To the Members of
INDIA INFRASPACE LIMITED
Opinion
We have audited the accompanying financial statements of India
Infrapace Limited ("the Company"), which comprise the balance sheet as at
March 31, 2021, and the Statement of Profit and Loss and statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information.
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 Companies Act, 2013 (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 March 31, 2021, its loss and cash flows for the year ended on
that date.
Basis for opinion
We conducted our audit in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the
Act). Our responsibilities under those Standards are further described in the
"Auditors Responsibilities for the Audit of the Standalone Financial Results"
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence obtained by us is sufficient and appropriate to provide a basis
for our opinion.
Matter of Emphasis:
• We draw the attention regarding non charging of Interest on
Loans & Advances to Related Parties and other parties u/s. 186 of the Companies Act,
2013
• The company is carrying Pre-Operative Expenses of Rs.33,19,207/-
as "other current assets" which in our opinion needs to be written off. And Due
to the same Profit &Loss account is under stated. So the amount of Rs. 33,19,207/-
needs to be written off in the forthcoming financial years.
Our opinion is not qualified in respect of this matter.
Managements Responsibility for the Financial Statements
The Statement has been prepared on the basis of the annual standalone
financial statements for the year ended March 31, 2021. The Board of Directors of the
Company are responsible for the preparation and presentation of the Statement that give a
true and fair view of the loss and other comprehensive income and other financial
information in accordance with the applicable accounting standards prescribed under
Section 133 of the Act read with relevant rules issued there under and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations, This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of 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; and the 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 Statement that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing Statement, the Board of Directors are responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the
Companys financial reporting process.
Auditors Responsibilities for the Audit of the Standalone Financial
Results
Our objectives are to obtain reasonable assurance about whether the
Statement as a whole is free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of this Statement.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain Professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
Statement, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances. Under
Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on
whether the company has adequate internal financial controls with reference to these
financial results, in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by the Board of
Directors.
• Conclude on the appropriateness of the Board of Directors use
of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Company to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our
auditors report to the related disclosures in the Statement or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors report. However, future events or conditions may
cause the Group and of its Joint Venture to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
Statement, including the disclosures, and whether the financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we
have complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016
("the Order") issued by the Central Government in terms of Section 143 (11) of
the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and
4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and an explanation
which is to the best of our knowledge and beliefs were necessary for the purposes 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, the 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
Accounting Standards specified under Section 133 of the Act, read with the Companies
(Indian Accounting Standard) Rules, 2015, as amended
e) On the basis of written representations received from the directors
as on 31st March, 2021, taken on record by the Board of Directors, none of the directors
is disqualified as on 31st March, 2021, from being appointed as a director in terms of
Section 164(2) of the Act.
f) With respectto the other matters included in the Auditors Report
and toourbest of our information and according to the explanations given to us:
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
derivatives contracts for which there were any material foreseeable losses.
iii. There is no amount required to be transferred, to the investors
education & Protection Fund by the Company.
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial
reporting of M/S. INDIA INFRASPACE LIMITED ("the Company") as of March
31, 2021 in conjunction with our audit of the standalone financial statements of the
Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls. These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including
adherence to companys policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the
Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal
financial controls over financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI
and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both applicable to an audit
of Internal Financial Controls and, both issued by the Institute of Chartered Accountants
of India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgement, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Companys internal financial
controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the
company;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management and directors of the
company; and
(3) provide reasonable assurance regarding prevention or timely
detection of unauthorised acquisition, use, or disposition of the companys assets that
could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2021.
Reports under The Companies (Auditors Report) Order, 2016 (CARO 2016)
for the year ended on 31st March, 2021
To,
The Members of India Infraspace Limited
(1) In Respect of Fixed Assets
(a) The Company is not having any Fixed Assets in the Books of
Accounts. So the records maintenance related question does not arise.
(b) The Company is not having any Fixed Assets in the Books of
Accounts. So Physical Verification related question does not arise at all.
(c) As per the information & explanation provided to us & on
the basis of our verification, We have observed that the company is not having any
Immovable Property on its own name.
(2) In Respect of Inventories
As explained to us, the inventories (excluding inventories with third
parties) were physically verified during the year by the Management at reasonable
intervals.
(3) Compliance under section 189 of The Companies Act, 2013
The Company has not granted any loan to the parties covered in the
register maintained u/s 189 of the companies Act, 2013.
(a) As there is no such loan, question of prejudicially does not arise.
(b) As there is no such loan, question of repayment terms &
conditions also does not arise.
(c) There is no overdue amount of loans granted to companies, firms or
other parties listed in the register maintained under section 189 of the companies Act,
2013.
(4) Compliance under section 185 and 186 of The Companies Act , 2013
While doing transaction for loans, investments, guarantees, and
security provisions of section 185 and 186 of the Companies Act, 2013 have been complied
with.
(5) Compliance under section 73 to 76 of The Companies Act, 2013 and
Rules framed thereunder while accepting Deposits
According to information and explanations given to us, the Company has
not accepted any deposits from public during the year. In respect of unclaimed deposits,
the Company has complied with the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act, 2013 and the rules made there under.
(6) Maintenance of cost records
The Company is not required to maintain cost Records pursuant to the
Rules made by the Central Government for the maintenance of cost records under sub-section
(1) of section 148 of the Companies Act, 2013.
(7) Deposit of Statutory Dues
a) The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Income-tax, Sales Tax, Goods And Services
Tax,Wealth Tax, Service Tax, Duty of customs, Duty of excise, Value added tax, Cess and
any other material statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax, Wealth Tax, Service Tax, Sales
Tax,Goods And Services Tax, Customs Duty and Excise Duty were in arrears, as of 31st
March, 2021 for a period of more than six months from the date they became payable.
(8) Repayment of Loans and Borrowings
The company has not defaulted in repayment of dues to financial
institution, bank or debenture holders.
(9) Utilization of Money Raised by Public Offers and Term Loan For
which they Raised
The Company has not raised moneys by way of initial public offer or
further public offer (including debt instruments) during the year. However money raised by
way of term loans have been applied for the purposes for which they have been obtained.
(10) Reporting of Fraud During the Year
Based on our audit procedures and the information and explanation made
available to us no such fraud noticed or reported during the year.
(11) Managerial Remuneration
Managerial Remuneration has not been provided by the Company.
(12) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits
Ratio
As per information and records available with us The company is not
Nidhi Company.
(13) Related party compliance with Section 177 and 188 of companies Act
- 2013
Yes, All transactions with the related parties are in compliance with
section 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.
(14) Compliance under section 42 of Companies Act - 2013 regarding
Private placement of Shares or Debentures
According to the information and explanations give to us and based on
our examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year.
(15) Compliance under section 192 of Companies Act - 2013
The company has not entered into any non-cash transactions with
directors or persons connected with him.
(16) Requirement of Registration under 45-IA of Reserve Bank of India
Act, 1934
The company is not required to be registered under section 45-IA of the
Reserve Bank of lndia Act.
For, G M C A & Co.
Chartered Accountants FRN: 109850W
|
CA. Mitt S. Patel |
| Place : Ahmedabad |
(Partner) |
| Date :30/06/2021 |
Membership No. 163940 UDIN:
21163940AAAAOX4891 |
+91-9892691696
