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Bhagyodaya Infrastructure Development Ltd.

BSE: 501233 Sector: Infrastructure
NSE: N.A. ISIN Code: INE876D01019
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Bhagyodaya Infrastructure Development Ltd. (BHAGYODAYAINFRA) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR'S REPORT

To the Members of Bhagyodaya Infrastructure Development Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Bhagyodaya InfrastructureDevelopmentLimited (the 'Company') which comprise the Balance Sheet as at 31st March2014 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting standards referred to in Section 211(3C) of theCompanies Act 1956 read with the General Circular No.15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013. This responsibility includes the design implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial 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 conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating 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.

Opinion

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 Companies Act1956 in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2014;

(b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

(c) in case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 and amended by theCompanies (Auditor's Report) (Amendment) Order 2004 (together the 'Order') issued by theCentral Government of India in terms of Section 227 (4A) of the Companies Act 1956 wegive in the Annexure a statement on the matters specified in paragraphs 4 and 5 of theOrder.

2. As required by Section 227(3) of the Companies Act 1956 we report that:

(a) we have obtained all information and explanations which to the best of ourknowledge 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 Statement of Profit and Loss the Balance Sheet and the CashFlow Statement comply with the accounting standards referred to in Section 211 (3C) of theCompanies Act 1956 read with the General Circular No.15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013; and

(e) on the basis of the written representations received from directors of the Companyas on 31st March 2014 and taken on record by the Board of Directors we report that noneof the directors is disqualified as on 31st March 2014 from being appointed as adirector in terms of Section 274 (1)(g) of the Companies Act 1956.

SHARP & TANNAN
Chartered Accountants
Firm's Registration No.109982W
by the hand of
MILIND P. PHADKE
Partner
Mumbai Membership No. 033013

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 1 of our report of even date)

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

(b) As explained to us these fixed assets have been physically verified by themanagement in accordance with a phased programme of verification which in our opinionis reasonable considering the size of the Company and nature of its assets. The frequencyof physical verification is reasonable and no material discrepancies were noticed on suchverification.

(c) The Company has not disposed off any substantial part of its fixed assets duringthe year so as to affect its going concern status.

(ii) (a) As explained to us inventories have been physically verified by themanagement during the year. In our opinion the frequency of such verification isreasonable.

(b) As per the information given to us the procedures of physical verification ofinventory followed by the management are in our opinion reasonable and adequate inrelation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks and the book records which were not materialhave been properly dealt with in the books of account.

(iii) (a) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms and other parties coveredin the register maintained under Section 301 of the Companies Act 1956. Accordingly theParagraphs 4(iii) (b) (c) and (d) of the Order are not applicable to the Company.

(b) According to the information and explanations given to us the Company has nottaken any loans secured or unsecured from companies firms and other parties covered inthe register maintained under Section 301 of the Companies Act 1956. Accordingly theParagraphs 4(iii) (f) and (g) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere is adequate internal control system commensurate with the size of the Company andnature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of audit we have neither come across nor have beeninformed of any continuing failure to correct major weaknesses in the aforesaid internalcontrol system.

(v) According to the information and explanations given to us there are no contractsor arrangements that need to be entered in the register maintained under Section 301 ofthe Companies Act 1956.

(vi) The Company has not accepted any deposits from the public. Accordingly theParagraph 4(vi) of the Order is not applicable to the Company.

(vii) In our opinion the Company has an internal audit system commensurate with itssize and the nature of its business.

(viii) According to the information and explanations given to us The CentralGovernment has not prescribed the maintenance of cost records under Section 209 (1) (d) ofthe Companies Act 1956.

(ix) (a) According to the information and explanations given to us in our opinion theCompany has been regular in depositing undisputed statutory dues including provident fundemployees state insurance income-tax sales tax wealth tax custom duty excise dutycess and other statutory dues as applicable with the appropriate authorities except forservice tax amounting to Rs.9422393 which were in arrears as at 31st March 2014 for aperiod of more than six months from the date it become payable.

(b) According to the information and explanations given to us there are no dues inrespect of income tax VAT wealth tax service tax and cess as at 31 March 2014 whichhave not been deposited on account of any dispute.

(x) The Company has accumulated losses as at 31st March 2014 and it has incurred cashlosses in the financial year ended on that date and has not incurred cash losses in theimmediately preceding financial year.

(xi) According to the information and explanations given to us and as per the recordsof the Company examined by us the Company has not defaulted in the repayment of dues toany financial institutions or bank as at the balance sheet date. The Company has notissued any debentures.

(xii) According to the information and explanations given to us and as per the recordsof the Company examined by us the Company has not granted loans and advances on the basisof security by way of pledge of shares debentures and other securities. Accordinglyreporting on the Paragraph 4 (xii) of the Order is not applicable to the Company.

(xiii) According to the information and explanations given to us and as per the recordsof the Company examined by us The provisions of any special statute applicable to chitfund / nidhi / mutual benefit fund / societies are not applicable to the Company.Accordingly the Paragraph 4 (xiii) of the Order is not applicable to the Company.

(xiv) According to the information and explanations given to us the Company is notdealing in or trading in shares securities debentures and other investments. Accordinglythe Paragraph 4(xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks and financial institutions.

(xvi) In our opinion and according to the information and explanations given to us onan overall basis the term loans have been applied for the purposes for which they wereobtained.

(xvii) According to the information and explanations given to us and on overallexamination of the balance sheet of the Company we report that no funds raised onshort-term basis have been used for long-term investments.

(xviii) The Company has not made any preferential allotment of shares to parties orcompanies covered in the register maintained under Section 301 of the Companies Act 1956during the year. Accordingly the Paragraph 4(xviii) of the Order is not applicable to theCompany.

(xix) The Company has not issued any debentures during the year. Accordingly theParagraph 4 (xix) of the Order is not applicable to the Company.

(xx) The Company has not raised any money by public issues during the year.Accordingly the Paragraph 4 (xx) of the Order is not applicable to the Company.

(xxi) During the course of our examination of books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us we have neither come across any instancesof material fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

SHARP & TANNAN
Chartered Accountants
Registration No.109982W
by the hand of
MILIND P. PHADKE
Place: Mumbai Partner
Date: 27th May2014 Membership No. 033013

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