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Advance Powerinfra Tech Ltd.

BSE: 531047 Sector: Engineering
NSE: N.A. ISIN Code: INE009D01017
BSE 00:00 | 21 May Advance Powerinfra Tech Ltd
NSE 05:30 | 01 Jan Advance Powerinfra Tech Ltd
OPEN 1.32
PREVIOUS CLOSE 1.32
VOLUME 3800
52-Week high 1.32
52-Week low 1.15
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.32
Buy Qty 3341.00
Sell Price 1.38
Sell Qty 659.00
OPEN 1.32
CLOSE 1.32
VOLUME 3800
52-Week high 1.32
52-Week low 1.15
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.32
Buy Qty 3341.00
Sell Price 1.38
Sell Qty 659.00

Advance Powerinfra Tech Ltd. (ADVANCEPOWERIN) - Auditors Report

Company auditors report

To The Members of ADVANCE POWERINFRA TECH LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ADVANCE POWERINFRA TECHLIMITED ("the Company") which comprise the Balance Sheet as at March 312018 and the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then ended anda summary of the 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 including other comprehensive income cash flows and changes inequity of the Company in accordance with the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under and the Orderissued under section 143(11) of the Act.

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 obtained by us 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 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:

(i) in the case of the balance sheet of the state of affairs of the Company as at 31stMarch 2018 and

(ii) in the case of the statement of profit and loss of the loss for the year ended onthat date; and

(iii) in the case of Cash Flow Statement of the Cash Flow for the year ended on thatdate;

Other Matter

The comparative financial information of the Company for the year ended 31 March 2017and the transition date opening balance sheet as at 1st April 2016 included in theseStandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements for the years ended 31st March 2017 and 1st April 2016 prepared inaccordance with the Companies (Accounting Standards) Rules 2006 audited by thepredecessor auditor whose report for the year ended 31st March 2017 and 31st March 2016dated 2nd June 2017 and 30th May 2016 respectively expressed an unmodified opinion onthose standalone financial statements as adjusted for the differences in the accountingprinciples adopted by the Company on the transition to the IndAs which have been auditedby us.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit 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 including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

d) in our opinion the aforesaid financial statements comply with the Indian AccountingStandards prescribed under section 133 of the Act.

e) on the basis of the written representations received from the directors of theCompany as on March 31 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2018 from being appointed as a director in termsof Section 164(2) of the Act.

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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has no pending litigations on its financial position in its financialstatements.

ii. The Company did not have any outstanding long term contracts including derivativecontracts as at 31st March 2018 for which there were any material foreseeable contracts.

iii. The Company has no amount that is required to be transferred to the InvestorEducation and Protection Fund.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Advance Powerinfra Tech Limited ofeven date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ADVANCEPOWERINFRA TECH LIMITED ("the Company") as of March 31 2018 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 judgement 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

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 controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our report to the

Members of Advance Powerinfra Tech Limited of even date)

(i) In respect of the Company's fixed assets:

(a) The Company has maintained proper records showing full particulars includingQuantitative details and situation of its fixed assets.

(b) According to the information and explanation gives to us the fixed assets arephysically verified by the management according to a phased programme designed to coverall items over a period of three years which in our opinion is reasonable having regardto the size of the Company and the nature of its assets. Pursuant to the programme aportion of the fixed assets has been physically verified by the management during the yearand no material discrepancies between the book records and the physical inventory has beennoticed.

(c) According to the information and explanation gives to us by the Management noimmovable properties are held by the company.

(ii) As explained to us inventories have been physically verified by the management atregular intervals during the year. In our Opinion the frequency of verification isreasonable. As explained to us no material discrepancies were noticed on physicalverification

(iii) The Company has not granted any loans secured or unsecured to Companies Firm orother parties covered in the register maintained under section 189 of the Companies Act2013

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans investments guarantees and security covered underSection 185 and 186 of the Act. Consequently requirements of clause (iv) of paragraph 3of the order are not applicable.

(v) According to the information and explanations given to us the Company has notaccepted any public deposits under the provisions of Sections 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the Companies (Acceptance of Deposits)Rules 2014 framed there under. No order has been passed by the company law board ornational company law tribunal or Reserve Bank of India or any court or any other tribunal.

(vi) As per the information & explanations given to us the Central Government hasnot prescribed any rules for the maintenance of cost records by the Company under Section148(1) of the Companies Act 2013.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company has generally been regular indepositing undisputed statutory dues in respect of Provident Fund Investor Education andprotection Fund Employees' State Insurance Income-tax Sales Tax Service Tax CustomsDuty Excise Duty Cess and other material Statutory Dues as applicable with theappropriate authorities in India. According to the information and explanations given tous there are no undisputed statutory dues outstanding for a period of more than sixmonths from the date they became payable.

(b) According to the information and explanation given to us no disputed amountspayable in respect of income tax wealth tax service tax sales tax customs duty exciseduty and cess were in arrears as at 31st March 2018 for a period of more than six monthsfrom the date they become payable.

(viii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company has generally been regular indepositing undisputed statutory dues in respect of Provident Fund Employees' StateInsurance Income-tax Sales Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess and other material Statutory Dues as applicable with the appropriateauthorities in India. According to the information and explanations given to us there areno undisputed statutory dues outstanding for a period of more than six months from thedate they became payable as per books of accounts as at 31st March 2018.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Sales tax Service tax Duty of Customs Duty of Excise Value Added Tax asapplicable as at 31st March 2018 which have been deposited on account of a dispute are asfollow.

Name of Statute Nature of Dues Amount (Rs.) Period to which the amount related Forum Whether Dispute is pending
Income Tax Act1961 Income Tax Rs. 11073518/- A.Y 2007-2008 CIT-Appeal tribunal
W.B. VAT Act 2005 VAT Tax Rs. 8841892/- F.Y. 2014-15 Tribunal Appeal
Central Sales Tax 1958 Central Sales Tax Rs. 287945/- F.Y 2013-14 Tribunal-Appeal
Central Excise & Service Tax 1944 Central Excise Rs. 85410392/- F.Y. 2004-05 to 2008-09 High Court

(ix) In our opinion and according to information and explanation given to us neitherany money have been raised by way of initial public offer or further public offer nor anyterm loans have been raised by the Company during the year.

(x) During the course of our examinations of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us no fraud on or by the Companyhas been noticed or reported during the year in the course of our audit.

(xi) Managerial remuneration has not been paid. Consequently the requirements ofclause (xi) of Paragraph 3 of the order is not applicable.

(xii) The Company is not a Nidhi Company. Consequently requirements of clause (xii) ofparagraph 3 of the order are not applicable.

(xiii) In our opinion and according to the information and explanations given to us bythe Management all transactions with related parties are in compliance with Section 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in thefinancial statements as required by the applicable accounting standards.

(xiv) In our opinion and according to the information and explanations given to us bythe Management the Company has not made any preferential allotment or private placementof shares or fully or partly convertible debentures during the year under review.Consequently requirements of clause (xiv) of paragraph 3 of the order are not applicable.

(xv) According to the information and explanations given to us by the Management theCompany has not entered into any non-cash transactions with directors or persons connectedwith him.

(xvi) In our opinion and according to the information and explanations given to us theCompany is not required to be registered under Section 45 IA of the Reserve Bank of IndiaAct 1934. Consequently requirements of clause (xvi) of paragraph 3 of the order are notapplicable.