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Veer Energy & Infrastructure Ltd.

BSE: 503657 Sector: Infrastructure
NSE: N.A. ISIN Code: INE255E01030
BSE 00:00 | 19 Feb 8.45 -0.14
(-1.63%)
OPEN

8.20

HIGH

8.75

LOW

8.05

NSE 05:30 | 01 Jan Veer Energy & Infrastructure Ltd
OPEN 8.20
PREVIOUS CLOSE 8.59
VOLUME 2487
52-Week high 12.33
52-Week low 6.50
P/E
Mkt Cap.(Rs cr) 10
Buy Price 8.25
Buy Qty 100.00
Sell Price 9.25
Sell Qty 1000.00
OPEN 8.20
CLOSE 8.59
VOLUME 2487
52-Week high 12.33
52-Week low 6.50
P/E
Mkt Cap.(Rs cr) 10
Buy Price 8.25
Buy Qty 100.00
Sell Price 9.25
Sell Qty 1000.00

Veer Energy & Infrastructure Ltd. (VEERENERGY) - Auditors Report

Company auditors report

To The Members of VEER ENERGY & INFRASTRUCTURE LIMITED

Report on the Financial Statements

1. Wehave audited the accompanyingInd ASfinancial statements of Veer Energy &Infrastructure Limited ("the Company") which comprise theBalance Sheet asat March 31 2018the Statement of Profit and Loss (Including Other Comprehensive Income)the Cash Flow Statement and the Statement of Changes in Equity for theyear then ended anda summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for theInd ASFinancial Statements

2. The Company's Board of Directors' is responsible for the matters in Section 134(5)of the Companies Act 2013("the act") with respect to the preparation oftheseInd ASfinancial statements that give a true and fair view of the financial positionfinancial performance(including other comprehensive income)cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified in the Companies (Indian AccountingStandards) Rules 2015 (as amended)under Section 133 of theAct. This responsibility alsoincludes the maintenance of adequate accounting records in accordancewith the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingthe frauds 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 theInd ASfinancial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditor's Responsibility

3. Ourresponsibility is to express an opinion on theseInd ASfinancialstatements basedon our audit.

4. Wehave taken in to account the provisions of the Actand Rules made there underincludingthe accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Actand the Rules made thereunder.

5. We conducted our auditof the Ind AS financial statementsin accordance with theStandards on Auditing specified under section 143(10) of the Act and other applicableauthoritative pronouncements issued by the Institute of Chartered AccountantsofIndia.Those Standardsand pronouncementsrequire that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether theIndASfinancial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in theInd ASfinancial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement oftheInd ASfinancial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of theInd ASfinancial statements that give true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriatenessof accounting policies used and the reasonableness of theaccounting estimates made by Company's Directors as well as evaluating the overallpresentation of theInd ASfinancial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinionon the Ind AS financial statement.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgivento us the aforesaidInd ASfinancial statements give the information required by theAct 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 31st March 2018 and its profit (including other comprehensive income) its cashflowsand the changes in equityfor the year ended on that date.

Other matters

9. The financialinformation of the Company for the year ended 31st March2017 and the transition date opening balance sheet as at April 1 2016 included in theseInd AS financial statements are based on the previously issued statutory financialstatements for the year ended March 31 2017and March 31 2016 prepared in accordance withthe Companies (Accounting Standards) Rules 2006 (as amended) which were audited byM/s.Jayesh R Shah & Co. on which M/s. Jayesh R Shah & Co. expressed an unmodifiedopinion dated May 15 2017 and May 27 2016 respectively. The adjustments to thosefinancial statements for the differences in accounting principles adopted by the Companyon transition to the Ind AS have been audited by us.

Our opinion is not qualified in respect of the above matter.

Report onOther Legal and Regulatory Requirements

10. 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 Companies Act 2013("the Order") and on thebasis of such checks of the booksand records of the Company aswe consider appropriate and according to the information andexplanation given to us we give in the Annexure-B a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable. 11. As required by section143(3) of the Act we report that: a. wehave sought and obtained all the information andexplanations which to the best of our knowledge and belief were necessary for the purposeof our audit; b. in our opinion properbooks of account as required by law have been keptby the Company so far as appears fromour examination of those books; c. the Balance Sheetthe Statement of Profit and Loss(including other comprehensive income)the Cash FlowStatementand the Statement ofChanges in Equitydealt with by this Report are in agreementwith the books of account; d. in our opinion theaforesaid Ind AS financialstatementscomply with the Accounting Standards specified under Section 133 of the Act; e.on the basis of written representations received from the directors as on March 31 2018and taken on record by the Board of Directors none of the directors is disqualified as onMarch 31 2018 from being appointed as a director in terms of section 164(2) of the Act;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 A;

11 of the Company (Audit and Auditors) Rules 2014 in our opinion and to best of ourinformation and according to the explanation given to us; i. The Company has disclosed theimpact if any of pending litigations as at 31st March 2018 on its financialposition in its Ind AS financial statements-Refer Note 32of the financial statements. ii.The Company did not have any long term contracts including derivative contractsas at March31 2018for whichthere were any material foreseeable losses. iii. Read with Note No. 22 ofthe Ind AS financial statements there has been no delay in transferring amounts requiredto be transferred to the Investor Education and Protector Fund by the Companyduring theyear ended March 31 2018.

For M.H.Dalal &Associates
Chartered Accountants
Firm Registration No.112449W
Sd/-
Devang Dalal
Partner
Membership No.109049
Place:Mumbai
Date: 29th May 2018

Annexure-Atothe Independent Auditors Report

Referred to in paragraph 11(f)of the Independent Auditors' Report of even date to themembers of Veer Energy & Infrastructure Limited on the Ind AS financial statements forthe year ended March 31 2018

Report on the Internal Financial Controls over financial reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. We have audited the internal financial controls over financial reporting of VeerEnergy & InfrastructureLimited ("the Company") as of March 31 2018inconjunction withouraudit of the Ind AS financialstatements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

2. 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 (ICAI)". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under theAct.

Auditors'Responsibility

3. Ourresponsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based onouraudit.Weconductedouraudit in accordance withthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing deemed to be prescribed undersection 143(10) of the Act to the extent applicable to an audit of internal financialcontrol both applicable to an audit of internal financial control and both issuedbyICAI.Those Standards and theGuidance Note require that Icomply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Ouraudit 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 theInd ASfinancial statements whether due to fraud or error.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation ofInd AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detailaccurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detectionof unauthorized acquisition use ordisposition of the company's assets that could have a material effect on theIndASfinancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols materialmisstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods aresubject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance withthe policies or procedures may deteriorate.

Opinion

8. Inouropinion 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 2018 based ontheinternal control over financial reporting criteria established by the Company-commensuratewith the size of the company and nature of its business considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute ofChartered Accountants ofIndia.

For M. H. Dalal & Associates
Chartered Accountants
Firm Registration No.112449W
Sd/-
Devang Dalal
Partner
Membership No.109049
Place:Mumbai
Date: 29th May 2018

Annexure-B to the Independent Auditors Report

Referred to in paragraph (10) of the Independent Auditors Report of even date to themembers ofVeer Energy & InfrastructureLimited on the Ind AS financial statements forthe year ended March 31 2018

i. (i)The company has maintained proper records showing full particularsincludingquantitative details and situations of fixed assets on the basis of available information.

(ii)According to the information and explanation the fixed assets have been physicallyverified by the management once in a year which in our opinion is reasonable havingregards to the size of the Company and nature of its business. No material discrepancieshave been noticed on such verifications.

(iii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immoveable properties areheld in the name of the Company. ii. As perthe information furnished theinventories have been physically verified by the management during the yearonce in a yearhaving regard to the nature of stocks the frequency of the physical verification isreasonablediscrepanciesnoticed on physical verification of inventories as compared tobook recordshave been properly dealt with in the books of accounts. iii. In ouropinion and according to information and explanation given to us and from verification ofthe records we are of the opinion thattheCompany has not granted any loans secured orunsecured to Companies firms Limited Liability Partnerships or other parties covered inthe register maintained under section 189 of the Companies Act 2013. Hence sub clause(i) ii and iii of this clause is not applicable. iv. In our opinion andaccording to the information and explanations given to us and from verification of therecords the Company has not granted any loans or provided any guarantee or security tothe parties covered under section 185.Further the Company has complied with the provisionsof section 186 of the Companies Act in respect of the loans and investments made andguarantees and security provided by it. v. The Company has not accepted anydeposits during the year from the public within the meaning of the provisions of Sections73 to 76 of the Companies Act 2013 and the rules framed there under. vi. As perthe information provided and from verification of the records We are of the opinionthat the Company is not covered under the requirements for the maintenance of costrecords under Section 148(1) of theCompanies Act 2013 and hencethe provisions of clause3(vi) is not applicable to the Company. vii. (a) According to the information andexplanation given to us and the records of the Company examined byusin our opinion theCompany is generally regular in depositing undisputed statutory dues including ProvidentFund Employees' State Insurance Fund Income-tax Sales-tax service tax Custom DutyExcise Duty Cess andothermaterialstatutory duesas applicablewith appropriate authorities.

(b)According to the records of the Companyexamined by usand the information andexplanations given tous there are no undisputed amounts payable in respect of Income TaxService Tax Custom Duty Sales Tax Excise Duty PF ESIC and any other statutory dueswhich have remained outstanding as at 31st March 2018for a period of more thansix months from the date they become payable except as under:

Sr. Name of the Statue Nature of Dues Amt Due Period to which the amt. relates Forum pending where dispute is
1 Income Tax Act 1961 Income tax 28416720/- A.Y.2014-15 Pending Appeal before CIT

viii. Based onouraudit procedures and the information and explanations given by themanagementwe areof the opinion that the Company has not defaulted in repayment of itsdues to any banks or financial institutes and debenture holders. ix. We haveverified the records of the Company and of the opinion that the company has raised fundof Rs. 31250000 through issue of 2500000 equity shares of Rs.10/-each at a premium ofRs. 12.50 per shares toqualified institutional buyers. And not raisedany money by way ofpublic offer (including debt instruments). The amount of term loan which company havereceived were applied for the purpose for which those are raised. x. During thecourse of our examination of the books and records of the Company carried out inaccordance with the generally accepted auditing practice and according to the informationand explanations given to us we have neither come across any instances of material fraudby the Company or on the Company by its officers or employees noticed or reported duringthe year nor have we been informed of any such case by the management. xi. TheCompany has provided for managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act. xii.The Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicable to itthe provisions of Clause 3(xii) of the Order are not applicable to the Company. xiii. Asper the verification of the recordswe areof the opinion that all transactions with therelated parties are incompliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have beendisclosed in theInd ASFinancial Statementsas requiredunder Ind AS 24 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014. xiv. We have verified therecords of the Company and of the opinion that the company has allotted 1146700 equityshares of Rs. 10/-each against the share warrant.In our opinion the requirements ofsection 42 of the Companies Act 2013 havebeen complied with and the amount raised havebeen utilized for the purpose for which it wasraised. xv. TheCompany hasnot enteredinto any non-cash transactions with directors or persons connected with him.Accordinglythe provision ofClause 3(xv) isnot applicableto the Company. xvi. Wehave beeninformed that the company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.Accordingly the provision of Clause 3(xvi) is notapplicable to the Company.

For M. H.Dalal & Associates
Chartered Accountants
Firm Registration No.112449W
Sd/-
Devang Dalal
Partner
Membership No.109049
Place:Mumbai
Date: 29th May 2018