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Shristi Infrastructure Development Corporation Ltd.

BSE: 511411 Sector: Infrastructure
NSE: PEERABASAN ISIN Code: INE472C01027
BSE LIVE 15:40 | 17 Nov 282.30 -1.70
(-0.60%)
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285.00

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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 285.00
PREVIOUS CLOSE 284.00
VOLUME 429
52-Week high 375.00
52-Week low 245.00
P/E 252.05
Mkt Cap.(Rs cr) 627
Buy Price 0.00
Buy Qty 0.00
Sell Price 274.80
Sell Qty 2.00
OPEN 285.00
CLOSE 284.00
VOLUME 429
52-Week high 375.00
52-Week low 245.00
P/E 252.05
Mkt Cap.(Rs cr) 627
Buy Price 0.00
Buy Qty 0.00
Sell Price 274.80
Sell Qty 2.00

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

Company auditors report

To the Members of Shristi Infrastructure Development Corporation Limited Report on theFinancial Statements

We have audited the accompanying financial statements of Shristi InfrastructureDevelopment Corporation Limited ("the Company") which comprise the BalanceSheet as at 31st March 2017 and the Statement of Profit and Loss and the Cash FlowStatement for the year then ended and a summary of significant accounting policies andother 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 financial position true and fair view of thefinancial performance and cash flows of the Company in accordance Section 133 of the Actread with Rule 7 of including the Accounting Standards specified the Companies (Accounts)Rules 2014 and Companies (Accounting Standards) Amendment Rules 2016. 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 making frauds other irregularities; selection and application of appropriateaccounting policies; 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 thereunder.

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 to fraud or error.misstatement of the financial In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation financialstatements that give a true and of the fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Directors as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone 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 of the state of affairs of the Company as at 31stMarch 2017 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 ("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 mattersspecified in paragraphs 3 and 4 of the said Order to the extent applicable to the company.

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;

(d) In our opinion the aforesaid standalone financial statement comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and Companies (Accounting Standards) Amendment Rules2016;

(e) On the basis of written representations received from the directors as at 31stMarch 2017 taken on record by the Board of Directors none of the directors as on 31stMarch 2017 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 financialoperating effectiveness of such controls refer to our separate report in" Annexure-B"; and

(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 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 litigations which would impact the financial

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

iii. There were no amounts outstanding which were required to be transferred to theInvestor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosure in its financial statements as toholdings as well as dealings in specified bank notes during the period from 8th November2016 to 30th December 2016. Based on auditing procedures and relying on managementrepresentations we report that the disclosure is in accordance with the books of accountsmaintained by the company as provided to us by the management. (Refer note 43).

For S. S. Kothari & Co.

Chartered Accountants

Firm's Registration No.302034E
R. N. Bardhan
Partner
Membership no. 017270
Place: Kolkata
Dated: 25th May 2017

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 statements forthe year ended 31st March 2017)

1. a) The Company has maintained proper records of Fixed Assets showing fullparticulars including quantitative details and situation of fixed assets.

b) The Company has verification of its fixed assets which in our opinion isreasonable phased program of physical having regard to the size of the Company and thenature of its business. In accordance with such program the management has physicallyverified fixed assets during the year and no material discrepancies were noticed on suchverification.

c) The title 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 at reasonable intervals. No material discrepancies were noticed on suchverifications of stocks by the management 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 provisions of Section 185 and186 of the Act with respect

5. The Company has not accepted any deposits during the year thus the directivesissued by the Reserve Bank of India the provisions of Sections 73 to 76 or any otherrelevant provisions 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 explanations given by the management maintenance ofcost records under Section and 148(1) of the Companies Act 2013 prescribed by the CentralGovernment are maintained by the Company. However we have not broadly 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 undisputed provident fund and employees' state insurance. Howeverthere are certain delays in depositing with appropriate authority undisputed statutorydues in respect of income tax deducted at source sales tax service tax value added taxand cess during the year ended 31 March 2017. As explained to us the Company did nothave any dues on account of investor education and fund duty of customs and duty ofexcise arise during the year. According to the information and explanations given to usthere are no undisputed amount payable in respect of income tax sales tax service taxvalue added tax cess which were outstanding at the year end for a period of more than 6months 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 repayment ofsuch 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 auditingstandards 14. According to the information and explanations give 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 Registration No.302034E
R. N. Bardhan
Partner
Membership no. 017270
Place: Kolkata
Dated: 25th May 2017

Annexure - B to the Independent Auditors' Report

(Referrer to in paragraph 2(f) 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 statements forthe year ended 31st March 2017)

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 ShristiInfrastructure Development Corporation Limited Company for the year ended 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 Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 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 controls systemover financial reporting.

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

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the in herent limitations financial reporting including the possibility ofcollusion of internal financial controls over or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial reporting to future periodsare subject to the controls over may become inadequate because of changes in conditionsor risk that the internal financial control over financial that the degree of compliancewith the policies or procedures may deteriorate.

Opinion

In our opinion the Company has financial controls system over financialreporting all material respects adequate internal and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on the theCompany considering the essential components of internal internal control over financialcontrol 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 Registration No.302034E
R. N. Bardhan
Partner
Membership no. 017270
Place: Kolkata
Dated: 25th May 2017