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Excel Realty N Infra Ltd.

BSE: 533090 Sector: IT
NSE: EXCEL ISIN Code: INE688J01015
BSE 00:00 | 25 Jan 9.74 -0.18
(-1.81%)
OPEN

9.43

HIGH

10.41

LOW

9.43

NSE 00:00 | 25 Jan 9.75 -0.15
(-1.52%)
OPEN

9.45

HIGH

10.35

LOW

9.45

OPEN 9.43
PREVIOUS CLOSE 9.92
VOLUME 356454
52-Week high 13.37
52-Week low 1.74
P/E
Mkt Cap.(Rs cr) 92
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.43
CLOSE 9.92
VOLUME 356454
52-Week high 13.37
52-Week low 1.74
P/E
Mkt Cap.(Rs cr) 92
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 Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Excel Realty n Infra Limited("the Company") which comprise the standalone balance sheet as at 31 March2020 and the standalone statement of profit and loss (including other comprehensiveincome) standalone statement of changes in equity and standalone statement of cash flowsfor the year then ended and notes to the standalone financial statements including asummary of the significant accounting policies and other explanatory information

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2020 and profit and other comprehensiveincome changes in equityanditscashflowsfor the year ended on that date

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act.

Our responsibilities under those SAs are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficientand appropriate to provide a basisfor our opinion. Due to Covid-19 (lockdown) we have conducted our audit on the basis ofdata received online from the company and on the basis of limited test check without anyphysically verification of documents.

Emphasis of Matter

(1) As mentioned in Note No. 36 to the standalone financial statement during the yearthe agreements for investment in property has been cancelled and classified as otherfinancial assets as current assets as the same will be subsequent year . Our opinion isnot modified in respect of this matter.

(2) As mentioned in Note No. 35 to the standalone financial statement the Loans andAdvances given are closely monitored by Board of Directors and therefore no appraisalrenewal policies procedures and documents has been executed. Our opinion is not modifiedin respect of this matter.

(3) As mentioned in Note No 33 to the standalone financial statement Investment inproperties consist of advances paid for timelines registered transferacquisitionofImmovableProperty.Inabsenceofspecific deeds and external valuations therecarrying values has been considered as fair values. No impairment provisions have beenmade there upon. Our opinion is not modified in respect of this matter.

(4) As mentioned in Note No. 32 to the standalone financial statement the Company hasgiven Interest free unsecured loan to Subsidiary company to the extent of Rs. 36.02crores. In the absence of specificterms and conditions same has been considered as Shortterm and accordinglyclassifiedas Current Assets. Further Company has made an investmentof Rs. 18.91 Lakh in Subsidiary company which has been considered Long term investments.Our opinion is not modified in respect of this matter.

(5) We draw attention to Note No. 31 of the standalone financial statement whichdescribes the uncertainties due to the outbreak of Covid-2019 pandemic and themanagement's evaluation of the same on the standalone financial results of the Company asat the balance sheet date. In view of these uncertainties the impact on the Company'sresults is significantly dependent on future developments. Our opinion is not modified inrespect of this matter.

Management's Responsibility for the Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these standalonefinancialstatements that give a true and fair view of the state of affairs profit/ lossand other comprehensive income changes in equity and cashflowsof the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the

Act. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error In preparing the standalone financialstatements management and Board of Directors are responsible for assessing the Company'sability to continue as a going concern disclosing as applicable matters related togoing concern and using the going concern basis of accounting unless management eitherintends to liquidate the Company or to cease operations or has no realistic alternativebut to do so Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financialstatements or if such disclosures are inadequate to modify ouropinion.

Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficienciesin . audit internalcontrolthatwe identifyduringour

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters.

We describe these matters in our auditors' report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of such

Other Matters:

1. The company has given Interest free loan which are not in line with section 186(7)of the company act 2013. Effect on the aforesaid non-compliance could not be quantified

Our opinion is not modified in respect of this matter

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in the"Annexure A" a statement on themattersspecifiedin paragraphs 3 and 4 of theOrder to the extent applicable.

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 standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the

Act.

e) On the basis of the written representations received from the directors as on 31March 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 from being appointed as a director in terms of

Section 164(2) of the Act.

f) With respect to the other matters to be included in Auditor's Report in accordancewith the requirements of section 197 (16) of the Act as amended : In our opinion and tothe best of our information and according to the explanation given to us the remunerationpaid by the company to its directors during the year is in accordance with the provisionsof section 197 of the Act.

g) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B". With respect to the other mattersto be included in the Auditors' Report in accordance with Rule 11 of the Companies (Auditand 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 pendinglitigationsasat31March2020 financialpositionin its standalone its financial statements

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company

For Gupta Saharia & Co.

Chartered Accountants

ICAI Firm Registration Number: 103446W

Sd/-

CA Suresh Saharia

Partner

Membership No.: 040180

Place: Mumbai

Date : 28th July 2020

UDIN: 20040180AAAAB18568

ANNEXURE A TO THE AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended March 31st 2020 wereport that:

(i) (a) As explained to us in respect of fixed assets the Company has maintainedproper records showing full particulars including quantitative details and situation offixed assets.

(b) As explained to us the fixed assets have been physically verified by themanagement in accordance with the program of verification adopted by the Company. In ouropinion the frequency of verification is reasonable having regard to the size of theCompany and the nature of its assets. To the best of our knowledge no materialdiscrepancies have been noticed on such verification.

(c) In respect of immovable property title deeds of all the immovable properties arein the name of the company.

(ii) The company does not have any inventory so this clause is not applicable.

(iii) (a) The Company has granted loans to one party covered in the register maintainedunder section 189 of the Companies Act2013 (‘the Act')

(b) There are no terms of arrangements which stipulate any interest and repaymentschedule and the loans are repayable on demand. Hence we cannot comment if the same isprejudicial to the interest of the Company.

(c) In the absence of terms of arrangement we are unable to comment upon the overdueamounts for period of more than ninety days in respect of the loans granted to the bodiescorporate listed in the register maintained under section 189 of the act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with provision of section 185 and 186 of Act with respect to theloan and investment made except for Loans made to it's Subsidiary where no interest hasbeen charged.

(v) The Company has not accepted any deposits during the year within the meaning of theprovisions of section 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed there under.

(vi) According to the information and explanations given to us the rules made by theCentral Government of India for the maintenance of cost records specified undersub-section (1) of Section 148 of the Companies Act 2013 are not applicable to theCompany.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records the Company is regular in depositing undisputed statutorydues including provident fund income tax service tax cess and other material statutorydues with the appropriate authorities. As explained to us the Company did not have anydues as on 31st March 2020 on account of sales tax wealth tax duty of customs valueadded tax employees' state insurance and duty of excise except which is mentioned below:

Income Tax Demand (FY.2012-13): Rs. 19 43320

(b) According to the information and explanation given to us there is no disputepending in respect of dues of provident fund/sales tax/wealth tax/service tax/customduty/excise duty/cess/value added tax were in arrears as at 31st march 2020 for a periodof more than six month from the date they became payable.

(viii) The Company did not have any outstanding dues to financial institutions banksor debenture holders during the year.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) Based upon the audit procedure performed for purpose of reporting the true and fairview of the Financial Statements and According to the information and explanations givento us no material fraud on or by the Company has been noticed or reported during thecourse of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the record of the Company managerial remuneration has been paid/providedin accordance with the requisite approvals.

(xii) In our opinion and according to the information and explanations given to us thecompany is not a Nidhi Company. Accordingly paragraph 3(xii) of Order is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Standalone financial statements as required by theapplicable accounting standards.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) According to the information and explanations given to us and based on ourexamination of the record of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him.

(xvi) According to the information and explanations given to us the provisions of thesection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the company.

For Gupta Saharia & Co.

Chartered Accountants

ICAI Firm Registration Number: 103446W

Sd/-

CA Suresh Saharia

Partner

Membership No.: 040180

Place: Mumbai Date : 28th July 2020 UDIN: 20040180AAAAB18568

ANNEXURE B TO THE AUDITORS' REPORT

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT ON THE STANDALONE FINANCIAL STATEMENTSOF EXCEL REALTY N INFRA LIMITED FOR THE YEAR ENDED 31 MARCH 2020

Report on the internal financial controls with reference to the aforesaid standalonefinancial statements under Clause (i) of

Sub-section 3 of Section 143 of the Companies Act 2013 (Referred to in paragraph1(A)(f) under ‘Report on Other Legal and Regulatory Requirements' section of ourreport of even date)

Opinion

We have audited the internal financial controls with reference to financial statementsof Excel Realty N Infra Ltd. ("the Company") as of 31st March 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls wereoperating effectively as at 31st March 2020 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia (the "Guidance Note").

Management's Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishingand maintaining internal financial controls based on the internal financial controls withreference to financial statements criteria considering the essential components ofinternal control stated in the Guidance Note. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingthe orderly and efficient conduct of its business including adherence to company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the CompaniesAct 2013(hereinafter referred to as "the Act").

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing prescribed undersection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols with reference to financial statements. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements were established and maintained and whether such controls operatedeffectively in all material respects

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of such internal financial controlsassessing 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 standalonefinancial error statements whetherduetofraud .

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 withreference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlswith reference to financial statements include those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial controls with Reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

For Gupta Saharia & Co.

Chartered Accountants

ICAI Firm Registration Number: 103446W

Sd/-

CA Suresh Saharia

Partner

Membership No.: 040180

Place: Mumbai Date : 28th July 2020 UDIN: 20040180AAAAB18568

.