Testimonials

 
 

Services

 
 

Customer Care - 033 6606 3000 / 1860 420 3333
<< Prices as on Oct 19, 2018 >>      ABB India  1273.3 [ -0.83% ]     ACC  1422.9 [ -7.60% ]     Ambuja Cements Ltd.  208.4 [ -4.45% ]     Asian Paints Ltd.  1237.95 [ -1.45% ]     Axis Bank Ltd.  562.2 [ -2.16% ]     Bajaj Auto Ltd.  2510.15 [ -1.49% ]     Bank of Baroda  102.15 [ 2.92% ]     Bharti Airtel  286.85 [ -0.43% ]     Bharat Heavy Ele  73.5 [ -0.54% ]     Bharat Petroleum  284.35 [ -0.26% ]     Britannia Ind.  5557.35 [ 0.49% ]     Cairn India Ltd.  285.4 [ 0.90% ]     Cipla  633.85 [ -0.98% ]     Coal India  275.75 [ -1.39% ]     Colgate Palm.  1098.15 [ 1.41% ]     Dabur India  404.35 [ 0.65% ]     DLF Ltd.  152.8 [ 5.78% ]     Dr. Reddy's Labs  2546.65 [ -0.61% ]     GAIL (India) Ltd.  343.55 [ -0.58% ]     Grasim Inds.  875.95 [ -0.92% ]     HCL Technologies  960.75 [ -6.16% ]     HDFC  1661.3 [ -4.32% ]     HDFC Bank  1965.8 [ -0.46% ]     Hero MotoCorp  2711 [ -3.70% ]     Hindustan Unilever L  1579.2 [ 1.16% ]     Hindalco Indus.  226.75 [ -0.35% ]     ICICI Bank  314.9 [ 0.06% ]     IDFC L  37.25 [ -1.06% ]     Indian Hotels Co  122.7 [ -2.27% ]     IndusInd Bank  1576.5 [ -1.70% ]     Infosys  682.6 [ -3.11% ]     ITC Ltd.  288.45 [ 0.73% ]     Jindal St & Pwr  166.2 [ -1.36% ]     Kotak Mahindra Bank  1199.55 [ 1.83% ]     L&T  1208.15 [ -0.26% ]     Lupin Ltd.  877.6 [ -1.99% ]     Mahi. & Mahi  741.5 [ -2.44% ]     Maruti Suzuki India  6760.35 [ -1.72% ]     MTNL  13.86 [ 0.95% ]     Nestle India  9602.8 [ -1.21% ]     NIIT Ltd.  73.9 [ 1.23% ]     NMDC Ltd.  109.55 [ -1.04% ]     NTPC  161.85 [ -0.55% ]     ONGC  161.05 [ -0.65% ]     Punj. NationlBak  66.1 [ -0.53% ]     Power Grid Corpo  189.5 [ 0.21% ]     Reliance Inds.  1101.65 [ -4.11% ]     SBI  260.85 [ -0.11% ]     Vedanta  211.15 [ 1.51% ]     Shipping Corpn.  40.8 [ -4.23% ]     Sun Pharma.  608.4 [ 2.52% ]     Tata Chemicals  671.9 [ 0.19% ]     Tata Global Beverage  227.65 [ -1.49% ]     Tata Motors Ltd.  174.8 [ -2.46% ]     Tata Steel  553.6 [ -0.19% ]     Tata Power Co.  70.2 [ -3.04% ]     Tata Consultancy  1917.05 [ -0.55% ]     Tech Mahindra Ltd.  690.3 [ -3.98% ]     UltraTech Cement  3609.45 [ -3.24% ]     United Spirits  529.6 [ -0.68% ]     Wipro Ltd  323.05 [ -0.29% ]     Zee Entertainment En  455.2 [ -1.79% ] BSE Prices delayed by 5 minutes... BSE NSE
Search Company 
A2Z Infra Engineering Ltd.
Market Cap. (Rs.) 194.61 Cr. P/BV 0.52 Book Value (Rs.) 21.12
52 Week High/Low (Rs.) 49/8 FV/ML 10/1 P/E(X) 0.00
Bookclosure 29/09/2018 EPS (Rs.) 0.00 Div Yield (%) 0.00
AUDITOR'S REPORT
You can view full text of the latest Auditor's Report for the company.
Year End :2016-03 

To

The Members of

A2Z Infra Engineering Limited

(formerly known as “A2Z Maintenance & Engineering

Services Limited”)

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of A2Z Infra Engineering Limited (formerly known as “A2Z Maintenance & Engineering Services Limited”) (“the Company”), which comprise the Balance Sheet as at March 31, 2016 the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information, in which are incorporated the returns for the year ended on that date audited by the branch auditors of the Company's branches at Zambia and Uganda.

Management's Responsibility for the Standalone Financial

Statements

2. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; safeguarding the assets of the Company; preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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

3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the 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 assessments, the auditor considers internal financial controls relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at March 31, 2016 and its loss and its cash flows for the year ended on that date.

Emphasis of Matters

9. We draw attention to:

(i) Note 14.1 to the standalone financial statements which describes the uncertainty relating to the assumptions used by management with respect to the impairment assessment of the cogeneration power plants and availability of the extension in the concession period for an additional term.

(ii) Note 23.1 to the standalone financial statements with respect to unbilled receivables relating to certain contracts which are still in progress aggregating to Rs. 1,204,118,263, recognized in the earlier years. Management, based on ongoing discussions/ negotiations with the customers believes that these amounts are completely billable and accordingly, no adjustments have been made in the standalone financial statements.

(iii) Note 33(a) to the standalone financial statements which describes the uncertainty relating to the outcome of litigation pertaining to income tax matters pursuant to assessment orders received by the Company for the assessment years 2009-10 to 2013-14 against which management has filed appeals with Income Tax Appellate Tribunal (ITAT). Pending the final outcome of these matters, which is presently unascertainable, no further adjustments have been made in the standalone financial statements.

Our opinion is not modified in respect of above matters.

Other Matter

10. We did not audit the financial statements of certain branches, included in these financial statements, whose financial statements reflect total revenues (after eliminating intergroup transactions) of Rs. 188,490,086 and net loss after tax and prior period items (after eliminating intra-group eliminations) of Rs. 19,718,647 for the year ended March 31, 2016 and total assets of Rs. 197,334,549 as at March 31, 2016. These financial statements and other financial information have been audited by other auditors whose audit reports have been furnished to us, and our opinion in respect thereof is based solely on the audit reports of such other auditors. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

11. As required by the Companies (Auditor's Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.

12. Further to our comments in Annexure I, as required by Section143(3) of the Act, we report that:

a. we have sought and 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 account as required by law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us;

c. the reports on the accounts of the branch offices of the Company audited under Section 143(8) of the Act by the branch auditors have been sent to us and have been properly dealt with by us in preparing this report;

d. the standalone financial statements dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;

e. in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule

7 of the Companies (Accounts) Rules, 2014 (as amended);

f. the matters described in paragraph 9 under the Emphasis of Matters paragraph, in our opinion, may have an adverse effect on the functioning of the Company;

g. on the basis of the written representations received from the directors as on March 31, 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section164(2) of the Act;

h. we have also audited the internal financial controls over financial reporting (IFCoFR) of the Company as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report dated May 28, 2016 as per annexure II expressed an unqualified opinion.

i. with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. as detailed in Note 33 to the standalone financial statements, the Company has disclosed the impact of pending litigations on its standalone financial position;

ii. the Company, as detailed in Note 34 to the standalone financial statements, has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts. The Company did not have any derivative contracts;

iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company

Annexure I

Annexure I to the Independent Auditor's Report of even date to the members of A2Z Infra Engineering Limited (formerly known as “A2Z Maintenance & Engineering Services Limited”), on the standalone financial statements for the year ended March 31, 2016

Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets under which fixed assets are verified in a phased manner over a period of 3 years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this program, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties are held in the name of the Company.

(ii) In our opinion, the management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies between physical inventory and book records were noticed on physical verification.

(iii) The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not, prima facie, prejudicial to the Company's interest.

(b) the schedule of repayment of the principal and the payment of the interest has not been stipulated and hence we are unable to comment as to whether repayments/receipts of the principal amount and the interest are regular;

(c) in the absence of stipulated schedule of repayment of principal and payment of interest, we are unable to comment as to whether there is any amount which is overdue for more than 90 days and whether reasonable steps have been taken by the Company for recovery of the principal amount and interest.

(iv) In our opinion, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of loans, investments, guarantees, and security.

(v) In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under subsection (1) of Section 148 of the Act in respect of Company's products/services and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) (a) Undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have not been regularly deposited to the appropriate authorities and there have been significant delays in a large number of cases. Undisputed amounts payable in respect thereof, which were outstanding at the year-end for a period of more than six months from the date they became payable are as follows:

Statement of arrears of statutory dues outstanding for more than six months

Name of the statute

Nature of the dues

Amount

(Rs.)

Period to which the amount relates

Due date

Date of payment

Employee Welfare Fund Payable

Employee welfare fund

63,507

March 2015 to August 2015

25th day of subsequent month

Not yet paid

Madhya Pradesh Professional Tax Act, 1995

Professional tax

568,957

July 2012 to August 2015

10th day of subsequent month

Not yet paid

West Bengal State Tax on Professions, Trades, Callings and Employments Act,1979

Professional tax

31,750

March 2015 to August 2015

21st day of subsequent month

Not yet paid

(b) The dues outstanding in respect of income-tax, sales-tax, service tax, duty of customs, duty of excise and value added tax on account of any dispute, are as follows:

Statement of Disputed Dues

Name of the statute

Nature of dues

Amount (Rs.)

Amount Paid Under Protest (Rs.)

Period to which the amount relates

Forum where dispute is pending

Income Tax Act, 1961

Demand made under section 153A & 153B

199,216,987

-

AY-2009-10 to 2013-14

Income Tax Appellate Tribunal, Delhi

Bihar Value Added Tax Act, 2005

Bihar Value Added Tax

8,354,879

-

2010-11

Assessing Officer Commercial tax, Bihar

Bihar Value Added Tax

43,198,065

-

2012-13

Honorable High Court, Patna

Jharkhand Value Added Tax Act, 2005

Jharkhand Value Added Tax

13,845,739

5,823,531

2008-09 to 2011-12

Commissioner Commercial tax, Ranchi, Jharkhand

The West Bengal Value Added Tax Act, 2003

Works Contract Tax

65,310,875

5,000,000

2009-10

West Bengal Commercial Taxes Appellate & Provisional Board, Kolkata

West Bengal Value Added Tax

101,939,698

17,500,000

2010-11

West Bengal Commercial Taxes Appellate & Provisional Board, Kolkata

Central Sales Tax

5,412,848

2010-11

West Bengal Commercial Taxes Appellate & Provisional Board, Kolkata

West Bengal Central Sales Tax

22,915,835

-

2011-12

Additional Commissioner (Appeals) Sales Tax

The Maharashtra Value Added Tax Act, 2002

Central Sales Tax

13,142,012

-

2007-08

Joint Commissioner (Appeal), Mumbai, Maharashtra

Maharashtra Value Added Tax

180,178,725

-

2008-09

Maharashtra Sales Tax Tribunal

Maharashtra Value Added Tax

1,552,490

-

2009-10

Joint Commissioner (Appeal), Mumbai, Maharashtra

Central Sales Tax

15,406,040

-

2009-10

Joint Commissioner (Appeal), Mumbai, Maharashtra

Maharashtra Value Added Tax

2,287,862

-

2010-11

Joint Commissioner (Appeal), Mumbai, Maharashtra

Central Sales Tax

22,598,631

-

2010-11

Joint Commissioner (Appeal), Mumbai, Maharashtra

AP Value Added Tax Act, 2005

Andhra Pradesh Value Added Tax

6,294,726

3,125,000

2010-11

AP Sales Tax and VAT Appellate Tribunal, Hyderabad

Jammu and Kashmir, Value Added Tax Act, 2005

J&K Value Added Tax

8,602,146

2012-13

Deputy Commissioner Commercial Taxes (Appeals), Jammu

The Madhya Pradesh VAT Act, 2002

Central Sales Tax

10,304,904

4,533,692

2011-12

Commercial Tax Tribunal, Madhya Pradesh

Central Sales Tax

8,995,531

910,000

2012-13

Joint Commissioner, Indore, Madhya Pradesh

Entry Tax

331,785

207,289

2012-13

Joint Commissioner, Indore, Madhya Pradesh

The Delhi Value Added Tax Act, 2004

Value Added Tax

5,226,423

-

2010-11

Joint Commissioner, Delhi

Value Added Tax

6,050,200

-

2010-11

Joint Commissioner, Delhi

Haryana VAT Act

Central Sales Tax

193,049,921

-

2009-10

Sales Tax Tribunal,Chandigarh

(viii)There are no dues payable to debenture-holders or Government. The Company has defaulted in repayment of loans and borrowings to the following banks and financial institutions during the year, which is detailed below:

Particulars

Default (in months)

Banks

(0-3)

(3-6)

(6-12)

(12-24)

(More than 24)

Allahabad Bank

30,017,247

5,256,179

3,494,820

-

-

Axis Bank

26,261,734

1,903,620

450,248

-

-

HSBC Bank

1,638,944

2,450,359

5,417,447

17,219,050

4,387,824

ICICI Bank

74,389,999

80,658,721

104,674,246

-

-

IDBI Bank

142,607,532

3,061,240

-

-

-

Yes Bank

252,768,059

1,060,822

-

-

-

DBS Bank

14,432,674

21,958,308

49,988,207

635,262,668

52,803,234

State Chartered Bank

18,159,951

27,144,594

61,145,483

92,426,216

66,862,065

Indusind Bank

15,247,457

683,687

231,549

-

-

ING Vyasa Bank

27,544,465

1,748,809

2,854,626

-

-

State Bank of Patiala

188,659,853

-

-

-

-

State Bank of Hyderabad

3,082,797

4,712,268

11,338,046

3,745,795

-

State Bank of India

10,529,282

16,369,357

39,401,177

21,668,510

1,944,454

State Bank of Mysore

16,683,893

1,951,059

-

-

-

State Bank of Travancore

21,674,986

1,023,883

154,750

-

-

Union Bank of India

20,574,628

2,930,690

71,185

-

-

Financial Institutions:

SREI Equipment Finance Limited

289,559

436,941

1,059,420

1,917,290

15,037,051

State Industrial & Investment corporation of Maharashtra Limited (SICOM)

12,295,082

18,904,110

43,869,863

75,000,000

571,023,460

(ix) The Company did not raise moneys by way of initial public offer or further public offer (including debt instruments). In our opinion, the term loans were applied for the purposes for which the loans were obtained.

(x) No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been paid by the companying accordance with the requisite approvals mandated by the provisions of Section 197 of the Act read with Schedule V to the Act except for in following cases:

S.

No

Payment made to

Financial

year

Amount Paid/ provided in excess of limits prescribed (Rs)

Amount due for Recovery as at March 31, 2016 (Rs)

Steps taken to secure the recovery of the amount

Remarks (if any)

1

Managing

Director

2012-13

9,453,744

8,453,744

The Company has obtained a confirmation from the Managing Director that such amount has been held in trust will be repaid as per agreed plan.

Amount recoverable pertains to non-grant of requisite approval by Central Government under the provision of 198, 309 & 310 of erstwhile Companies Act 1956.

2013-14

9,494,496

9,494,496

(xii) In our opinion, the Company is not a Nidhi Company. Accordingly, provisions of clause 3 (xii) of the Order are not applicable.

(xiii)In our opinion all transactions with the related parties are in compliance with Sections 177 and 188 of Act, where applicable, and the requisite details have been disclosed in the financial statements etc., as required by the applicable accounting standards.

(xiv)During the year, the Company has made preferential allotment/ private placement of shares. In respect of the same, in our opinion, the Company has complied with the requirement of Section 42 of the Act and the Rules framed there under. Further, in our opinion, the amounts so raised have been used for the purposes for which the funds were raised. During the year, the Company did not make preferential allotment/ private placement of convertible debentures

(xv) In our opinion, the Company has not entered into any noncash transactions with the directors or persons connected with them covered under Section 192 of the Act.

(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

Annexure II to the Independent Auditor's Report of even date to the members of A2Z Infra Engineering Limited(formerly known as “A2Z Maintenance & Engineering Services Limited”), on the standalone financial statements for the year ended March 31, 2016

Annexure II

Independent Auditor's report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

1. In conjunction with our audit of the standalone financial statements of A2Z Infra Engineering Limited (formerly known as “A2Z Maintenance & Engineering Services Limited”) (“the Company”) as of and for the year ended March 31, 2016, we have audited the internal financial controls over financial reporting (IFCoFR) of the Company of as of that date.

Management's Responsibility for Internal Financial Controls

2. The Company's Board of Directors is responsible for establishing and maintaining internal financial controls based on “the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India”. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the company's business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's IFCoFR based on our audit. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India (ICAI) and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of IFCoFR, and the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate IFCoFR were established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining an understanding of IFCoFR, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's IFCoFR.

Meaning of Internal Financial Controls over Financial

Reporting

6. A company's IFCoFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's IFCoFR includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the IFCoFR to future periods are subject to the risk that IFCoFR may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion, the Company has, in all material respects, adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016 based on “the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India”.

For Walker Chandiok & Co LLP

(formerly Walker, Chandiok & Co)

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Sd/-

per Neeraj Sharma

Place: Gurgaon Partner

Date : May 28, 2016 Membership No.: 502103

Attention Investors :
No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.    KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
Prevent unauthorised Trading / transactions in Your Account:
Update your email ID and Mobile Number with your Stock Broker and Depository Participant to receive alerts for all important transactions in your account directly from NSE and NSDL. Issued in the interest of the Investors….
Achiievers Equities Ltd (AEL) Member of NSE, BSE and MCX-SX
Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
Email: info@achiieversequitiesltd.com , customer.care@achiieversequitiesltd.com
NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
Achievers Commercial Pvt Ltd (ACPL) Members of MCX, ACE and NSEL. | SEBI Registration No. INZ000050830 | ACE: ACEL/TMC/CORP/0194 | NSEL: 40020 | SCORES
Support