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India Infraspace Ltd.

BSE: 531343 Sector: Others
NSE: N.A. ISIN Code: INE954M01031
BSE 15:15 | 12 Jan 13.20 -0.65
(-4.69%)
OPEN

13.85

HIGH

13.85

LOW

13.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.85
PREVIOUS CLOSE 13.85
VOLUME 220
52-Week high 23.90
52-Week low 13.20
P/E 77.65
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 13.20
Sell Qty 6.00
OPEN 13.85
CLOSE 13.85
VOLUME 220
52-Week high 23.90
52-Week low 13.20
P/E 77.65
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 13.20
Sell Qty 6.00

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 atMarch 31 2017 the Statement of Profit and Loss Cash Flow Statement for the year thenended and 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls of the entity'sinternal control. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of 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 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 2017 its Profit and its cash flows for the year endedon that date.

Emphasis of Matter:

1. We draw the attention to Point No. 5 in Note No. 16(II) to the accompanyingfinancial statements regarding none charging of Interest on Loans & Advances toRelated Parties and other parties' u/s. 186 of the Companies Act 2013

2. The Company is carrying "Pre-operative Expenses" of Rs. 3319207/- as"Other Current Assets" which is our opinion need to be write off and due to thesame Profit & Loss account is under stated and the balance of Other Current Assets isover stated by the said sum.

Our opinion is not qualified 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 A" a statement on the matters specifiedin 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 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 the Cash Flow Statement dealtwith by this Report are in agreement with the books of account

d) In our opinion the aforesaid financial statements comply with the AccountingStandards under section 133 of the 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 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2017 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 our opinion and as per the information and explanations provided to us thecompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv) The company had provided disclosures as to holding as well as dealings in SpecifiedBank Notes during the period 08.11.2016 to 30.12.2016 in its financial statements at PointNo. 12 in Note No 16(II) in Notes on accounts and these are in accordance with the booksof accounts maintained by the company.

FOR PANKAJ K. SHAH ASSOCIATES
Firm Registration No. 107352W
CHARTERED ACCOUNTANTS
(PANKAJ K. SHAH)
Place : Ahmedabad PROPRIETOR
Date : 30.05.2017 M. No. 34603

"ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirement' of our report of even date to the Standalone financial statements of theCompany for the year ended March 31 2017: we report that

1) 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 any Fixed Assets andaccordingly clause 3 (i) (a) to (c) of the Order are not applicable to the Company andhence not commented upon.

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 and conditionsin respect of unsecured loans given by the Company are not prima-facie prejudicial to theinterest of the Company.

(c) In our opinion and according to the information and explanation given to us thereare no overdue amounts in respect of the transactions 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 sub-section (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 2017for 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 disputedamounts payable in respect of income-tax VAT wealth tax custom duty service taxexcise duty cess as at the last day of the period ending 31st March 2017.

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 information and explanations given to us and on the basis of ourexamination of the record of the company the company has not entered into any non-cashtransactions with directors or persons connected with the company. Accordingly theprovisions of clause 3 (xv) of the Order are not applicable to the Company and hence notcommented 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 : 30.05.2017 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.INDIA INFRASPACE LIMITED ("the Company") as of March 31 2017 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. 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 of fraudsand 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 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 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 2017.

FOR PANKAJ K. SHAH ASSOCIATES
Firm Registration No. 107352W
CHARTERED ACCOUNTANTS
(PANKAJ K. SHAH)
Place : Ahmedabad PROPRIETOR
Date : 30.05.2017 M. No. 34603