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India Infraspace Ltd.

BSE: 531343 Sector: Others
NSE: N.A. ISIN Code: INE954M01031
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OPEN 18.70
PREVIOUS CLOSE 18.70
VOLUME 5
52-Week high 23.90
52-Week low 17.15
P/E 155.83
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 18.70
Sell Qty 29.00
OPEN 18.70
CLOSE 18.70
VOLUME 5
52-Week high 23.90
52-Week low 17.15
P/E 155.83
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 18.70
Sell Qty 29.00

India Infraspace Ltd. (INDIAINFRAS) - Auditors Report

Company auditors report

To

The Members of

INDIA INFRASPACE LIMITED

Ahmedabad.

Report on the Financial Statements

We have audited the accompanying Standalone financial statements of M/s. INDIAINFRASPACE LIMITED ("the Company") which comprise the Balance Sheet as at March31 2016 the Statement of Profit and Loss Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

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 preparationand presentation of these Standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s 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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company’s preparation of the financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances but not for the purpose of expressing an opinion on whether the Companyhas in place an adequate internal financial controls system over financial reporting andthe operating effectiveness of such controls of the entity’s internal control. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit 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 accompanying standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the Accounting Principles generally accepted in India of the state of affairs of thecompany as at 31st March 2016 its Profit and its cash flows for the year ended on thatdate.

Emphasis of Matter:

We draw the attention to Point No. 5 in Note No. 16(II) to the accompanying financialstatements regarding none charging of Interest on Loans & Advances to Related Partiesand other parties’ u/s. 186 of the Companies Act 2013 Our opinion is not qualifiedin respect of this matter.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the said 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 opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account d) In our opinion theaforesaid financial statements comply with the Accounting Standards under section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164 (2) of theAct. f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

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 Company has disclosed the impact of pending litigations on its financialposition in its financial statements AS REFER POINT NO. 1 IN NOTE NO. 16(II). ii) In ouropinion and as per the information and explanations provided to us the company has notentered into any long-term contracts including derivative contracts requiring provisionunder applicable laws or accounting standards for material foreseeable losses and iii)There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

FOR PANKAJ K. SHAH ASSOCIATES
Firm Registration No. 107352W
CHARTERED ACCOUNTANTS
(PANKAJ K. SHAH)
Place : Ahmedabad PROPRIETOR
Date : 30.05.2016 M. No. 34603

"ANNEXURE A" TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement’ of our report of even date to the Standalone financialstatements of the Company for the year ended March 31 2016: we report that

1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets; (b) As explained to us the FixedAssets have been physically verified by the management in a phased manner designed tocover all the items over a period of three years which in our opinion is reasonablehaving regard to the size of the company and nature of its business. Pursuant to theprogram a portion of the fixed asset has been physically verified by the managementduring the year and no material discrepancies between the books records and the physicalfixed assets have been noticed.

(c) According to the information and explanations given to us and on the basis of ourexamination of the record of the company the title deeds of immovable properties are heldin the name of the company.

2) The Inventory of finished good raw materials components stores and spare partshas been physically verified at reasonable intervals by the management. In our opinionthe frequency of such verification is reasonable. No material discrepancies were noticedon physical verification on inventories as compared to books records.

3) According to the information and explanations given to us the Company has grantedInterest free unsecured loans to companies firms Limited Liability partnerships or otherparties covered in the Register maintained under section 189 of the Act.

(a) In respect of the aforesaid loans the parties are repaying the principal amountsas stipulated. (b) According to the information and explanation given to us the terms andconditions in respect of unsecured loans given by the Company are not prima-facieprejudicial to the interest of the Company. (c) In our opinion and according to theinformation and explanation given to us there are no overdue amounts in respect of thetransactions listed in Para 3 above.

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013In respect of loans investments guarantees and security.

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 Company is not a manufacturing company and hence maintenance of cost recordsunder subsection (1) of section 148 of the Companies Act 2013 is not applicable.

7) (a) According to the records of the company and the information and explanationsgiven to us and on the basis of our examination of the books of account and records theCompany has been generally regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income-Tax Sales tax Service Tax Duty ofCustoms Duty of Excise Value added Tax Cess and any other statutory dues with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the above were in arrears as at March 31 2016for a period of more than six months from the date on when they become payable. (b)According to the information and explanations given to us there are no disputed amountspayable in respect of income-tax VAT wealth tax custom duty service tax excise dutycess as at the last day of the period ending 31st March 2016.

8) In our opinion and according to the information and explanations given to us theCompany has not availed any financial assistance from Bank and / or financial institutiontherefore this clause is not applicable defaulted in the repayment of dues to anyfinancial institutions and banks.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management there are no managerial remuneration paid or provided to the anyDirector of the company Accordingly the provisions of clause 3 (xi) of the Order are notapplicable to the Company and hence not commented upon.

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) According to the information and explanations given to us and on the basis of ourexamination of the record of the company In our opinion all transactions with the relatedparties are in compliance with section 177 and 188 of Companies Act 2013 and the detailshave been disclosed in the Financial Statements as required by the applicable accountingstandards.

14) According to the information and explanations given to us and on the basis of ourexamination of the record of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly the provisions of clause 3 (xiv) of the Order are notapplicable to the Company and hence not commented upon. 15) According to the informationand explanations given to us and on the basis of our examination of the record of thecompany the company has not entered into any non-cash transactions with directors orpersons connected with the company. Accordingly the provisions of clause 3 (xv) of theOrder are not applicable to the Company and hence not commented upon.

16) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

FOR PANKAJ K. SHAH ASSOCIATES
Firm Registration No. 107352W
CHARTERED ACCOUNTANTS
(PANKAJ K. SHAH)
Place : Ahmedabad PROPRIETOR
Date : 30.05.2016 M. No. 34603

ANNEXURE B" TO THE INDEPENDENT AUDITOR’S REPORT

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 M/S. INDIAINFRASPACE LIMITED ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable 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 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions 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 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 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 31 2016.

FOR PANKAJ K. SHAH ASSOCIATES
Firm Registration No. 107352W
CHARTERED ACCOUNTANTS
(PANKAJ K. SHAH)
Place : Ahmedabad PROPRIETOR
Date : 30.05.2016 M. No. 34603