Report on the Financial Statements
We have audited the accompanying financial statements of Advance
Powerinfra Tech Ltd ("the company"), which compromise the Balance Sheet
as at 31st March 2015 and the statement of Profit and Loss and Cash
Flow Statement for the period from 01.04.14 to 31.03.15 and a summary
of signification policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act 2013 (the Act) with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India , including the Accounting Standards specified under
section 133 of the Act , read with Rule 7 of the Companies (accounts )
Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding the assets of the company and for preventing and detecting
frauds and other irregularities, selection and application of
appropriate accounting policies ; making judgements and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
Accounting records relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatements whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
risk of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified audit opinion on the
financial statement.
Basis of Qualified Opinion
The Management of Advance Powerinfra Tech Limited has considered that
no provision is required against fall in the value of investment held
at a cost of Rs. 279.93 Lacs in shares of quoted and unquoted
Companies. Attention is invited to the following
a. Note 11 - a regarding the opinion framed by the Company for non
provision of diminution In the value of quoted investments.
b. Note 11-b regarding non provision for diminution in value of
unquoted investments.
The overall effect of the aforesaid matters on the financial statements
for period from 1st April 2014 to 31st March 2015 and the corresponding
figures for the period from 1st April 2014 to 31st March 2015, could
not be determined.
Opinion
In our opinion and to the best of our information and according to the
explanation s given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph, the financial
statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31st 2015;
b. In the case of the Profit and Loss Account, of the profit for the
period from 1st April 2014 to 31st March 2015; and
c. In the case of the Cash Flow Statement, of the cash flows for the
period from 1st April 2014 to 31st March 2015
Emphasis of matter
We draw attention towards certain debts and loans receivables due for
over three years or more, specifically described in note no.26, which
are subject to confirmation and no provision has been made by the
management for the same.
Report on Other Legal and Regulatory Requirements
1. As required by the Company (Auditor's Report) Order, 2015 (" the
Order") issued by the Central Government of India, we give in the
Annexure a statement on the matters specified in paragraph 3 and 4 of
the order.
2. As required by Section 143(3) of the Act, we report that:
a. We have obtain all information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appear s from our examination of those
books.
c. The Balance sheet Statement of Profit and Loss, and Cash flow
statement dealt with by the Report are in agreement with the books of
account.
d. In our opinion the Balance Sheet, Statement of Profit and Loss ,
and the Cash Flow statement comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules 2014.
e. On the basis of written representation received from the directors
as on 31st March 2015 and taken on record by the Board of Directors,
none of the directors is Disqualified as on 31st March 2015 , from
being appointed as a director in terms of Section 164 (2) of the Act.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Advance Powerinfra Tech Limited on the accounts of
the Company for the year ended 31st March 2015.
On the basis of such checks as we considered appropriate and according
to the information and Explanation given to us during the course of our
audit , we report that
1. The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
As explained to us, fixed assets have been physically verified by the
management at reasonable intervals; no material discrepancies were
noticed on such verification.
In our opinion and according to the information and explanations given
to us, no fixed assets has been disposed during the year and therefore
does not affect the going concern assumption.
As explained to us, inventories have been physically verified during
the period by the management at reasonable intervals.
2. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
In our opinion and the basis of our examination of the records, the
company is generally maintaining proper records of its inventories. No
material discrepancy was noticed on physical verification of stock by
the management as compared to book records.
3. (a ) According to the information and explanations given to us and
on the basic of our examination of the books of account, the company
has granted Rs. 10.78 as loans , unsecured, to related other parties
listed in the register maintained under section 189 of the Companies
Act, 2013.
(b) The Loans provided are free of interest, in our opinion which may
prejudice to the Interest of the Company
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weakness in the
internal controls has been noticed.
5. As per information & explanations given to us in our opinion, the
transaction entered into by the company with parties covered u/s 189 of
the Act are reasonable. The Company has not accepted any deposits from
the public covered under section 73 and 76 of the Companies Act 2013.
6. As per information & explanation given by the management
maintenance of Records has not been prescribed by the Central
Government under section 148 of the Act.
7. a) Accordingly to the information and explanations given to us and
the records examined by us ,the company has no undisputed outstanding
statutory dues as at 31st March 2015 for period of more than six months
from the date they became payable.
b) According to the records of the company, the dues outstanding of
income tax, wealth tax, central tax, central excise and cess as at 31st
March 2015, which have not been deposited with respective authorities
on any account of any dispute are as follows:
Name of the Nature Amounts Period to Forum whether
statute of Dues (Rs.) which the dispute is pending
amount
related
Income Income Rs.270608/= A.Y 2003-2004 CIT- appeal
Tax Tax
Act,1961
Income Income Rs. 12733941/= A.Y 2007-2008 CIT- appeal
Tax Tax Tribunal
Act,1961
Income Income Rs.200000/- A.Y 2008-2009 CIT- appeal
Tax Tax
Act,1961
Central Central Rs.1690706/- P.Y 2009-2010 Central
Excise Excise Excise &
Rules 2002 Service Tax
Tribunal.
** All the aforesaid disputed pending liabilities are of erstwhile M/S
Advance Power Technologies Ltd Which has been merged with company as
per the order of Hon'ble High court of Calcutta dated 26.7.2012.
8. The company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
10. According to the information and explanations given to us, the
company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the given financial period.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For K.M.ROY
CHARTERED ACCOUNTANTS
(C.A. K.M.ROY)
Place: Kolkata PROPREITOR
Date: 30th May 2015 Membership no.: 053720
|