To the Members of INFRAQUEST INTERNATIONAL LIMITED
Report on the Financial Statements
1 We have audited the accompanying financial statements of INFRAQUEST INTERNATIONALLIMITED ("the Company") which comprise the Balance Sheet as at March 312016 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
2 The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (the act) with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
3 Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.
4 An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of the accounting estimates made by the Companys managementand Board of Directors as well as evaluating the overall presentation of the financialstatements.
5 We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the 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 2016 its loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7 As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection143 of the Act we give in the Annexure a statement on the matters Specified inparagraphs 3 and 4 of the Order.
8 As required by section 143(3) of the Act we further 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 appears from our examination of those books;
c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
d. in our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
e. on the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.
f. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditors Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014:
(i) The Company does not have any pending litigations which would impact its financialposition.
(ii) The Company did not have any long-term contracts including derivative contracts;as such the question of commenting on any material foreseeable losses thereon does notarise.
(iii) There has not been any occasion in case of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund. The questionof delay in transferring such sums does not arise.
| ||For S. GATTANI & CO. |
| ||Chartered Accountants |
| ||Firm Registration No 326788E |
| ||Sd/- |
| ||SARBANANDA GATTANI |
|Place: Mumbai ||Partner |
|Date: 27th May 2016 ||M. No. 056536 |
Annexure referred to in paragraph 7 Our Report of even date to the members ofINFRAQUEST INTERNATIONAL LIMITED on the accounts of the company for the year ended 31stMarch 2016
i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us the fixed assets of the Company have been physically verifiedby the Management during the year and as informed to us no material discrepancies havebeen noticed on such verification. In our opinion the frequency of verification isreasonable.
(c) The Company does not hold any immovable properties.
ii. The Company did not carry on any trading or manufacturing activity during the yearand did not require to have any inventory. Hence the requirement of clause (ii) ofparagraph 3 of the said Order is not applicable to the Company; As the Company did nothave any inventory during the year there is no question of maintenance of records ofinventories their physical verification and reporting discrepancy on physicalverification.
iii. The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under Section 189 of the Act.Therefore the provisions of Clause 3(iii) (iii)(a) and (iii)(b) of the said Order arenot applicable to the Company.
iv. The Company has not granted any loans investments guarantees referred in theprovisions of section 185 and 186 of the Companies Act 2013.
v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.
vi. The Central Government of India has not specified the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.
vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including provident fund employees state insuranceincome tax sales tax service tax duty of excise value added tax cess and othermaterial statutory dues as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of sales-tax wealth-tax service-tax duty ofexcise value added tax cess which have not been deposited on account of any dispute.
viii. According to the records of the Company examined by us and the information andexplanations given to us the Company does not have any borrowings from any financialinstitution or bank nor has it issued any debentures as at the balance sheet date hencethe provisions of Clause viii of the Order are not applicable to the Company.
ix. According to the information and explanations given to us company has not raisedmoneys by way of initial public offer or further public offer during the year (includingdebt instruments) and no term loans are raised during the year.
x. We have not noticed any fraud by the company or any fraud on the Company by itsofficers or employees during the year.
xi No Managerial remuneration has been paid or provided during the year.
xii The Company is not registered under Nidhi Company hence the provisions of thissection does not applicable to the company as referred in in the Nidhi Rules 2014.
xiii All transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards;
xiv The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.
xv The company has not entered into any non-cash transactions with directors or personsconnected with him and the provisions of section 192 of Companies Act 2013 doesapplicable.
Xvi The Company is not required to be registered under section 45.1A of The ReserveBank of India Act.
| ||For S. GATTANI & CO. |
|Chartered Accountants || |
| ||Firm Registration No 326788E |
| ||Sd/- |
| ||SARBANANDA GATTANI |
| ||Partner |