You are here » Home » Companies » Company Overview » Brahmaputra Infrastructure Ltd

Brahmaputra Infrastructure Ltd.

BSE: 535693 Sector: Infrastructure
NSE: N.A. ISIN Code: INE320I01017
BSE LIVE 09:30 | 23 Oct 36.75 0
(0.00%)
OPEN

36.75

HIGH

36.75

LOW

36.75

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 36.75
PREVIOUS CLOSE 36.75
VOLUME 300
52-Week high 50.00
52-Week low 18.75
P/E 38.68
Mkt Cap.(Rs cr) 107
Buy Price 34.40
Buy Qty 50.00
Sell Price 36.75
Sell Qty 1088.00
OPEN 36.75
CLOSE 36.75
VOLUME 300
52-Week high 50.00
52-Week low 18.75
P/E 38.68
Mkt Cap.(Rs cr) 107
Buy Price 34.40
Buy Qty 50.00
Sell Price 36.75
Sell Qty 1088.00

Brahmaputra Infrastructure Ltd. (BRAHMAPUTRAINF) - Auditors Report

Company auditors report

To the Members of

BRAHMAPUTRA INFRASTRUCTURE LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BRAHMAPUTRAINFRASTRUCTURE LIMITED ("the Company") which comprise the BalanceSheet as at 31st March 2016 the Statement of Profit and Loss the Cash Flow Statementfor the year then ended and a summary of the significant accounting policies and otherdisclosures.

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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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.

Auditors' 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 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 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 profit and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the Note No. 13.1 to the Financial Statements which describesabout "No Provision made for Slow Moving WIP" amounting to Rs. 62.30 Crore.

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 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'1' a statement on the matters specified inparagraphs 3 and 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 accounts.

(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 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refertoourseparate Report in "Annexure 2".

(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 financial statement disclose the impact of pending litigation on the financialposition of the refer para 1 (c) to 1 (i) and 2(b) of Note 26(C).

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

iii. No amounts were required to be transferred to the Investor Education andProtection Fund by the Company.

For A. B. BANSAL & COMPANY

CHARTERED ACCOUNTANTS

Firm Registration. No. 010538N

(A. B. BANSAL)

PARTNER

M. No. 84628

PLACE: New Delhi

DATE D :30-05-2016

ANNEXURE-1 TO THE INDEPENDENT AUDITORS REPORT

Re.: BRAHMAPUTRA INFRASTRUCTURE LIMITED

Annexure '1' Referred to in paragraph 1 under the heading 'Report on Other Legal &Regulatory Requirement'of our report of even date to the financial statements of theCompany for the year ended March 312016:

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets However due to frequent movementof fixed assets movable construction equipments from site to site actual location of suchassets has not been mentioned in the records.

b) Significant Portion of Fixed Assets have been physically verified by the managementduring the period which in our opinion is reasonable having regard to the size of theCompany and nature of its business. No material discrepancies were noticed on suchphysical verification.

c) According to the information and explanations given to u s The title deeds of Allthe Immovable Properties are Held in in the name of the Company.

2. As per information and explanations given to us the inventories and constructionmaterials at company's sites which include work in progress have been physically verifiedby the management once in a year for each site. Shortage / Excess on the basis of physicalverification have been duly accounted for in books of accounts which were not materialHowever no provision is being made for slow moving work in progress.

3. According to the information & explanation given to us the company has grantedinterest free unsecured loans to Four Companies (All Subsidiaries) covered in theregistered maintained u/s 189 of the Companies Act .The maximum amount involved during theyear was Rs 1966.81 Lacs and year end balance of the loans granted to subsidiaries wereRs. 1952.97 Lacs.

a. The Terms and Conditions of grant of such loans are not prejudicial to the companyinterest as the loans are given to Subsidiaries Companies.

b. The parties wherever applicable are regular in repayment of principal amounts asstipulated. c. Not Applicable as there is no overdue amount.

4. Except Interest Free Loans to the Two Wholly Owned Subsidiaries outstanding Rs1887.22 Lacs as on 31st March 2016 (Max Balance Outstanding Rs. 1887.22 Lacs) and InterestFree Loans to Two Partly Owned Subsidiaries Outstanding of Rs 65.74 Lacs as on 31st March2016 (Max Balance Outstanding Rs . 65.58 Lacs) Provisions of Section 185 and 186 of theCompanies Act 2013 Have Been Complied with.

5. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6. The Maintenance of Cost Records has been prescribed by the Central Govt undersection 148(1) of the Companies Act 2013 vide Companies (Cost Records and Audit) Rules 2014 and we are of the opinion that prima facie the prescribed records were made andmaintained.

7. a) According to the information and explanations given to us the Company is notregular in depositing undisputed statutory dues with appropriate authorities such as TDSService Tax Interest on TDS Interest on Service Tax etc. Dues applicable to the Company.

b) According to information and explanations given to us the detail of undisputedamounts payable in respect of Service Tax Sales Tax TDS etc. are in arrears as at 31 stMarch 2016 for a period of more than six months from the date of they became payable isas under;

Nature of Amount Amount Outstanding as on 31st March 2016 for More than 6 Months from the date become payable
Service Tax Rs. 328.92 Lacs
TDS Rs. 27.14 Lacs
Interest on TDS Payable Rs. 152.02 Lacs
Interest on Service Tax Payable Rs. 24.83 Lacs
Vat / Entry Tax / WCT Rs. 249.75 Lacs
Provident Fund and Prof. Tax Rs. 3.57 Lacs
ROC Fees Payable Rs. 11.30 Lacs

c) According to the information and explanation given to us there are no dues of salestax income tax customs duty wealth tax excise duty and cess which have not beendeposited on account of any dispute except in respect of the following disputedliabilities pending for adjudication at different appellate authorities;

Name of the statute Nature of the dues Amount (Rs in Lacs)
West Bengal Vat Act Vat Liability for Project Executed in West Bengal 72.07
UP Vat Act Vat Penalty / Liability for Lucknow Project for Non Submission of C Form 282.48
Service Tax Service tax Demand including penalty raised by Service tax Department 710.62
Income Tax Demand including interest u/s 153A/143(3) raised by Income Tax Department 515.83
Income Tax Penalty for late filing of TDS returns 3.50
Income Tax Demand for Penalty 0.70

8. As per Books and Records maintained by the company and according to the informationand explanations given to us the company has defaulted in repayment of dues to financialinstitutions and banks. Such continuing default as on balance sheet date were of Rs.2080.84 Lacs as reported in note no. 3.2 to financial statements. Month wise detail andamount of Such Defaults are attached as per Annexure 3

9. According to the records of the company examined by us and as perthe information andexplanations given to us term loans taken were applied for the purposes for which thoseare raised. The company has not raised any money byway of initial public offer of furtherpublic offer(including debt instruments).

10. According to the information and explanations given to us no fraud by the Companyor any fraud on the company by its officers/employees has been noticed or reported duringthe course of our audit.

11. According to the Information and explanation given to us Managerial remunerationhas been paid / provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V to the Companies Act.

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the Order are not applicable to the Company.

13. All transactions with the related parties are in compliance with sections 188 and177 of Companies Act 2013 and the details have been disclosed in the Financial Statementsunder note 26(C)(8) of Financial Statement as required by the applicable accountingstandards and Companies Act 2013.

14. During the year under review the Company has not made any preferential allotmentof private placement of shares of fully or partly convertible debentures.

15. According to the information and explanations given by the management the companyhas not entered into any non-cash transactions with directors or persons connected withhim. Accordingly the provisions of clause 3 (xv) of the Order are not applicable to theCompany and hence not commented upon.

16. According to the information and explanations given to us and in our opinion thecompany is not required to be registered undersection45-IAof the Reserve Bankof IndiaAct1934.

For A. B. BANSAL & COMPANY

CHARTERED ACCOUNTANTS

Firm Registration No. 010538N

(A. B. BANSAL)

PARTNER

M. No. 84628

PLACE: New Delhi

DATED:30-05-2016

ANNEXURE - 2 TO THE INDEPENDENT AUDITORS REPORT

Re.: BRAHMAPUTRA INFRASTRUCTURE LIMITED

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 BrahmaputraInfrastructure Limited ("the Company") as of March 312016 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 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 judgement 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 Internal Financial Controls 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 orthatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

According to the information and explanation given to us in our opinion the Companyhas in all material aspects an adequate internal financial control system over financialreporting and such internal financial controls were operating effectively as at March 312016 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For A. B. BANSAL & COMPANY

CHARTERED ACCOUNTANTS

Firm Registration. No. 010538N

(A. B. BANSAL)

PARTNER

M. No. 84628

PLACE: New Delhi

DATE D :30-05-2016

ANNEXURE - 3 TO AUDIT REPORT

Financial Year 2015-2016

Principal Overdue Interest Overdue Principal Overdue Interest Overdue
(Banks) (Banks) Others (NBFC) Others (NBFC)
Total Outstanding 67129012 40348049 91644300 8963467
Total Total Term Loans Term Loans
Oct-13 - - 102371 1799
Nov-13 - - 103272 898
Aug-14 - - 157597 4405
Oct-14 - - 310513 78554
Nov-14 - - 2936519 586675
Dec-14 - - 6539887 1058827
Jan-15 - - 6598260 996181
Feb-15 - - 6657289 922434
Mar-15 - - 6716983 820960
Apr-15 - - 6777348 772939
May-15 - - 6838392 689106
Jun-15 - - 6900123 620727
Jul-15 - 271704 6962548 536464
Aug-15 - 286874 7025676 465740
Sep-15 633332 365886 7089514 387183
Oct-15 10904 1150455 7154070 302212
Nov-15 10904 1057544 7219352 227910
Dec-15 644236 1166837 1351200 142427
Jan-16 11099 7212635 1351200 132457
Feb-16 11198 10829307 1423574 120986
Mar-16 65807339 18006808 1428612 94583
67129012 40348049 91644300 8963467