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Nagreeka Capital & Infrastructure Ltd.

BSE: 532895 Sector: Financials
NSE: NAGREEKCAP ISIN Code: INE245I01016
BSE LIVE 13:04 | 23 Nov 36.00 1.70
(4.96%)
OPEN

36.00

HIGH

36.00

LOW

36.00

NSE 14:57 | 23 Nov 37.35 1.75
(4.92%)
OPEN

37.35

HIGH

37.35

LOW

37.35

OPEN 36.00
PREVIOUS CLOSE 34.30
VOLUME 341
52-Week high 36.00
52-Week low 10.83
P/E 7.16
Mkt Cap.(Rs cr) 45
Buy Price 36.00
Buy Qty 20512.00
Sell Price 0.00
Sell Qty 0.00
OPEN 36.00
CLOSE 34.30
VOLUME 341
52-Week high 36.00
52-Week low 10.83
P/E 7.16
Mkt Cap.(Rs cr) 45
Buy Price 36.00
Buy Qty 20512.00
Sell Price 0.00
Sell Qty 0.00

Nagreeka Capital & Infrastructure Ltd. (NAGREEKCAP) - Auditors Report

Company auditors report

To the Members of Nagreeka Capital and Infrastructure Limited Report on the FinancialStatements

We have audited the accompanying financial statements of NAGREEKA CAPITAL ANDINFRASTRUCTURE LIMITED ("the Company") which comprise the Balance Sheet as at31st March 2017 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the 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 financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe Accounting Principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of the appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of accounting records relevant to the preparation and fair presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 auditingstandards and matters which are required to be included in the audit report under theprovisions 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 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 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. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 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 stateof affairs of the Company as at 31st March 2017; ii. in the case of the statement ofprofit and loss of the profit of the Company for the year ended on that date; and iii. inthe case of the cash flow statement of the cash flows for the year ended on that 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 terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable :

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

a. we have sought & 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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d. in our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Companies Act 2013 read with rule 7 of theCompanies (Accounts) Rules 2014 as amended;

e. on the basis of written representations received from the directors as on 31st March2017 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2017 from being appointed as a director in terms of Section 164 (2) ofthe Act;

f. with respect to the adequacy of the internal financial control over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in 'Annexure - B'; and

g. with respect to the others 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 statement as stated in Note -25 of the financial statement. ii.The company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any as required on long term contractsincluding derivative contracts; iii. No amount is required to be transferred to theInvestor Education and Protection Fund in accordance with the relevant provisions of thecompanies Act'2013 and the rules made thereunder.

h. The Company has provided requisite disclosures in Note -13 to the FinancialStatement as regards its holding and dealings in Specified bank notes properly.

For H.R. AGARWAL & ASSOCIATES
Chartered Accountants
Firm’s Registration No. 323029E
(SHYAM SUNDAR AGARWAL FCA)
Place : Kolkata Partner
Date : 24th May 2017 M. No. : 060033

Annexure "A" to the Auditors' Report

Annexure "A" to the Independent Auditors' Report on the financial statementsof Nagreeka Capital & infrastructure Ltd.

(Referred to in paragraph 1 under the heading "Report on other and regulatoryrequirements section" of our Report of even date) We report that:

I. a. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available informations.

b. The company has a regular programme of physical verification of its Fixed Assets atperiodic intervals. In accordance with this programme fixed assets were physicallyverified during the year and no material discrepancies were noticed on such verification.In our opinion this periodicity of physical verification is reasonable having regard tothe size of the company and the nature of its assets.

c. According to the explanation given to us and on the basis of our examination of therecords of the company produced before us the title deeds of immovable properties areheld in the name of the company.

II. The Inventory has been physically verified by the management during the year anddiscrepancies noticed on such verification between the physical stock and the book recordswere not material. In our opinion the frequency of such verification is reasonable.

III. The Company has not granted any loans secured or unsecured to companies firmsLLP's or other parties covered in the register maintained under Section 189 of the Act.

IV. In our opinion and according to the information and explanations given to us theCompany does not have any transactions to which the provisions of Section 185 apply. TheCompany has complied with the provisions of Section 186 of the Act with respect to theloans investments guarantees and security.

V. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public in pursuance to sections 73 to 76 orany other relevant provisions of the Companies Act'2013 and the rules framed thereunder.

VI. The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for any of the products or services rendered by the Company.

VII. a. According to the information and explanation given to us and on the basis ofexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess and other material statutory dues have regularly deposited during the yearby the Company with the appropriate authorities. As explained to us the company did nothave any dues on account of employees' state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax sales-taxservice tax duty of customs duty of excise value added tax cess and other materialstatutory dues were in arrears as at March 31 2017 for a period of more than six monthsfrom the date they became payable.

b. According to the information and explanations given to us there are no materialdues of customs service tax sales tax duty of excise and value added tax which have notbeen deposited with the appropriate authorities on account of any dispute. Howeveraccording to the information and explanations given to us the following dues of income taxhave not been deposited by the Company on account of disputes:

Name of the Statute Nature of the dues Amount Period to which the amount relates (Assessment year) Forum where dispute is pending
Rs.
The Income Income Tax 39423 2011-12 Income Tax Appellate Tribunal Kolkata
Tax Act 1961 1212390 2012-13 Commissioner of Income Tax Kolkata
21939790 2013-14 Commissioner of Income Tax Kolkata
727390 2014-15 Commissioner of Income Tax Kolkata

VIII. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of its dues to the financial institutions. TheCompany did not have any outstanding dues to any banks government or debenture holdersduring the year.

IX. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (IX) of the order is not applicable.

X. According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

XI. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V to the Act.

XII. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. XIII. According to the information and explanations givento us and based on our examination of the records of the Company transactions with therelated parties are in compliance with Sections 177 and 188 of the Act where applicableand details of such transactions have been disclosed in the financial statements asrequired by the applicable accounting standards. XIV. According to the information andexplanations give to us and based on our examination of the records of the Company theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year.

XV. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him.

XVI. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company is a Non- Banking Finance Companyand it is registered under section 45-IA of the Reserve bank of Indian Act 1934.

For H.R. AGARWAL & ASSOCIATES
Chartered Accountants
Firm’s Registration No. 323029E
(SHYAM SUNDAR AGARWAL FCA)
Place : Kolkata Partner
Date : 24th May 2017 M. No. : 060033

Annexure "B" to the Independent Auditors' Report on the financial statementsof Nagreeka Capital & infrastructure Ltd

(Referred to in paragraph 2(f) under the heading "Report on other and regulatoryrequirements section" of our Report of even date)

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 NagreekaCapital and Infrastructure Limited ("the Company") as of March 31 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internal-financial controls system over financial reporting and their operating effectiveness. Ouraudit of internal -financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 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 H.R. AGARWAL & ASSOCIATES
Chartered Accountants
Firm’s Registration No. 323029E
(SHYAM SUNDAR AGARWAL FCA)
Place : Kolkata Partner
Date : 24th May 2017 M. No. : 060033