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IND Renewable Energy Ltd.

BSE: 536709 Sector: Infrastructure
NSE: N.A. ISIN Code: INE138O01029
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NSE 05:30 | 01 Jan IND Renewable Energy Ltd
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VOLUME 1650
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OPEN 11.95
CLOSE 11.95
VOLUME 1650
52-Week high 18.85
52-Week low 7.01
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

IND Renewable Energy Ltd. (INDRENEWABLE) - Auditors Report

Company auditors report

To the Members

IND RENEWABLE ENERGY LIMITED

(Formerly Known as Vakharia Power Infrastructure Limited) y^

Report on Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Ind Renewable Energy Limited(Formerly Known as Vakharia Power Infrastructure Limited) ("the Company")which comprise the balance sheet as at 31" March 2020 and the statement of Profitand Loss the statement of changes in equity and statement of cash flows for the year thenended and notes to the financial statements including a summary of significantaccounting 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 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 2020 and loss changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards arc further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Companies Act 2013 and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We\ believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion and we do not provide a separate opinion on these matters.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation ''omDiiscs the information included in the annual report but does not includethe standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand wc do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statement our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated if based on thework we have performed we conclude that there is material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial 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 financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting 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 financial statements.

As a part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. we also

Identify and assess the risks of material misstatement of the financial statementwhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher then for one resulting from error as fraud may involve collusion forgeryintentional omission misrepresentation 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 out opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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 of basis ofaccounting and based on the audit evidence obtained whether a material uncertainlyexists related to events or conditions that may cast significant doubt on the companyability 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 financial statement or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up of the date of ourauditor's report. However future events or conditions may cause the company to cease tocontinue as a going concern; and

Evaluate the overall presentation structure and content of the Standalone financialstatements including the disclosures and whether the statement represents the underlyingtransaction and events in a manner that achieves fair presentation.

Materially is the magnitude of misstatements in the financial statement thatindividually or in aggregate makes it probable that the economic decision of a reasonablyknowlcdgable user of the financial statements may be influenced. We consider quantativcmaterially and qualitative factors in: (i) planning the scope of our audit work andevaluating the result of our work and; (ii) to evaluate the effects of any identifiedmisstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirement regarding independence and to communicate with them allrelationship and other matter that may reasonably be though to bear on our independenceand 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 described these mattersin our auditor's report where applicable and unless law of regulations precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be excepted to out weighted the public interest benefits of suchcommunications.

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 its terms of sub-section (11) of section 143of Companies Act 2013 we give in the Annexure "A" a statement on the mattersspecified in paragraph 3 and 4 of the Order.

2. As required by section 143 (3) of the Act we report that:

a) se information and explanations which to the best of our knowledge and belief werenecessary 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 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 financial statements comply with theAccounting Standards specified under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015.

c) on the basis of written representations received from the directors as on March 312020 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2020 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Companies Act 2013.

f) with respect to the adequacy of the internal Financial Controls over Financialreporting of the Company and operating effectiveness of such controls refer to ourseparate report in Annexure "B".

g) with respect to the other matters to be included in the Auditors Report inaccordance with the requirement of Section 197(16) of the Act as amened in our opinionand to the best of our information and according to the explanations given to us noremuneration paid by the Company to its directors is in accordance with the provisions ofSection 197 of the Act; and

h) With respect to the other matters included in the auditor's report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rule 2014 as amended and to best of ourinformation and according to the explanation given to us.

1) The Company does not have any pending litigations which would impact its financialposition.

2) The Company did not have any long-term contracts for which there were any materialforeseeable losses.

3) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For K.S. MAHESHWARI & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 105846VV)
K.S MAHESHWARI
Place: Mumbai PARTNER
Dated: 27th June 2020 M NO.39715
UDIN 20039715AAAABG4467

IND RENEWABLE ENERGY LIMITED (Formerly Known as Vakharia Power Infrastructure Limited)ACCOUNTING YEAR ENDED 31st MARCH 2020 Annexure "A" to the IndependentAuditors' Report

The Annexure ‘A' referred to in paragraph I under "Report on Other RegulatoryRequirements" section of our report of even date

(i) In Respect of its Fixed Assets:

(a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonableintervals in accordance with regular programme of verification. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(c) The Company does not have any immovable property and hence clause (i) (c) is notapplicable.

(ii) In Respect of its inventory:

According to the information and explanations given to us the Company does not haveany inventories hence clause (ii) is not applicable.

(iii) According to information and explanations given to us the Company has notgranted loans secured or unsecured to companies firms Limited to Liability Partnershipsor other parties covered in the register maintained under section 189 of the Companies Act2013.

(iv) According to information and explanations given to us the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

(v) According to the information and explanations given to us the company has notaccepted any deposits during the year.

(v) According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of 148 of theCompanies Act 2013.

(vi) According to the information and explanation given to us in respect of statutorydues;

a. The company is generally regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales tax wealth tax service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authorities wherever applicable.

b. There were no undisputed amounts payable in respect of provident fund employees'state insurance income tax sales-tax service tax. duty of customs duty of exercisevalue added tax cess and any other statutory dues in arrears as at March 31 2020 forperiod of more than six months from the date they became payable.

(vii) The company has not defaulted in repayment of loans or borrowing from anyfinancial institution bank Government or dues to debenture holders.

(ix) The company has not raised any money by way of further public offer by Right Issueto the shareholder and Term loans during the year.

(x) We have not noticed or reported any fraud by the company or any fraud on theCompany by its officers or employees during the year.

(xi) The Company is not a Nidhi Company hence clause is not applicable during the year.

(xii) The company has not paid any managerial remuneration; hence clause is notapplicable during the year.

(xiii) According to the information given to us all transactions with the relatedparties are in compliance with sections 177 and 188 of Companies Act 2013 where everapplicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

(xiv) According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

(xv) According to the information and explanations given to us the company has notentered into non-cash transactions with directors or persons connected with him and theprovisions of section 192 of Companies Act 2013 have been complied with;

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For K.S. MAHESHVVARI & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 105846W)
K. SJVIAHESHWARI
PARTNER
Place : Mumbai M.NOJ9715
Dated: 27th June 2020 UDIN 20039715AAAABG4467

IND RENEWABLE ENERGY LIMITED

(Formerly Known as Vakharia Power Infrastructure Limited)

ACCOUNTING YEAR ENDED 31st MARCH 2020

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF EVERLON SYNTHETICS 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 over financial reporting of EverlonSynthetics Limited ("the Company") as of March 31 2020 in conjunction with ouraudit of the 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. 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 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 financial information as required underthe Companies Act 2013.

Auditors' Responsibility

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 ICAI 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 audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 andmaintained 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financing 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 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 Limitations of Internal Financial Controls over Financing Reporting

Because of the inherent limitations of internal financial controls over financingreporting 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 subjected to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree 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 controlsover financial reporting were operating effectively as at March 31 2020 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.

For K.S. MAHESHWARI & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 105846W)
K.S. MAHESHWARI
PARTNER
Place: Mumbai M.NO.39715
Dated: 27th June 2020 UDIN 20039715AAAABG4467

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