income Tax Act, 1961 Income tax 496471/- A.Y.2010-11
2. Income Tax Act, 1961 Income tax 447270/- A.Y.2010-11
Sr. Name of the Statue Foram where dispute is pending
No.
1. Income Tax Act, 1961 Commissioners of IT(Appeals)
2. Income Tax Act, 1961 Commissioners of IT(Appeals)
10) The Company does not have any accumulated business loss as at the
end of the financial year and has not incurred Cash losses in the
financial year and in the immediately preceding financial year.
11) Based on our audit procedures and the information and explanations
given by the management, we are of the opinion that the Company has not
defaulted in repayment of its dues to any banks or financial institutes
and debenture holders.
12) In our opinion and according to the explanations given to us and
based on our examination of the records, the Company has not granted
loans or advances on the basis of security by way of pledge of shares,
debentures or other securities.
13) In our opinion, the Company is not a chit fund/nidhi/mutual benefit
fund/society. Therefore the provisions of clause (xiii) of paragraph 4
of the Order are not applicable to the Company.
14) The Company has maintained proper records of transactions in
respect of dealing and trading in shares, securities, debentures and
other investments and timely entries have generally been made therein.
All shares, debentures, and other securities have been held by the
Company in its own name.
15) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16) According to the records verified us, we are of the opinion that
the term loan obtained in the last year and during the current year for
setting up the Engineering unit and new Factory Building, have been
utilized for the same purpose.
17) On the basis of our examination of the Balance Sheet and Cash Flow
statement, we are of the opinion that the fund raised on short term
basis have not been used for long term investments,. The Company has
not raised long term funds during the year and hence, the use of such
funds for short-term investments does not arise.
18) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any fund by public issue during the
year.
21) On the basis of our examination and according to the information
and explanations given to us, no material fraud, on or by the Company,
has been noticed or reported during the year under audit.
For Jayesh R. Shah & Co
Chartered Accountants
Firm Regn. No. 104182W
Sd/-
Jayesh Shah
Proprietor
Membership No. 033864
Place: Mumbai
Date: 30th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Veer Energy &
Infrastructure Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2013, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
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 misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of the Statement of Profit and Loss, of the profit/
loss 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
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.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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 referred to in paragraph (1) under "Report on Other Legal and
Regulatory Requirements" of Independent Auditors Report of even date.
1) (i) The Records of fixed assets showing full particulars including
quantitative details and situation of fixed assets is prepared by the
Company.
(ii) As explained to us, the assets have been physically verified by
the management, which, in our opinion, is reasonable, considering the
size and nature of the business. The frequency of verification is
reasonable and no material discrepancies have been noticed on such
physical verification.
(iii) During the year, the Company has not disposed off any
substantial/major part of fixed assets.
2) (i) As per the information furnished, the inventories have been
physically verified by the management during the year at reasonable
intervals, having regard to the nature of stocks, the frequency of the
physical verification is reasonable.
(ii) In our opinion, and according to the information and explanation
given to us, the procedures of physical verification of the inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business. (iii) The Company
has maintained proper records of inventories. In our opinion and
according to the information, there were no major discrepancies noticed
on such verification. Minor discrepancies noticed at the year end with
actual stock were adjusted with the consumption in the accounts.
3) The Company has neither granted nor taken any loans secured or
unsecured, to or from Companies, firm or other Parties covered in the
register maintained under section 301 of Companies Act, 1956. As the
Company has not granted /taken any loans, clauses (iii) (b), (iii) (c),
(iii) (d), (iii) (e), (iii) (f) and (iii) (g) of paragraph 4 of the
said order are not applicable to the Company.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and Sale of goods & services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanation given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control System.
5) (i) In our opinion and according to the information and explanations
given to us, the Company has maintained a proper records for the
Contracts or arrangements referred to in section 301 of the Companies
Act 1956 that need to be entered in the register required to be
maintained under that section.
(ii) According to the information and explanation given to us, on
verification of the records, we are of the opinion that the transaction
of purchase and sale of goods, materials and services made in pursuance
of contracts arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 aggregating during the year to
Rs. 5, 00,000/- or more in respect of each parties have been recorded
properly.
6) The company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7) In our opinion, the Company has adequate internal audit system
commensurate with its size and nature of its business.
8) The Company is not covered under section 209(1) (d) of the Companies
Act, 1956 hence, not required to maintain cost records.
9) According to the information and explanations given to us and the
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Employees'' State
Insurance Fund, Income Tax, Sales Tax, wealth tax, service tax, Custom
Duty, Excise Duty, Cess and other statutory dues with appropriate
authorities. According to the records of the company and information
and explanation given to us, there are no undisputed amounts payable in
respect of Income Tax, Wealth Tax, Service Tax, Customs Duty, Sales
Tax, Excise Duty, PF, ESIC and any other statutory dues outstanding as
at 31st March, 2013- for a period of more than six months from the date
they became payable. According to the information and Explanation given
to us there are no dues of income tax, sales tax, wealth tax, and
service tax, which have not been deposited with the appropriate
authorities on account of any dispute. (b)According to the records of
the Company and information and explanation given to us, the dues of
Sales-tax, Custom Duty, Excise Duty, Income tax, wealth tax, cess which
have not deposited, on account of disputes and the forum where the
dispute is pending are as under. Name of Statutes Nature of Dues
Amount ( Rs.) Forum where dispute is pending Income tax Act, 1961
Income Tax, Interest A.Y.10-11 447270/- Penalty A.Y.2010-11 Not
Ascertained CIT (Appeal) VI
10) The Company does not have any accumulated business loss as at the
end of the financial year and has not incurred Cash losses in the
financial year and in the immediately preceding financial year.
11) The Company did not have any outstanding dues to any financial
Institution, or debentures holder during the year.
12) The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The provisions of any special statute applicable to chit
fund/Nidhi/mutual benefit fund/Societies are not applicable to the
Company.
14) The Company has not dealt or traded in shares, securities and
debentures during the year under record. However, as per the
information & explanation given to us, proper records have been
maintained by the Company for the investments made in the past.
15) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16) According to the information & record examine by us, the term loan
has been applied for the same purpose for which it is obtained by the
Company.
17) On the basis of our examination of the Cash Flow statement, the
fund raised on short term basis has not been used for long term
investments.
18) The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any fund by public issue during the
year.
21) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the course of our audit.
For Jayesh R. Shah & Co
Chartered Accountants
Firm Regn.No.104182W
Place: Mumbai
Date: 29th May, 2013 Jayesh Shah Proprietor
Membership No. 033864
Mar 31, 2012
We have audited the attached Balance Sheet of M/S. VEER ENERGY &
INFRASTRUCTURE LIMITED, as at 31st March 2012, the Statement of Profit
and Loss and Cash Flow Statement of the Company for the year ended on
that date, annexed thereto. These financial statements are the
responsibility of the company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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. As required by the Companies (Auditor's Report) Order,
2003 as amended by the Companies (Auditors report) (Amendment) order
2004 issued by the Central Government of India in term of Sub-section
(4A) of section 227 of the Companies Act, 1956, we enclose in the
annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order. Further to our comments in the Annexure referred to
above, we report that:
1) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
2) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books
3) 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;
4) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956
5) 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 section 274 (1)(g) of the Companies
Act, 1956.
6) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
(ii) In case of the Statement of profit and Los, of the Profit for the
year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF AUDITOR'S REPORT OF EVEN DATE
As required by the Companies (Auditors Report) order, 2003 issued by
the Company Law Board in terms of Sections 227 (4A) of the Companies
Act, 1956 and on the basis of such checks as we considered appropriate,
we report that:
1) (i) The Records of fixed assets showing full particulars including
quantitative details and situation of fixed assets is prepared by the
Company.
(ii) As explained to us, the assets have been physically verified by
the management, which, in our opinion, is reasonable, considering the
size and nature of the business. The frequency of verification is
reasonable and no material discrepancies have been noticed on such
physical verification. (iii) During the year, the Company has not
disposed off any substantial/major part of fixed assets.
2) (i) As per the information furnished, the inventories have been
physically verified by the management during the year at reasonable
intervals, having regard to the nature of stocks, the frequency of the
physical verification is reasonable.
(ii) In our opinion, and according to the information and explanation
given to us, the procedures of physical verification of the inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(iii) The Company has maintained proper records of inventories. In our
opinion and according to the information, there were no major
discrepancies noticed on such verification. Minor discrepancies noticed
at the year end with actual stock were adjusted with the consumption in
the accounts.
3) The Company has neither granted nor taken any loans secured or
unsecured, to or from Companies, firm or other Parties covered in the
register maintained under section 301 of Companies Act, 1956. As the
Company has not granted/taken any loans, clauses (iii) (b), (iii) (c),
(iii) (d), (iii) (e), (iii) (f) and (iii) (g) of paragraph 4 of the
said order are not applicable to the Company.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and Sale of goods & services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanation given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control System.
5) (i) In our opinion and according to the information and explanations
given to us, the Company has maintained a proper records for the
Contracts or arrangements referred to in section 301 of the Companies
Act 1956 that need to be entered in the register required to be
maintained under that section.
(ii) According to the information and explanation given to us, on
verification of the records, we are of the opinion that the transaction
of purchase and sale of goods, materials and services made in pursuance
of contracts arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 aggregating during the year to
Rs. 5,00,000/- or more in respect of each parties have been recorded
properly.
6) The company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7) In our opinion, the Company has adequate internal audit system
commensurate with its size and nature of its business.
8) The Company is not covered under section 209(1) (d) of the Companies
Act, 1956 hence, not required to maintain cost records.
9) According to the information and explanations given to us and the
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Employees' State
Insurance Fund, Income Tax, Sales Tax, wealth tax, service tax, Custom
Duty, Excise Duty, Cess and other statutory dues with appropriate
authorities. According to the records of the company and information
and explanation given to us, there are no undisputed amounts payable in
respect of Income Tax, Wealth Tax, Service Tax, Customs Duty, Sales
Tax, Excise Duty, PF, ESIC and any other statutory dues outstanding as
at 31st March, 2012, for a period of more than six months from the date
they became payable. According to the information and Explanation given
to us there are no dues of income tax, sales tax, wealth tax, and
service tax, which have not been deposited with the appropriate
authorities on account of any dispute.
10) The Company does not have any accumulated business loss as at the
end of the financial year and has not incurred Cash losses in the
financial year and in the immediately preceding financial year.
11) The Company did not have any outstanding dues to any financial
Institution, or debentures holder during the year.
12) The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The provisions of any special statute applicable to chit
fund/Nidhi/mutual benefit fund/Societies are not applicable to the
Company.
14) The Company has not dealt or traded in shares, securities and
debentures during the year under record. However, as per the
information & explanation given to us, proper records have been
maintained by the Company for the investments made in the past.
15) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16) According to the information & record examine by us the Company has
not taken any term loan from the Bank for the purchase of Plant &
Machinery
17) On the basis of our examination of the Cash Flow statement, the
fund raised on short term basis has not been used for long term
investments.
18) The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any fund by public issue during the
year.
21) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the course of our audit.
For Jayesh R. Shah & Co.
Chartered Accountants
Firm Registration No. 104182W
SD/-
Jayesh Shah
Proprietor
Membership No. 033864
Place: Mumbai
Date: 23rd August, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of M/S. VEER ENERGY &
INFRASTRUCTURE LIMITED, as at 31st March 2011, the Profit and Loss
Account and Cash Flow Statement of the Company for the year ended on
that date, annexed thereto. These financial statements are the
responsibility of the companyÃs management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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.
As required by the Companies (AuditorÃs Report) Order, 2003 as amended
by the Companies (Auditors report) (Amendment) order 2004 issued by the
Central Government of India in term of Sub-section (4A) of section 227
of the Companies Act, 1956, we enclose in the annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
1) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
2) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books
3) The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
4) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956
5) 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 section 274 (1)(g) of the Companies
Act, 1956.
6) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
(ii) In case of the profit and Loss Account, of the Profit for the year
ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF AUDITORÃS REPORT OF EVEN DATE
As required by the Companies (Auditors Report) order, 2003 issued by
the Company Law Board in terms of Sections 227 (4A) of the Companies
Act, 1956 and on the basis of such checks as we considered appropriate,
we report that:
1)
(i) The Records of fixed assets showing full particulars including
quantitative details and situation of fixed assets is prepared by
the Company.
(ii) As explained to us, the assets have been physically verified by
the management, which, in our opinion, is reasonable, considering the
size and nature of the business. The frequency of verification is
reasonable and no material discrepancies have been noticed on such
physical verification.
(iii) During the year, the Company has not disposed off any
substantial/ major part of fixed assets.
2)
(i) As per the information furnished, the inventories have been
physically verified by the management during the year at reasonable
intervals, having regard to the nature of stocks, the frequency of the
physical verification is reasonable.
(ii) In our opinion, and according to the information and explanation
given to us, the procedures of physical verification of the inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(iii) The Company has maintained proper records of inventories. In our
opinion and according to the information, there were no major
discrepancies noticed on such verification. Minor discrepancies noticed
at the year end with actual stock were adjusted with the consumption in
the accounts.
3) The Company has neither granted nor taken any loans secured or
unsecured, to or from Companies, firm or other Parties covered in the
register maintained under section 301 of Companies Act, 1956. As the
Company has not granted /taken any loans, clauses (iii) (b), (iii) (c),
(iii) (d), (iii) (e), (iii) (f) and (iii) (g) of paragraph 4 of the
said order are not applicable to the Company.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and Sale of goods & services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanation given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control System.
5) (i) In our opinion and according to the information and explanations
given to us, the Company has maintained a proper records for the
Contracts or arrangements referred to in section 301 of the Companies
Act 1956 that need to be entered in the register required to be
maintained under that section.
(ii) According to the information and explanation given to us, on
verification of the records, we are of the opinion that the transaction
of purchase and sale of goods, materials and services made in pursuance
of contracts arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 aggregating during the year to
Rs. 5, 00,000/- or more in respect of each parties have been recorded
properly.
6) The company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7) In our opinion, the Company has adequate internal audit system
commensurate with its size and nature of its business.
8) The Company is not covered under section 209(1) (d) of the Companies
Act, 1956 hence, not required to maintain cost records.
9) According to the information and explanations given to us and the
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Employeesà State
Insurance Fund, Income Tax, Sales Tax, wealth tax, service tax, Custom
Duty, Excise Duty, Cess and other statutory dues with appropriate
authorities. According to the records of the company and information
and explanation given to us, there are no undisputed amounts payable in
respect of Income Tax, Wealth Tax, Service Tax, Customs Duty, Sales
Tax, Excise Duty, PF, ESIC and any other statutory dues outstanding as
at 31st March, 2011- except Rs.300331/- payable to VAT Tamilnadu- for a
period of more than six months from the date they became payable.
According to the information and Explanation given to us there are no
dues of income tax, sales tax, wealth tax, and service tax, which have
not been deposited with the appropriate authorities on account of any
dispute. Except as under
10) The Company does not have any accumulated business loss as at the
end of the financial year and has not incurred Cash losses in the
financial year and in the immediately preceding financial year.
11) The Company did not have any outstanding dues to any financial
Institution, or debentures holder during the year.
12) The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The provisions of any special statute applicable to chit
fund/Nidhi/mutual benefit fund/Societies are not applicable to the
Company.
14) The Company has not dealt or traded in shares, securities and
debentures during the year under record. However, as per the
information & explanation given to us, proper records have been
maintained by the Company for the investments made in the past.
15) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16) According to the information & record examine by us the Company has
not taken any term loan from the Bank for the purchase of Plant &
Machinery
17) On the basis of our examination of the Cash Flow statement, the
fund raised on short term basis has not been used for long term
investments.
18) The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19) The Company has not issued any debentures during the year.
20) The Company has raised an amount of Rs. 207325000/- by placement to
Qualified Institutional Buyer through issue of QIP during the year.
21) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the course of our audit.
For Jayesh R. Shah & Co
Chartered Accountants
Firm Registration No.104182W
SD/-
Jayesh Shah
Proprietor
Membership No. 033864
Place : Mumbai
Date : 23rd July, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/S. VEER ENERGY &
INFRASTRUCTURE LIMITED, as at 31st March 2010, the Profit and Loss
Account and Cash Flow Statement of the Company for the year ended on
that date, annexed thereto. These financial statements are the
responsibility of the companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
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 beisis, 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.
As required by the Companies (Auditors Report) Order, 2003 as amended
by the Companies (Auditors report) (Amendment) order 2004 issued by the
Central Government of India in term of Sub-section (4A) of section 227
of the Companies Act, 1956, we enclose in the annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
1) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
2) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books
3) The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
4) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956
5) On the basis of written representations received from the directors,
as on 31st March, 2010, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of section 274 (l)(g)
of the Companies Act, 1956.
6) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
(ii) In case of the profit and Loss Account, of the Profit for the year
ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF AUDITORS REPORT OF EVEN DATE
As required by the Companies (Auditors Report) order, 2003 issued by
the Company Law Board in terms of Sections 227 (4A) of the Companies
Act, 1956 and on the basis of such checks as we considered appropriate,
we report that:
(i) The Records of fixed assets showing full particulars including
quantitative details and situation of fixed assets is under
preparation.
(ii) As explained to us, the assets have been physically verified by
the management, which, in our opinion, is reasonable, considering the
size and nature of the business. The frequency of verification is
reasonable and no material discrepancies have been noticed on such
physical verification.
(iii) During the year, the Company has not disposed off any
substantial/major part of fixed assets.
2)
(i) As per the information furnished, the inventories have been
physically verified by the management during the year at reasonable
intervals, having regard to the nature of stocks, the frequency of the
physical verification is reasonable.
(ii) In our opinion, and according to the information and explanation
given to us, the procedures of physical verification of the inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(iii) The Company has maintained proper records of inventories. In our
opinion and according to the information, there were no major
discrepancies noticed on such verification. Minor discrepancies noticed
at the year end with actual stock were adjusted with the consumption in
the accounts.
3) The Company has neither granted nor taken any loans secured or
unsecured, to or from Companies, firm or other Parties covered in the
register maintained under section 301 of Companies Act, 1956. As the
Company has not granted /taken any loans, clauses (iii) (b), (iii) (c),
(iii) (d), (iii) (e), (iii) (f) and (iii) (g) of paragraph 4 of the
said order are not applicable to the Company.
4) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and Sale of goods & services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanation given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control System.
5) (i) In our opinion and according to the information and explanations
given to us, the Company has maintained a proper records for the
Contracts or arrangements referred to in section 301 of the Companies
Act 1956 that need to be entered in the register required to be
maintained under that section.
(ii) According to the information and explanation given to us, on
verification of the records, we are of the opinion that the transaction
of purchase and sale of goods, materials and services made in pursuance
of contracts arrangements entered in the register maintained under
Section 301 of the Companies Act, 1956 aggregating during the year to
Rs. 5, 00,000/- or more in respect of each parties have been recorded
properly.
6) The company has not accepted any deposits from public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7) In our opinion, the Company has adequate internal audit system
commensurate with its size and nature of its business.
8) The Company is not covered under section 209(1) (d) of the Companies
Act, 1956 hence, not required to maintain cost records.
9) According to the information and explanations given to us and the
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Employees State
Insurance Fund, Income Tax, Sales Tax, wealth tax, service tax, Custom
Duty, Excise Duty, Cess and other statutory dues with appropriate
authorities. According to the records of the company and information
and explanation given to us, there are no undisputed amounts payable in
respect of Income Tax, Wealth Tax, Service Tax, Customs Duty, Sales
Tax, Excise Duty, PF, ESIC and any other statutory dues outstanding as
at 31st March, 2010 for a period of more than six months from the date
they became payable except as mention under.
(i) Vat Tamil Nadu Rs.3, 00,331.25 not paid
According to the information and Explanation given to us there are no
dues of income tax, sales tax, wealth tax, and service tax, which have
not been deposited with the appropriate authorities on account of any
dispute except as under (i) A.Y 2006-07 demand Rs.70, 416.00 appeal
pending before IT tribunal
10) The Company does not have any accumulated business loss as at the
end of the financial year and has not incurred Cash
losses in the financial year and in the immediately proceeding
financial year.
11) The Company did not have any out standing dues to any financial
Institution, or debentures holder during the year.
12) The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The provisions of any special statute applicable to chit
fund/Nidhi/mutual benefit fund/Societies are not applicable to the
Company.
14) The Company has not dealt or traded in shares, securities and
debentures during the year under record. However, as per the
information & explanation given to us, proper records have been
maintained by the Company for the investments made in the past.
15) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16) According to the information & record examine by us the Company has
not taken any term loan from the Bank for the
purchase of Plant & Machinery
17) On the basis of our examination of the Cash Flow statement, the
fund raised on short term basis has not been used for long term
investments.
18) The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19) The Company has not issued any debentures during the year.
20) The Company has not raised a.ny money by public issue during the
year.
21) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the course of our audit.
For Jayesh R. Shah & Co
Chartered Accountants
SD/-
Jayesh Shah
Proprietor
Membership No. 033864
Place: Mumbai
Date: 30th April 2010