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Arvind SmartSpaces Ltd.

BSE: 539301 Sector: Infrastructure
NSE: ARVSMART ISIN Code: INE034S01021
BSE 16:01 | 18 Jun 165.10 -4.90
(-2.88%)
OPEN

169.00

HIGH

173.20

LOW

165.00

NSE 15:48 | 18 Jun 166.60 -2.85
(-1.68%)
OPEN

167.40

HIGH

172.95

LOW

164.80

OPEN 169.00
PREVIOUS CLOSE 170.00
VOLUME 5830
52-Week high 222.40
52-Week low 120.00
P/E 17.68
Mkt Cap.(Rs cr) 576
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 169.00
CLOSE 170.00
VOLUME 5830
52-Week high 222.40
52-Week low 120.00
P/E 17.68
Mkt Cap.(Rs cr) 576
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Arvind SmartSpaces Ltd. (ARVSMART) - Auditors Report

Company auditors report

To the Members of Arvind SmartSpaces Limited (formerly known as Arvind InfrastructureLimited) Report on the Financial Statements

We have audited the accompanying standalone financial statements of Arvind SmartSpacesLimited (formerly known as Arvind Infrastructure Limited) ("the Company") whichcomprise the Balance Sheet as at March 31 2017 the Statement of Profit and Loss and CashFlow Statement for the year then ended 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 and the Companies (Accounting Standards) Amendment Rules 2016. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial control thatwere operating 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 inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 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 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 standalone 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 March31 2017 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 1 a statement on the matters specified in paragraphs 3and 4 of the Order.

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 ouropinion proper books of account as required by law have been kept by the Company so far asit appears from our examination of those books; (c) The Balance Sheet Statement of Profitand Loss and Cash Flow Statement dealt with by this Report are in agreement with thebooks of account; (d) In our opinion the aforesaid standalone financial statements complywith the Accounting Standards specified under section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014 and the Companies (Accounting Standards) AmendmentRules 2016; (e) On the basis of written representations received from the directors as onMarch 31 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms of section164 (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 2" to this report;

(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 opinion and to the best of our information and accordingto the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 30 to the standalone financialstatements; ii. The Company did not have any long-term contracts including derivativecontracts for which 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. iv. The Company has provided requisitedisclosures in Note 42 to these standalone financial statements as to the holding ofSpecified Bank Notes on November 8 2016 and December 30 2016 as well as dealings inSpecified Bank Notes during the period from November 8 2016 to December 30 2016.

Based on our audit procedures and relying on the management representation regardingthe holding and nature of cash transactions including Specified Bank Notes we reportthat these disclosures are in accordance with the books of accounts maintained by theCompany and as produced to us by the Management.

For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Arpit K. Patel
Partner
Membership Number: 34032
Place of Signature: Ahmedabad
Date: May 12 2017