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SREI Infrastructure Finance Ltd.

BSE: 523756 | NSE: SREINFRA |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE872A01014 | SECTOR: Finance - Leasing & Hire Purchase

BSE Live

Jan 24, 16:00
6.12 -0.32 (-4.97%)
Volume
AVERAGE VOLUME
5-Day
691,932
10-Day
1,333,927
30-Day
858,178
248,247
  • Prev. Close

    6.44

  • Open Price

    6.31

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    6.12 (63018)

NSE Live

Jan 24, 15:57
6.10 -0.30 (-4.69%)
Volume
AVERAGE VOLUME
5-Day
1,859,316
10-Day
2,792,845
30-Day
1,887,328
730,526
  • Prev. Close

    6.40

  • Open Price

    6.35

  • Bid Price (Qty.)

    6.10 (215)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of SREI Infrastructure Finance Limited, as at 31st March, 2006 and the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the 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 amounts and disclosures in the financial statements. 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. As required by the Companies (Auditors Report) Order, 2003 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. Further to our comments in the Annexure referred to above, we report that: (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) 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; (iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (v) On the basis of written representations received from the directors, as on 31st March, 2006 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2006 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; and (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2006; (b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Deloitte Haskins & Sells Chartered Accountants A. Bhattacharya Place : Kolkata Partner Dated: 22nd May, 2006 Membership No. 054110 Annexure to the Auditors Report (Referred to in paragraph 3 of our report of even date) The nature of the Companys business/activities during the year is such that clauses 4 (viii) and (xiii) are not applicable to the Company. (i) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Some of the fixed assets were physically verified during the year by the management in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification. (c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal, has in our opinion, not affected the going concern status of the Company. (ii) In respect of shares and securities held as stock in trade: (a) As explained to us, stock in trade was physically verified during the year by the management at reasonable intervals. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stock in trade followed by the management were 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 has maintained proper records of stock in trade and no material discrepancies were noticed on physical verification. (iii) 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 Companies Act, 1956. Accordingly clauses 4 (iii) (a) to (g) are not applicable to the Company. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and shares and securities held as stock in trade and for the sale of services. We have not observed any continuing failure to correct major weaknesses in such internal controls. (v) There were no contracts or arrangements referred to in Section 301 of the Companies Act, 1956, during the year that need to have been entered in the register maintained under that section. Accordingly clauses 4 (v) (a) and (b) 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 and the relevant provisions of Section 58A, provisions of Section 58AA or any other relevant provisions of the Companies Act, 1956 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 adequate internal audit system commensurate with the size and nature of its business. (viii) In respect of statutory dues: (a) According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Cess and any other material statutory dues with the appropriate authorities during the year. The Company has challenged constitutional validity of Fringe Benefits Tax before the Honble Kolkata High Court and the Honble Court has granted interim stay on levy of such Fringe Benefits Tax on the Company. In view of this, the Company has not provided for any liability against Fringe Benefits Tax. The levy of service tax on hire purchase and leasing transactions introduced with effect from 16.07.2001 has been challenged by Trade Associations, before the Honble Kolkata and Chennai High Courts and a stay has been obtained. Pending disposal of writ petitions, the Company is not recognizing service tax on the aforesaid transactions. (b) According to the information and explanations given to us, details of disputed sales tax and income-tax demands which have not been deposited as on 31st March, 2006 on account of any dispute are given below: Name of the Statue Nature of dues Amount (Rs.) Bengal Finance (Sales Tax) Act, Sales Tax 6,45,896 1941(Appeals) XII, New Delhi UP Trade Tax Act, 1948 Sales Tax 1,53,920 UP Trade Tax Act, 1948 Sales Tax 1,53,920 UP Trade Tax Act. 1948 Sales Tax 1,53,920 UP Trade Tax Act, 1948 Sales Tax 1,13,997 Andhra Pradesh General Sates Tax 22,077 Sales Tax Act, 1957 Andhra Pradesh General Sates Tax 8,56,61,578 Salea Tax Act, 1957 Karnataka Sales Tax Act, 1957 Sates Tax 7,56,000 Karnataka Sales Tax Act, 1957 Sales Tax 2,13,287 Income Tax Act. 1961 Income Tax 2,20,615 Income Tax Act. 1961 Income Tax 47,85,225 Income Tax Act, 1961 TDS u/s 192 8,55,916 Income Tax Act, 1961 TPS u/s 194A 11.99,727 Name of the Statue Period Forum where dispute is pending to which the amount relates Bengal Financ (Sales Tax) Act, 1994-95 Assistant Commissioner of Income Tax 1941 (Appeals) XII, New Delhi UP Trade Tax Act, 1948 1995-96 Deputy Commissioner (Appeals), Trade Tax, Kanpur UP Trade Tax Act, 1948 1997-96 A. C. Assessment, Kanpur UP Trade Tax Act. 1948 1988-98 Deputy Commissioner (Appeals), Trade Tax, Kanpur UP Trade Tax Act, 1948 1999-00 A. C. Assessment, Kanpur Andhra Pradesh General 1996-97 Appellate Deputy Commissioner of Sales Tax Act, 1957 Commercial Taxes, Kurnool Andhra Pradesh General 2002-03 Appellate Deputy Commissioner of Salea Tax Act, 1957 Commercial Tax, Hyderabad Karnataka Sales Tax Act, 1957 2001-02 High Court of Karnataka Karnataka Sales Tax Act, 1957 2002-03 Joint Commissioner of Commercial Tax, Bangalore Income Tax Act. 1961 1999-00 CIT (Appeals), New Delhi Income Tax Act. 1961 2001-02 ITAT, New Delhi Income Tax Act, 1961 2003-04 ITAT, New Delhi Income Tax Act, 1961 2003-04 CIT (A), XL Kolkata (ix) The Company does not have any accumulated tosses as at the end of the year. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (x) In our opinion and according to the information and explanations given to us, the Company has not defaulted in I the repayment of dues to financial institutions, banks and | debenture holders. (xi) According to the information and explanation given to us, we are of the opinion that the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xii) Based on our examination of the records and evaluation of the related internal controls, the Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid securities have been held by the Company in its own name, except to the extent of the exemption granted under Section 49 of the Companies Act, 1956. (xiii) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions. (xiv) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Company were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application. (xv) According to the information and explanations given to us, and on an overall examination of the balance sheet of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term investment. (xvi) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. (xvii) According to the information and explanations given to us and the records examined by us, securities/charges have been created in respect of the debentures issued. (xviii) We have verified the end use of money raised by public issues as disclosed in the notes to the financial statements. (xix) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants A. Bhattacharya Place : Kolkata Partner Dated: 22nd May, 2006 Membership No. 054110