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Wagend Infra Venture Ltd.

BSE: 503675 Sector: Financials
NSE: N.A. ISIN Code: INE786K01023
BSE LIVE 15:29 | 11 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.50
PREVIOUS CLOSE 4.56
VOLUME 812
52-Week high 9.00
52-Week low 4.50
P/E 456.00
Mkt Cap.(Rs cr) 22
Buy Price 4.56
Buy Qty 1188.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.50
CLOSE 4.56
VOLUME 812
52-Week high 9.00
52-Week low 4.50
P/E 456.00
Mkt Cap.(Rs cr) 22
Buy Price 4.56
Buy Qty 1188.00
Sell Price 0.00
Sell Qty 0.00

Wagend Infra Venture Ltd. (WAGENDINFRA) - Auditors Report

Company auditors report

To the Members of

WAGEND INFRA VENTURE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Wagend Infra VentureLimited ("the Company") which comprises of Balance Sheet as at 31stMarch 2015 the statement of Profit and Loss Account and the Cash Flow Statement for theyear ended on that date annexed thereto and a summary of significant accounting policiesand other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Sub-Section(5) of Section 134 of the Companies Act 2013 ("the Act") withrespect to the preparation of these financial statements to give a true and fair view ofthe financial position financial performance and cash flow of the Company in accordancewith the accounting principles generally accepted in India including Accounting Standardsprescribed in Section 133 of the Act read with Rule 7 of the Companies Accounts(Rule) 2014. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making a judgement and estimates that arereasonable and prudent; and the design implementation and maintenance of internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ 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 and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report.

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements along with the notes thereon give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2015 and its profit and its cashflows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by ‘the Companies (Auditor’s Report) Order 2015’ issued bythe Central Government of India in terms of sub-section (11) of Section 143 of the Act("the order") and on the basis of such checks of the books and records of theCompany as we consider appropriate and according to the information and explanation givento us we enclose in the Annexure a statement on the matters specified in paragraphs 3 and4 of the said order.

Further 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 and the Cash Flow Statementdealt 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) The going concern matter described in sub-paragraph (b) under the Emphasis ofMatters paragraph above in our opinion may have an adverse effect on the functioning ofthe Company.

f) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a Director in terms of Section164(2) of the Act.

g) 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 A".

h) 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 its financialposition.

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 M/s Gupta Saharia & Co.
Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Place: Mumbai Membership No.: 73373
Date: 25.05.2015 Firm Reg. No. 103446W

ANNEXURE-A

ANNEXURE TO THE AUDITORS’ REPORT ON THE FINANCIAL STATEMENT FOR THE YEAR

ENDED 31st MARCH 2015 OF WAGEND INFRA VENTURE LIMITED

1. In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. No material discrepancieswere noticed on such physical verification.

2. (a) The nature of inventory held by the Company does not demand for physicalverification and hence clause 3(ii)(a) and 3(ii)(b) of the Companies (Auditor’sReport) Order 2015 are not applicable.

(b) As explained the Company has been maintaining proper records of the inventory andno material discrepancies where noticed in relation to it.

3. In respect of loans secured or unsecured granted to Companies firms or otherparties covered in the register maintained under Section 189 of the Companies Act 2013;

a) The Company has not granted any loans to such parties during the year and hence thequestion of regular receipt of principal amount and interest does not arise.

b) Since the Company has not granted loans to such parties there is no instance ofoverdue amount of Rupees One Lakh.

4. In our opinion and according to the information and explanations given to usthere exist adequate internal control systems commensurate with the size of the Companyand the nature of its business with regards to sale of goods and services. During thecourse of our audit no major weakness has been noticed in the internal controls.

5. In our opinion and explanation given to us during the year the Company has notaccepted any deposits to which the directives of the Reserve Bank or provisions of Section73 to 76 or any other relevant provisions of the Companies Act 2013 and the Companies(Acceptance of Deposits) Rules 2014 framed there under would apply.

6. The Central Government has not prescribed maintenance of cost records undersub-section (1) of Section 148 of the companies Act 2013 for any of the services of theCompany.

7. a) According to the information given to us and the records of the Company examinedby us the Company is regular in depositing the undisputed statutory dues includingprovident fund employee’s state insurance Income Tax Sales Tax Wealth TaxCustoms Duty Excise Duty Service Tax Investor Education and Protection Fund and anyother statutory dues As at 31st March 2015.

b) According to the information and explanation given to us and the records of theCompany examined by us there are no dues of income tax Sales Tax Wealth Tax CustomsDuty Excise Duty Service Tax and no statutory dues required to be deposited on accountof any dispute.

c) The company is not required to transfer any amount to Investor education andprotection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules made thereunder has been transferred to such fund within time.

8. The Company is registered for a period of not less than five years but the Companyhas no accumulated losses at the end of the financial and it has not incurred cash lossesin the current and immediately preceding financial year.

9. The Company has neither taken any loan from banks and financial institutions norissued any debentures hence the question of default in repayment of dues does not arise.

10. As per the explanation and information given to us the Company has not given anyguarantee for loans taken by others from bank or financial institutions.

11. The Company has not raised any term loans during the year.

12. During the course of our examination of books and records of the Company andaccording to the information and explanations given by the management we have neithercome across any instance of material fraud on or by the Company noticed or reportedduring the year nor have we been informed of any such case by the Management.

For M/s Gupta Saharia & Co.
Chartered Accountants
Sd/-
(S.S. Rathi)
Partner
Place: Mumbai Membership No.: 73373
Date: 25.05.2015 Firm Reg. No. 103446W