Basil Infrastructure Projects Ltd Auditor Reports

To

The Members of

BASIL Infrastructure Projects Limited

Hyderabad.

Report on the Financial Statements:

1. We have audited the accompanying financial statements of M/s. Basil Infrastructure Projects Limited, ("the Company"), which comprise the Balance Sheet as at March 31, 2015 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 explantory information.

Managements Responsibility for the Financial Statements:

2. The Companys 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 financial statements that give a true and fair view of the financial position, financial performance and cash flow 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies, making judgements and estimates that are responsible 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.

Auditors Responsibility:

3. Our responsibility is to express an opinion on these 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 thereunder.

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 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 auditors judgement, 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 control relevant to the Companys preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companys 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 financial statements.

Opinion

8. 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, of the state of affairs of the Company as at 31st March, 2015, and its loss and its cash flows for the year ended on that date.

Emphasis of Matters

9. We draw attention to the following matters in the Notes to the financial statements :

a. Note No. 2.26 that in the opinion of the board of directors of the company the diminution in the value of certain investments is temporary in nature and hence no provision towards diminution in the value of investments is considered necessary.

b. Note No. 2.27 that balances lying in some of the receivables, payables accounts are subject to confirmation

Our opinion is not modified in respect of these matters.

Report other Legal and Regulatory Requirements:

10. As required by the Companies (Auditors Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

11. As required by Section 143 (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 purposes of our audit.

b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit an Loss, and the Cash Flow Statement specified delat with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid financial statements comply with the Accounting Standars specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. The matter described in paragraph 9(a) and (b) under the Emphasis of Matters paragraph above, in our opinion, may not have an adverse effect on the functioning of the Company.

f. On the basis of the written representations received from the directors as on 31 st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

g. With respect to the other matters to be included in the Auditors 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. The Company does not have any pending litigations that would impact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Found by the Company.

	For BRAHMAYYA & CO.,
Place: Hyderabad Dale : 28.05.2015	Chartered Accountants Firm Regn NO.000513S
	Sd/-
	(C.V. Rmana Rao)
	Partner
	Membership No. 018545

Annexure to the Independent Auditors Report:

The Annexure referred in paragraph (10) of our Independent Auditors Report of even date to ht emembers of the Company on the financial statements for the year ended 31 March 2015, 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 programme of physical verification of its fixed asets by which all the fixed assets are physically verified by the manegement over a period of three yers. In our opinion the the periodicity of the physical verification is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies have been noticed on such verification.

ii) The Company does not hold any inventory. Accordingly clause 3(ii) of the order is not applicable to the Company.

iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 ("the Act"). Consequently, clauses 3 (iii) (a) and 3 (iii) (b) of the Order are not applicable to the company.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories fixed assets and sale of goods. The activities of the Company do not include sale of services. We have not observed any major weakness in the internal control system during the course of the audit.

v) The Company has not accepted any deposits. Consquently, the clause 3(v) of the order is not applicable to the Company.

vi) According to the information and explanations given to us, maintenance of cost records by the company is not required pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 ("the Act"), in respect of the business activities carriedout by the company.

vii) a) According to the information and explanations given to us and on the bais of examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including provident fund, employees state insurance, income-tax, cess and other material statutory tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts are payable in respect of income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax or cess and other material statutory dues which were in arrears as at 31 st March 2015 for a period of more than six months from the date they became payable.

b) As at 31 st March 2015, there have been no disputed dues, which have not been deposited with the respective authorities in respect of Income tax, Sales tax, Wealth tax, Service tas, duty of customs, duty of excise, value added tax and cess.

c) According to the information and explanations given to us there are no amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

viii) The Company has no accumulated losses as at the end of the financial year. However it has incurred cash losses in the financial year covered by our audit and the immediately preceding financial year.

ix) The Company has neither taken any term loan from financial institutions or a bank nor issued any debentures. Consequently, the clause 3 (ix) of the Order is not applicable to Company.

x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Consequently the clause 3 (x) of the order is not applicable to the Company.

xi) According to the information and explanations given to us, the Company has not obtained any term loans. Consequently; the clause 3 (xi) of the order is not applicable to Company.

xii) During the course of our examination of the books of account and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company nor the Company has been noticed or reported during the course of our audit.

	For BRAHMAYYA & CO.,
Place: Hyderabad Date : 28.05.2015	Chartered Accountants Firm Regn NO.000513S
	Sd/-
	(C.V. Rmana Rao)
	Partner
	Membership No. 018545