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Brahmaputra Infrastructure Ltd.

BSE: 535693 Sector: Infrastructure
NSE: N.A. ISIN Code: INE320I01017
BSE LIVE 15:40 | 02 Dec 28.95 -1.50
(-4.93%)
OPEN

28.80

HIGH

29.35

LOW

27.90

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 28.80
PREVIOUS CLOSE 30.45
VOLUME 450
52-Week high 43.95
52-Week low 16.00
P/E
Mkt Cap.(Rs cr) 84.01
Buy Price 0.00
Buy Qty 0.00
Sell Price 28.45
Sell Qty 20.00
OPEN 28.80
CLOSE 30.45
VOLUME 450
52-Week high 43.95
52-Week low 16.00
P/E
Mkt Cap.(Rs cr) 84.01
Buy Price 0.00
Buy Qty 0.00
Sell Price 28.45
Sell Qty 20.00

Brahmaputra Infrastructure Ltd. (BRAHMAPUTRAINF) - Auditors Report

Company auditors report

To

The Members

BRAHMAPUTRA INFRASTRUCTURE LIMITED

New Delhi

Report on the Financial Statements

We have audited the accompanying financial statements of BRAHMAPUTRA INFRASTRUCTURELIMITED ("the Company") which comprise the Balance Sheet as at March 312015 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant accounting policies and other disclosures.

Management’s Responsibility for the Financial Statements

The Company Board of Directors is responsible for the matters stated in Section 134(5)of the Companies Act 2013 ("the act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

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 auditingstandard and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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 anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of suchcontrols.. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by Company’sDirectors’ as well as evaluating the overall presentation of the financialstatements.

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

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 31stMarch 2015 its Loss 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 describes about" 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 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

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 purpose 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account; d. in our opinion theaforesaid financial statements comply with the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Company (Accounts) Rules 2014.

e. on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f. With respect to 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 company –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 contractsfor which there were any material foreseeable losses.

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

For A.B Bansal and Company
Chartered Accountants
Firm Regn No. 010538N
A.B. Bansal
Place: New Delhi Partner
Dated : 30.05.2015 M.No. 84628

ANNEXURE TO THE AUDITORS’ REPORT OF EVEN DATE

Re: BRAHMAPUTRA INFRASTRUCTURE LIMITED

I. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets However due to frequent movement offixed assets – movable construction equipments from site to site actual location ofsuch assets has not been mentioned in the records. Significant Portion of Fixed Assetshave been physically verified by the management during the period which in our opinion isreasonable having regard to the size of the Company and nature of its business. Nomaterial discrepancies were noticed on such physical verification.

II. As per information and explanations given to us the inventories and constructionmaterials at company’s sites which include work in progress have been physicallyverified by the management once in a year for each site. Shortage / Excess on the basis ofphysical verification have been duly accounted for in books of accounts which were notmaterial However no provision is being made for slow moving work in progress. In ouropinion and according to the information and explanations given to us the procedure ofphysical verification of inventories followed by the management is reasonable and adequatein relation to size of the Company and the nature of its business. The Company is mainlyengaged in business of construction. In view of multifarious jobs at different sitesspread at different locations and practical difficulties records of inventory have beenmaintained in ERP System and consumption booked on quarterly basis.

III. (a) According to the information & explanation given to us the company hasgranted interest free unsecured loans to Four Companies (All Subsidiaries) and also to oneAssociate Company covered in the registered maintained u/s 189 of the Companies Act .Themaximum amount involved during the year was Rs 1938.25 Lacs in respect of subsidiaries andRs 10 lacs in respect of associate company and year end balance of the loans granted tosubsidiaries were Rs. 1927.17 Lacs and to Associate was NIL .

(b) The parties wherever applicable are regular in repayment of principal amounts andinterest as stipulated.

(c) Not Applicable as there is no overdue amount.

IV. In our opinion and according to the information and explanations given to us thereare adequate internal control system commensurate with the size of the company and thenature of its business with regard to purchases of inventories and Fixed Assets and forconstruction receipt and services. During the course of our audit we have not observedany continuing failure to correct major weaknesses in internal control system.

V. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits hence provisions of sections 73 to 76 or any otherprovision of the Companies Act and rules framed thereun-der are not applicable.

VI. 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.

VII. (a) In the Year under report The company is not regular in depositing withappropriate authorities undisputed statutory dues such as Service tax TDS Sales Tax andPF etc. dues wherever applicable on it.

According to the information and explanations given to us the detail of undisputedamounts payable in respect of Service Tax sales tax TDS etc. in arrears as at 31stMarch 2015 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 2015 for More than 6 Months from the date become payable
Service Tax Rs. 329.01 Lacs
TDS Rs. 96.18 Lacs
Interest on TDS Payable Rs. 119.69 Lacs
Interest on Service Tax Payable Rs. 17.34 Lacs
Vat / Entry Tax / WCT Rs. 179.32 Lacs
Provident Fund and Prof. Tax Rs. 2.06 Lacs

(b) According to the information and explanation given to us there are no dues ofsales tax 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)
Assam Vat Act Vat Liability for Spanish Garden Project 47.87
UP Vat Act Vat Liability for Lucknow Project/Penalty for Non Submission of C Form 269.31
Service Tax Service tax Demand including penalty raised by Service tax Department 1661.66
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

(c) According to the information and explanation given to us No amount is required tobe transferred to investor education and protection fund in accordance with the relevantprovision of the Companies Act 1956 (1 of 1956) and rules made there under.

VIII. In our opinion the company has no accumulated losses at the end of the year. Thecompany has incurred cash losses during the financial year of Rs 1555.15 Lacs covered byour audit and also Rs 358.02 Lacs in the immediately preceding financial year.

IX. 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 afinancial institution and banks. Such continuing default as on balance sheet date were ofRs. 1351.48 Lacs as reported in note no. 3.2 to financial statements.

X. According to the information and explanations given to us the Company has givenbank guarantees for and on behalf of its Joint Ventures. Considering the nature and volumeof business in our opinion the term and conditions on which such guarantees given areprima-facie not prejudicial to the interest of the Company.

XI. Under implementation of "Restructuring Approval under CDR System" Someportion of borrowings from banks including BG invocation got converted into "TermLoans" under name & style as "Working Capital Term Loan / Funded InterestTerm Loan.

XII. In our opinion and according to the information and explanations given to us bythe management which have been relied upon by us no fraud on or by the company has beennoticed or reported during the year.

For A.B Bansal and Company
Chartered Accountants
Firm Regn No. 010538N
A.B. Bansal
Place: New Delhi Partner
Dated : 30.05.2015 M.No. 84628

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