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IND Renewable Energy Ltd.

BSE: 536709 Sector: Others
NSE: N.A. ISIN Code: INE138O01011
BSE LIVE 15:40 | 18 Sep 1.88 0.08
(4.44%)
OPEN

1.85

HIGH

1.89

LOW

1.80

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.85
PREVIOUS CLOSE 1.80
VOLUME 8347
52-Week high 2.88
52-Week low 1.17
P/E 62.67
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.85
CLOSE 1.80
VOLUME 8347
52-Week high 2.88
52-Week low 1.17
P/E 62.67
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

IND Renewable Energy Ltd. (INDRENEWABLE) - Auditors Report

Company auditors report

To

The Members of

IND RENEWABLE ENERGY LIMITED.

(Formerly Known as Vakharia Power Infrastructure Ltd.)

Report on the Financial Statements

We have audited the accompanying financial statements of Ind Renewable EnergyLimited (Formerly Known as Vakharia Power Infrastructure Ltd.) ("theCompany") which comprise the Balance Sheet as at March 312016 and the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant 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 section 134(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 flows 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 the maintenance of adequate accounting records in accordancewith the provisions of the act for safeguarding the assets of the company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgment and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

Auditors 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 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 the auditor'sjudgment 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 of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bycompanies directors 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:

(i) in the case of the Balance Sheet of the state of affairs of the company as atMarch 312016.

(ii) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(iii) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date

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 its terms of sub-section (11) of section 143of Companies Act 2013 we give in the Annexure "A" a statement on the mattersspecified in paragraph 3 and 4 of the Order.

2. As required by section 143 (3) of the Act we report that:

a) we have obtained all the information and explanations which to the best of ourknowledge 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 it 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 the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013 read with rule 7 of the Companies (Accounts) Rules 2014.

e) on the basis of written representations received from the directors as on March312016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312016 from being appointed as a director in terms ofsub-section (2) of section 164 of the Companies Act 2013.

f) with respect to the adequacy of the internal Financial Controls over Financialreporting of the Company and operating effectiveness of such controls refer to ourseparate report in Annexure "B".

g) With respect to the other matters included in the auditor's report and to best ofour information and according to the explanation given to us.

1) The Company does not have any pending litigations which would impact its financialposition.

2) The Company did not have any long-term contracts for which there were any materialforeseeable losses.

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

For POLADIA & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 128274W)
--Sd--
P.T. POLADIA
PARTNER
M NO.38757
Place : Mumbai.
Dated: 30th May 2016

Annexure "A" to the Independent Auditors' Report

The Annexure ‘A' referred to in paragraph 1 under "Report on Other RegulatoryRequirements" section of our report of even date.

(i) In Respect of its Fixed Assets:

(a) The company is not having tangiable Fixed Assets hence question of maintainingproper records and physical verification thereof does not arise.

(b) The company does not have any immoveable property

(ii) In Respect of its inventory:

According to the information and explanations given to us company is not holdinginventory hence question of physical verification does not arise.

(iii) According to information and explanations given to us the company has notgranted loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under section 189 of the Companies Act2013.

(iv) According to information and explanations given to us the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

(v) According to information and explanations given to us the company has not acceptedany deposits during the year.

(vi) According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of 148 of theCompanies Act' 2013.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales tax wealth tax service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authorities wherever applicable.

(b) There were no undisputed amounts payable in respect of provident fund employees'state insurance income tax sales-tax service tax duty of customs duty of exercisevalue added tax cess and any other statutory dues in arrears as at March 31 2016 forperiod of more than six months from the date they became payable.

(viii) The company has not borrowed from any financial institution Bank Government ordebenture holders hence question of default in repayment does not arise.

(ix) The company has not raised money by way of initial or Further Public offer(including debt instruments and term loans).

(x) We have not noticed or reported any fraud by the company or any fraud on theCompany by its officers or employees during the year.

(xi) The Company is not a Nidhi Company hence clause is not applicable during the year.

(xii) According to information and explanation given to us the Company has not paid orprovided any managerial remuneration during the year.

(xiii) According to the information given to us all transactions with the relatedparties are in compliance with sections 177 and 188 of Companies Act 2013 where everapplicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

(xiv) According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

(xv) According to the information and explanations given to us the company has notentered into non-cash transactions with directors or persons connected with him and theprovisions of section 192 of Companies Act 2013 have been complied with;

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For POLADIA & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 128274W)
--Sd--
P. T. POLADIA
PARTNER
M.NO.38757
Place : Mumbai
Dated: 30th May 2016

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF IND RENEWABLE ENERGY LIMITED (Formerly Known as Vakharia PowerInfrastructure Ltd.)

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 IndRenewable Energy Limited (Formerly known as Vakharia Power Infrastructure Ltd.) ("theCompany") as of March 312016 in conjunction with our audit of the financialstatements of the Company for the year ended on that 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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financing 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 in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financing Reporting

Because of the inherent limitations of internal financial controls over financingreporting 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 subjected to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate .

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For POLADIA & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 128274W)
--Sd--
P.T. POLADIA
PARTNER
M.NO.38757
Place : Mumbai
Dated: 30th May 2016