You are here » Home » Companies » Company Overview » Axis Rail India Ltd

Axis Rail India Ltd.

BSE: 514360 Sector: Infrastructure
NSE: N.A. ISIN Code: INE078T01026
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Axis Rail India Ltd. (AXISRAIL) - Auditors Report

Company auditors report

To the Members of Axis Rail India Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Axis Rail IndiaLimited ('the Company') which comprise the Balance Sheet as at 31 March 2015 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 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 financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe 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 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 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 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 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 of the state of affairs of the Company as at 31March 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the following matter(s) in the Notes to the Financial Statements:

Note 26 to the Financial Statements which describes the Order passed by The HonorableHigh Court of Hyderabad (State of Telangana and Andhra Pradesh) dated 30th October 2014related to the merger of the company with KVR Rail Infra Projects Private Limited.

The Company has complied with the Provisions of AS-14 Companies Act 1956 and/or anyother law for the time being in force.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) on the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

f) 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 disclosed the contingent liability - Refer Note 22 to the financialstatements;

ii. the Company did not have any long-term contracts including derivative contracts forwhich 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
B. Aggarwal & Co. KAPIL AGGARWAL
29th May 2015 Chartered Accountants (Partner)
Hyderabad Firm Registration No. 004706N Membership No. 082908

Annexure 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 2015 we reportthat:

1) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) According to the information and explanations given to us the fixed assets havebeen physically verified by the management during the year in a phased periodical mannerwhich in our opinion is reasonable having regard to the size of the Company and natureof the assets. No material discrepancies were noticed on such verification.

2) a) The stocks of the finished goods stores and spare parts have been physicallyverified by the management at reasonable intervals during the year. In our opinion thefrequency of such verification is reasonable having regard to the size of the Company andthe nature of its business.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of stocks followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business.

c) The Company has maintained proper records of inventory. As explained to us therewas no material discrepancies noticed on physical verification of stocks as compared tobook records.

3) We are informed that the Company has not granted any loans secured or unsecured tocompanies firms or other parties listed in the register maintained under Section 189 ofthe Companies Act 2013.

4) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of inventory and fixed assets and sale ofservices. We have not observed any major weakness in the internal control system duringthe course of the audit.

5) The Company has not accepted any deposits from the public within the meaning ofSection 73-76 or any other relevant provisions of the Companies Act 2013 and the rulesframed there under.

6) The Company is not required to maintain cost records as prescribed under section148(1) of the Companies Act 2013

7) a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31 March 2015 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no materialdues of wealth tax sales tax service tax duty of customs or duty of excise and cesswhich have not been deposited with the appropriate authorities on account of any dispute.However according to information and explanations given to us.

c) According to the information and explanations given to us the amounts which wererequired to be transferred to the Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there underhas been transferred to such fund within time.

8) The Company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year and in the immediately precedingfinancial year.

9) The Company has not defaulted in repayment of principal amount or interest on anyloans (either secured or unsecured) from financial institutions or banks or debentureholders.

10) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

11) The Company has term loans outstanding during the year which can be referred innote no.3.

12) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For and on behalf of
KAPIL AGGARWAL B. Aggarwal & Co.
Hyderabad (Partner) Chartered Accountants
29th May 2015 Membership No. 082908 Firm Registration No. 004706N

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard