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Quantum Build-Tech Ltd.

BSE: 538596 Sector: Infrastructure
NSE: N.A. ISIN Code: INE222B01028
BSE LIVE 15:15 | 10 Aug 1.86 0.04
(2.20%)
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.86
PREVIOUS CLOSE 1.82
VOLUME 5
52-Week high 2.65
52-Week low 0.96
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.86
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.86
CLOSE 1.82
VOLUME 5
52-Week high 2.65
52-Week low 0.96
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.86
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00

Quantum Build-Tech Ltd. (QUANTUMBUILD) - Auditors Report

Company auditors report

To

The Members of

QUANTUM BUILD-TECH LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of QUANTUM BUILD-TECH LIMITED("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant 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 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.

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 and the Order under Section 143(11)of the Act.

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.

i) Attention is invited to Note No.3.1.1 to Notes forming part of the FinancialStatements regarding non-provision of the dividend on 13% cumulative redeemable preferenceshares amounting to Rs. 2600000/- for the year and Cumulative dividend amounting to Rs.25408763/-.

ii) Attention is invited to Note No.3.1.1 to Notes forming part of the FinancialStatements regarding the redemption of 13% Cumulative Redeemable Preference Shares TheCompany has defaulted in redeeming the said preference shares to the extent of Rs.20000000/- due on 22nd December 2008.

iii) Attention is invited to Note 3.1.1 to Notes forming part of the FinancialStatements regarding winding up petition filed by preference shareholders holding 200000preference shares for non redemption of preference shares.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us subject to the above points (i) to (iii) the aforesaid financial statementsgive the information required by the Act in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2016 and its Loss and its Cash Flow forthe 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")as amended 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 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 the 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 specified 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 March312016 taken on record by the Board of Directors none of the directors is disqualifiedas on 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:

The system of internal financial controls over financial reporting with regard toCompany were not updated from previous year to enable us to determine if the Company hascontinued the established adequate internal financial control systems over financialreporting at the aforesaid Company and whether such internal financial controls wereoperating effectively as at March 312016.

We have considered the disclaimer reported above in determining the nature timing andextent of audit tests applied in our audit of the financial statements of Company and thedisclaimer does not affect our opinion on the financial statements of the said Company.

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 and in ouropinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at 31st March 2016 onits financial position in its financial statements as referred to in note 3.1.1 5.1 5.26.1 13.1 and 21(b) to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. In our opinion there are no amounts required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR RAMBABU & Co.

Chartered Accountants

Firm Regd. No. : 002976S

GVL Prasad

Partner

M.No.026548

Place: Hyderabad

Date: 30-05-2016

"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 financial statements of the Company for theyear ended March 312016:

1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Company has a regular program of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner. In our opinion the periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

2) In respect of Inventories:

a) As explained to us the inventories have been physically verified during the year bythe management at reasonable intervals.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management werereasonable and adequate in relation to the size of the company and nature of its business.

c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

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) We have broadly reviewed the cost records maintained by the Company pursuant to therules prescribed by the Central Government of India under Section 148(1) of the CompaniesAct 2013 and are of the opinion that prima facie the prescribed cost records have beenmade and maintained. We have however not made a detailed examination of the cost recordswith a view to determine whether they are accurate or complete.

7) a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company is not regular in depositingundisputed statutory dues including Provident Fund Employees State Insurance Income-TaxSales tax Service Tax Duty of Customs Duty of Excise Value added Tax Cess and anyother statutory dues with the appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of the above were inarrears as at March 31 2016 for a period of more than six months from the date on whenthey become payable. b) According to the information and explanation given to us thereare no dues of income tax sales tax service tax duty of customs duty of excise valueadded tax outstanding on account of any dispute.

8) In our opinion and according to the information and explanations given to us theCompany has defaulted in the repayment of dues to financial institution or banks. TheCompany has not issued any debentures.

Name of the Bank Principal Interest
Axis Bank Limited 15000000 11960453
PNB Housing Finance Limited 20000000 9069435
Axis Bank Limited 5000000 1451046

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 the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order 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 RAMBABU & Co.

Chartered Accountants

Firm Regd. No. : 002976S

GVL Prasad

Partner

M.No. 026548

Place: Hyderabad

Date: 30-05-2016