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Shristi Infrastructure Development Corporation Ltd.

BSE: 511411 Sector: Infrastructure
NSE: PEERABASAN ISIN Code: INE472C01027
BSE LIVE 14:57 | 19 Sep 299.95 4.55
(1.54%)
OPEN

300.00

HIGH

318.00

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283.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 300.00
PREVIOUS CLOSE 295.40
VOLUME 603
52-Week high 375.00
52-Week low 243.00
P/E 267.81
Mkt Cap.(Rs cr) 666
Buy Price 282.00
Buy Qty 2.00
Sell Price 299.95
Sell Qty 8.00
OPEN 300.00
CLOSE 295.40
VOLUME 603
52-Week high 375.00
52-Week low 243.00
P/E 267.81
Mkt Cap.(Rs cr) 666
Buy Price 282.00
Buy Qty 2.00
Sell Price 299.95
Sell Qty 8.00

Shristi Infrastructure Development Corporation Ltd. (PEERABASAN) - Auditors Report

Company auditors report

to the Members of

Shristi infrastructure Development Corporation limited

Report on the Financial Statements

We have audited the accompanying financial statements of Shristi InfrastructureDevelopment Corporation Limited ("the Company") which comprise the BalanceSheet as at 31st March 2016 the Statement of Profit and Loss the Cash Flow Statement forthe year then ended and a summary of significant accounting policies and other explanatoryinformation.

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 preparation ofthese financial statements that give a true and fair view of the financial the accountingprinciples generally accepted in India financial including the Accounting Standardsspecified under Section 133 of the Act Rules 2014 and Companies (Accounting Standards)Amendment Rules 2016. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and judgments and estimates that are reasonable and prudent; and designimplementation 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 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 misstatementabout whether the financial .

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 ofthe financial whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company’s preparationfinancial statements that give a true and of the fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial 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 of the state of affairs of the Company as at 31stMarch 2016 and 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 2016 ("theOrder") 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 thematters specified in paragraphs 3 and 4 of the said Order to the extent applicable to theCompany.

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 Cash Flow Statement dealtwith by this report are in agreement with the books of account; comply with the AccountingStandards specified under

(d) In our opinion the aforesaid standalone financial Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014 and Companies (Accounting Standards)Amendment Rules 2016;

(e) On the basis of written representations received from the directors as at 31stMarch 2016 taken on record by the Board of Directors none of the directors as on 31stMarch 2016 are disqualified from being appointed as a director in terms of Section 164(2)of the Act; and

(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"; and

(g) With respect to the other matters to be included in the Auditor’s report inaccordance with Rule 11 (Audit and Auditors) Rules 2014 in our opinion and to the best ofour information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact the financialposition;

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

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

For S. S. Kothari & Co.
Chartered Accountants
Firm’s Regn. No. 302034E
R. N. Bardhan
Place: Kolkata Partner
Dated: 27th May 2016 Membership No. 017270

Annexure - A to the independent Auditors’ Report

(Referred to in paragraph 1 under the heading "Report on Other legal andRegulatory Requirements of our report of even date to the members of Shristiinfrastructure Development Corporation limited on the standalone financial the year ended31st March 2016)

1. a) The Company has maintained proper records of Fixed Assets showing fullparticulars and situation of

b) The Company of its fixed assets which in our opinion is reasonable has a phasedprogram of physical having regard to the size of the Company and the nature of itsbusiness. In accordance with such program the management has physically verified fixedassets during the year and no material discrepancies were noticed verification. c) Thetitle deeds of immovable properties are held in the name of the Company.

2. As explained to us inventories have been physically verified during the year by themanagement No material discrepancies were noticed on such verifications of stocks by themanagement as compared to book records.

3. a) The Company has granted unsecured loans (repayable on demand) to companiescovered in the register maintained under Section 189 of the Companies Act 2013.

b) The terms and conditions of the grant of such loans are not prejudicial to theinterests of the company.

c) In respect of the aforesaid loans the Company has regularly received from theparties repayment of principal amounts and interests as stipulated.

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 Act with respectto the loans investments guarantees and securities

5. The Company has not accepted any deposits during the year thus the directivesissued by the Reserve Bank of the provisions of Sections 73 to 76 or any other relevantprovisions of the Companies Act and Rules framed there under is not applicable.Accordingly clause (v) of Paragraph 3 of the order is not applicable to the Company.

6. According to the information and explanations 148(1) of the Companies Act 2013prescribed by the Central Government are maintained by the Company. However we have notbroadly reviewed the same.

7. a) According to the information and explanations given to us and on the basis of ourexamination of the records the Company has generally been regular in depositing with theappropriate authorities including provident fund and employees’ state insurance.However there are certain delays in depositing with appropriate authority undisputedstatutory dues in respect of income tax deducted at source sales tax service tax valueadded tax and cess during the year ended 31 March 2016. As explained to us the Companydid not have any dues on account of investor education and fund duty of customs and dutyof excise arise during the year. According to the information and explanations given tous there are no undisputed amount payable in respect of income tax sales tax servicetax value added tax cess which were outstanding at the year end for a period of morethan 6 months from the date they became payable.

b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax value added tax and cess and Service tax which havenot been deposited on account of any dispute.

8. The Company has taken term loans from banks and financial institutions during theyear and there is no default in repayment of such loans.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments). Term Loans taken during the year were applied for thepurposes for which they were raised.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company managerial remuneration paid or provided by theCompany is in accordance with the provisions of Section 197 read with Schedule V to theAct during the year.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with Related Parties are incompliance with Sections 177 and 188 of the Companies Act 2013. All such transactionshave been disclosed in the financial statements as required by the applicable

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. 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. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India.

For S. S. Kothari & Co.
Chartered Accountants
Firm’s Regn. No. 302034E
R. N. Bardhan
Place: Kolkata Partner
Dated: 27th May 2016 Membership No. 017270

Annexure - B to the independent Auditors’ Report

(Referred to in paragraph 2(f) under the heading "Report on Other legal andRegulatory Requirements of our report of even date to the members of ShristiinfrastructureDevelopment Corporationlimited on the standalone financial the year ended 31st March2016) Report on the internal Financial Controls under Clause (i) of Sub-section 3 ofSection Act")

We have audited the internal financial controls over financial reporting of Shristiinfrastructure Development Corporation limited ("the Company") for the yearended on 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 ReportingAccountants of India (‘ICAI’). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Company’s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies 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 judgment 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 controlssystem over financial reporting.

Meaning of internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 reporting to futureperiods are subject to the controls over reporting may risk that the internal financialcontrol over financial 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 financial controls system over financialreporting allmaterialrespects adequateinternal and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2016 based on the by theCompany considering the essential components of internal internalcontroloverfinancialcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For S. S. Kothari & Co.
Chartered Accountants
Firm’s Regn. No. 302034E
R. N. Bardhan
Place: Kolkata Partner
Dated: 27th May 2016 Membership No. 017270