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AGI Infra Ltd.

BSE: 539042 Sector: Infrastructure
NSE: N.A. ISIN Code: INE976R01017
BSE 00:00 | 25 Apr 120.95 -3.30
(-2.66%)
OPEN

126.75

HIGH

130.45

LOW

120.50

NSE 05:30 | 01 Jan AGI Infra Ltd
OPEN 126.75
PREVIOUS CLOSE 124.25
VOLUME 20822
52-Week high 214.95
52-Week low 110.05
P/E 8.40
Mkt Cap.(Rs cr) 124
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 126.75
CLOSE 124.25
VOLUME 20822
52-Week high 214.95
52-Week low 110.05
P/E 8.40
Mkt Cap.(Rs cr) 124
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

AGI Infra Ltd. (AGIINFRA) - Auditors Report

Company auditors report

To the Members of AGI INFRA LIMITED

To the Members of AGI INFRA LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AGI INFRAITED('theCompany') which comprise the balance sheet as at March 31 2017 the statement of profitand loss and cash flow statement for the ended 31st March2017 and summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit . We have taken into account the provisions of the Act and the rulesmade thereunder including the accounting and auditing standards and matters which arerequired to be included in the audit report. We conducted our audit in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amount 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 internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluting theappropriateness of the accounting estimates made by the Company's directors as well asevaluting the overall presentation of the standalone financial statements.

We believe that audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checksof the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure A a statement on the matters specified in the Paragraph 3 and 4 ofthe 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 the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) on the basis of the written representations received from the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) With respect to the adequacy of the internal controls over financial reporting ofthe Company and operating effectiveness of such controls refer to our separate report in"Annexure B"

(g) With respect to the other matter to be included in the Auditor's Report inaccordance with Rule 11 of t h e Companies( Audit and Auditors) Rules2014 in our opinionand to the best of our information and according to the explanations given to us:

i) The company has disclosed the impact of pending litigation on its financial positionin its financial statements.

ii) The company did not have long term contracts including derivative contracts forwhich there could be any material forseenable losses.

iii) There has been no delay in transferring amountsrequired to be transferred tothe Investo Education and Protection Fund by the Company.

iv) The company has provided requisite disclosure in its financial statements as toholdings as well as dealing in 'Specified Bank Notes' during the period from 8th November2016 to 30th December 2016 Based on audit procedures performed and relying on themangement respresentation we report that the disclosures are are in accordance with thebooks of account maintained by the Company and as produced to us by the Mangement.

FOR R.S.KALRA & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO. 007744N

CA R.S.KALRA(F.C.A)

PROPRIETOR

Membership number:086488

Place : Jalandhar

Date: 30.05.2017

Annexure A to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2017 we reportthat:

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The company has regular programme of physical verification of its fixed assets bywhich all fixed assets are verified every year. In our opinion this periodicity ofphysical verification by management is reasonable having regard to the size of the Companyand the nature of its fixed assets. As informed to us no material discrepancies werenoticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

(ii) The inventory has been physically verified by the management during the year andno material discrepancies were noticed on such verification. In our opinion the frequencyof verification of inventory is reasonable having regard to the size of the company andthe nature of its inventory.

(iii) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of paragraph 3 (iii)of the Order are notapplicable.

(iv) According to the information and explanations given to us the Company has notgiven any loan or provided any guarantee or security as specified under sections 185 and186 of the Act. Moreover in respect of the investments made by the company requirementsof section 186 of the Companies Act 2013 have been complied with.

(v) According to the information and explanations given to us the company has notaccepted any deposits as mentioned in the directives issued by the Reserve Bank of Indiaand the provisions of section 73 to 76 or any other relevant provisions of the CompaniesAct 2013 and the rules framed there under. Accordingly paragraph 3 (v) of the Order isnot applicable.

(vi) We have broadly reviewed the books of accounts relating to materials labour andother items of cost maintained by the company pursuant to the Rules made by the centralgovernment of the maintenance of cost records under section 148 (1) of the Companies Act2013 and we are of the opinion that prima-facie the prescribed accounts and records havebeen made and maintained.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the companyamounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues have been regularly deposited by the Companyto the appropriate authorities. Further no undisputed amount payable in respect thereofwere outstanding at the year end for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no dues ofincome tax or sales tax or service tax or duty of customs or duty of excise or value addedtax that have not been deposited with the appropriate authorities on account of anydispute as at 31 March 2017.

(viii) According to the information and explanations given to us and on the basis ofour examination of the records of the company the company has not defaulted in repaymentof loans or borrowing to the bank. Further no loans or borrowings were taken fromfinancial institutions and Government and there were no debentures issued during the yearor outstanding as at 31 March 2017.

(ix) According to the information and explanations given to usthe company did notraise moneys by way of initial public offer or further public offer (including debtinstruments) and the term loans taken by the company were applied for the purposes forwhich these were obtained.

(x) According to the information and explanations given to usno material fraud by thecompany or on the Company by its officers or employees has been noticed or reported duringthe course our audit.

(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 orprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act during the year by the company.

(xii) According to the information and explanations given to us the Company is notNidhi Company. Accordingly clause 3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and on the basis ofour examination of the records of the company all transactions with the related partiesare in compliance with sections 177 and 188 of Companies Act 2013 where applicable andrequisite details have been disclosed in the Financial Statements etc. as required by theapplicable accounting standards.

(xiv) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe current year Accordingly paragraph 3(xiv) of the Order is not applicable.

(xv) According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with them.Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934 andsuch registration has not been obtained by the Company.

FOR R.S.KALRA & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO. 007744N

CA R.S.KALRA(F.C.A)

PROPRIETOR

Membership number:086488

Place : Jalandhar

Date: 30.05.2017

Annexure - B to the Independent Auditors' Report

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 AGI InfraLimited ("the Company") as on 31st March 2017 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining 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 Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the company's policies the safeguarding of its assetsprevention and detection of frauds and errors the accuracy and the completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and 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 the Institute of Chartered Accountants of India. ThoseStandards and Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofinternal financial controls system over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of the materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion to the Company's internal financial controls 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 the 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 ofmanagement and directions 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 the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of internal financial controls over financial reporting tofuture periods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion having regard to the size of the Company and its operation the Companyhas in all material respects an adequate internal financial controls system overfinancial reporting and such financial controls over financial reporting were operatingeffectively as at 31st March 2017 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated by the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India.

FOR R.S.KALRA & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO. 007744N

CA R.S.KALRA(F.C.A)

PROPRIETOR

Membership number:086488

Place : Jalandhar

Date:30.05.2017