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Genus Power Infrastructures Ltd.

BSE: 530343 Sector: Engineering
NSE: GENUSPOWER ISIN Code: INE955D01029
BSE 11:09 | 19 Jun 44.05 -0.60
(-1.34%)
OPEN

44.15

HIGH

44.15

LOW

44.00

NSE 10:59 | 19 Jun 43.85 -0.90
(-2.01%)
OPEN

44.40

HIGH

44.60

LOW

43.70

OPEN 44.15
PREVIOUS CLOSE 44.65
VOLUME 1180
52-Week high 86.00
52-Week low 37.60
P/E 22.03
Mkt Cap.(Rs cr) 1,133
Buy Price 43.70
Buy Qty 168.00
Sell Price 43.95
Sell Qty 279.00
OPEN 44.15
CLOSE 44.65
VOLUME 1180
52-Week high 86.00
52-Week low 37.60
P/E 22.03
Mkt Cap.(Rs cr) 1,133
Buy Price 43.70
Buy Qty 168.00
Sell Price 43.95
Sell Qty 279.00

Genus Power Infrastructures Ltd. (GENUSPOWER) - Auditors Report

Company auditors report

To the Members of Genus Power Infrastructures Limited Report on the Standalone I nd ASFinancial Statements

We have audited the accompanying standalone Ind AS financial statements of Genus PowerInfrastructures Limited ("the Company") which comprise the Balance Sheet as atMarch 312017 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 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 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 Standard) 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 fraudsand other irregularities; selection and applicationof appropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Ind AS financialstatements that give a true and fair view and are free from material misstatementwhetherdue 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 financial statements are free from material misstatement.

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 standaloneInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone Ind AS financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness 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 312017 its profit including other comprehensive income its cash flows andthe changes in equity fortheyear 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 143ofthe Act wegive in the Annexurel a statement on the matters specified in paragraphs3 and4 oftheOrder.

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 ouraudit;

(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 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 the Companies(Indian Accounting Standard) Rules 2015 asamended;

(e) On the basis of written representations received from the directors as on March312017 and taken on record by the Board of Directors none ofthedirectorsisdisqualifiedasonMarch312017frombeingappointedasadirectorin terms ofsection 164 (2) of the Act

(f) With respecttotheadequacyoftheinternalfinancialcontrolsoverfinancial reporting ofthe Company and the operating effectiveness of such controls refer to our separate Reportin "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 theCompanies(Auditand Auditors) Rules 2014 in our opinion andto 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;

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

iv. The Company has provided requisite disclosures in Note 57 to these standalone IndAS financial statements as to the holding of Specified Bank Notes on November 82016 andDecember302016 as well as dealings in Specified Bank Notes during the period fromNovember 8 2016 to December 302016. Based on our audit procedures and relying on themanagement representation regarding the holding and nature of cash transactions includingSpecified Bank Notes we report that these disclosures are in accordance with the books ofaccounts maintained by theCompany and as produced to us by the Management.

ForS.R. BATLIBOI&ASSOCIATES LLP For D. KHANNA&ASSOCIATES

ICAI Firm registration number; 101049W/E300004 Firm registration number; 012917N

Chartered Accountants Chartered Accountants

perShankarSrinivasan perDeepakKhanna

Partner Partner

Membership No.: 213271 Membership No.:092140

Placeof signature: Hyderabad Placeof signature Jaipur

Date:May232017 Date:May232017

Annexure 1 referred to the Independent Auditor's Report

Re: Genus Power Infrastructures Limited ("the Company")

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and

equipment.

(b) The Company has a regular programme of physical verification of its property plantand equipment by which all property plant and equipment are verified in a phased mannerover a period of 3 years. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such verification.

(c) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management the title deeds of immovable propertiesare held in the name of theCompany.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on suchphysicalverification.

(iii) (a) The Company has granted loans the principal and interest thereof arere-payable on demand to a company covered in the register

maintained under section 189 of the Companies Act 2013. In our opinion and accordingto the information and explanations given to us the terms and conditions of the grantsand loans are not prejudicialto the Company's interest.

(b) The Company has granted loans that are re-payable on demand to a company coveredin the register maintained under section 189 of the Companies Act 2013. We are informedthat the Company has not demanded repayment of any such loan and interest during theyearand thus there has been no default on the part oftheparties to whom the money has beenlent.

(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 loansandadvances given investments made and guarantees and securities given have been compliedwith by the Company.

(v) TheCompany 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 madeadetailed examination ofthesame.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state

insurance income-tax sales-tax service tax duty of custom duty of excise valueadded tax 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 cess and other materialstatutory dues were outstanding at theyearend fora period of more than sixmonthsfromthedate 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 and cess onaccount of any dispute are asfollows:

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 Bihar Value Added Act 2005

Value Added Tax

Commissioner 2009-2010 375.29 117.54 257.75
Assistant Commissioner 2009-2010 40.67 10.17 30.50
Joint Commissioner (Appeals) 2006 - 2009 2015-2016 19.50 5.77 13.73
The Rajasthan Value Added Tax Act 2003

Value Added Tax

Deputy Commissioner Appeals 2010-2016 63.51 28.48 35.03
Rajasthan Tax Board 2008-2009 40.26 0.83 39.44
The Central Sales Tax Act 1956

Sales Tax

Deputy Commissioner Appeals 2010-2016 76.14 29.97 46.17
Rajasthan Tax Board 2007- 2009 913.61 39.93 873.68
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 263.62 160.00 103.61
The Madhya Pradesh Value Added Tax 2015 Value Added Tax Deputy Commissioner (Appeals) 2009-2011

2012-2013

17.64 2.11 15.54
The Rajasthan Tax on Entry of Goods into Local Areas Act 1999

Entry Tax

Hon'bleHigh Court of Rajasthan 2008-2009 9.25 9.25 '
Deputy Commissioner Appeals 2010-2016 33.28 15.92 17.36
Uttrakhand Value Added Tax 2005 Value Added Tax Joint Commissioner (Appeals) 2016-2017 4.62 4.62 "
The Uttar Pradesh Value Added Tax Act 2008

Value Added Tax

Assessing Officer 2014-2015 2.67 2.67 -
Assistant Commissioner 2012-2013 0.60 0.60 -
Joint Commissioner (Appeals) 2008-2009 39.33 - 39.33
Tax Tribunal 2006 - 2008 23.02 - 23.02
The West Bengal Value Added Tax Act 2003 Value Added Tax Joint Commissioner (Appeals) 2013-2014 89.90 13.28 76.62
Tax Tribunal 2009-2014 470.75 5.50 465.25
The Central Excise Act 1994 Excise Duty Customs Excise and Service Tax Appellate Tribunat Delhi 2004-2010 125.79 50.18 75.61
Commissioner Appeal 2007-2008 5.34 0.40 4.94
Commissioner of Central Excise 2012-2015 94.54 94.54 -
The Finance Act 1994 Service Tax Commissioner Appeal 2011-2013 18.34 6.52 11.82
Customs Excise and Service Tax Appellate Tribunat Delhi 2010-2012 165.44 " 165.44
The Income Tax Act 1961 Income Tax Commissioner of Income Tax (Appeals) 2007-2009

2010-2012

74.91 74.91 '

(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 financial institution debenture holders bank or government.

(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 not raised any money way of initial public offer/ further public offer / debt instruments and term loans hence reporting under clause(ix) is not applicable to the Company 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 not commented 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 theyear underreviewand 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.

ForS.R. BATLIBOI&ASSOCIATES LLP

ICAI Firm registration number 101049W/E300004 Chartered Accountants

For D. KHANNA&ASSOCIATES

Firm registration number 012917N Chartered Accountants

perShankarSrinivasan

Partner

Membership No.: 213271

perDeepakKhanna

Partner

Membership No.: 092140

Place of signature: Hyderabad Date:May232017 Placeof signature Jaipur Date:May232017

Annexure - 2 to the Independent Auditor's Report of even date on the financialstatements of Genus Power Infrastructures Limited

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 financial controls overfinancial reporting of Genus PowerInfrastructures Limited ("the Company") as of March 312017 in conjunction withouraudit of the standalone financial statements of the Company for theyearended on thatdate.

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 itsassets 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 overfinancial reporting based on ouraudit. 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 as specified undersection143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial 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 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 judgement including the assessment of the risks ofmaterial misstatement of the financialstatements whether due 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.

Meaning of Internal Financial Controls Over Financial Reporting

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 with 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 authorisations 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 financialstatements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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 errororfraud may occurand not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial 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 internalfinancial controls system over financial reporting and such internal financial controlsoverfinancial reporting were operating effectively as at March 312017 based on theinternal control overfinancial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal FinancialControls Over Financial Reporting issued by the Institute ofCharteredAccountants of India.

ForS.R. BATLIBOI&ASSOCIATES LLP

ICAI Firm registration number; 101049W/E300004 Chartered Accountants

For D. KHANNA&ASSOCIATES

Firm registration numbenOI 2917N Chartered Accountants

perShankarSrinivasan

Partner

Membership No.: 213271

per Deepak Khanna

Partner

Membership No.: 092140

Place ofsignature: Hyderabad Date:May232017 Place of signature Jaipur Date:May232017