| Report on the Financial Statement
We have audited the accompanying financial statements of M/s INFRAQUEST
INTERNATIONAL LIMITED, Indore which comprises the Balance sheet as at
March 31st, 2013, and the statement of Profit and Loss for the year
ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
Management is Responsible for the preparation of these financial
statements that give a true and fair view of the financial position
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211, of the
Companies Act, 1956. 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.
Auditor's 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 auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessment, the auditor
considers internal control relevant to Company's preparation and fair
presentation of the financial statement in order to design audit
procedures that are appropriate in the circumstance. An audit also
includes evaluating the appropriateness of accounting policies used and
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 basis of our audit opinion.
opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013, and
(b) In the case of the Profit and Loss Account, of the loss fortheyear
ended on that date.
port on Other Legal and Regulatory Requirements
As the company is a private company and falls within the exemption
specified under paragraph 2(iv) of the Companies (Auditor's Report)
Order, 2003 issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956. Hence the
matters specified in paragraphs 4 and 5 of the said Order are not
enclosed.
As required by section 227(3) of the Act, we report that:
We have obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of ouraudit;
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.
The Balance Sheet, and Statement of Profit and Loss dealt with by this
Report are in agreement with the books of accounts.
In our opinion, the Balance Sheet, & Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
Du ring the course of our audit we did not come across any matter which
may have adverse effect on the functioning of the company.
On the basis of written representations received from the directors as
on March 31, 2013, and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Required by the Companies (Auditors Report) (Amendment) Order, 2004
issued by the Company Law rd in terms of Section 227(4A) of Companies
Act, 1956 we further report that-
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification, which
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) During the year, Company has not disposed of any substantial/major
part of fixed assets.
As explained to us, the Company did not have any inventory during the
year and thereof there is no question of commenting on frequency of
verification, procedure of physical verification of inventory and on
records of inventory.
According to the information and explanation given to us, the company
has not taken or granted loan from to the parties listed in the
Register maintained u/s 301 of the Companies Act, 1956.
In our opinion & according to information & explanation given to us,
there are adequate internal control system commensurate with the size
of the Company and nature of its business with regard to the purchase
of inventory and fixed assets, and with regard to the sale of goods and
services.
During the course of regard to the sale of goods and services.
During the course of correct major weakness in the internal controls
system, a) In our opinion and according to the information and
explanations given to us, there is no particulars of Contracts or
Arrangements which is required to be entered into the Register
maintained under section 301 of Act
In our opinion and according to the information and explanations given
to us, the provisions of section 58A,58AA or any other relevant
provisions of the Act and Rules framed there under, not applicable for
the company.
In our opinion, the Company has an internal audit system commensurate
with the size and the nature of its Business.
As the Company did not carry on any manufacturing activity during the
year, the requirement as to maintenance of cost records u/s 209(c)(d)
Companies Act, 1956 and rules made there under is not applicable.
a) According to the records of the Company and information and
explanations given to us, the company has been regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Employee's State Insurance, income-tax, Sales-tax,
Wealth-tax, Service Tax, Customs Duty, Excess Duty, cess and other
statutory dues with the appropriate authorities during the year,
wherever applicable.
k) According to the records of the Company and information and
explanations given to us ,dues of sales tax, income tax Wealth-
tax Service Tax customs, excise duty which have not been deposited on
account of disputes and the forum where dispute is pending is NIL
The Company is having accumulated losses of Rs. 2,07,021,543.38 as at
the end of the year. Company is having cash loss of Rs.5,88,964.18
during the current year and no cash loss during the immediately
preceding financial year.
Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions bank and debenture Holders.
According to the information and explanations given to us, the company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities.
The provisions of any special statute applicable to chit fund, Nidhi or
mutual Benefit fund/societies are not applicable to the company.
Based on the records examined by us and according to the information
and explanations given to us, we are of the opinion that the company has
not entered in to transactions and contracts of dealing in
shares, securities, debentures & other Investments.
According to the information and explanation given to us, the company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
According to the information and explanation given to us, the company
did not avail any term loan during the year.
According to the information and explanations 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 loan term
investment by the company.
The Company has not made any preferential allotment to parties and
companies Act,1956 during the year and the and companies covered under
register maintained under section 301 of the companies act. 1956 during
the year and the question of whether the price at which the shares have
been issued is prejudicial to the interest of the Company does not arise.
According to the information and explanations given to us and the
records examined by us, the company did not issue any debentures and
therefore there is no question of creation of security or charges in
that respect.
The company has not raised money by any public issues during the year
and hence the question of disclosure and verification of end use of
such money does not arise.
To the best of our knowledge and belief and according to the
information and explanation given to us, no fraud on or by the company
was noticed or reported during the year.
As Per Audit Report Of Even Date
B S KEDA & CO
(Chartered Accountants)
Firm Reg. No.: 317159E
sd/-
place VIKASH KEDIA
Indore
Date : 28/05/2013 (Partner)
Membership No.: 066852 |