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SKIL Infrastructure Ltd.

BSE: 539861 Sector: Infrastructure
NSE: SKIL ISIN Code: INE429F01012
BSE 00:00 | 14 Aug 23.75 -0.15
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OPEN 23.00
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VOLUME 4060
52-Week high 55.65
52-Week low 19.00
P/E
Mkt Cap.(Rs cr) 514
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 23.00
CLOSE 23.90
VOLUME 4060
52-Week high 55.65
52-Week low 19.00
P/E
Mkt Cap.(Rs cr) 514
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SKIL Infrastructure Ltd. (SKIL) - Auditors Report

Company auditors report

TO THE MEMBERS OF SKIL INFRASTRUCTURE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SKIL INFRASTRUCTURE LIMITED("the Company") which comprise the Balance Sheet as at 31 March 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit

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 financial statements.

The procedures selected depend on the auditor's judgment including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlstatements that relevant to the Company's preparation of the financial give true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India; a) in the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2017; b) in the case of the Statement of Profitand Loss of the Loss for the year ended on that date; and c) in the case of the Cash FlowStatement of the cash flows 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 terms of sub-section (11) of Section 143 ofthe Act we give in "Annexure A" a statement on matters specified in Paragraph 3and 4 of the Order to the extent applicable.

2) As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss andCash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the 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 and to our bestof our information and according to the explanations given to us :

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 derivativescontracts for which there were any material foreseeable losses

iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company.

iv The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are with the books of accounts maintained by theCompany. Refer Note 37 to the financial statements

For BHARAT SHAH & ASSOCIATES

Chartered Accountants (Firm Reg. No:. 101249W)

(BHARAT A. SHAH)

PROPRIETOR

Membership No.32281

PLACE : MUMBAI

DATED : 30/05/2017

Annexure A to the Independent Auditors' Report

The Annexure referred to in our report to the members of SKIL INFRASTRUCTURE LIMITED("the Company") for the year Ended on 31st March 2017. We reportthat:

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

(b) All the fixed assets has been physically verified by the management during the yearwhich in our opinion is reasonable having regard to the size of the company and nature ofits fixed assets and no material discrepancies were noticed on such physical verification.

(c) Based on our audit procedures performed for the purpose of reporting the true andfairview of the financial statements and according to the information and explanationsgiven by the management the title deed of immovable properties are held in the name ofthe company

2. The Company doesn't have any inventory hence the clause of the Para 3 (ii) is NotApplicable.

3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.And hence the clause of the Para 3 (iii) (a) (b) and (c) is not applicable.

4. In our opinion and according to the information and explanations given to us thereare no loans investments guarantees and securities granted in respect of whichprovisions of section 185 and 186 of the Companies Act 2013 are applicable and hence notcommented upon.

5. According to information and explanation given to us the company has not acceptedany public deposits and hence the directives issued by the Reserve Bank of India and theprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed there under are not applicable for the year under audit.

6. We have been informed by the management that the Central Government has notprescribed maintenance of cost records for the Company under sub-section (1) of section148 of the Companies Act 2013. Therefore the provision of clause (vi) of para 3 is notapplicable.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the company is generally regular in depositing theundisputed statutory dues including provident fund income-tax sales tax wealth taxservice tax customs duty excise duty cess and other material statutory dues applicablewith the appropriate authorities. According to the information and explanation given tous no undisputed amounts payable in respect of the aforesaid dues were outstanding as at31st March 2017 for the period of more than six months from the date becoming payableexcept Income tax liability of Rs. 224.82 Lacs Income tax (TDS) of Rs.181.58 Lacs WealthTax of 3.60 Lacs Interest on TDS Payable of Rs. 955.86 Lacs and Stamp duty payable of Rs.2500/- Lacs and Sales tax payable of Rs. 6.80 Lacs.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Wealth Tax Service Tax Sales Tax Customs Duty Excess Duty VAT and cess onaccount of any dispute which have not been deposited except in certain cases. The disputedstatutory dues aggregating to Rs. 5087.11 Lacs have not been deposited on account ofdisputed matters pending before the appropriate authorities as under:

Name of the Statue Nature of the dues Year Amount Forum where dispute is pending
(Rs. in lacs)
Income Tax Act 1961 Income Tax Block Assessment dues Assessment Year 2007-08 90.49 CIT (Appeals)- Mumbai
Income Tax Act 1961 Income Tax Block Assessment dues Assessment Year 2009-10 106.39 CIT (Appeals)- Mumbai
Income Tax Act 1961 Income Tax Regular Assessment dues Assessment Year 2010-11 172.49 CIT (Appeals)- Mumbai
Income Tax Act 1961 Income Tax Regular Assessment dues Assessment Year 2010-11 21.21 ITAT-Mumbai Bench
Income Tax Act 1961 Income Tax Block Assessment dues Assessment Year 2010-11 291.41 CIT (Appeals)- Mumbai
Income Tax Act 1961 Income Tax Regular Assessment dues Assessment Year 2011-12 180.77 CIT (Appeals)- Mumbai
Income Tax Act 1961 Income Tax Regular Assessment dues Assessment Year 2011-12 140.89 CIT (Appeals)- Mumbai
Income Tax Act 1961 Income Tax Regular Assessment dues Assessment Year 2012-13 77.68 CIT (Appeals)- Mumbai
Income Tax Act 1961 Income Tax Regular Assessment dues Assessment Year 2013-14 430.52 CIT (Appeals)- Mumbai
Income Tax Act 1961 Interest on TDS u/s 201(IA) Assessment Year 2012-13 70.01 ACIT (TDS)-3(2)
Income Tax Act 1961 Income Tax Regular Assessment dues Assessment Year 2014-15 1420.26 CIT (Appeals)- Mumbai
Maharashtra Stamp Act Penalty on Stamp Duty Assessment Year 2015-16 2085.00 High Court
Total 5087.11

8. According to the records of the company examined by us and the information andexplanations given to us by the Management we are of the opinion that as on 31stMarch 2017 the Company has not defaulted in repayment of dues to banks financialinstitutions and debenture holders except for amount payable to banks aggregating to Rs.18420.93 Lacs/-. The lender wise details are tabulated as under:

Sr. No. Particulars Principal Default Period of default since Interest Default Period of default since
(Rs. in Lacs) (Rs. in Lacs)
1 Loan From Central Bank of India_II 7500.00 Sep-15 2308.01 Jul-15
2 Loan From Union Bank of India 590.97 Mar-16 34.16 Nov-16
3 Loan From Central Bank of India_III 5000.00 Mar-16 1322.92 Jul-15
4 Loan From IDBI Bank - 0701673100000028-CC 224.05 Nov-16 - -
5 Loan From IDBI BANK-1 589.97 Oct-16 - -
6 Loan From IDBI BANK-2 18.06 Sep-16 Mar-17
11.29
7 Loan From IDBI BANK-3 6.81 Oct-15 Mar-17
8 Loan From Yes Bank – 1 356.79 Mar-16 127.54 Mar-17
9 Loan From Yes Bank Ltd- 2 - - 330.35 Mar-17
Total 14286.65 4134.29

9. In our opinion and according to the information and explanations given to us theCompany has not raised any money by way of initial public offer or further public offer (including Debt Instruments) and term loans applied for the purpose for which they wereraised Therefore the provision of clause (ix) of para 3 is not applicable 10. During thecourse of our examination of the books and records of the company carried out inaccordance with the generally accepted auditing practices in India and according to theinformation and explanations given to us we have neither come across any instance ofmaterial fraud on or by the Company noticed or reported during the year nor have we beeninformed of such case by the management.

11. 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 V to the Companies Act 2013.

12. The company is not a Nidhi Company. Therefore the provision of clause (xii) of para3 is not applicable.

13. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the financialstatements etc as required by the applicable accounting standard.

14. In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placements of shares or fullyor partly convertible debentures under review. Therefore the provisions of clause (xiv) ofpara 3 is not applicable.

15. The company has not entered into any non-cash transactions with directors orpersons connected with him. Therefore the provision of clause (xv) of para 3 is notapplicable.

16. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45IA of The Reserve Bank of IndiaAct 1934. Therefore the provision of clause (xvi) of para 3 is not applicable.

For BHARAT SHAH & ASSOCIATES

Chartered Accountants (Firm Reg. No:. 101249W)

(BHARAT A. SHAH)

PROPRIETOR

Membership No.32281

PLACE : MUMBAI

DATED : 30/05/2017

ANNEXURE B

TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF SKILINFRASTRUCTURE 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 SKIL INFRASTRUCTURE LIMITED controls overfinancial ("the Company") as of March 31 2017 in conjunction with our audit ofthe 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 over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in Guidance Note on Auditof Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the 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 have conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols and as issued by the Institute of Chartered Accountants of India. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 judgment including the assessment of the risks ofmaterial misstatement of the financial 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 Company's internal financial controls systemover financial 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 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 error or fraud may occur and not be detected.Also over financial that the projections of any evaluation of the internal financialinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay 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 over financial reporting criteria established by the Company consideringthe essential Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India.

For BHARAT SHAH & ASSOCIATES

Chartered Accountants (Firm Reg. No:. 101249W)

(BHARAT A. SHAH)

PROPRIETOR

Membership No.32281

PLACE : MUMBAI

DATED : 30/05/2017