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SREI Infrastructure Finance

BSE: 523756|NSE: SREINFRA|ISIN: INE872A01014|SECTOR: Finance - Leasing & Hire Purchase
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« Mar 15
Auditor's Report (SREI Infrastructure Finance) Year End : Mar '16
We have audited the accompanying standalone financial statements of
 Srei Infrastructure Finance Limited (the Company), which comprise the
 Balance Sheet as at 31st March, 2016, 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
 
 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 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; and design, implementation and maintenance
 of adequate internal financial controls and ensuring their operating
 effectiveness and 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
 
 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.
 
 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''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. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by the Company''s Directors, 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 on the standalone
 financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone 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 profit and its cash
 fl ows for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 (1) 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 Section 143 of the Act, we give in Annexure 1 a
 statement on the matters specified in paragraphs 3 and 4 of the Order,
 to the extent applicable.
 
 (2) As required by Section 143(3) of the Act, we 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
 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 it appears from our examination of
 those books;
 
 c.  The Balance Sheet, the Statement of Profit and Loss and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account;
 
 d.  In our opinion, the aforesaid standalone financial statements
 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 the written representations received from the
 directors as on 31st March, 2016 and taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March,
 2016 from being appointed as a director in terms of Section 164 (2) of
 the Act;
 
 f.  With respect to the adequacy of the internal financial controls
 over financial reporting of the Company and the operating
 effectiveness of such controls, we give our separate Report in
 Annexure 2.
 
 g.  With respect to the other matters to be included in the Auditor''s
 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
 according to the explanations given to us:
 
 (i) The Company has disclosed the impact of pending litigations on its
 financial position in its standalone financial statements – Refer
 Note No. 27 to the standalone financial statements;
 
 (ii) The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 (iii) There has been no delay in transferring amounts required to be
 transferred to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE 1 TO THE INDEPENDENT AUDITOR''S REPORT
 
 [Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements''in our Independent Auditor''s Report of even date, to the
 members of the Company on the standalone financial statements 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) According to the information and explanations given to us, the
 Company has a programme of verification of fixed assets to cover all
 the items in a phased manner over a period of three years which, in our
 opinion, is reasonable having regard to the size of the Company and the
 nature of its fixed assets. Pursuant to the programme, certain fixed
 assets were physically verified by the Company''s Management
 (management) during the year. As informed and explained to us by the
 management, no material discrepancies were noticed on such verification.
 
 (c) The title deeds of immovable properties recorded as fixed assets
 in the books of account of the Company are held in the name of the
 Company, except as detailed herein below :-
 
 Land/
 Buildings  Total number  Leasehold/  Gross Block as Net Block  Remarks
            of cases      Freehold    at 31st 
                                      March,         at 31st
                                                     March,
                                      2016(Rs.In     2016(Rs.In
                                      Lacs)          Lacs)
 
 Buildings       2        Freehold    9967.98        8976.11    Convey
                                                                ance
                                                                is
                                                               pending
 
 (ii) According to the information and explanations given to us in
 respect of equity shares held as stock for trade, the same has been
 physically verified by the management during the year. In our opinion,
 the frequency of verification is reasonable. As explained to us, no
 material discrepancies were noticed on physical verification.
 
 (iii) According to the information and explanations given to us and on
 the basis of our examination of the books of account, the Company has
 not granted any loans, secured or unsecured, to companies, firms,
 Limited Liability Partnerships or other parties covered in the register
 complied maintained under Section 189 of the Act.
 
 (iv) According to the information and explanations given to us in
 respect of loans, investments, guarantees and security, the Company has
 complied with the provisions of Sections 185 and 186 of the Act.
 
 (v) 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 and the provisions of sections 73 to 76 or any
 other relevant provisions of the Act and the rules framed thereunder
 with regard to the acceptance of deposits. Further, as informed, no
 Order has been passed by the Company Law Board or National Company Law
 Tribunal or Reserve Bank of India or any Court or any other Tribunal on
 the Company in respect of the aforesaid deposits.
 
 (vi) Being a Non-Banking Financial Company, the provisions of clause
 3(vi) of the Order with regard to the maintenance of cost records are
 not applicable to the Company.
 
 (vii)
 
 (a) According to the records of the Company, amounts deducted/accrued
 in the books of account in respect of undisputed statutory dues
 including provident fund, employees''state insurance, income-tax, sales
 tax, service tax, duty of customs, duty of excise, value added tax,
 cess and any other material statutory dues have generally been
 regularly deposited with the appropriate authorities.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of the aforesaid dues were in
 arrears as at 31st March , 2016 for a period of more than six months
 from the date they became payable.
 
 (b) According to the information and explanations given to us, the dues
 as at 31st March , 2016 of income tax, sales tax, service tax, duty of
 customs, duty of excise and value added tax , which have not been
 deposited on account of any dispute, are as follows :
 
 Name of the   Nature of   Amount  Period to which  Forum where dispute
 Statute       dues       (Rs.In   the amount 
                                   relates          is pending
                           Lacs)   (Financial 
                                   Year)
 
 Income Tax 
 Act,1961      Income Tax    471   2005-06 and
                                   2006-07          Supreme Court of 
                                                    India
 
 Income Tax 
 Act,1961      Income Tax    125   2006-07 and
                                   2007-08          CIT(Appeals), 
                                                    Kolkata
 
 Income Tax 
 Act,1961      Income Tax                           Income Tax
                                                    Appellate Tribunal,
                             986   2007-08
                                                    Kolkata
 
 Income Tax 
 Act,1961      Income Tax  1,809   2008-09          Supreme Court of
                                                    India
 
                                   Period to which  
                          Amount                    Forum where
                                                    dispute is
 Name of the 
 Statute       Nature of 
               dues                the amount 
                                   relates
                         (Rs. In 
                           Lacs)                    pending
                                  (Financial Year)
 
 Income Tax 
 Act,1961      Income Tax    211   2010-11          CIT(Appeals), 
                                                    Kolkata
 
 Income Tax 
 Act,1961      Income Tax  1,938   2011-12          CIT(Appeals), 
                                                    Kolkata
 
 Income Tax 
 Act,1961      Income Tax
               on            226   2005-06 to
                                   2008-09          Calcutta High Court
               Fringe 
               benefits
 
 Finance 
 Act,1994      Service Tax                          Customs, Excise 
                                                    and Service
                             302   2006-07 to
                                   2010-11          Tax Appellate 
                                                    Tribunal (CESTAT),
                                                    Kolkata
 
 Finance 
 Act,1994      Service Tax                          Additional 
                                                    Commissioner of
                               6   2011-12
                                                    Service Tax,
                                                    Kolkata
 
 Finance
 Act,1994      Service Tax                          Principal 
                                                    Commissioner of
                             973   2011-12 to
                                   2014-15          Service Tax, 
                                                    Kolkata
 
 Central 
 Sales Tax
 Act,          Central
               Sales Tax                            West Bengal Sales
                                                    Tax
 1956                        211   2010-11          Appellate and
                                                    Revisional Board 
 
 Central
 Sales Tax 
 Act,          Central 
               Sales Tax                            West Bengal Sales
                                                    Tax
 1956                        195   2011-12          Appellate and 
                                                    Revisional Board
 
 Central 
 Sales Tax 
 Act,          Central 
               Sales Tax                            Joint 
                                                    Commissioner of
                             161   2012-13
 1956                                               Commercial Tax,
                                                    Kolkata
 
 (viii) Based on our audit procedures and as per the information and
 explanations given to us by the management, we are of the opinion that
 during the year the Company has not defaulted in repayment of loans or
 borrowings to a financial institution, bank, Government or dues to
 debenture holders.
 
 (ix) In our opinion and according to the information and explanations
 given to us, moneys raised by way of initial public offer or further
 public offer (including debt instruments) and term loans were prima
 facie applied during the year for the purposes for which those were
 raised.
 
 (x) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as
 per the information and explanations given to us by the management, we
 report that we have neither come across any instance of fraud by the
 Company or on the Company by its officers or employees, noticed or
 reported during the year, nor have we been informed of any such case by
 the management.
 
 (xi) According to the information and explanations given to us,
 managerial remuneration has been paid / provided in accordance with the
 requisite approvals mandated by the provisions of Section 197 read with
 Schedule V to the Act.
 
 (xii) The Company is not a Nidhi Company.
 
 (xiii) According to the information and explanations given to us, all
 transactions entered into by the Company with the related parties are
 in compliance with Sections 177 and 188 of the Act 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) As per the information and explanations given to us, the Company
 has not entered into any non-cash transactions during the year with
 directors or persons connected with them.
 
 (xvi) The Company is required to be registered under Section 45-IA of
 the Reserve Bank of India Act, 1934 and the registration has been
 obtained.
 
                                          For Haribhakti & Co. LLP
 
                                             Chartered Accountants 
 
                                 ICAI Firm Registration No.103523W
 
 
 
                                          Anand Kumar Jhunjhunwala
 
 Kolkata                                                   Partner
 
 May 12, 2016                                 Membership No.056613
Source : Dion Global Solutions Limited
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