| We have audited the accompanying financial statements of M/S.PVV INFRA
LIMITED ("Company"), which comprise the Balance Sheet as at 31.03.2015,
the Statement of Profit and Loss account and Cash Flow Statement for
the year then 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 the financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting standards referred to in section 133 of the Companies
Act, 2013("Act"), read with Rule 7 of the Companies (Accounts) Rules,
2014. 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 the 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 of 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 the 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 in appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the 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 reasonable 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 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 Balance Sheet, of the state of affairs of the company
as at March 31,2015;
b) In the case of Statement of Profit and Loss, of the profit of the
company for the year ended on that date; and
c) In the case of Cash Flow Statement, of the cash flows of the company
for the year ended on that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Audit Report) Order, 2015 issued by the
Central Government of India in terms of sub-section 11 of section 143 of
the Companies Act, 2013, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2. As required by section 143(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 purposes of our
audit;
b) 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;
c) The Balance Sheet, Statement of Profit and Loss Account and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
d) In our opinion, the Balance Sheet and Statement of Profit and Loss
Account dealt with by this report comply with the Accounting Standards
referred to in section 133 of the Companies Act, 2013; read with Rule 7
of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the Directors,
as on 31st March, 2015 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2014 from being appointed as a Director in terms of section 164 (2) of
the Companies Act, 2013.
f) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business.
g) In our opinion, and according to the information and explanations
given to us, the company has disclosed the pending litigations of the
company which will have impact on the financial statements.
h) In our opinion, and according to the information and explanations
given to us, the company is not foreseeing any losses, and therefore
the provision of the same does not arise.
i) In our opinion, and according to the information and explanations
given to us, the company has not holding amounts such as unclaimed
dividends, share application money etc requiring the transfer of the
same to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
The Annexure referred to in the Auditor's Report to the Members of M/s.
PVV INFRA LIMITED for the year ended 31st March, 2015.
1) a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management
during the period and no serious discrepancies have been noticed on
such verification.
2) a) The stock of inventory have been physically verified during the
year by the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion, the procedures of physical verification of inventory
followed by the management reasonable and adequate considering the size
of the company and the nature of its business.
c) No material discrepancies have been noticed on physical verification
of stocks as compared to book records in so far as appears from our
examination of the books.
3) In our opinion and according to the information and explanations
given to us, the company has not granted any any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, and therefore, the
receipt of the principal amount and interest thereon and overdue thereon
does not arise.
4) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. Further during the course of our audit, we have not come
across any instances of major weaknesses in internal control that in
our opinion, requiring correction.
5) In our opinion and according to the information and explanations
given to us and as shown by the books of accounts, the company has not
accepted deposits within the meaning Section 73 to 76 of the Companies
Act, 1956 and hence compliance of provisions of Section 73 to 76of the
companies Act1956 does not arise.
6) The Central Government had not prescribed any cost records U/s.
148(1) of the Companies Act, 1956 and hence the maintenance of cost
records does not arise.
7) a) According to the books and records examined by us and the
information and explanations given to us, the company is regular in
depositing with appropriate authorities the undisputed statutory dues in
respect of provided fund, ESI, income-tax, wealth-tax, service tax,
sales-tax, customs duty and excise duty and there were no undisputed
statutory dues and arrears as at the date of the Balance Sheet under
report for the period exceeding six months from the date they became
payable.
b) According to the books and records examined by us and the
information and explanations given to us, there was no disputed
statutory dues in respect of income tax, provided fund, ESI,
wealth-tax, service tax, sales-tax, customs duty and excise duty which
have remained outstanding as at 31st March 2015.
08) According to the books and accounts examined by us and the
information and explanations given to us the company has not availed
any loans from any of the financing institutions, bank or debenture
holders and therefore the defaults thereof does not arise.
09) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
10) According to the books and accounts examined by us and the
information and explanations given to us the company has not taken any
term loans during the year
11) During the course of our examination of the accounts of the company
in accordance with generally accepted auditing practices, we have not
come across any instances of fraud on or by the company, nor has the
management, of any such instance being noticed or reported during the
year.
Place: Vijayawada
Date : 13.05.2015
Hanumaiah & Co
Chartered Accountants 1 & 2, Ground,
RAM's VSR Apartments,
Mogalrajpuram,
Vijayawada - 520 010
91 93921 01680
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