To the Members of Neo Infracon Limited
Report on the Financial Statements
We have audited the accompanying financial statements Neo Infracon Limited ("theCompany") which comprise the Balance Sheet as at 31st March2015 the Statement ofProfit and Loss the Cash flow statement for the year then ended and a summary of thesignificant 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 Section134(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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provision s of the Act the accounting an d auditingstandards and matter s which are lequired to be included in the audit report under theprovisions to the Act and the Rule s 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. An audit also includes evaluating theappropriateness of the 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.
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 of the state of affairs of the Company as at 31stMarch 2015 its profit and its 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 2015 ("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 statement on the matters specified in paragraphs 3 and4 of the 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 purposes 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 Statement and the Cash flowstatement dealt 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 Act read with Rule 7 of the Companies(Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on olstMarch 2015 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11of 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 does not have any pending litigation which has the impact on itsfinancial position in its financial statements.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
|For D. Kothary & Co. |
|(Firm's Registration No. 105335W) |
|Vipul N. Chauhan |
|(Membership No. 047846) |
|Place: Mumbai |
|Date: 30th May 2015 |
Annexure to Independent Auditors' Report
(Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements"of our report of even date)
1. The Company does not have fixed assets; hence this clause is not applicable assets:
2. In respect of its inventories:
a) The inventories consist.of construrtion W1P have been physically verified during theyear by the management. In our opinion the frequency of verification is reasonable.
b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
c) The Company has maintained proper records of inventories. As explained to us therewas no material discrepancies noticed on physical verification of inventories as comparedto the book records.
3. The Company has not granted secured and unsecured loan to parties covered in theregister maintained under section 189 of the Companies Act.
4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchases of fixed assets and for the sale of goods andservices. During the course of our audit we have not observed any continuing failure tocorrect major weaknesses in internal control system.
5. Accordin g to the information and explanations given to us the Company has notaccepted any deposit from the public. Therefore the provisions of Clause (v) of paragraph4 of the Order are not applicable to the Company.
6. To the best of our knowledge and belief the Central Government has not prescribedmaintenance of cost records unde r clause (d) of sub-section (1) of Section 148 of theAct in respect of the services rendered by the Company. Accordingly the provisions ofclause 4(vi) of the Order are not applicable.
7. Accordin gto the information and explanations given to us in respect of statutorydues: a) Undisputed statutory dues in respect of custom duty excise duty sales taxservice tax withholding taxes provident fund and employees' state insurance asapplicable and any other statutory dues have been regularly deposited with the appropriateauthorities. There were no undisputed amounts payable in respect of Income-tax CustomDuty Sales Tax Service tax and other material statutory dues in arrears as at 31st March2015 for a period of more than six months from the date they became payable.
b) There are no statutory dues pending to be deposited on account of disputes pendingwith various forums.
c) There was no amount required to be transferred to investor education and protectionfund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules made there under has been transferred to such fund within time.
8. The Company does not have accumulated losses at the end of the financial year. TheCompany has riot incurred cash losses during the financial year covered by the audit andalso in the immediately preceding financial vear.
9. Based on our audit procedures and as per the information and explanations given bymanagement the Company has not defaulted in repayment of dues to any financialinstitution or Bank.
10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.Therefore the provisions of paragraph 4 (x)of the said Order are not applicable to theCompany.
11. In our opinion and according to the information and explanations given to us theCompany has not taken any term loan; hence this clause is not applicable.
12. In our opinion and according to the information and explanations given to us nomaterial fraud on or by the Company has been noticed or reported during the year.
|For D. Kothary & Co |
|Chartered Accountants |
|(Firm Registration No. 105335W) |
|Vipul N. Chauhan |
|Membership No. 047846 |
|Place : Mumbai |
|Date : 30th May 2015 |