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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

We have audited the accompanying Financial Statements of M/s. INDIA INFRASPACE LIMITED (the Company), which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit & Loss and also the Cash Flow Statement for the year ended and a summary of significant accounting polices 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 and financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the ''Act'') read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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'' 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 auditors consider 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 accompanying 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. i) In the case of Balance Sheet, of the state of affairs of the company as at 31st March 2014. ii) In the case of Statement of Profit & Loss, of the Loss for the year ended on that date and, iii) In the case of 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 by the companies (Auditor''s Report) (amendment) order, 2004 issued by the Central Government of India, in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said 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 accounts 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 & 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 & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 to the extent applicable. e) On the basis of written representations received from the Directors and taken on record by the Board of Directors, none of the Directors of the company are prima facie disqualified as on 31st March 2014 from being appointed as Directors of the company in terms of clause (g) of Section 274(1) of the Companies Act, 1956. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT Referred to in Paragraph 1 under the heading of Report on other Legal and Regulatory Requirements of our report of even date. 1. a. The Inventories lying with the company have been physically verified by the management to the extent practicable at reasonable interval during the year or at the year end. b. In our opinion the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. c. In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventories. The discrepancies noticed on verification between physical stocks and the book records were not material having regard to the size of operation of the company. 2. (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 loan from Three parties covered in the Register maintained u/s 301 of the Companies Act, 1956. The amount involved (i.e. the maximum amount outstanding during the year was Rs. 648.65 lacs). Rs. 57.15 lacs were payable to these parties as at the close of the accounting year. (ii) The company has granted interest free loan to Six Parties covered in the Register maintained u/s 301 of the Companies Act, 1956. The amount involved (i.e. the maximum amount outstanding during the year was Rs. 757.01 lacs). Rs. 425.26 lacs were due from these parties as at the close of the accounting year. (b) According to the information and explanation given to us, the terms and conditions in respect of unsecured loans taken/given 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 principle 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. 3. 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. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 4. (a) Particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 have been so entered in the register required to be maintained under that Section. (b) The transaction made in pursuance of contracts and arrangements referred to in 4(a) above and exceeding value of Rs. 5 lakhs have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 5. 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. 6. 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. 7. We are informed that the central government has not prescribed the maintenance of cost records under the provision of Section 209(1)(d) of the Companies Act, 1956 in respect of the company''s activities. 8. (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, 2014 for a period of more than six months from the date they become payable except outstanding demand of Income Tax of Rs. 9,97,318/- for A.Y. 1996-97 & Rs. 88,594/- for 2002-03 and Income Tax Penalty of Rs. 2,58,783/- for A.Y. 2002-03. 9. The Company has accumulated losses of Rs. 162.66 lacs at the end of the year. The company has incurred cash loss of Rs. 2.96 lacs during the financial year under audit, however the company had not incurred any cash loss during immediately preceding financial year. 10. 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. 11. 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. 12. In our opinion, the company is not chit fund or nidhi mutual fund/society. 13. According to the information and explanation given to us, the company is not dealing or trading in shares, securities and/or debentures. 14. 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. 15. Company has not availed any term loan during the year. 16. 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. 17. 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. 18. According to the information and explanations given to us, the Company has not issued any debenture. 19. Company has not raised any money by public issue during the year. 20. 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 fraud on or by the company has been noticed or reported during the course of our audit. 21. Since the company has no Fixed Assets, the Clause (i) of the aforesaid order is not applicable to the company. FOR PANKAJ K. SHAH ASSOCIATES Firm Registration No. 107352W CHARTERED ACCOUNTANTS (PANKAJ K. SHAH) Place: Ahmedabad PROPRIETOR Date : 30/05/2014 M. No. 34603