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India Infraspace Ltd.

BSE: 531343 | NSE: | Series: NA | ISIN: INE954M01031 | SECTOR: Construction & Contracting - Civil

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Annual Report

For Year :
2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of M/s. INDIA INFRASPACE LIMITED, as at 31st March, 2011 and also the Profit Loss Account and Cash Flaw Statement for the year ended on that date. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these Financial Statements based on our audit. 2. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amount and disclosures in the Financial Statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, as amended by the companies (Auditor''s Report) (amendment) order, 2004, issued by the Central Government of India, in terms of Sub- Section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to in Paragraph 3 above, 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 accounts as required by Law have been kept by the Company so far as appears from our examination of such books. c. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. d. In our opinion, the Balance Sheet and Profit & Loss Accounts dealt with this report comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable. e. On the basis of written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors of the company are disqualified as on 31st March 11 from being appointed as Directors of the company under section 274(1 )(g) of Companies Act, 1956. f. In our opinion and to the best of our information and according to the explanation given to us, the accounts together with the notes thereon, give the information required under the companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India: i) In the case of Balance Sheet, of the state of affairs of the company as 31 st March 2011. ii) In the case of Profit & Loss account, of the Loss for the year ended on that date. iii) In the case of Cash Flaw Statement of the cash flaw, for the year ended on that date. ANNEXURE TO THE AUDITORS'' Report Annexure referred to in paragraph 3 of the Auditor''s report to the members of M/s. INDIA INFRASPACE LIMITED (Formerly known as GANPATI INFRASTRUCTURE LIMITED) on the accounts for the year ended 31st March, 2011. 1 (a) According to the information and explanations given to us, the Company has taken/granted unsecured loans from/to companies covered in the Register maintained under Section 301 of the Companies Act, 1956; (i) The Company has taken interest free loans from Two party covered in the afforest a Register. The amount involved (i.e. the maximum amount outstanding during the year was Rs.0.83 lacs). Rs.0.83 lacs were payable to these parties as at the close of the accounting year. (ii) The company has not granted any loan to party covered in the Register maintained u/s 301 of the Companies Act, 1956. (b) According to the information and explanation given to us, the terms and conditions in respect of unsecured loans taken by the Company are not prima-facie prejudicial to the interest of the Company. (c) In our opinion and according to the information and explanations given to us, the payment of principal amount are on demand. (d) In our opinion and according to the information and explanation given to us, there are no overdue amounts in respect of the transactions listed in clause (a) above. 2 In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, with regard to purchase of inventory and sale of fixed assets. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 3 According to the information and explanations given to us, there were no transactions that were required to be entered into the register maintained under section 301 of the Companies Act, 1956. 4 According to the information and explanation given to us, the Company has not accepted any deposits attracting the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under. 5 The Company did not have any formal internal audit system during the year. In the opinion of the management the existing operations are very limited and internal! procedure are adequate and hence separate internal audit System do not called for. 6 We are inform that the central government has not prescribed the maintenance of cost records the under provision of Section 209(1 )(d) of the Companies Act, 1956 in respect of the company''s activities. 7 (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, VAT, wealth tax, custom duty, service tax, excise duty, cess and any other statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax. VAT, wealth tax, custom duty, service tax, excise duty, cess were in arrears, as at 31st March, 2011 for a period of more than six months from the date they become payable. (c) According to information and explanation given to us, details of dues in respect of Income Tax in arrears on account of dispute is Particulars Financial Year, for which the Forum where Amount (Rs.) matter for pertains pending dispute to Income Tax A. Y. 1996-97 Tribunal (ITAT) 11,77,316/- 8. The Company has accumulated losses of Rs. 651.17 lacs at the end of the year which is more than 50% of Net worth of the company. Moreover, the company has not incurred any cash losses during the financial year but incurred cash losses of Rs. 0.07 lacs in the immediately preceding financial year. 9. In our opinion, and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders. 10. in our opinion, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 11. In our opinion, the company is not chit fund or nidhi mutual fund/society. 12. According to the information and explanation given to us, the company is not dealing or trading in shares, securities and / or debentures. 13. In our opinion, and according to information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. 14. Company has not availed any term loan during the year. 15. According to the information and explanation given to us, and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets. 16. According to the information and explanations given to us, 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. 17. According to the information and explanations given to us, the Company has not issued any debenture. 18. Company has not raised any money by public issue during the year. 19. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year under review. 20. Clause (i) and (ii) of the aforesaid order is not applicable to the company. FOR PANKAJ K. SHAH ASSOCIATES Firm Registration No. 107352W CHARTERED ACCOUNTANTS Place: Ahmedabad Date : 01.09.2011 (PANKAJ K. SHAH) PROPRIETOR M. No. 34603