Aashee Infotech Ltd.
|BSE: 519319||Sector: Others|
|NSE: N.A.||ISIN Code: INE847M01011|
|BSE LIVE 15:10 | 20 Jan||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 519319||Sector: Others|
|NSE: N.A.||ISIN Code: INE847M01011|
|BSE LIVE 15:10 | 20 Jan||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
The Members of Aashee Infotech Limited
Report on the standalone Financial Statements
We have audited the accompanying standalone financial statements of Aashee InfotechLimited ("the Company") which comprise the balance sheet as at 31stMarch 2016 the statement of profit & loss the cash flow statement for the yearended and a summary of the significant accounting policies and other explanatoryinformation.
Managements Responsibility for the Financial Statements
The Companys Board of the Directors is responsible for the matters stated inSection 134(5) of The Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true & fair view ofthe financial position financial performance and cash flows of the Company` in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with rule 7 of the Companies(accounts) Rules 2014. This responsibility also includes maintenance of the adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that are operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give true & fair view and free frommaterial misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
We have taken into account the provision of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirement and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditors judgment including theassessment of the risks of the material misstatement of the financial statements whetherdue to fraud or error. In making those risk assessments the auditors considers internalfinancial control relevant to the companys preparation of the financial statementsthat give a true & fair view in order to design audit procedure that are appropriatein the circumstances but not for the purpose of expressing an opinion on whether thecompany has in place an adequate internal controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by Companys Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and profit & loss and its cash flows for the yearended on that date.
Report on Other legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2016 ("theOrder") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the Annexure a statement on thematters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act We report that:
a) We have sought and obtained all the information & explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit.
b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of the those books.
c) The Balance sheet the statement of Profit & Loss and Cash Flow Statementsdealt with by this Report are in agreement with the books of accounts.
d) In our opinion the aforesaid standalone financial statements comply with theaccounting standards specifies under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms of Section164(2) of the Act.
f) With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure B".
g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The details about the pending litigation against the company and its financialimpact have been stated in their Notes to accounts 2.23 of standalone financial statement.
ii. The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
Annexure A" to the Auditors Report
The Annexure referred to in our report to the members of Aashee Infotech Limited(the Company) for the year ended 31 March 2016. We report that:
1. a) The company has maintained proper records of fixed assets showing fullparticulars including quantitative details and situation of fixed Assets.
b) The fixed assets were physically verified by the management at reasonable intervals.There is a regular program of verification which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. As explained to us nomaterial discrepancies have been noticed on such verification by the management
c) The company has not held any Immovable property in its own name.
2. a) As explained to us the inventories have been physically verified by themanagement at reasonable intervals during the year. As explained to us no materialdiscrepancies have been noticed on physical verification of stocks as compared to bookrecords.
3. The company has not granted any loans secured or unsecured loans to companiesfirms limited liability partnership or other parties covered in the register maintainedunder section 189 of the Act. Accordingly sub-clause (a) (b) and (c) are not applicableto the company.
4. According to the information and explanation given to us no loans investmentguarantees and security is provided. Hence provisions of Section 185 & 186 of thecompanies Act 2013 are not applicable.
5. In our opinion and according to the information an explanations given to us thecompany has not accepted any deposits from the public.
6. According to the information and explanation given to us the central govt. has notprescribed for the maintenance of cost record under sub-section (1) of section 148 of theCompanies Act.
7. a) According to the information and explanations given to us the company is regularin depositing undisputed statutory dues including provident fund employees stateinsurance income tax service tax custom duty cess with appropriate authorities exceptvalue added tax which has been raised by the dvat department in relation to financial year2012-13 Rs.1094822/- & Rs. 25383/- in relation to financial year 2013-14.Thecompany is in process of appeal with the the dvat Appellate Authority zonal Delhi. Thematter is subject to pending with the department.
8. As per information and explanations provided to us the company has not defaulted inrepayment of loan or borrowing to a financial institution bank Government.
9. As per information and explanations provided to us no moneys raised by way ofinitial public offer or further public offer (including debt instruments) and no termloans has been taken by the company.
10. According to the information and explanations given to us no fraud by the companyor any fraud on the company by its officers or employees has been noticed or reportedduring the Year.
11. As per information and explanations provided to us no managerial remuneration hasbeen paid or provided in the books. Hence this clause is not applicable.
12. As the company is not a Nidhi company. Hence this clause is not applicable.
13. As per information and explanations provided to us companies has not entered intotransactions with the related parties.
14. As per information and explanations provided to us the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review.
15. As per information and explanations provided to us the company has not enteredinto any non-cash transactions with directors or persons connected with him.
16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
"ANNEXURE B" TO THE INDEPENDENT AUDITORS REPORT OF EVEN ON THE
STANDALONE FINANCIAL STATEMENTS OF AASHEE INFOTECH LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
i. We have audited the internal financial controls over financial reporting for Aashee
Infotech Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
ii. The Companys management is responsible for establishing and maintaininginternal financial controls based on "the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India
"These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to companyspolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.
iii. Our responsibility is to express an opinion on the Companys internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
iv. Our audit involves performing procedures to obtain audit evidence about theadequacy of internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.
v. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Companys internal financial controlssystem over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
vi. A companys internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purpose in accordance withgenerally accepted accounting principles. A companys internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompanys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
vii. Because of the inherent limitations of internal controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not to detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the financial control over financialreporting may become inadequate become inadequate because of changes in conditions orthat the degree of compliance with the policies or procedures may deteriorate.
viii. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".