SHRINIWAS POWER AND INFRASTRUCTURE LIMITED
(FORMERLY KNOWN AS CONCURRENT (INDIA) INFRASTRUCTURE LIMITED)
ANNUAL REPORT 2011-2012
The Members of
Shriniwas Power & Infrastructure Limited
1. We have audited the attached Balance Sheet of Shriniwas Power &
Infrastructure Limited (the 'Company') as at 31st March, 2012 and the
Profit & Loss Account and also Cash flow statement for the year ended on
the date annexed thereto (collectively referred as the 'financial
statements'). These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall statement presentation. We believe that our audit provides a
reasonable basis of our opinion.
3. As required by the Companies (Auditor's Report) order 2003 and as
amended by the Companies (Auditor's Report)(Amendment) order 2004, issued
by the Central Government of India in terms of the sub-section(4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we report
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
(ii) In our opinion, proper books of account as required by law have been
kept by the company so far as appears from our examination of those books;
(iii) The financial statements dealt with by this report are subject to few
confirmations with the books of account;
(iv) In our opinion, the financial statements dealt with by this report
comply with the Accounting standards referred to in sub-section (3C) of
Section 211 of Companies Act, 1956 ;
(v) On the basis of the written representations received from the
directors, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors (except one) is
disqualified as on March 31, 2012 from being appointed as director in terms
of clause (g) of sub-section (1) of section 274 of the Act.
(vi) In our opinion and to the best of our information and according to the
explanations given to us, the said accounts give the information required
by the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(b) In the case of the Profit & Loss Account, of the Profit for the period
ended on that date;
(c) In the case of the cash flow statement, of the cash flows for the year
ended on that date;
For B R R & Associates
PLACE: Hyderabad B. Ravinder Rao
DATE : 14th August, 2012 Proprietor 221298
Annexure to the Auditors' Report of even date to the members of Shriniwas
Power & Infrastructure Limited, on the financial statements for the year
ended March 31, 2012.
Based on the audit procedures performed for the purpose of reporting a true
and fair view on the financial statements of the Company and taking into
consideration the information and explanations given to us and the books of
account and other records examined by us in the normal course of audit, we
I. (a) The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets.
(b) As explained to us, the fixed assets have been physically verified by
the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed on
(c) The Company has not disposed off substantial part of the Fixed Assets.
II. (a) The Inventory has been physically verified during the year and in
our opinion, the frequency of verifications is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable an adequate in relation
of the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as explained
to us, there was no material discrepancies noticed on such verification of
stocks as compared to book records.
III. (a) The Company has granted unsecured loans to its 100% subsidiary-
Vakratund Ispat Private Limited to the tune of Rs. 121.93 Lakhs during the
(b) As the Company has granted unsecured loans to its 100% subsidiary-
Vakratund Ispat Private Limited, at NIL rate of interest, the rate of
interest & other terms and conditions on which loans have been granted to
that company are not prejudicial to the interest of company.
(c) The loans are granted by company to 100% subsidiary - Vakratund Ispat
Private Limited, at NIL rate of interest and the principal is being
received from that company as per the Loan Agreement.
(d) The company has granted loans to its 100% subsidiary-Vakratund Ispat
Private Limited, loans and the overdue amount is more than Rs. One Lakh.
Reasonable steps are taken by the Company to recover the principal amount.
(e)The Company has taken unsecured loans from its director to the tune of
Rs. 67.63 Lakhs during the year.
(f) The Company has taken unsecured loans from its director at NIL rate of
interest and the terms and conditions are not prejudicial to the interest
of the Company.
(g) The Company has taken unsecured loans from its director at NIL rate of
interest and the repayment of principal amount is being paid by the Company
to the party as per Loan Agreement.
IV. In our opinion and according to the information and explanations given
to us, there are sufficient adequate internal control systems commensurate
with the size of the company and the nature of its business with regard to
purchase of inventory and fixed assets and for sale of goods and services.
There is no continuing failure by the company to correct any major
weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to in
section 301 of the Companies Act, 1956 made by the company in respect of
the financial year, are entered in register U/s 301 of the Companies Act,
(b) According to the information and explanations given to us, transactions
made in pursuance of such contracts o r arrangements have been made by the
company at reasonable prices having regards to the prevailing market prices
at the relevant time.
VI. The Company has not accepted any deposits from the public and hence the
applicability of the clause of directives issued by the Reserve Bank of
India and provisions of section 58A, 58AA or any other relevant provisions
of the Act and the rules framed there under does not arise. As per
information and explanations given to us the order from the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal has not been received by the Company.
VII. The Company has a formal system of Internal Audit which is
commensurate with the scale of business of the Company.
VIII. In respect of the Company, the Central Government has not prescribed
maintenance of cost records under clause (d) of sub-section (1) of section
209 of the Companies Act, 1956.
IX. According to the information and explanations given to us and as per
the management letter provided by the company, the company is generally
regular except few instances of delay in depositing undisputed statutory
dues including Service Tax, Investor Education & Protection Fund, Provident
Fund, Income Tax and other material statutory dues as applicable with the
appropriate authorities and there are disputed income tax dues under appeal
before Commissioner of Income Tax (Appeals), Mumbai.
X. The Company has been registered for a period of not less than 5 years,
and the Company has no accumulated losses at the end of the financial year
and the company has not incurred cash losses in this financial year and the
immediately preceding financial year.
XI. On the basis of the written representation received from Management,
the Company has defaulted in repayment of interest dues for one month and
in repayment of installments for 2 months to the banks during the financial
XII. According to the information and explanations given to us, the Company
has not granted any loans or advances on the basis of security by way of
pledge of shares, debentures and other securities and hence the
applicability of the clause regarding maintenance of adequate documents in
respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is not
covered by the provisions of special statute applicable to Chit Fund in
respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the company
is not dealing or trading in shares, securities, Debentures and other
investments and hence the provisions of clause 4(xiv) of the Companies
(Auditor's Report) Order 2003, are not applicable to the Company.
XV. According to the information and explanations and management letter
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions, and hence the applicability of
this clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. As per the management representation received by us, the term loans
obtained by the Company were applied for purpose for which such loans were
obtained by the Company.
XVII. As per the management representation received by us, no funds are
raised by the Company on short-term basis. Hence the clause of short term
funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties during
the year and Companies covered in the Register maintained under section 301
of the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the same
is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, during the
year the company does not have any debentures and hence the applicability
of the clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company has
not raised money by way of public issues during the year; hence the clause
regarding the disclosure by the management on the end use of money raised
by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year under audit.
For B R R & Associates
PLACE: Hyderabad B. Ravinder Rao
DATE : 14th August, 2012 Proprietor
Membership No. 221298