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SREI Infrastructure Finance
BSE: 523756|NSE: SREINFRA|ISIN: INE872A01014|SECTOR: Finance - Leasing & Hire Purchase
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« Mar 14
Auditor's Report (SREI Infrastructure Finance) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 SREI Infrastructure Finance Limited (the Company), which comprise
 the Balance Sheet as at 31st March, 2015, 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 Standalone 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 standalone 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 speci fi ed under Section 1 33 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, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the standalone
 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 standalone
 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, 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 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, 2015, its profit and its 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, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of Section 143 of the Act, we give in the Annexure 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, 2015 and taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act;
 
 f. 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 financial statements;
 
 (ii) The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts including derivative contracts;
 
 (iii) There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE 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 Srei Infrastructure Finance Limited on the standalone
 financial statements for the year ended 31st March, 2015)
 
 (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, no
 material discrepancies were noticed on such verification.
 
 (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 as
 informed, no 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 or
 other parties covered in the register maintained under section 189 of
 the Act.
 
 (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 aforesaid internal control system.
 
 (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, wealth tax, service tax, duty of customs, duty
 of excise, value added tax, 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, 2015 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, 2015 of income tax, sales tax, wealth tax, service
 tax, duty of customs, duty of excise, value added tax and cess, which
 have not been deposited on account of any dispute are as follows:
 
 Name                  Nature      Amount      Period to 
 of the                of         (Rs. In      which the
 Statute               dues        Lacs)       amount
                                               relates (Financial Year)
 
 
 Income               Income Tax     471       2005-06
 Tax Act,                                      and
 1961                                          2006-07
 
 Income               Income Tax     388       2005-06
 Tax Act,
 1961
 
 Income               Income Tax     125       2006-07
 Tax Act,                                      and
 1961                                          2007-08
 
 
 Income               Income Tax     986       2007-08
 Tax Act,
 1961
 
 Income               Income Tax    1,809      2008-09
 Tax Act,
 1961
 
 Income               Income Tax      211      2010-11
 Tax Act,
 1961
 
 Income               Income Tax    1,938      2011-12
 Tax Act,
 1961
 
 Income               Income Tax      226      2005-06
 Tax Act, to
 1961                                          2008-09
 
 Finance              Service Tax     302      2006-07
 Act, 1994                                         to 
                                               2010-11
 
 Central              Central         211      2010-11
 Sales                Sales Tax
 Tax Act,
 1956
 
 Central              Central         195      2011-12
 Sales                Sales Tax
 Tax Act,
 1956
 
 
 
 Name of the Statue             Forum where dispute is pending
 
 Income Tax Act, to 1961        Appeal / Special Leave Petition in 
                                the process of being filed before
                                the Supreme Court of India
 
 Income Tax Act, to 1961        Income Tax Appellate Tribunal, 
                                Kolkata 
 
 Income Tax Act, to 1961        CIT (Appeals), New Delhi
 
 
 Income Tax Act, to 1961        Income Tax Appellate Tribunal, 
                                Kolkata
 
 Income Tax Act, to 1961        Supreme Court of India
  
 Income Tax Act, to 1961        CIT (Appeals), Kolkata
 
 Income Tax Act, to 1961        CIT (Appeals), Kolkata
 
 Income Tax Act, to 1961        Calcutta High Court
 
 Financial Act 1994             Customs, Excise and Service 
                                Tax Appellate Tribunal (CESTAT), 
                                Kolkata
 
 
 Centrol Sales Tax Act 1956     West Bengal Sales Tax Appellate 
                                and Revisional Board 
 
 Income Tax Act, to 1961        Senior Joint
                                Commissioner of Commercial Taxes, 
                                Kolkata
 
 
 
 
 (c) According to the information and explanations given to us, the
 amount required to be transferred to the Investor Education and
 Protection Fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made thereunder has been
 transferred to such fund within time.
 
 (viii) The Company does not have any accumulated losses at the end of
 the financial year covered by our audit and has not incurred cash
 losses in such financial year and in the immediately preceding
 financial year.
 
 (ix) 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.
 
 (x) 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.
 
 (xi) In our opinion and according to the information and explanations
 given to us, term loans were prima facie applied during the year for
 the purposes for which the loans were obtained.
 
 (xii) 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, no
 material fraud on or by the Company has been noticed or reported during
 the year.
 
                                      For Haribhakti & Co. LLP
                                         Chartered Accountants 
                            ICAI Firm Registration No. 103523W
 
                                      Anand Kumar Jhunjhunwala
 Place : Kolkata                                        Partner
 Date : 1st May, 2015                     Membership No. 056613
Source : Dion Global Solutions Limited
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