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SREI Infrastructure Finance | Auditor's Report > Finance - Leasing & Hire Purchase > Auditor's Report from SREI Infrastructure Finance - BSE: 523756, NSE: SREINFRA
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SREI Infrastructure Finance
BSE: 523756|NSE: SREINFRA|ISIN: INE872A01014|SECTOR: Finance - Leasing & Hire Purchase
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Auditor's Report (SREI Infrastructure Finance) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of SREI
 Infrastructure Finance Limited (the Company), which comprise the
 Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss
 and the 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
 
 Management is responsible for 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 Standards referred to in sub- section (3C) of section
 211 of the Companies Act, 1956 (the Act).  This responsibility
 includes the design, implementation and maintenance of internal control
 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.
 
 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 assurance 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 auditors'' judgement, 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 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 appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as 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 audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, 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 31st March, 2013;
 
 (b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (as
 amended) [the Order], issued by the Central Government of India
 in terms of sub-section (4A) of section 227 of the Act, we give in the
 Annexure, a statement on the matters specified in paragraphs 4 and 5 of
 the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a.  we have 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 Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement comply with the Accounting Standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956;
 
 e.  on the basis of written representations received from the directors
 as on 31st March, 2013 and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March, 2013, from
 being appointed as a director in terms of clause (g) of sub- section
 (1) of section 274 of the Companies Act, 1956.
 
 Annexure to the Auditors'' Report
 
 [Referred to in our report of even date, to the members of Srei
 infrastructure Finance Limited]
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) According to the information and explanations given to us, the
 fixed assets of the Company have been physically verified by the
 management during the year and no material discrepancies between the
 book records and the physical inventory have been noticed.  In our
 opinion, the frequency of verification is reasonable.
 
 (c) There was no substantial disposal of fixed assets during the year.
 
 (ii) In respect of shares and securities held as stock for trade:
 
 (a) According to the information and explanations given to us, the
 stock for trade has been physically verified by the management during
 the year. In our opinion, the frequency of verification is reasonable.
 
 (b) The procedures of physical verification of stock for trade followed
 by the management are reasonable and adequate in relation to the size
 of the Company and the nature of its business.
 
 (c) The Company is maintaining proper records of stock for trade and no
 material discrepancies were noticed on physical verification.
 
 (iii) The Company has neither granted nor taken any loans, secured or
 unsecured, to or from companies, firms or other parties covered in the
 register maintained under section 301 of the Act. Accordingly, the
 provisions stated in clauses 4 (iii)(a) to (g) of the Order are not
 applicable to the Company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there exists an adequate internal control system
 commensurate with the size of the Company and the nature of its
 business with regard to the purchase of shares and securities held as
 stock for trade, fixed assets and with regard to the sale of services.
 During the course of our audit, we have neither come across nor have
 been informed of any continuing failure to correct major weaknesses in
 such internal control system of the Company.
 
 (v) According to the information and explanations given to us, there
 were no contracts or arrangements during the year, referred to in
 section 301 of the Act, that need to have been entered in the register
 maintained under that section. Accordingly, clauses 4(v) (a) and (b) of
 the Order are not applicable to the Company.
 
 (vi) In our opinion and according to the information and explanations
 given to us, the Company has complied with the directives issued by the
 Reserve Bank of India, the relevant provisions of Sections 58A and 58AA
 or any other relevant provisions of the Act and the Companies
 (Acceptance of Deposits) Rules, 1975 with regard to the deposits
 accepted from the public.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 (viii) Being a Non-Banking Financial Company, the provisions of clause
 4 (viii) of the Order are not applicable to the Company.
 
 (ix) (a) According to the information and explanations given to us, the
 Company is generally regular in depositing with appropriate authorities
 undisputed statutory dues including provident fund, investor education
 and protection fund, employees'' state insurance, income- tax,
 sales-tax, wealth-tax, service tax, custom duty, cess and other
 material statutory dues applicable to it.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, investor
 education and protection fund, employees'' state insurance, income-tax,
 sales- tax, wealth-tax, service tax, custom duty, cess and other
 material statutory dues, were in arrears, as at 31st March, 2013 for a
 period of more than six months from the date they became payable.
 
 (x) The Company has no accumulated losses as at the end of the
 financial year covered by our audit. The Company has not incurred cash
 losses in the said financial year and the immediately preceding
 financial year.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to
 financial institutions, banks and debenture holders.
 
 (xii) In our opinion and according to the information and explanations
 given to us, the Company has maintained adequate documents and records
 in cases where the Company has granted loans and advances on the basis
 of security by way of pledge of shares, debentures and other
 securities.
 
 (xiii) In our opinion and according to the information and explanations
 given to us, the Company is not a chit fund or a nidhi / mutual benefit
 fund / society. Therefore, the provisions of clause 4(xiii) of the
 Order are not applicable to the Company.
 
 (xiv) In respect of dealing or trading in shares, securities,
 debentures and other investments, in our opinion and according to the
 information and explanations given to us, proper records have been
 maintained of the transactions and contracts and timely entries have
 been made therein. The shares, securities, debentures and other
 investments have been held by the Company in its own name, except to
 the extent of the exemption granted under Section 49 of the Companies
 Act, 1956.
 
 (xv) In our opinion and according to the information and explanations
 given to us, the terms and conditions of the guarantees given by the
 Company, for loans taken by others from banks or financial institutions
 during the year, are not prejudicial to the interest of the Company.
 
 (xvi) In our opinion and according to the information and explanations
 given to us, term loans have been prima facie applied for the purposes
 for which the loans were obtained.
 
 (xvii) In our opinion and according to the information and explanations
 given to us and on an overall examination of the Balance Sheet of the
 Company, we report that funds raised on short-term basis have prima
 facie not been used during the year for long-term investment.
 
 (xviii) The Company has not made any preferential allotment of shares
 to parties and companies covered in the Register maintained under
 Section 301 of the Act.
 
 (xix) According to the information and explanations given to us and the
 records examined by us, securities / charges have been created in
 respect of all debentures issued by the Company during the year.
 
 (xx) We have verified the end use of money raised during the year by
 public issue of Secured, Redeemable, Non Convertible Debentures, as
 disclosed in Note 4.2 in the financial statements.
 
 (xxi) During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of any such case by the management.
 
                               For Haribhakti & Co.
 
                               Chartered Accountants
 
                              (Firm''s Registration No.103523W)
 
                               Anand Kumar Jhunjhunwala
 
 Place : Kolkata               Partner
 
 Date :20th May, 2013          Membership No. 056613
Source : Dion Global Solutions Limited
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