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IND Renewable Energy Ltd.

BSE: 536709 Sector: Others
NSE: N.A. ISIN Code: INE138O01029
BSE LIVE 15:25 | 20 Nov 21.10 1.00
(4.98%)
OPEN

21.10

HIGH

21.10

LOW

20.75

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 21.10
PREVIOUS CLOSE 20.10
VOLUME 940
52-Week high 28.80
52-Week low 11.70
P/E 63.94
Mkt Cap.(Rs cr) 6
Buy Price 21.10
Buy Qty 20.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.10
CLOSE 20.10
VOLUME 940
52-Week high 28.80
52-Week low 11.70
P/E 63.94
Mkt Cap.(Rs cr) 6
Buy Price 21.10
Buy Qty 20.00
Sell Price 0.00
Sell Qty 0.00

IND Renewable Energy Ltd. (INDRENEWABLE) - Auditors Report

Company auditors report

To the Members

IND RENEWABLE ENERGY LIMITED

(Formerly Known as Vakharia Power Infrastructure Ltd.)

Report on the Financial Statements

We have audited the accompanying financial statements ofInd Renewable Energy Limited(Formerly Known as Vakharia Power Infrastructure Ltd.) ("the Company") whichcomprise the Balance Sheet as at March 31 2017 and the Statement of Profit and Loss andCash Flow Statement for the year then ended and a summary of significant accountingpolicies 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 fairiew and are free from material misstatement whether due to fraud or error. v

Auditors Responsibility

Our responsibility is to express an opinion on these financialtatements based onour audit.

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 financial statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by companies directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficientand 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 31 2017.

(ii) in the case of the Statement of Profit and Loss of the profitr the year ended onthat date; and fo

(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 allthe information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit; b) in our opinion proper books of account asrequired by law have been kept by the Company so far as it appears from our examination ofthose books. c) the Balance Sheet Statement of Profitand Loss and Cash Flow Statementdealt with by this Report are in agreement with the books of account.; d) in our opinionthe Balance Sheet Statement of Profit and Loss and Cash Flow Statement comply with theAccounting Standards referred to in section 133 of the Companies Act 2013 read with rule7 of the Companies (Accounts) Rules 2014. e) on the basis of written representationsreceived from the directors as on March 31 2017 and taken on record by the Board of

Directors none of the directors is disqualified as on March 31 2017 from beingappointed as a director in terms of sub-section (2) of section 164 of the Companies Act2013. 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 includedin the auditor's report and to best of our information and according to the explanationgiven to us.

1) The Company does not have any pending litigations which wouldimpact 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.

4) The Company has provided disclosures in its financial statements as to holdings aswell as dealings in specified bank notes during the period from 8th November2016 to 30th December 2016 and the same are in accordance with books ofaccounts maintained by the company.

For K.S. MAHESHWARI & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 105846W)
Sd/-
K.S MAHESHWARI
PARTNER
M NO.39715
Place: Mumbai.
Dated: 29th May 2017

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 maintaining proper records showing full particulars includingquantitative details and situation of fixedassets;

(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 2017 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 any 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 K.S. MAHESHWARI & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 105846W)
Sd/-
K.S MAHESHWARI
PARTNER
M NO.39715
Place: Mumbai.
Dated: 29th May 2017

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 Ind PowerInfrastructure Ltd.) ("the Company") as of March 31 2017 in conjunction withour audit of the financial statements 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 Reporting issued by theInstitute of Chartered Accountants of India. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the the prevention and detection of frauds and errorsthe accuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the 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 was established and maintained and ifsuch 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 understanding of internal financial controls over financial reporting assessingthe risk that a material weakness exists and testing and evaluating the design andoperating 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 thepreparationoffinancialstatements for external purposes in accordance with generallyaccepted accounting principles. A company'sinternalfinancialcontroloverfinancialreportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat 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 financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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 financialcontrol over financial reportingmay become inadequate because of policies or proceduresmay deteriorate .

Opinion

In our opinion the Company has in all material respects anadequateinternalfinancialcontrols system over financial reporting and such internalfinancial controlsoverfinancialreporting were operating effectively as at March 31 2017based on the internal control over criteria established by the Company considering theessential components of internal control stated in the Guidance financial

Note on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For K.S. MAHESHWARI & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 105846W)
Sd/-
K.S MAHESHWARI
PARTNER
M NO.39715
Place: Mumbai.
Dated: 29th May 2017