India Infrastructure Trust.
|BSE: 542543||Sector: Infrastructure|
|NSE: N.A.||ISIN Code: INE05KD23015|
|BSE 16:01 | 25 Aug||India Infrastructure Trust|
|NSE 05:30 | 01 Jan||India Infrastructure Trust|
|Mkt Cap.(Rs cr)||6,242|
|Mkt Cap.(Rs cr)||6241.60|
India Infrastructure Trust. (INDIAINFRTRUST) - Auditors Report
Company auditors report
To The Unitholders of India Infrastructure Trust
Report on the Audit of Standalone Financial Statements
We have audited the accompanying standalone financial statements ofIndia Infrastructure Trust (the Trust) which comprise the Standalone BalanceSheet as at March 31 2021 Standalone Statement of Profit and Loss including Statement ofOther Comprehensive Income/(Loss) Statement of Changes in Unitholders' EquityStandalone Cash Flow Statement for the year then ended Standalone Statement of Net Assetsat Fair Value as at March 31 2021 and Standalone Statement of Total Returns at Fair Valueand Net Distributable Cash Flows for the year then ended and a summary of significantaccounting policies and other explanatory information.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Securities and Exchange Board of India (InfrastructureInvestment Trusts) Regulations 2014 as amended from time to time including any guidelinesand circulars issued thereunder read with the SEBI circular number CIR/IMD/DF/114/2016dated October 20 2016 (together referred to as the "InvIT Regulations") in themanner so required and give a true and fair view in conformity with the Indian AccountingStandards as defined in Rule 2(1)(a) of the Companies (Indian Accounting Standards) Rules2015 (as amended) and other accounting principles generally accepted in India to theextent not inconsistent with the InvIT Regulations of the state of affairs of the Trustas at March 31 2021 and its profit including other comprehensive income/(loss) itschanges in unitholders' equity its cash flows for the year ended March 31 2021 itsnet assets at fair value as at March 31 2021 its total returns at fair value and netdistributable cash flows for the year ended on that date and other financial informationof the Trust.
Basis for Opinion
We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing (SAs) issued by the Institute of CharteredAccountants of India (ICAI). Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibility for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Trust in accordance with theCode of Ethics issued by the ICAI and we have fulfilled our other ethical responsibilitiesin accordance with these requirements and the ICAI's Code of Ethics. We believe thatthe audit evidence obtained by us is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone financial statements.
Emphasis of Matter
We draw attention to Note 9.2 which describes the presentation ofUnit Capital as Equity to comply with InVIT Regulations. Ouropinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent year. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.
Brookfield India Infrastructure Manager Private Limited (Formerly knownas WIP (India) Private Limited) (Investment Manager') acting in its capacity asan Investment Manager of the Trust is responsible for the other information. The otherinformation comprises the information and disclosures included in the Annual Report butdoes not include the standalone financial statements consolidated financial statementsand our auditor's report thereon. The Annual Report is expected to be made availableto us after the date of this auditor's report.
Our opinion on the standalone financial statements does not cover theother information and we will not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.
Management's Responsibility for the Standalone FinancialStatements
The Management of Investment Manager (the Management) isresponsible for the preparation of these standalone financial statements that give a trueand fair view of the financial position financial performance including othercomprehensive income changes in unitholders' equity cash flows for the year endedMarch 31 2021 net assets at fair value as at March 31 2021 total returns at fair valueand net distributable cash flows for the yar ended on that date of the Trust in accordancewith the InvIT Regulations the Indian Accounting Standards as defined in Rule 2(1)(a) ofthe Companies (Indian Accounting Standards) Rules 2015 (as amended) and other accountingprinciples generally accepted in India to the extent not inconsistent with InvITRegulations.
This responsibility also includes maintenance of adequate accountingrecords for safeguarding the assets of the Trust and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error whichhave been used for the purpose of preparation of the standalone financial statements bythe Investment Manager of the Trust as aforesaid.
In preparing the standalone financial statements the management isresponsible for assessing the Trust's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Trust or to ceaseoperations or has no realistic alternative but to do so.
The Investment Manager is also responsible for overseeing theTrust's financial reporting process.
Auditor's Responsibility for the Audit of the Standalone FinancialStatements
Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.
Obtain an understanding of internal financial control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances butnot for the purpose of expressing an opinion on the effectiveness of the Trust'sinternal control.
Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of Management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theTrust's ability to continue as a going concern.
If we conclude that a material uncertainty exists we are required todraw attention in our auditor's report to the related disclosures in the standalonefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Trust to cease to continue as agoing concern.
Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the Standalonefinancial statements of the Trust to express an opinion on the standalone financialstatements.
Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin
(i) planning the scope of our audit work and in evaluating the resultsof our work; and
(ii) to evaluate the effect of any identified misstatements in thestandalone financial statements.
We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsthat we identify during our audit.
We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current year and are therefore the key audit matters. Wedescribe these matters in our auditor's 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 suchcommunication.
Report on Other Legal and Regulatory Requirements
Based on our audit and as required by InvIT Regulations we reportthat:
a) We have obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;
b) The Standalone Balance sheet and Standalone Statement of Profit andLoss including Other Comprehensive Income/(Loss) Statement of Changes inUnitholders' Equity Standalone Cash Flow Statement dealt with by this Report are inagreement with the relevant books of account of the Trust;
c) In our opinion the aforesaid standalone financial statements complywith the Indian Accounting Standards as defined in Rule 2(1)(a) of the Companies (IndianAccounting Standards) Rules 2015 (as amended) and other accounting principles generallyaccepted in India to the extent not inconsistent with the InvIT Regulations.