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Adani Transmission Ltd.

BSE: 539254 Sector: Infrastructure
NSE: ADANITRANS ISIN Code: INE931S01010
BSE LIVE 15:40 | 13 Dec 191.95 -1.25
(-0.65%)
OPEN

193.80

HIGH

194.85

LOW

189.30

NSE 15:46 | 13 Dec 192.00 -1.90
(-0.98%)
OPEN

194.10

HIGH

194.80

LOW

189.55

OPEN 193.80
PREVIOUS CLOSE 193.20
VOLUME 50487
52-Week high 237.10
52-Week low 51.10
P/E 738.27
Mkt Cap.(Rs cr) 21,111
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 193.80
CLOSE 193.20
VOLUME 50487
52-Week high 237.10
52-Week low 51.10
P/E 738.27
Mkt Cap.(Rs cr) 21,111
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Adani Transmission Ltd. (ADANITRANS) - Auditors Report

Company auditors report

To

The Members of

ADANI TRANSMISSION LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of AdaniTransmission Limited ("the

Company") which comprise the Balance Sheet as at March 31 2017 the Statement ofProfit and Loss (Including Other

Comprehensive Income) the Cash Flow Statement and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory information (herein after referred to as "Standalone Ind AS FinancialStatements").

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act

2013 ("the Act") with respect to the preparation and presentation of theseInd AS Financial Statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the applicable Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those

Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone Ind AS financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair 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 andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affair of theCompany as at March 31 2017 and its profit (including other comprehensive income) itscash flows and the changes in equity 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 ofsub-section (11) of section 143 of the

Act we give in the "Annexure A" a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss Cash Flow Statement and theStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account;

d) In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended;

e) On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B";

g) With respect to the other matters to be included in the Auditor's Report inaccordance 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 givento us:

i. The Company does not have any pending litigations which would impact its financialposition;

ii. The Company has made provision as at March 31 2017 as required under theapplicable law or accounting standard for material foreseeable l osses if an y on lon gterm contracts in clu di ng derivative contracts.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company did not hold or transact in cash during the entire year. Accordinglyrequisite disclosure as to holdings as well as dealings in Specified Bank Notes during theperiod from 8th November 2016 to 30th December 2016 in its Ind AS Financial Statementsis not done. Refer Note 13 to the Ind AS Financial Statement.

For DHARMESH PARIKH & CO.
Chartered Accountants
Firm Reg. No.112054W
Chirag Shah
Place : Ahmedabad Partner
Date : 27th May' 2017. Membership No. 122510

Annexure - A to the Independent Auditor's Report

RE: ADANI TRANSMISSION LIMITED

(Referred to in Paragraph 1 of our Report of even date)

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of property plant & equipment.

(b) As explained to us property plant & equipment according to the practice ofthe Company are physically verified by the management in our opinion is reasonablelooki ng to th e si ze of th e Company and the nature of its assets and no materialdiscrepancies were noticed on such verification.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the immovable properties are held in the nameof the Company.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals.

(b) The discrepancies noticed on verification of inventory as compared to book recordswhich have been appropriately dealt with in the books of account were not material.

(iii) According to the information and explanation given to us and the records producedto us for our verification the company has not granted loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Accordingly the provisions ofparagraph 3 (iii) (a) to (c) of the Order are not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

(v) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and rules framed thereunder are not applicable.Accordingly paragraph 3 (v) of the Order is not applicable to the Company.

(vi) As informed to us the maintenance of cost records under section 148(1) of the Actas prescribed by the Central Government are not applicable to the company. Accordingly theprovisions of paragraph 3 (vi) of the

Order are not applicable.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company in our opinion the Company is generallyregular in depositing the undisputed statutory dues in respect of sales tax includingvalue added tax service tax duty of customs income tax employees’ stateinsurance provident fund duty of excise and Cess with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of sales tax including value added tax service tax duty of customsincome tax employees’ state insurance provident fund and duty of excise Cess andother material statutory dues were in arrears as at March 31 2017 for a period of morethan six months from the date they became payable.

(b) According to the records of the Company and representations made by the Managementthere are no statutory dues as mentioned in paragraph 3(vii) (a) which have not beendeposited on account of any dispute.

(viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues of loans orborrowings to any bankers financial institutions and dues to debenture holders as at thebalance sheet date. The Company has not taken any loans or borrowings from the Government.

(ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer. The Company has raised money by way of debt instrument. The termLoans have been applied for the purpose for which they were obtained.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

(xi) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company managerial remuneration has been paid /provided in accordance with the requisite approval mandated by the provisions of Section197 read with Schedule V to the Act.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it. Accordingly the provisions of Clause 3 (xii) of the Order are notapplicable.

(xiii) As per information and explanation given to us andon the basis of ourexamination of the records of the Company all the transaction with related parties are incompliance with section 177 and 188 of the Act where applicable and all the details ofsuch transactions have been disclosed in Ind AS financial statements as required by theapplicable Ind AS.

(xiv) According to the information and explanations given to us and on the basis of ourexamination of the records the Company has not made any preferential allotment or privateplacement of security. The Company has issued debenture during the year under reviewthrough private placement and raised the fund which were applied for the purpose for whichit was raised.

(xv) According to the information and explanations given to us and on the basis of ourexamination of the records Company has not entered into any non-cash transactions withany director or any person connected with him. Accordingly the provisions of Clause 3(xv)of the Order are not applicable to the Company.

(xvi) In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) ofthe Order are not applicable.

For DHARMESH PARIKH & CO.
Chartered Accountants
Firm Reg. No.112054W
Chirag Shah
Place : Ahmedabad Partner
Date : 27th May' 2017. Membership No. 122510

Annexure - B to the Independent Auditor's Report

RE: ADANI TRANSMISSION LIMITED

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of section143 of the Companies Act 2013 (the act).

We have audited the internal financial controls over financial reporting of AdaniTransmission Limited (the company) as of March 31 2017 in conjunction with our audit ofthe Ind AS financial statements of the company for the year ended on that date.

Management's Responsibilities for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (theGuidance Note) issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by ICAI. Those

Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and 3

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by ICAI.

For DHARMESH PARIKH & CO.
Chartered Accountants
Firm Reg. No.112054W
Chirag Shah
Place : Ahmedabad Partner
Date : 27th May' 2017. Membership No. 122510