| The accompanying summary financial statements, which comprise the
summary Balance Sheet as at March 31, 2015, the summary statement of
Profit & Loss, and Cash Flow Statement for the year then ended, and
related notes, are derived from the audited financial statements of
Shelter Infra Projects Limited for the year ended March 31, 2015. Those
financial statements, and the summary financial statements, do not
reflect the effects of events that occurred subsequent to the date of
our report on those financial statements. The summary financial
statements do not contain all the disclosures required by the
Accounting Standards referred to in section 133 of the Companies Act,
2013 ("the Act) [applied in the preparation of the audited financial
statements of Shelter Infra Projects Limited]. Reading the summary
financial statements, therefore, is not a substitute for reading the
audited financial statements of Shelter Infra Projects Limited.
2. Management's Responsibility for the Summary Financial Statements.
Management is responsible for the preparation of the audited financial
statements in accordance with [Accounting Standards referred to in
section 133 of the Companies Act, 2013. ("the Act) and accounting
principles generally accepted in India].
3. Auditor's Responsibility
Our responsibility is to express an opinion on the summary financial
statements based on our procedures, which were conducted in accordance
with Standard on Auditing (SA) 810, "Engagements to Report on Summary
Financial Statements" issued by the Institute of Chartered Accountants
of India.
4. Basis of qualified opinion
i) Interest on bank borrowings aggregating to Rs. 1217.48 lacs is
pending for provision.
This led to understatement of aggregate loss by Rs. 1217.48 lacs which
include current year's interest of Rs 470.03 lacs.
ii) Payment against Directors' remuneration since previous financial
year aggregating to Rs. 30.41 lacs is pending approval of Department of
Company Affairs after application being made to the effect by the
Company.
5. Qualified Opinion
In our opinion the summary financial statements derived from the
audited financial statements of Shelter Infra Projects Limited for the
year ended March 31, 2015, except for possible effect of the matter
referred to in '4' above, are fair summary of those financial
statements, in accordance with Accounting Standards referred to in of
section 133 of the Companies Act, 2013 ("the Act) and accounting
principles generally accepted in India.
6. Focus on Emphasis:
a) We invite attention without qualifying of huge amount of overdue
debtors lying unrealized as well as unconfirmed for which due scrutiny
is warranted for the purpose of creating appropriate provisions if any.
b) Accounts of the company have been complied on the basis of going
concern concept despite net worth turning negative with the provision
against interest with our consequent inability to comment on extent of
adjustments that will be called for against assets and liabilities, if
the company loses going concern identity following adverse predicament
in days ahead.
7) Report on Other Legal and Regulatory Requirements:
a) As required by the companies (Auditor's Report) order 2015 ( "the
Order'') issued by central Government of India in terms of subsection
(11) of section 143 of the Companies Act 2013,we give in the Annexure
-'A' a statement of the matters specified in paragraph 3 and 4 of the
order ,to the extent applicable.
As required by section 143(3) of the act ,we report that
i) We have sought and obtained all the information's and explanations
which to the best of our knowledge and belief were necessary for the
purpose of the audit.
ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
iii) The Balance Sheet, statement of Profit and Loss, and cash flow
statements dealt with by this report, are in agreement with the books
of account.
iv) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the companies (Account) Rules, 2014
v) On the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors ,none of the directors is disqualified as on 31st March 2015
from being appointed a director in terms of section 164 (2) of the Act.
vi) With respect to the other matters to be included in the Auditors
report in accordance with Rule 11 of the companies (Audit and Auditors)
Rules 2014, in our opinion and to the best of our information and
explanations given to us
A) The company has disclosed the impact of pending litigations on its
financial positions in its financial statements-refer note 21(c)(9) of
the financial statements
B) The company did not have derivative contract. Long term contracts
undertaken by the company is presently meager in quantum and as such
not expected to sustain material loss.
C) There has been no delay in transferring amounts required to be
transferred to the Investors Education and Protection fund by a
company.
Place: Kolkata
Date: May 28, 2015
|