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Ajmera Realty & Infra India Ltd.

BSE: 513349 Sector: Infrastructure
NSE: AJMERA ISIN Code: INE298G01027
BSE LIVE 15:48 | 02 Dec 146.60 -4.50
(-2.98%)
OPEN

149.00

HIGH

149.00

LOW

145.05

NSE LIVE 15:57 | 02 Dec 146.35 -4.35
(-2.89%)
OPEN

149.75

HIGH

150.00

LOW

144.10

OPEN 149.00
PREVIOUS CLOSE 151.10
VOLUME 28942
52-Week high 192.20
52-Week low 95.25
P/E 11.00
Mkt Cap.(Rs cr) 520.14
Buy Price 0.00
Buy Qty 0.00
Sell Price 146.60
Sell Qty 6.00
OPEN 149.00
CLOSE 151.10
VOLUME 28942
52-Week high 192.20
52-Week low 95.25
P/E 11.00
Mkt Cap.(Rs cr) 520.14
Buy Price 0.00
Buy Qty 0.00
Sell Price 146.60
Sell Qty 6.00

Ajmera Realty & Infra India Ltd. (AJMERA) - Auditors Report

Company auditors report

The Members

AJMERA REALTY & INFRA INDIA LIMITED

MUMBAI.

REPORT ON THE FINANCIAL STATEMENTS

1. We have audited the accompanying standalone financial statements of AJMERA REALTY& INFRA INDIA LIMITED ("the company") which comprise the Balance Sheetas at 31 March 2016 the Statement of Profit and Loss and the Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

2. The Company's Board of Directors is responsible for the matters in Section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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

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

4. 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.

5. An audit involves performing procedures to obtain audit evidence about the amountsand 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.

6. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the financial statements.

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

OPINION

8. 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 31st March 2016 and its loss and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

9. 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 paragraphs 3and 4 of the Order.

10. 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 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 written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 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 and

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) Rule 2014 in our opinion and to the best of ourinformation and according to the explanations given to us :

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

ii. The Company does not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For and on behalf of
V. PAREKH & ASSOCIATES
Chartered Accountants
Firm Regn No. 107488W
Place : Mumbai RASESH V. PAREKH
Dated :19th May 2016 Partner
Membership No. 38615

ANNEXURE-A REFERRED TO IN PARAGRAPH 9 TO OUR REPORT ON THE ACCOUNTS FOR THE YEAR ENDED31ST MARCH 2016.

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the standalone financial statements for the year ended 31st March 2016 we reportthat:

1. In respect of it's Fixed Assets:

(a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals. Discrepancies noticed during the course of such verification are dealt withadequately in the books of accounts.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records The Company does not have any Immovable Property as a FixedAssets.

2. In Respect of it's Inventories:

(a) Physical verification of inventory has been conducted at reasonable intervals bythe management.

(b) In our opinion and according to the explanations given to us the procedures forphysical verification of inventories followed by the Management are reasonable andadequate in relation to the size of the Company and nature of its business.

(c) In our opinion and according to the explanations given to us the Company hasmaintained proper records of its inventories and no material discrepancies were observedduring the course of physical verification.

3. The company has granted interest free loans secured or unsecured to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder Section 189 of the Companies Act 2013. In respect of the said loans the maximumoutstanding during the year is 36323.96 Lakhs and the year end balance is Rs 36323.96(Previous Year it is Rs 33707.45)

(a) The Terms and Condition of the grant of such loans are not Prejudicial interest ofthe company.

(b) Receipt of the principal amount are also regular.

(c) In respect of the said loans the same are repayable on demand and therefore thequestion of the Overdue amount does not arise.

4. 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 Act with respectto the loans and investments made.

5. The Company has not accepted deposits the directives issued by the Reserve Bank ofIndia and the provision of Section 73 to 76 or any other relevant provision of theCompanies Act and the rules framed there under.

6. The Central Government has prescribed maintenance of Cost Records Sec.148 and as perthe explanation given to us the company has maintained prima facie requisiterecords as per Sec.148.

7. a. The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employee's state insurance incometax sales tax service tax and other statutory dues to the extent applicable to it. Thereis no outstanding statutory dues as at the last day of the financial year concerned for aperiod of more than six months from the date they became payable.

b. The Company does not have any dues of income tax or sales tax or wealth tax orservice tax or duty of customs or duty of excise or value added tax or cess which have notbeen deposited on account of any dispute Except the amount involved and forum wheredispute is pending given below:-

Name of Statute Nature of Dues Amount (Rs In Lakhs) Year Forum where pending
Income Tax Act 1961 Block Assessment Demand 2908.58 1988-89 to 1992-93 The Application of the company is pending with Settlement Commission

8. In our opinion and according to information and explanation given to us the Companyhas not defaulted in repayment of loans or borrowing to a financial institution bankGovernment or dues to debenture holders.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) during the year. And the Money raised by way of termloans were applied for the purposes for which those are raised.

10. Based on the audit procedure performed and information and explanation given by theManagement we report that no fraud on or by the Company has been noticed or reportsduring the year.

11. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations give to us and based on 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 year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For and on behalf of
V. PAREKH & ASSOCIATES
Chartered Accountants
Firm Regn No. 107488W
RASESH V. PAREKH
Place : Mumbai Partner
Dated :19th May 2016 Membership No. 38615

ANNEXURE - B TO THE AUDITORS’ REPORT

REPORT ON THE INTERNAL FINANCIAL CONTROL UNDER CLAUSE (I) OF SUBSECTION 3 OF SECTION143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financial reporting of AJMERAREALTY & INFRA INDIA LIMITED ("the company") as of 31 March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear 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'). 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.

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 Controls 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 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 THE INTERNAL FINANCIAL CONTROL 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 ofmanagement 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 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 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For and on behalf of
V. PAREKH & ASSOCIATES
Chartered Accountants
Firm Regn No. 107488W
RASESH V. PAREKH
Place : Mumbai Partner
Dated :19th May 2016 Membership No. 38615

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