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Advance Powerinfra Tech Ltd.

BSE: 531047 Sector: Engineering
NSE: N.A. ISIN Code: INE009D01017
BSE LIVE 15:14 | 09 Oct 1.78 0.08
(4.71%)
OPEN

1.78

HIGH

1.78

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1.78

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.78
PREVIOUS CLOSE 1.70
VOLUME 2000
52-Week high 2.10
52-Week low 1.60
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.78
Buy Qty 18000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.78
CLOSE 1.70
VOLUME 2000
52-Week high 2.10
52-Week low 1.60
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.78
Buy Qty 18000.00
Sell Price 0.00
Sell Qty 0.00

Advance Powerinfra Tech Ltd. (ADVANCEPOWERIN) - Auditors Report

Company auditors report

Independent Auditor’s Report

To the Members of Advance Powerinfra Tech Limited Report on the Financial Statements

We have audited the accompanying financial statements of Advance Powerinfra TechLimited ("the Company") which comprises the Balance Sheet as at 31stMarch 2016 the statement of profit and loss and the Cash Flow Statement and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance and Cash Flow of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror;

Auditor's Responsibility

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

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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143 (10) of the Act. ThoseStandards require that we comply with the ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial 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 thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal financial control relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.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 Financial Statements.

Basis of Qualified Opinion

The Management of Advance Powerinfra Tech Limited has considered that no provision isrequired against fall in the value of investment held at a cost of Rs. 279.93 Lakhs inshares of quoted and unquoted Companies. Attention is invited to the following

a. Note 11 - a regarding the opinion framed by the Company for non provision ofdiminution In the value of quoted investments.

b. Note 11-b regarding non provision for diminution in value of unquoted investments.

The overall effect of the aforesaid matters on the financial statements for period from1st April 2015 to 31st March 2016 and the corresponding figures for the period from 1stApril 2014 to 31st March 2015 could not be determined.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) in the case of the balance sheet of the state of affairs of the Company as at 31stMarch 2016 and

(ii) in the case of the statement of profit and loss of the Profit forthe year ended on that date; and

(iii) in the case of Cash Flow Statement of the Cash Flow for the year ended on thatdate;

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 in terms of sub section 11 of Section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanation given to us we give in the "Annexure I" a statementon the matters specified in paragraphs 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 bestof our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examination of those books.

The Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

(d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of written representations received from the Directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2016 from being appointed as a director in termsof Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial control over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 11".

(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 opinionand to the best of our information and according to the explanations given to us:

i The Company has no pending litigations having the impact on its financial position;

ii The Company did not have any outstanding long term contracts including derivativecontracts as at 31st March 2016 for which there were any material foreseeablecontracts; and

iii The Company has no amount that is required to be transferred to the InvestorEducation and Protection Fund.

For K M ROY

Chartered Accountants

(C.A. K. M. Roy) Proprietor

Membership No: 053720 Kolkata: 30th May 2016

ANNEXURE I TO THE INDEPENDENT AUDITOR'S REPORT OF ADVANCE POWERINFRA TECH LIMITED(REFERRED TO IN PARAGRAPH 1 OF OUR REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS)

(i) in respect of its fixed assets:

According to the information and explanations given to us by the Management no FixedAssets are held by the Company. Consequently the requirements of clause (i)(a)(b)(c) ofthe order do not apply.

(ii) According to the information and explanations given to us by the Management noInventories are held by the Company. Consequently the requirements of clause (ii) of theorder do not apply.

(iii) In our opinion and according to the information and explanations given to us the Company has not granted any loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the Register maintained under Section189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loan to directors etc as covered u/s. section 185 of theCompanies Act 2013. According to the information and explanations given to us by theManagement in respect of Loan & Investment as covered u/s. section 186 of theCompanies Act 2013 the Company has complied with the relevant provisions of the Act.

(v) According to the information and explanations given to us the Company has notaccepted any public deposits under the provisions of Sections 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the Companies (Acceptance of Deposits)Rules 2014 framed there under. According to the information and explanations given to usin this regard no order under the aforesaid sections have been passed by the Company LawBoard or Reserve Bank of India or any other court or any other Tribunal.

(vi) The Central Government has not prescribed any rules for the maintenance of costrecords by the Company under Section 148(1) of the Companies Act 2013.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company has generally been regular indepositing undisputed statutory dues in respect of Provident Fund Employees' StateInsurance Income-tax Sales Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess and other material Statutory Dues as applicable with the appropriateauthorities in India. According to the information and explanations given to us there areno undisputed statutory dues outstanding for a period of more than six months from thedate they became payable as per books of accounts as at 31st March 2016.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Sales tax Service tax Duty of Customs Duty of Excise Value Added Tax asapplicable as at 31st March 2016 which have been deposited on account of a dispute are asfollow.

Name of Statute Nature of Dues Amount(Rs.) Period to which the amount related Forum Whether Dispute is pending
Income Tax Act 1961 Income Tax Rs. 12733941/- A.Y 2007-2008 CIT -Appeal tribunal
Income Tax Act 1961 Income Tax Rs. 200000/- A.Y 2008-2009 CIT -Appeal
Central Excise Rules 2002 Central Excise Rs. 1690706/- P.Y2009-2010 Central Excise & Service Tax Tribunal.

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has no dues to any Financial Institutions or Banksduring the year. The Company had neither any outstanding debenture at the beginning of theyear nor has it issued any debenture during the year.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments). According to the information and explanationsgiven to us the Company has no dues towards Term Loan.

(x) According to the information and explanations given to us and as represented by theManagement no material fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the course of our audit.

(xi) The company is a limited company and hence the requirements of requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Companies Act 2013are not applicable to it. Consequently the requirements of clause (xi) of paragraph 3 ofthe order do not apply. Further no Director Remuneration has been made during the year.

(xii) The Company is not a Nidhi Company. Consequently requirements of clause (xii) ofparagraph 3 of the order are not applicable.

(xiii) In our opinion and according to the information and explanations given to us bythe Management all transactions with related parties are in compliance with Section 177and 188 of Companies Act 2013 where applicable and the details have been disclosed inNotes 27 to the financial statements as required by the applicable accounting standards.

(xiv) In our opinion and according to the information and explanations given to us bythe Management the Company has not made any preferential allotment or private placementof shares or fully or partly convertible debentures during the year under review.Consequently requirements of clause (xiv) of paragraph 3 of the order are not applicable.

(xv) According to the information and explanations given to us by the Management theCompany has not entered into any non-cash transactions with directors or persons connectedwith him.

For K M ROY

Chartered Accountants

(C.A. K. M. Roy) Proprietor

Membership No: 053720 Kolkata: 30th May 2016

ANNEXURE - II TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF ADVANCE POWERINFRA TECH 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 the Companyas at March 31 2016 in conjunction with our audit of the financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial control 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 Reportingissued 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 business including adherence to Company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Act.

Auditor's 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 on Audit of Internal Financial Control over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 judgement 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 in 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations of

management and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany'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 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 controlsover 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 31st March 2016 based on"the internal financial controls over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India."

For K M ROY

Chartered Accountants

(C.A. K. M. Roy)

Proprietor

Membership No: 053720 Kolkata: 30th May 2016