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Wagend Infra Venture Ltd.

BSE: 503675 Sector: Financials
NSE: N.A. ISIN Code: INE786K01023
BSE 00:00 | 16 Apr 4.19 0
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4.19

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4.19

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NSE 05:30 | 01 Jan Wagend Infra Venture Ltd
OPEN 4.19
PREVIOUS CLOSE 4.19
VOLUME 1
52-Week high 4.64
52-Week low 4.19
P/E
Mkt Cap.(Rs cr) 20
Buy Price 4.19
Buy Qty 499.00
Sell Price 4.19
Sell Qty 185.00
OPEN 4.19
CLOSE 4.19
VOLUME 1
52-Week high 4.64
52-Week low 4.19
P/E
Mkt Cap.(Rs cr) 20
Buy Price 4.19
Buy Qty 499.00
Sell Price 4.19
Sell Qty 185.00

Wagend Infra Venture Ltd. (WAGENDINFRA) - Auditors Report

Company auditors report

To

The Members of

Wagend Infra Venture Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Wagend Infra VentureLimited ("the Company") which comprises of Balance Sheet as at 31stMarch 2018 the statement of Profit and Loss Account and the Cash Flow Statement for theyear ended on that date annexed thereto and a summary of significant accounting policiesand other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Standalone Ind AS financial statements that give a true and fair viewof the state of affairs (financial position) profit or loss (financial performanceincluding other comprehensive income) cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) prescribed under section 133 of the Act.

This responsibility also 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; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Standalone IndAS 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 Standalone Ind AS financialstatements based on 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 there under.

We conducted our audit of the Standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Ind AS financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the Standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Standalone Ind ASfinancial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs (financial position) of the Company as at March 31 2018 and its profit(financial performance 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

As required by ‘the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of Section 143 of the Act("the order") and on the basis of such checks of the books and records of theCompany as we consider appropriate and according to the information and explanation givento us we enclose in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the said order.

Further 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 purposes 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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid Standalone Ind AS financial statements comply with theInd AS prescribed under section 133 of the Act.

e) On the basis of the written representations received from the Directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a Director in terms of Section164(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 B".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany does not have any pending litigations which would impact its financial position.

ii. The Company has not entered into any long-term contracts including derivativecontracts.

iii. There has been no amount required to be transferred to the Investor Education andProtection Fund by the Company.

For M/s Gupta Saharia & Co.

Chartered Accountants

Sd/-

(S.S. Rathi)

Partner

Membership No.: 073373

Firm Reg. No. 103446W

Place : Mumbai

Date : 30th May 2018

ANNEXURE-‘A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of the independent auditors' report of even date on the financialstatements of the Company for the year ended 31ST March 2018) i. Inrespect of its Fixed Assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and the nature of its assets.

(c) The Company does not hold any immovable properties and as such the sub clause c ofclause (i) of para 3 of the said Order is not applicable.

ii. The nature of inventory held by the Company does not demand for physicalverification and hence clause (ii) of para 3 of the Order is not applicable.

iii. The Company has not granted any loans secured or unsecured to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder Section 189 of the Companies Act 2013. Accordingly the provisions of clause (iii)(a) (b) and (c) of para (3) of the Order are not applicable to the Company.

iv. In our opinion the Company has not given loan to any of its Directorsincluding entities in which they are interested and is not required to comply with theprovision of Section 185 and the Company in respect of loans investments guarantees andsecurity has complied with the provisions of section 186 of the Act.

v. No deposits have been accepted by the Company within the meaning of directivesissued by RBI (Reserve Bank of India) and Sections 73 to 76 or any other relevantprovisions of the Act and rules framed there under.

vi. As informed to us the maintenance of Cost Records has not been specified bythe Central Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

vii. a) According to the information given to us and the records of the Companyexamined by us the Company is regular in depositing the undisputed statutory duesincluding provident fund employee's state insurance Income Tax Sales Tax Wealth TaxCustoms Duty Excise Duty Service Tax Investor Education and Protection Fund and anyother statutory dues as at 31st March 2018.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

viii. The Company has not taken any loan either from financial institutions Banksor from the government and has not issued any debentures therefore Clause (viii) of thesaid Order is not applicable to the Company.

ix. The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments) and term loans. Accordingly the provisions ofClause 3(ix) of the Order are not applicable to the Company.

x. Based upon the audit procedures performed and the information given by themanagement we report that no fraud by the Company or any fraud on the company by itsofficers or employees has been noticed or reported during the year.

xi. There being no managerial personnel in the Company and therefore no managerialremuneration was required to be paid as per the provision of section of the Companies Act2013. Therefore Clause (xi) of the Order is not applicable.

xii. In our opinion the Company is not a Nidhi Company. Therefore the provisionsof clause (xii) para 3 of the Order is not applicable to the Company.

xiii. Based upon the Examination and explanations given by the management therewere no related party transactions entered into by the Company.

xiv. Based upon the information and explanations given by the management theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review. Accordingly the provisions ofclause (xiv) of para 3 of the Order is not applicable to the Company.

xv. The Company has not entered into any non - cash transactions with directors orpersons connected with him accordingly the provision of clause (xv) of the said Order isnot applicable.

xvi. The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934.

For M/s Gupta Saharia & Co.

Chartered Accountants

Sd/-

(S.S. Rathi)

Partner

Membership No.: 073373

Firm Reg. No. 103446W

Place : Mumbai

Date : 30th May 2018

ANNEXURE - ‘B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of the independent auditors' report of even date on the standalonefinancial statements of the Company for the year ended 31st March 2018)

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 controls over financial reporting of WagendInfra Ventures Limited ("the Company") as of 31st March 2018 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated 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 judgement including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether 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 Ind AS 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 projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may 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 reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s Gupta Saharia & Co.

Chartered Accountants

Sd/-

(S.S. Rathi)

Partner

Membership No.: 073373

Firm Reg. No. 103446W

Place : Mumbai

Date : 30th May 2018