You are here » Home » Companies » Company Overview » IND Renewable Energy Ltd

IND Renewable Energy Ltd.

BSE: 536709 Sector: Infrastructure
NSE: N.A. ISIN Code: INE138O01029
BSE 14:13 | 17 Feb 9.37 0.39
(4.34%)
OPEN

9.37

HIGH

9.37

LOW

9.37

NSE 05:30 | 01 Jan IND Renewable Energy Ltd
OPEN 9.37
PREVIOUS CLOSE 8.98
VOLUME 10
52-Week high 27.20
52-Week low 6.80
P/E 187.40
Mkt Cap.(Rs cr) 3
Buy Price 8.60
Buy Qty 25.00
Sell Price 9.36
Sell Qty 300.00
OPEN 9.37
CLOSE 8.98
VOLUME 10
52-Week high 27.20
52-Week low 6.80
P/E 187.40
Mkt Cap.(Rs cr) 3
Buy Price 8.60
Buy Qty 25.00
Sell Price 9.36
Sell Qty 300.00

IND Renewable Energy Ltd. (INDRENEWABLE) - Auditors Report

Company auditors report

To the Members

IND RENEWABLE ENERGY LIMITED

(Formerly Known as Vakharia Power Infrastructure Ltd.)

Report on the Financial Statements

We have audited the accompanying Ind AS financial statements of Ind Renewable EnergyLimited (Formerly Known as Vakharia Power Infrastructure Ltd.) ("theCompany") which comprise the Balance Sheet as at March 31 2018 and the Statementof Profit and Loss Cash Flow Statement and Statement of Changes in Equity for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andStatement of Changes in Equity of the Company in accordance with the Accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the act read with the Companies (Indian Accounting Standards) Rules2015 as amended. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provisions of the act for safeguarding the assets of thecompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgment and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

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

We conducted our audit in accordance with the Standards on Auditing 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 Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd 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 Ind AS financial statements that give true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by companies directors as well as evaluating the overallpresentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2018 its profit including other comprehensive income its cash flows and thechanges 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 its terms of sub-section (11) of section 143of Companies Act 2013 we give in the Annexure "A" a statement on thematters specified in paragraph 3 and 4 of the Order.

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

a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet 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 Ind AS financial statements comply with the AccountingStandards specified under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015.

e) on the basis of written representations received from the directors as on March312018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312018 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 included in the auditor's report in accordancewith Rule II 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. 105846W)
Sd/-
K.S MAHESHWARI
Place: Mumbai. PARTNER
Dated: 22nd May 2018 M NO.39715

Annexure "A" to the Independent Auditors' Report

The Annexure ‘A' referred to in paragraph 1 under "Report on OtherRegulatory Requirements" 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) The company does not have any immoveable property

(ii) In Respect of its inventory:

According to the information and explanations given to us company is not holdinginventory hence question of physical verification does not arise.

(iii) According to information and explanations given to us the company has notgranted loans secured or unsecured to companies firms Limited Liability Partnerships orother 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 information and explanations given to us the company has not acceptedany deposits during the year.

(vi) 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.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(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 312018 forperiod of more than six months from the date they became payable.

(viii) The company has not borrowed from any financial institution Bank Government ordebenture holders hence question of default in repayment does not arise.

(ix) The company has not raised any money by way of Initial or Further Public Offer(including debt instruments and term loans).

(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) According to information and explanation given to us the Company has not paid orprovided any managerial remuneration 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. MAHESHWARI & CO.
CHARTERED ACCOUNTANTS
(FIRM REGN NO. 105846W)
Sd/-
K. S.MAHESHWARI
Place : Mumbai PARTNER
Dated: 22nd May 2018 M NO.39715