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SREI Infrastructure Finance
BSE: 523756|NSE: SREINFRA|ISIN: INE872A01014|SECTOR: Finance - Leasing & Hire Purchase
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« Mar 13
Auditor's Report (SREI Infrastructure Finance) Year End : Mar '14
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, 2014, 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 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, but not for the
 purpose of expressing an opinion on the effectiveness of the Company''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by the 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, 2014;
 
 (b) in the case of the Statement of Profit and Loss, of the profit of
 the Company for the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows of the
 Company 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 (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, 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 Balance Sheet, the Statement of Profit and Loss
 and the Cash Flow Statement comply with the Accounting Standards
 referred to in sub-section (3C) of Section 211 of the Act;
 
 e.  on the basis of the written representations received from the
 directors as on 31st March, 2014 and taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2014
 from being appointed as a director in terms of clause (g) of
 sub-section (1) of Section 274 of the Act.
 
 (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
 Company has physically verified a part of its fixed assets during the
 year but there is a regular programme of verification of fixed assets
 in a phased manner to cover all items 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 assets. As informed, no material
 discrepancies were noticed on such verification of fixed assets during
 the year.
 
 (c) There was no substantial disposal of fixed assets during the year.
 
 (ii) In respect of equity shares 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) According to the information and explanations given to us, 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 and hence, 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 is an adequate internal control system commensurate
 with the size of the Company and the nature of its business, for the
 purchase of stock for trade and fixed assets and for the sale of
 services. During the course of our audit, we have neither come across
 nor have we been informed of any continuing failure to correct major
 weaknesses in the 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 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 records of the Company, amounts deducted /
 accrued in the books of account in respect of undisputed statutory dues
 including provident fund, investor education and protection fund,
 employees'' state insurance, income-tax, sales-tax, wealth-tax, service
 tax, customs duty, cess and 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, 2014 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, 2014 of income-tax, sales-tax, wealth-tax, service
 tax, customs duty and cess which have not been deposited on account of
 any dispute, are as follows:
 
 Name of      Nature of   Ammount        Period to     Forum where
 the Statue   the dues    (Rs. in Lacs   which the     Dispute is
                                         amount        pending
                                         relates 
                                         (Financial
                                         year)
 
 Income       Income          471         2005-06      Delhi
 Tax Act,     Tax                         and          High
 1961                                     2006-07      Court
 
 Income       Income          388         2005-06      Income
 Tax Act,     Tax                                      Tax
 1961                                                  Appellate
                                                       Tribunal,
                                                       Delhi
 
 Income       Income          125         2006-07      CIT
 Tax Act,     Tax                         and          (Appeals),
 1961                                     2007-08      New Delhi
 
 Income       Income          986         2007-08      Income
 Tax Act,     Tax                                      Tax
 1961                                                  Appellate
                                                       Tribunal,
                                                       Delhi
 
 Income       Income        1,809         2008-09      Supreme
 Tax Act,     Tax                                      Court of
 1961                                                  India
 
 Income       Income          211         2010-11      CIT
 Tax Act,     Tax                                      (Appeals),
 1961                                                  Kolkata
 
 Income       Fringe          226         2005-06      Calcutta
 Tax Act,     Benefit                     to           High
 1961         Tax                         2008-09      Court
 
 Finance      Service         302         2006-07      Commissioner
 Act, 1994    Tax                         to           of Service Tax,
                                          2010-11      Kolkata
 
 Central      Central         211         2010-11      Sr. Joint
 Sales Tax    Sales                                    Commissioner
 Act, 1956    Tax                                      of Commercial
                                                       Taxes, Kolkata
 
 (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) 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 dues to a
 financial institution, bank or 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, 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 Act.
 
 (xv) The Company has given guarantees for loans taken by others from
 banks or financial institutions. According to the information and
 explanations given to us, we are of the opinion that the terms and
 conditions thereof are not prima facie 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) According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, we are of
 the opinion 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
 during the year 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 debentures issued by the Company.
 
 (xx) We have verified that the end use of money raised during the year
 by public issue of Secured, Redeemable, Non Convertible Debentures is
 as disclosed in Note 4.2 to the financial statements.
 
 (xxi) 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 by the management, we report
 that no material fraud on or by the Company has been noticed or
 reported during the course of our audit.
 
                                      For Haribhakti & Co.
 
                                      Chartered Accountants
 
                                      (Firm''s Registration No.103523W)
 
                                      Anand Kumar Jhunjhunwala
 
 Place : Kolkata                      Partner
 
 Date   : 23rd May, 2014              Membership No. 056613
Source : Dion Global Solutions Limited
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