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Excel Realty N Infra Ltd.

BSE: 533090 Sector: IT
NSE: EXCEL ISIN Code: INE688J01015
BSE 00:00 | 17 Jul 6.28 -0.33
(-4.99%)
OPEN

6.85

HIGH

6.85

LOW

6.28

NSE 00:00 | 17 Jul 6.25 -0.30
(-4.58%)
OPEN

6.30

HIGH

6.50

LOW

6.25

OPEN 6.85
PREVIOUS CLOSE 6.61
VOLUME 3022
52-Week high
52-Week low
P/E 21.66
Mkt Cap.(Rs cr) 59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.85
CLOSE 6.61
VOLUME 3022
52-Week high
52-Week low
P/E 21.66
Mkt Cap.(Rs cr) 59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Excel Realty N Infra Ltd. (EXCEL) - Auditors Report

Company auditors report

To

The Members of

Excel Realty N Infra Ltd

Formerly Known as Excel Infoways Ltd

Report on the Standalone Financial Statements

We have audited the accompanying Standalone nancial statements of Excel Realty N InfraLimited formerly known as Excel Infoways Limited ("the Company") which comprisethe Balance Sheet as at March 31 2017 the Statement of Pro t and Loss Cash FlowStatement for the year then ended and a summary of signi cant accounting policies andother explanatory information.

Management's Responsibility for the Standalone 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 nancial statements that give a true and fair view of the nancialposition nancial performance and cash ows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspeci ed under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. 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 nancial controlsthat were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the nancial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone nancial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing speci ed 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 nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the nancial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the nancialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal nancial control relevant to the Company's preparation of the nancialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the nancialstatements.

We believe that the audit evidence we have obtained is suf cient and appropriate toprovide a basis for our audit opinion on the Standalone nancial statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone nancial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 and its Pro t and its Cash Flow 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")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in theAnnexure a statement on the matters speci ed inparagraphs 3 and 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 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 Pro t and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account

d) in our opinion the aforesaid Standalone nancial statements comply with theAccounting Standards speci ed under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disquali ed as onMarch 31 2017 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal nancial controls over nancial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure A".

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 its nancialposition.

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

iii. The amount of Rs. 5.36 (Rs000) were transferred to Investor Education andProtection fund by the company.

iv. The Company has provided requisite disclosures in its Standalone nancial statementsas to holding as well as dealing in Speci ed Bank Notes during the period from 8 November2016 to 30 December2016 and these are in accordance with the books of accounts maintainedby the Company . Refer Note 33 to the Standalone nancial statements.

For S. G. Kabra& Co
Chartered Accountants
FRN : 104507W
sd/-
(Malvika Mitra)
Partner
M No : 44105
Place : Mumbai
Date : May 29 2017

"Annexure A" to the Independent Auditor's

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 nancial controls over nancial reporting of Excel Realty NInfra Ltd formerly known as Excel Infoways Ltd ("the Company") as on March 312017 in conjunction with our audit of the standalone nancial statements of the Company forthe year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalnancial controls based on the internal control over nancial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal nancial controls that wereoperating effectively for ensuring the orderly and ef cient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable nancial information as required under theCompanies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal nancial controlsover nancial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal nancial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalnancial controls over nancial 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 nancial controls system over nancial reporting and their operatingeffectiveness. Our audit of internal nancial controls over nancial reporting includedobtaining an understanding of internal nancial controls over nancial reporting assessingthe risk that a material weakness exists and testing and evaluating the design andoperating 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 nancial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is suf cient and appropriate toprovide a basis for our audit opinion on the Company's internal nancial controls systemover nancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal nancial control over nancial reporting is a process designed toprovide reasonable assurance regarding the reliability of nancial reporting and thepreparation of nancial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal nancial control over nancialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly re ect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of nancial 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 nancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancialreporting 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 nancial controls over nancialreporting to future periods are subject to the risk that the internal nancial control overnancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal nancialcontrols system over nancial reporting and such internal nancial controls over nancialreporting were operating effectively as at March 31 2017 based on the internal controlover nancial 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.

For S. G. Kabra& Co
Chartered Accountants
FRN : 104507W
sd/-
(Malvika Mitra)
Partner
Place : Mumbai
M No : 044105
Date: May 29 2017

"Annexure B" 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 Excel Realty N InfraLtd formerly known as Excel Infoways Ltd for the year ended 31st March 2017)

i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of xed assets;

(b) All the xed assets were physically veri ed by the management at reasonableintervals during the year. We are informed that no material discrepancies were noticed onsuch veri cation.

(c) The title deeds of immovable properties are held in the name of the company. ii)The Company is neither having opening stock nor having closing stock. Thereforeclauses(ii) of paragraph 3 of the order is not applicable. iii) The Company hasgranted loans to one bodies corporate covered in the register maintained under section 189of the Companies Act 2013

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to bodies corporate listed in the register maintained under Section189 of the Act were not prime facie prejudicial to the interest of the Company.

(b) In the case of loans granted to the bodies corporate listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act.

iv) In our opinion and according to the information and explanations given to usthe company has complied with the provisions of section 185 and 186 of the Companies Act2013 in respect of loans investments guarantees and security.

v) The Company has not accepted any deposits from the public.

vi) As informed to us the maintenance of Cost Records has not been prescribed bythe Central Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

vii) a) The Company is regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Employees' State Insurance IncomeTax Sales-tax Service Tax Duty of Customs Duty of Excise Value Added Tax cess andother statutory dues applicable to it. According to the information and explanations givento us no undisputed amounts payable in respect of outstanding statutory dues were inarrears as at 31 March 2017 for a period of more than six months from the date theybecame payable.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to banks nancial institutions ordebentures holders.

ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of paragraph 3 (ix) of the Order is not applicable to the Company.

x) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no material fraud by the Company or on the companyby its of cers or employees has been noticed or reported during the year.

xi) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

xii) In our opinion the Company is not a Nidhi Company. Therefore the provisionsof paragraph 3 (xii) of the Order is not applicable to the Company.

xiii) In our opinion all transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

xiv) According to the information and explanation given to us and based on ourexamination of the record of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanations given to us and our examinationof the records of Company the Company has not entered into non- cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of Order is notapplicable.

xvi) The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For S. G. Kabra& Co
Chartered Accountants
FRN : 104507W
sd/-
(Malvika Mitra)
Partner
Place : Mumbai M No : 044105
Date: May 29 2017