To the Members of INFRAQUEST INTERNATIONAL LIMITED
Report on the Financial Statements
1 We have audited the accompanying financial statements of INFRAQUEST INTERNATIONAL
LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,
2016, the Statement of Profit and Loss and Cash Flow Statement for the year then ended,
and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
2 The management and Board of Directors of the Company are 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 Companies (Accounts) Rules,
2014. This responsibility includes maintenance of adequate accounting records in
accordance with the provisions 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 judgments and estimates that are reasonable and
prudent; design, implementation and maintenance of adequate internal financial controls,
that are 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 misstatement, whether
due to fraud or error.
Auditor’s Responsibility
3 Our responsibility is to express an opinion on these financial statements based on
our audit. We have taken into account the provisions of the Act, the accounting and
auditing standards and matters which are required to be included in the audit report under
the provisions of the Act and the Rules made thereunder. We conducted our audit in
accordance with the Standards on Auditing specified under Section 143(10) of the Act.
Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
4 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 the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal financial control relevant to the Company’s
preparation of the financial statements, that give a true and fair view, in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating effectiveness of such
controls An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of the accounting estimates made by the Company’s management
and Board of Directors, as well as evaluating the overall presentation of the financial
statements.
5 We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid 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 of the state of affairs of the Company as at 31st
March 2016, its loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7 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
section143 of the Act, we give in the Annexure a statement on the matters Specified in
paragraphs 3 and 4 of the Order.
8 As required by section 143(3) of the Act, we further report that:
a. we have sought and obtained all the 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 appears from our examination of those books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with
by this Report are in agreement with the books of account;
d. in our opinion, the aforesaid financial statements comply with the applicable
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 representations received from the directors as on March 31,
2016, and taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2016, from being appointed as a director in terms of Section 164(2) of the
Act.
f. In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to other matters to be included in the
Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014:
(i) The Company does not have any pending litigations which would impact its financial
position.
(ii) The Company did not have any long-term contracts including derivative contracts;
as such the question of commenting on any material foreseeable losses thereon does not
arise.
(iii) There has not been any occasion, in case of the Company during the year under
report, to transfer any sums to the Investor Education and Protection Fund. The question
of delay in transferring such sums does not arise.
|
For S. GATTANI & CO. |
|
Chartered Accountants |
|
Firm Registration No 326788E |
|
Sd/- |
|
SARBANANDA GATTANI |
| Place: Mumbai |
Partner |
| Date: 27th May, 2016 |
M. No. 056536 |
Annexure referred to in paragraph 7 Our Report of even date to the members of
INFRAQUEST INTERNATIONAL LIMITED on the accounts of the company for the year ended 31st
March, 2016
i. (a) The Company is maintaining proper records showing full particulars, including
quantitative details and situation, of fixed assets.
(b) As explained to us, the fixed assets of the Company have been physically verified
by the Management during the year and as informed to us no material discrepancies have
been noticed on such verification. In our opinion, the frequency of verification is
reasonable.
(c) The Company does not hold any immovable properties.
ii. The Company did not carry on any trading or manufacturing activity during the year
and did not require to have any inventory. Hence, the requirement of clause (ii) of
paragraph 3 of the said Order is not applicable to the Company; As the Company did not
have any inventory during the year, there is no question of maintenance of records of
inventories, their physical verification and reporting discrepancy on physical
verification.
iii. The Company has not granted any loans, secured or unsecured, to companies, firms
or other parties covered in the register maintained under Section 189 of the Act.
Therefore, the provisions of Clause 3(iii), (iii)(a) and (iii)(b) of the said Order are
not applicable to the Company.
iv. The Company has not granted any loans, investments, guarantees, referred in the
provisions of section 185 and 186 of the Companies Act, 2013.
v. The Company has not accepted any deposits from the public within the meaning of
Sections 73, 74, 75 and 76 of the Act and the rules framed there under to the extent
notified.
vi. The Central Government of India has not specified the maintenance of cost records
under sub-section (1) of Section 148 of the Act for any of the products of the Company.
vii. (a) According to the information and explanations given to us and the records of
the Company examined by us, in our opinion, the Company is generally regular in depositing
the undisputed statutory dues, including provident fund, employees’ state insurance,
income tax, sales tax, service tax, duty of excise, value added tax, cess and other
material statutory dues, as applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the
Company examined by us, there are no dues of sales-tax, wealth-tax, service-tax, duty of
excise, value added tax, cess which have not been deposited on account of any dispute.
viii. According to the records of the Company examined by us and the information and
explanations given to us, the Company does not have any borrowings from any financial
institution or bank nor has it issued any debentures as at the balance sheet date, hence
the provisions of Clause viii of the Order are not applicable to the Company.
ix. According to the information and explanations given to us, company has not raised
moneys by way of initial public offer or further public offer during the year (including
debt instruments) and no term loans are raised during the year.
x. We have not noticed any fraud by the company or any fraud on the Company by its
officers or employees during the year.
xi No Managerial remuneration has been paid or provided during the year.
xii The Company is not registered under Nidhi Company hence the provisions of this
section does not applicable to the company as referred in in the Nidhi Rules, 2014.
xiii All transactions with the related parties are in compliance with sections 177 and
188 of Companies Act, 2013 where applicable and the details have been disclosed in the
Financial Statements etc., as required by the applicable accounting standards;
xiv The company has not made any preferential allotment or private placement of shares
or fully or partly convertible debentures during the year under review.
xv The company has not entered into any non-cash transactions with directors or persons
connected with him and the provisions of section 192 of Companies Act, 2013 does
applicable.
Xvi The Company is not required to be registered under section 45.1A of The Reserve
Bank of India Act.
|
For S. GATTANI & CO. |
| Chartered Accountants |
|
|
Firm Registration No 326788E |
|
Sd/- |
|
SARBANANDA GATTANI |
|
Partner |
+91-9892691696
