THE MEMBERS OF
ATLANTA INFRASTRUCTURE AND FINANCE I I D
AHMED A BAD
Report on the Financial Statements
We have audited the accompanying financial statements of ATLANTA INFRAS1 Rl CTUREAND FINANCE LTD (The company") which comprise the Balance Sheet as at 31 March2017. the Statement of Profit and Loss and the cash flow statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Financial Statements
I he Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies \ei. 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. read with Rule 7 of theCompanies (Accounts) Rules. 2014. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provision of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent: and design implementationand maintenance of adequate internal financial control that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements thftt give a true and fairview and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements basedon OUT 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 provision^ of the Act and the Rules made there under. n. \ j
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. I'hose Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements fhe 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 true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the financial statements.
We believe that the audit ev idence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
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;
a) In the case of the state of affairs of the Company as at March 31.2017;
b) In the case of the profit for the year ended on that date: and
c) In the case of its cash flow for the year ended on that dale.
Report on oilier 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 matters specified in paragraphs 3and 4 of the Order to the extent applicable.
2. As required by Section 143(3) of the Act .we report that:
al 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 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 financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of ihc Companies(Accounts) Rules. 2014.
c) On the basis of written representations received from the directors as on 31 March.2017. taken on record by the Board of Directors none of the directors is disqualified ason 31 March. 2017 from being appointed as a director in terms of Section 164(2) of theAct 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 of the report: Our report expresses an unmodified opinionon the adequacy and operating effectiveness of the Company's internal financial controlsover financial reporting.
g) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules.2014. in our opinion and to ourbest of our information and according to the explanations given to us:
i .The Company has no pending litigations which have any impact on its financialposition in its financial statements as at March 31 2017
ii. I he Company did not have any long term contracts including derivative contracts asat March 31. 2017 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.
lv With regard to requisite disclosure in financial statements as to holding as well asdealing in specified bank notes during the period 8!' November.2016 to 301hDeccmber. 2016 we report that there is no such transaction in the C ompany and thus thesame is not applicable to the Company.
Annexure referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our . report on financial statements for the year endedMarch 31 2017 to the members of ATLANTA INFRASTRUCTURE AND FINANCE LTD
(i) (a) The Company has maintained proper records showing full particulars includingquantitative
details and situation of fixed assets.
(b) All the assets have not been physically verified by the management during the yearbut there is a regular program of verification w hich in our opinion is reasonable havingregard to size of the company and nature of its assets. No material discrepancies w erenoticed on such verification as compared to records maintained by the Company.
(c) Since no immovable properties are held in the name of the Company the same is notapplicable.
(ii) The slock of raw material. Semi finished goods finished goods. Stores &consumables . Packing and Scrap have been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable and no materialdiscrepancies were noticed on such verification.
(iii) According to information and explanations given to us. the Company has notgranted any loans secured or unsecured to companies firms. I imited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theAct. Therefore the provisions of Clause 3 (iii) (a) (b) and (c) of the said Order arenot applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanation given to us thereare no loans investments guarantees and securities granted in respect of w hichprovisions of section 185 and 186 of the Act are applicable and hence not commented upon.
(v) The Company has not accepted deposits within the meaning of Sections 73 to 76 orany other relevant provisions of the Act and the rules framed there under.
(vi) To the best of our knowledge and as explained the Central Government has notprescribed the maintenance of cost records under section 148( 1) of the Act. for any ofdie product / services rendered by the Company.
(vii) (a) According to the information and explanations given to us and the records ofthe Company
examined by us. in our opinion the Company is generally regular in depositing theundisputed statutory dues including provident fund employees' state insurance incometax. sales tax. service tax custom duty excise duty value added tax. cess and othermaterial statutory' dues as applicable with apprbpriaie authorities.
According to the information and explanations given to us and the records of theCompany examined by us. in our opinion no undisputed amounts payable as applicable werein arrears as n March 312017 fora period of more than six months from the date theybecame payable.
(b) According lo the information and explanations given to us and according to therecords of the Company examined by us. there are no dues of income tax. service tax andcess which have not been deposited on account of any dispute.
(viii) Based on our audit procedure and the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto Financial Institutions Banks. Debenture holders or Government.
(ix) According to the information and explanations given by the management the Companyhas not raised any money bv way of Initial Public Offeror Further Public Offer hence notcommented upon.
Further monies raised by the Company by way of term loans were applied lor the purposefor which those were raised.
(x) 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 year under audit.
(xi) The Managerial remuneration has heen paid or provided in accordance with therequisite approvals and with in the provisions of section 197 read with Schedule V to theCompanies Act .2013
(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the company and hence not commented upon.
(xiii) In our opinion and according to the information given to us by the managementtransactions with related parlies are in compliance with Section 177 and 188 of the Actwhere applicable.
(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year andhence reporting requirements under clause 3(xiv) are not applicable to the Company andnot commented upon.
(xv) According to the information and explanations given to us. the company has notentered into any noncash transactions with directors or persons connected with them.
(xv i) According to the information and explanations given to us we report that thecompany is not required to be registered as required under section 45-1A of the ReserveBank of India Act 1934.
ATLANTA INFRASTRUCTURE AM) FINANCE. LTD
Aniievurc "11" to the Independent Auditors' Report
Anncxure referred to in paragraph 2(f) under "Report on Other Legal and RegulatoryRequirements" section of our report on financial statements for the year ended March31 2016 to the members of
ATLANTA INFRASTRUCTURE AND FINANCE LTD
Report mi 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 ATLANTAINFRASTRUCTURE AND FINANCE LTD as of 31 March 2017 in conjunction with our audit ofthe financial statements of the 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 (1( Alj. 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 ofils 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.
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 ICA1 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 auditol'Intemal Financial Controls and. both issued by the Institute of Chartered Accountantsof India. 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 midmaintained 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 lhai 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.
Mcanimi of Internal financial Controls n\er Financial Keprtin
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 w ith 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 unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent 1.imitations of Internal Financial Controls (her Financial Keportina
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 w ith the policies or procedures may deteriorate.
In our opinion the Company has. in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017. based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
Date: 20 / 05/2017