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Genus Power Infrastructures Ltd.

BSE: 530343 Sector: Engineering
NSE: GENUSPOWER ISIN Code: INE955D01029
BSE 00:00 | 05 Dec 24.30 -0.40
(-1.62%)
OPEN

24.65

HIGH

24.70

LOW

24.30

NSE 00:00 | 05 Dec 24.35 -0.15
(-0.61%)
OPEN

25.35

HIGH

25.35

LOW

24.35

OPEN 24.65
PREVIOUS CLOSE 24.70
VOLUME 1002
52-Week high 34.95
52-Week low 16.35
P/E 6.94
Mkt Cap.(Rs cr) 625
Buy Price 23.60
Buy Qty 1.00
Sell Price 24.70
Sell Qty 50.00
OPEN 24.65
CLOSE 24.70
VOLUME 1002
52-Week high 34.95
52-Week low 16.35
P/E 6.94
Mkt Cap.(Rs cr) 625
Buy Price 23.60
Buy Qty 1.00
Sell Price 24.70
Sell Qty 50.00

Genus Power Infrastructures Ltd. (GENUSPOWER) - Auditors Report

Company auditors report

To

The Members of

Genus Power Infrastructures Limited

Report on the Standalone I nd AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of Genus PowerInfrastructures Limited ("the Company") which comprise the Balance Sheet as atMarch 312018 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Row Statement and the Statement of Changes in Equity forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility forthe Standalone Ind AS FinancialStatements

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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. This responsibility also includes maintenance of adequate accounting recordsin accordance 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 the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom materialmisstatementwhetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on 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 thereunder. We conductedour audit of the standalone Ind AS financial statements in accordance with the Standardson Auditing issued by the Institute of Chartered Accountants of India as specified 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 standalone Ind As financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used andthere asonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone Ind AS financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind AS financial 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 312018 its profit including other comprehensive income its cash flows andthe changes in equity 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 3 and4 ofthe Order.

2. As required by section 143 (3) ofthe Act we reportthat:

(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 ouraudif

(b) In our opinion proper books of account as required bylaw have been kept by theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of written representations received from the directors as on March312018 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312018 from being appointed asadirectorintermsof section 164(2)oftheAct;

(f) With respect to the adequacy of the internal financial controls over financialreporting with reference to these standalone Ind AS financial statements ofthe Company andthe operating effectiveness of such controls referto ourseparate Report in "Annexure2" to this report; and

(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 has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements- Refer Note 34 to the standaloneInd AS financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts; and

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

For S.R. BATLIBOI & ASSOCIATES LLP For D. KHANNA&ASSOCIATES
ICAI Firm registration number; 101049W/E300004 Firm registration number: 012917N
Chartered Accountants Chartered Accountants
per Shankar Srinlvasan perDeepakKhanna
Partner Partner
Membership No.: 213271 Membership No.: 092140
Place of signature: Jaipur Place of signature Jaipur
Date: May 112018 Date: May 112018

(c) There are no overdue amounts in respect of the loan granted to a company covered inthe register maintained under Section 189 of the CompaniesAct2013.

Gv) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the Company.

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

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to the manufacture or service ofelectricals and electronic machinery and are of the opinion that prima facie thespecified accounts and records have been made and maintained. We have not however made adetailed examination of the same.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income-taxsales-tax service tax duty of custom duty of excise value added tax goods and servicetax cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax service taxsales-tax duty of custom duty of excise value added tax goods and service tax cessand other material statutory dues were outstanding at theyearendfora period of more thansix months from the date they became payable.

(c) According to the records of the Company the dues outstanding of income-taxsales-tax service tax duty of custom duty of excise value added tax goods and servicetax and cess on account of any dispute are as follows:

Name of the Statue Nature of the Dues (including interest and penalty where applicable) Forum Period to which amount relates (Financial Year) Gross Amount (Rs. In Lacs) Amount Deposited under Protest (Rs. In Lacs) Net Amount (Rs. In Lacs)
The Finance Act 1994 Service Tax Customs Excise and Service Tax Appellate Tribunal 2006-2007 2010-2012 298.13 298.13
The Central Excise Act 1994 Excise Duty Customs Excise and Service Tax Appellate Tribunal 2007-2008 2009-2010 120.25 45.18 75.06
Commissioner (Appeals) 2015-2017 17.17 1.29 15.88
Commissioner of Central Excise 2014-2015 6.04 6.04 "
The Central Sales Tax Act 1956 Sales Tax Assessing Officer 2009-2010 3.05 0.76 2.29
Assistant Commissioner 2010- 2011 243.47 42.42 201.05
Joint Commissioner (Appeals) 2008-2009 263.62 160.00 103.62
Deputy Commissioner (Appeals) 2010- 2016 76.14 29.97 46.17
Rajasthan Tax Board 2007-2009 913.61 39.93 873.68
The Bihar Value Added Act2005 Value Added Tax Joint Commissioner (Appeals) 2006-2009 2015-2016 19.50 5.77 13.73
Assistant Commissioner 2009-2010 40.67 10.17 30.50
Commissioner 2009-2010 375.29 117.54 257.75
The Madhya Pradesh Value Added Tax Act 2015 Value Added Tax Deputy Commissioner (Appeals) 2009-2011 2012- 2013 17.64 2.11 15.53
The Rajasthan Value Added Tax Act2003 Value Added Tax Rajasthan Tax Board 2008-2009 40.26 0.83 39.43
Deputy Commissioner Appeals 2010- 2016 63.51 28.48 35.03
The Rajasthan Taxon Entry of Goods into Local Areas Act 1999 Entry Tax High Court of Rajasthan 2008-2009 9.25 9.25 -
Deputy Commissioner Appeals 2010- 2016 33.28 15.92 17.36
The West Bengal Value Added Tax Act 2003 Value Added Tax Tax Tribunal 2009-2014 470.75 5.50 465.25
Joint Commissioner (Appeals) 2013-2014 89.90 13.28 76.62
The Uttar Pradesh Value Added Tax Act 2008 Value Added Tax Assessing Officer 2014-2015 2.67 2.67
The Income Tax Act 1961 Income Tax Commissioner of Income Tax (Appeals) 2007-2014 230.12 116.36 113.76

(viii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to information and explanationsgiven by the management we are of the opinion that the Company has not defaulted inrepayment of dues to a financialinstitutiondebentureholdersbankorgovernment.

(ix) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has utilized the monies raised by way of term loansfor the purposes for which they were raised. The Company has not raised any money way ofinitial public offer/further public offer/debt instruments and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during theyear.

(xi) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has been paid /provided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule Vto the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xi) of the order are not applicable to the Company and hence notcommented upon.

(xiii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the notes to the financial statements as required by theapplicable accounting standards.

(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 yearunder review and hence not commented upon.

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him.

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

For S.R. BATLIBOI & ASSOCIATES LLP For D. KHANNA&ASSOCIATES
ICAI Firm registration number; 101049W/E300004 Firm registration number; 012917N
Chartered Accountants Chartered Accountants
per Shankar Srlnfvasan per Deepak Khanna
Partner Partner
Membership No.: 213271 Membership No.: 092140
Place of signature: Jaipur Place of signature Jaipur
Date: May 112018 Date: May 112018

Annexure - 2 to the Independent Auditor's Report of even date on the standalone Ind ASfinancial statements of Genus Power Infrastructures Limited

Report on thelnternal FinanclalControlsunderClause(i) of Sub-section 3 of Section 143of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of Genus PowerInfrastructures Limited ("the Company") as at March 31 2018 in conjunction withouraudit ofthestandalone Ind AS financialstatements of the Company for the year ended onthat 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these standalone Ind AS financialstatements based on ouraudit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls Over Financial Reporting (the "GuidanceNote") and the Standards on Auditing as specified under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting with reference to these standalone Ind AS financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

Ouraudit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting with reference to thesestandalone Ind AS financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these standaloneInd AS financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue 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 internal financial controls systemoverfinancial reporting with reference to these standalone Ind AS financialstatements.

Meaning of Internal FinancialCo ntro Is Over Financial Reporting With Reference tothese Standalonelnd AS Financial Statements

A company's internal financial control over financial reporting with reference to thesestandalone financial statements is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company's internal financial control over financial reporting with referenceto these standalone Ind AS financial statements includes those policies and proceduresthat (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) 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 ortimely detection of unauthorised acquisitionuseordisposition of thecompany's assets that could haveamaterialeffect on the standaloneInd AS financial statements.

Inherent Limitations of Internal FinancialControls Over Financial Reporting WithReferencetothese Standalone Financialstatements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these standalone Ind AS financial statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these standalone Ind AS financial statements to future periods are subject to the riskthat the internal financial control over financial reporting with reference to thesestandalone Ind AS financial statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting with reference to these standalone IndAS financial statements and such internal financial controls over financial reporting withreference to these standalone Ind AS financial statements were operating effectively as atMarch 312018 based on the internal control over financial 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 Instituteof Chartered Accountantsof India.

For S.R. BATLIBOI & ASSOCIATES LLP For D. KHANNA&ASSOCIATES
ICAI Firm registration number; 101049W/E300004 Firm registration number; 012917N
Chartered Accountants Chartered Accountants
per Shankar Srinivasan perDeepakKhanna
Partner Partner
Membership No.; 213271 Membership No.: 092140
Place of signature: Jaipur Place of signature Jaipur
Date: May 112018 Date: May 112018