1. Corporate Information:
Setubandhan Infrastructure Limited (Formerly known as Prakash Constrowell Limited) was incorporated on January 04, 1996. The Company is registered under The Companies Act, 1956 and has been granted CIN L45200MH1996PLC095941 A Petition u/s 7 was filed by State Bank of India before the Hon'ble NCLT Mumbai in capacity of financial creditor and for non-payment of its dues. The Mumbai bench of NCLT admitted the case on November 28, 2022 vide its order no. C.P. No. 106/IBC/MB/2022. Under Insolvency and Bankruptcy Code 2016, power of Board was suspended w.e.f. November 28, 2022 and the powers to manage the operations of the Company was granted to Mr. Sandeep D. Maheshwari (Reg. No. IBBI/IPA-001/IP-P00640/2017-2018/11093), the Insolvency Professional so appointed for this purpose as Interim Resolution professional. Mr. Sandeep D. Maheshwari formed Committee of Creditors (CoC) under IBC and appointed as Resolution professional in the First COC meeting. On recommendation of Mr. Sandeep D. Maheshwari, J A M P R S and Co, Chartered Accountant appointment as Statutory Auditor for the F.Y. 2022-23 (period 28th November 2022 to 31st March 2023). During the Previous year till 28th November 2022 the day-to-day operation and books of accounts was managed by erstwhile management and the financial for the period April
1, 2022 to 28th November 2022 was audited by M/s GRANDMARK & Associates with audit report dated 29.04.2023 with an unqualified opinion.
2. Significant Accounting Policies
A. Basis of accounting and preparation of financial statements based on the above information on going concern assumption basis. As the Company has been admitted into CIRP, the responsibility of preparing the financial statement rests on the Resolution Professional so appointed. However, since the Company was run by the erstwhile management till 28th of November, the erstwhile management is responsible for the financials from the period 1st April 2022 to 28th November 2022. The Resolution professional while preparing final balance sheet for the year ended 31st March 2023 has relied on the opening Assets and liabilities as per the Audited Balance sheet as on 28th November, 2022. The erstwhile statutory auditors have given unqualified opinion in their Audit Report for the Financials from the period 1st April 2022 to 28th November 2022. The financial statements may not reflect true and fair view of the performance of the Company. The Resolution professional has made adequate efforts to seek information/data from erstwhile Management and from bankers but still various information and clarification is pending from the side of erstwhile management however we have tried to take independent data/information to ensure that financial statements are fairly drawn up. Neither Assets nor liabilities has been reinstated on the basis of claim received from financial creditors and operation creditors. However, in view of the foregoing, Resolution professional has approved the financials only to limited extent of fulfilling its responsibility under the Companies Act and makes no representation or issue any statements in relation to financials being true, fair, accurate, or complete in all respects.
B. Balance Sheet:-
The balance sheet has been prepared on Going concern Basis subject to
following:-
i) Fixed Assets (Tangible Fixed Assets):- Fixed assets have been taken at the book value as there is no confirmation available for neither physical records nor physical verification of assets. The balances have been solely relied upon on the basis of the audited financial statement as on
28.11.2022.
ii) Capital Advances and other Long-Term Loans and Advances: They have been taken at book value even though no confirmation is available nor any physical records. The balances have been solely relied upon on the basis of the audited financial statement as on 28.11.2022.
iii) Non-Current Financial Assets- Investment: - They have been taken at book value even though no confirmation is available nor any physical records. The balances have been solely relied upon on the basis of the audited financial statement as on 28.11.2022.
iv) Non-Current Financial Assets- Others: - Security Depoists and Fixed Deposits have been taken at book value except FD of Rupees 50,00,000 made during CIRP period after 28th of November 2022, even though no confirmation is available nor any physical records. The balances have been solely relied upon on the basis of the audited financial statement as on
28.11.2022.
v) Inventories:- They have been taken at book value even though no confirmation is available nor any physical records. The balances have been solely relied upon on the basis of the audited financial statement as on
vi) Trade Receivable: - They have been taken at book value even though no confirmation is available nor any physical records. The balances have been solely relied upon on the basis of the audited financial statement as on 31.03.2020.
vii) Cash and Cash Equivalents: The bank balances_have been verified with the bank statements independently obtained by the Resolution Professional, however in spite of sincere effort some bank statements cannot be collected from the respective banks, the balance of such banks has been taken at book value relying upon the audited financial statement as on 28.11.2022. Cash Balance has no physical records. It has been certified by erstwhile Management.
viii) Other current Assets: - They have been taken at book value even though no confirmation is available nor any physical records. The balances have been solely relied upon on the basis of audited financial statement as on 28.11.2022.
ix) Non-Current Financial Liabilities: - They have been taken at book value even though no confirmation is available. No reinstatement of any Assets/Liabilities has been made on the basis of claim received during CIRP Period. The balances have been solely relied upon on the basis of audited financial statement as on 28.11.2022.
x) Non-Current Liabilities - Provisions:- They have been taken at book value even though no confirmation is available. No reinstatement of any Assets/Liabilities has been made on the basis of claim received during CIRP Period. The balances have been solely relied upon on the basis of audited financial statement as on 28.11.2022.
xi) Current Financial Liabilities-Borrowings: - They have been taken at book value. No reinstatement of any Assets/Liabilities has been made on the basis of claim received during CIRP Period. The balances have been solely relied upon on the basis of the audited financial statement as on
28.11.2022.
xii) Trade Payables: - They have been taken at book value even though no confirmation is available nor any physical records. No reinstatement of any Assets/Liabilities has been made on the basis of claim received during CIRP Period. The balances have been solely relied upon on the basis of the audited financial statement as on 28.11.2022.
xiii) Current liability-Others : - They have been taken at book value even though no confirmation is available nor any physical records. No reinstatement of any Assets/Liabilities has been made on the basis of claim received during CIRP Period. The balances have been solely relied upon on the basis of the audited financial statement as on 28.11.2022.
xiv) Current liability-Provisions : - They have been taken at book value even though no confirmation is available nor any physical records. No reinstatement of any Assets/Liabilities has been made on the basis of claim received during CIRP Period. The balances have been solely relied upon on the basis of audited financial statement as on 28.11.2022.
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