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Basil Infrastructure Projects Ltd.

BSE: 511210 Sector: Financials
NSE: N.A. ISIN Code: INE465D01011
BSE LIVE 11:32 | 28 Sep Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 26.20
PREVIOUS CLOSE 27.55
VOLUME 1
52-Week high 26.20
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 7.47
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.20
Sell Qty 93.00
OPEN 26.20
CLOSE 27.55
VOLUME 1
52-Week high 26.20
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 7.47
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.20
Sell Qty 93.00

Basil Infrastructure Projects Ltd. (BASILINFRA) - Auditors Report

Company auditors report

To

The Members of

BASIL Infrastructure Projects Limited

Hyderabad.

Report on the Financial Statements:

1. We have audited the accompanying financial statements of M/s. BasilInfrastructure Projects Limited ("the Company") which comprise the BalanceSheet as at March 31 2015 the Statement of Profit and Loss the Cash Flow Statement forthe year then ended and a summary of the significant accounting policies and otherexplantory information.

Management's Responsibility for the Financial Statements:

2. 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 positionfinancial 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 judgements and estimates that are responsible 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:

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

4. 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.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgement 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 control 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.

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

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 31stMarch 2015 and its loss and its cash flows for the year ended on that date.

Emphasis of Matters

9. We draw attention to the following matters in the Notes to the financial statements:

a. Note No. 2.26 that in the opinion of the board of directors of the company thediminution in the value of certain investments is temporary in nature and hence noprovision towards diminution in the value of investments is considered necessary.

b. Note No. 2.27 that balances lying in some of the receivables' payables' accountsare subject to confirmation

Our opinion is not modified in respect of these matters.

Report other Legal and Regulatory Requirements:

10. 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.

11. 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 it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit an Loss and the Cash Flow Statementspecified delat with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandars specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. The matter described in paragraph 9(a) and (b) under the Emphasis of Mattersparagraph above in our opinion may not have an adverse effect on the functioning of theCompany.

f. On the basis of the written representations received from the directors as on 31 stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2015 from being appointed as a director in terms ofSection 164 (2) of the Act.

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 does not have any pending litigations that would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Found by the Company.

For BRAHMAYYA & CO.
Place: Hyderabad Dale : 28.05.2015 Chartered Accountants Firm Regn NO.000513S
Sd/-
(C.V. Rmana Rao)
Partner
Membership No. 018545

Annexure to the Independent Auditor's Report:

The Annexure referred in paragraph (10) of our Independent Auditor's Report of evendate to ht emembers of the Company on the financial statements for the year ended 31 March2015 we report that:

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

b) The Company has a regular programme of physical verification of its fixed asets bywhich all the fixed assets are physically verified by the manegement over a period ofthree yers. In our opinion the the periodicity of the physical verification is reasonablehaving regard to the size of the Company and the nature of its assets. In accordance withthis programme certain fixed assets were verified during the year and no materialdiscrepancies have been noticed on such verification.

ii) The Company does not hold any inventory. Accordingly clause 3(ii) of the order isnot applicable to the Company.

iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013 ("the Act"). Consequently clauses 3 (iii) (a) and 3 (iii) (b) of theOrder are not applicable to the company.

iv) 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 inventories fixed assets and sale ofgoods. The activities of the Company do not include sale of services. We have not observedany major weakness in the internal control system during the course of the audit.

v) The Company has not accepted any deposits. Consquently the clause 3(v) of the orderis not applicable to the Company.

vi) According to the information and explanations given to us maintenance of costrecords by the company is not required pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under sub-section (1) of section 148 of theCompanies Act 2013 ("the Act") in respect of the business activitiescarriedout by the company.

vii) a) According to the information and explanations given to us and on the bais ofexamination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax cess and other material statutory tax duty of customs duty ofexcise value added tax cess and other material statutory dues have been regularlydeposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amounts arepayable in respect of income tax sales tax wealth tax service tax duty of customsduty of excise value added tax or cess and other material statutory dues which were inarrears as at 31 st March 2015 for a period of more than six months from the date theybecame payable.

b) As at 31 st March 2015 there have been no disputed dues which have not beendeposited with the respective authorities in respect of Income tax Sales tax Wealth taxService tas duty of customs duty of excise value added tax and cess.

c) According to the information and explanations given to us there are no amounts whichwere required to be transferred to the investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade thereunder.

viii) The Company has no accumulated losses as at the end of the financial year.However it has incurred cash losses in the financial year covered by our audit and theimmediately preceding financial year.

ix) The Company has neither taken any term loan from financial institutions or a banknor issued any debentures. Consequently the clause 3 (ix) of the Order is not applicableto Company.

x) According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks or financial institutions. Consequentlythe clause 3 (x) of the order is not applicable to the Company.

xi) According to the information and explanations given to us the Company has notobtained any term loans. Consequently; the clause 3 (xi) of the order is not applicable toCompany.

xii) During the course of our examination of the books of account and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud on or by the Company nor the Company has beennoticed or reported during the course of our audit.

For BRAHMAYYA & CO.
Place: Hyderabad Date : 28.05.2015 Chartered Accountants Firm Regn NO.000513S
Sd/-
(C.V. Rmana Rao)
Partner
Membership No. 018545

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