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Yogi Infra Projects Ltd.

BSE: 522209 Sector: Infrastructure
NSE: N.A. ISIN Code: INE429B01011
BSE 00:00 | 02 Dec 4.40 0.69
(18.60%)
OPEN

3.75

HIGH

4.40

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3.66

NSE 05:30 | 01 Jan Yogi Infra Projects Ltd
OPEN 3.75
PREVIOUS CLOSE 3.71
VOLUME 26823
52-Week high 8.20
52-Week low 3.20
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.75
CLOSE 3.71
VOLUME 26823
52-Week high 8.20
52-Week low 3.20
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Yogi Infra Projects Ltd. (YOGIINFRAPROJ) - Auditors Report

Company auditors report

To the Members of

M/s Yogi Infra Projects Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of M/s Yogi Infra ProjectsLimited ("the company") which comprise the Balance Sheet as at 31 March2022 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

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 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.

4. 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.

5. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

6. 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

7. 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;

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2022;

b) in the case of the Statement of Profit and Loss of the Loss for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

The uncertainty related to the outcome of the proceedings pending before the Income TaxAppellate Tribunal for the financial year: 1994-1995 and financial year: 1995-1996.

Our opinion is not modified in respect of this matter.

Report on other Legal and Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

9. 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 appears from our examination of those books.

c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith 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) In our opinion there are no observations or comments on the financial transactionswhich may have an adverse effect on the functioning of the company.

f) On the basis of written representations received from the directors as on 31 March2022 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2022 from being appointed as a director in terms of Section 164(2) of theAct.

g) Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofsection 143 of the companies Act 2013 ("the Act") is enclosed as an annexure tothis report.

h) 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 has disclosed the impact of pending litigations on its financialposition in its Financial Statements.

ii The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative Contracts.;

iii. There has been no delay in transferring amounts if any required to betransferred to the Investor Education and Protection Fund by the Company

For SARDA SONI ASSOCIATES LLP
Chartered Accountants
C.A. MANOJ JAIN
Partner
M No. 120788
Place: Mumbai
Dated: 30th MAY 2022
UDIN: 22120788AJXAOG7907

Annexure to the Auditor's Report Referred to in paragraph 8 of our report of even date

(i)(a)(A) According to the information and explanations given to us and auditprocedures performed by us the Company has maintained proper records showing fullparticulars including quantitative details and situation of Property Plant andEquipment.

(i)(a)(B) According to the information and explanations given to us and auditprocedures performed by us the Company does not have intangible assets. Accordinglyreporting under clause 3(i)(a) of the Order is not applicable.

(i)(b) The property plant and equipment were physically verified during the yearby the management in accordance with a regular program of verification which in ouropinion provides for physical verification of all the property plant and equipment atreasonable intervals. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(i)(c) The Company does not have immovable properties (other than properties wherethe company is the lessee and the lease agreements are duly executed in favour of thelessee). Accordingly reporting under clause 3(i)(c) of the Order is not applicable.

(i)(d) According to information and explanations given to us and on the basis ofour examination of the records of the Company the Company has not revalued its Plant andEquipment (including Right of Use assets) intangible assets during the year.

(i) (e) According to information and explanations given to us and on the basis ofour examination of the records of the Company there are no proceedings initiated or arepending against the Company for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The Company does not hold any physical inventories during the year.Accordingly reporting under clause 3(ii)(a) of the Order is not applicable.

(ii) (b) According to information and explanations given to us and on the basis ofour examination of the records of the Company the Company has not been sanctioned anyworking capital limits in excess of five crore rupees in aggregate from banks orfinancial institutions on the basis of security of current assets at any time during theyear. Accordingly reporting under clause 3(ii)(b) of the Order is not applicable.

(iii) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company has provided loans or providedadvances in the nature of loans or stood guarantee or provided security to any partiesas under:

Guarantees Security Loans Advances in nature of loans
Aggregate amount granted/ provided during the year
- Subsidiaries NIL NIL NIL NIL
- Joint Ventures NIL NIL NIL NIL
- Associates NIL NIL NIL NIL
- Others NIL NIL 9500000/- NIL
Balance outstanding as at balance sheet date in respect of above cases
- Subsidiaries NIL NIL NIL NIL
- Joint Ventures NIL NIL NIL NIL
- Associates NIL NIL NIL NIL
- Others NIL NIL 9500000/- NIL

(iii)(b) According to the information and explanations given to us and on the basisof our examination of the records of the Company we are of the opinion that theinvestment made guarantees provided security given and the terms and conditions of thegrant of all loans and advances in the nature of loans and guarantees provided are primafacie not prejudicial to the Company's interest.

(iii)(c) According to the information and explanations given to us and on the basisof our examination of the records of the Company in respect of loans given by theCompany the repayment of principal and payment of interest has been stipulated and therepayments or receipts of principal amount and interest have been regular.

(iii)(d) According to the information and explanations given to us and on the basisof our examination of the records of the Company there is no overdue amount for more thanninety daysin respect of the loans given by the Company.

(iii)(e) According to the information and explanations given to us and on the basisof our examination of the records of the Company there is no loan or advance in thenature of loan granted falling due during the year which has been renewed or extended orfresh loans granted to settle the overdue of existing loans given to the same parties.

(iii) (f) According to the information and explanations given to us and on thebasis of our examination of the records of the Company the Company has not granted anyloans or advances in the nature of loans either repayable on demand or without specifyingany terms or period of repayment.

(iv) According to information and explanations given to us and on the basis of ourexamination of the records of the Company in respect of investments made and loansguarantee and security given by the Company the provisions of Section 185 and 186 of theCompanies Act 2013 have been compiled with.

(v) The Company has not accepted any deposits or amounts which are deemed to bedeposits from the public. Accordingly reporting under clause 3(v) of the Order is notapplicable.

(vi) According to information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under Section 148(1) of the CompaniesAct 2013 for the products manufactured by it and/ or services provided by it.Accordingly reporting under clause 3(vi) of the Order is not applicable.

(vii) (a) According to the information provided and explanations given to us andbased on our examination of the records of the Company the Company is generally regularin depositing with appropriate authorities undisputed statutory dues including Goods andServices Tax providentfund employees' state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax cess and other material statutorydues applicable to it. There are no material outstanding statutory dues existing as on thelast day of the financial year which is outstanding for more than six months from the daythese becomes payable.

(vii)(b) According to the information provided and explanations given to usstatutory dues relating to Goods and Services Tax provident fund employees' stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess or other statutory dues which have not been deposited with theappropriate authorities on account of any dispute are as follows:

Name of the Statute Nature of the Dues Amount (INR) Period to which the Amount relates Forum where dispute is pending Remarks if any
Income Tax Department Income Tax 5473988/- FY 1994-95 ITAT Ahmadabad NIL
Income Tax Department Income Tax 865427/- FY 1995-96 ITAT Ahmadabad NIL

(viii) According to the information provided and explanations given to us and onthe basis of our examination of the records of the Company the Company has notsurrendered or disclosed any transactions previously unrecorded as income in the books ofaccount in the tax assessment under the Income Tax Act 1961 as income during the year.

(ix) (a) The Company has not availed any loans and borrowings during the year.Accordingly reporting under clause (ix)(a) of the Order is not applicable except from itsDirectors.

(ix)(b) According to the information and explanations given to us the Company hasnot been declared wilful defaulter by any bank or financial institution or government orany government authority.

(ix)(c) According to the information and explanations given to us the Company hasnot obtained any term loans during the year. Accordingly reporting under clause 3(ix)(c)of the Order is not applicable.

(ix)(d) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company we report that the Company has nottaken any funds from any entity or person on account of or to meet the obligations of itssubsidiaries associates or joint ventures as defined under Companies Act 2013.

(ix) (f) According to the information and explanations given to us and proceduresperformed by us we report that the Company has not raised loans during the year on thepledge of securities held in its subsidiaries joint ventures or associate companies asdefined under the Companies Act 2013.

(x) (a) The Company has not raised any moneys by way of initial public offer orfurther public offer (including debt instruments) during the year. Accordingly reportingunder clause 3(x)(a) of the Order is not applicable.

(x) (b) According to the information provided and explanations given to us and onthe basis of our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or convertible debentures (fullypartially or optionally convertible) during the year. Accordingly reporting under clause3(x)(b) of the Order is not applicable.

(xi) (a) According to the information and explanations given by the management andbased upon the audit procedures performed for the purpose of reporting the true and fairview of the financial statements we report that no fraud by the Company or any fraud onthe Company has been noticed or reported during the year.

(xi)(b) According to the information and explanations available with us no reportunder sub-section (12) of section 143 of the Companies Act 2013 has been filed by theauditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government.

(xi) (c) As represented to us by the management there are no whistle blowercomplaints received by the Company during the year.

(xii) (a) According to the information and explanation given to us the Company isnot a Nidhi Company. Accordingly reporting under clause 3(xii) of the Order is notapplicable.

(xiii) In our opinion and according to the information and explanations given tous the transactions entered with the related parties are incompliance with sections 177and 188 of Companies Act 2013 where applicable and details have been disclosed in thefinancial statements as required by the applicable accounting standards/ Indian accountingstandards.

(xiv) (a) Based on information and explanation provided to us and our auditprocedures in our opinion the Company has an internal audit system commensurate with thesize and nature of its business.

(xiv)(b) whether the reports of the Internal Auditors for the period under audit wereconsidered by the statutory auditor.

We have considered the internal audit reports of the Company issued till date for theperiod under audit.

(xv) According to the information and explanations given to us in our opinion theCompany has not entered into any non-cash transactions with its directors or personsconnected with its directors and hence provisions of section192 of the Companies Act 2013are not applicable to the Company.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

(xvi)(b) According to the information and explanations given to us the Company hasnot conducted any Non-Banking Financial or Housing Finance activities.

(xvi)(c) The Company is not Core Investment Company (CIC) as defined in theregulations made by the Reserve Bank of India. Accordingly reporting under clause3(xvi)(c) and (d) of the Order are not applicable.

(xvii) According to the information and explanations given to us and on an overallexamination of the financial statements of the Company the Company has incurred cashlosses in the financial year and in the immediately preceding financial year amounting toRs. 1295233/- and Rs. 278373/- respectively.

(xviii) There has been no resignation of the statutory auditors during the year andaccordingly reporting under clause 3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and on the basis ofthe financial ratios ageing and expected dates of realization of financial assets andpayment of financial liabilities other information accompanying the financial statementsour knowledge of the Board of Directors and management plans and based on our examinationof the evidence supporting the assumptions nothing has come to our attention whichcauses us to believe that any material uncertainty exists as on the date of the auditreport that the Company is not capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate. We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

(xx) (a) The requirements as stipulated by the provisions of Section 135 of theCompanies Act 2013 are not applicable to the Company. Accordingly reporting under clause3(xx)(a) and (b) of the Order are not applicable.

(xxi) According to the information and explanations given to us during the courseof audit companies incorporated in India and included in the consolidated financialstatements did not have any qualifications or adverse remarks made by the respectivecomponent auditors in their reports in the Companies (Auditor Report) Order (CARO).

For SARDA SONI ASSOCIATES LLP
Chartered Accountants
C.A. MANOJ JAIN
Partner
Place: Mumbai M No. 120788
Dated: 30th MAY 2022
UDIN: 22120788AJXAOG7907

Annexure To The Independent Auditor's Report of Even Date on the Financial Statementsof M/S Yogi Infra Projects 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 controls over financial reporting of M/S YogiInfra Projects Limited as of 31st March 2022 in conjunction with our audit of thefinancial 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring 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 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 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 31st March 2022.

For SARDA SONI ASSOCIATES LLP
Chartered Accountants
C.A. MANOJ JAIN
Partner
M No. 120788
Place: Mumbai
Dated: 30th MAY 2022
UDIN: 22120788AJXAOG7907

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