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AGI Infra Ltd.

BSE: 539042 Sector: Infrastructure
NSE: N.A. ISIN Code: INE976R01017
BSE LIVE 14:05 | 11 Aug 195.00 -5.00
(-2.50%)
OPEN

195.00

HIGH

195.00

LOW

195.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 195.00
PREVIOUS CLOSE 200.00
VOLUME 4000
52-Week high 210.40
52-Week low 75.00
P/E 36.65
Mkt Cap.(Rs cr) 199
Buy Price 185.30
Buy Qty 1000.00
Sell Price 195.00
Sell Qty 1000.00
OPEN 195.00
CLOSE 200.00
VOLUME 4000
52-Week high 210.40
52-Week low 75.00
P/E 36.65
Mkt Cap.(Rs cr) 199
Buy Price 185.30
Buy Qty 1000.00
Sell Price 195.00
Sell Qty 1000.00

AGI Infra Ltd. (AGIINFRA) - Auditors Report

Company auditors report

To the Members of AGI INFRA LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Agi InfraLimited ('the Company') which comprise the balance sheet as at 31 March 2016 thestatement of profit and loss and the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in 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 the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.We believe that the auditevidence we have obtained is sufficient and approp riate to provide a basis for our auditopinion 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 we give in the Annexure A a statement on the matters specified in the paragraph 3and 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 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 2016 taken on record by the Board of Directors none of the directors isdisqualified as on

31 March 2016 from being appointed as a director in terms of Section 164 (2) of theAct; 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"

Jalandhar
May302016 FOR R.S.KALRA & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO. 007744N
CA R.S.KALRA (F.C.A)
PROPRIETOR
Membership number:086488

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 2016 we reportthat:

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

(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the fixed assets is reasonable having regard to the size ofthe company and the nature of its asset.

(c) All the title deeds of immovable properties are held in the name of the company.

(ii) The inventory has been conducted has been physically verified by the managementduring the year and no material discrepancies were noticed on such verification. In ouropinion the frequency of verification of inventory is reasonable having regard to thesize of the company and the nature of its inventory.

(iii) The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Accordingly the provisions of clauses 3(iii)(a)3(iii)(b)and 3(iii)(c) of the Order are not applicable.

(iv) In our opinion the Company has complied with the provisions of sections 185 and186 of the Act in respect of loans investments and guarantees and security.

(v) The company has not accepted any deposits within the meaning of sections 73 tosection 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014(as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) We have broadly reviewed the books of accounts relating 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 CompaniesAct2013 and we are of the opinion that prima-facie the prescribed accounts and recordshave been made and maintained

(vii) (a) 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 to theappropriate authorities . Further No undisputed amounts payable in respect thereof wereoutstanding at the year - end for a period of more than six months from the date theybecame payable.

(b) There are no dues in respect of income tax or sales tax or service tax or duty ofcustoms or duty of excise or value added tax that have not been deposited with theappropriate authorities on account of any dispute.

(viii) In our opinion the company has not defaulted in repayment of loans or borrowingto a financial institution bank Government or dues to debenture holders during the year.

(ix) The company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments) during the year. In our opinion the term loans wereapplied for the purposes for which these are obtained.

(x) No fraud by the company or on the Company by its officers or employees has beennoticed or reported during the year covered by our audit

(xi) In our opinion managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Companies Act during the year by the company.

(xii) In our opinion the Company is not Nidhi Company. Accordingly clause 3(xii) ofthe Order is not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and requisite details havebeen disclosed in the Financial Statements etc. as required by the applicable accountingstandards.

(xiv) During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him and

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and such registration has not been obtained by the Company

Jalandhar
May302016 FOR R.S.KALRA & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO. 007744N
CA R.S.KALRA(F.C.A)
PROPRIETOR
Membership number:086488

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 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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 itsassets prevention and detection of frauds and errors the accuracy and the completenessof the accounting 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 thematerial 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 to the Company’s internal financial controlsfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide the reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 2016 based on the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated by the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

Jalandhar FOR R.S.KALRA & ASSOCIATES
May302016 CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO. 007744N
CA R.S.KALRA(F.C.A)
PROPRIETOR
Membership number:086488