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Ace Software Exports Ltd.

BSE: 531525 Sector: IT
NSE: N.A. ISIN Code: INE849B01010
BSE LIVE 12:36 | 08 Dec 19.35 -1.00
(-4.91%)
OPEN

19.35

HIGH

19.35

LOW

19.35

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 19.35
PREVIOUS CLOSE 20.35
VOLUME 100
52-Week high 22.40
52-Week low 12.00
P/E 8.34
Mkt Cap.(Rs cr) 9.06
Buy Price 19.35
Buy Qty 10.00
Sell Price 21.30
Sell Qty 5.00
OPEN 19.35
CLOSE 20.35
VOLUME 100
52-Week high 22.40
52-Week low 12.00
P/E 8.34
Mkt Cap.(Rs cr) 9.06
Buy Price 19.35
Buy Qty 10.00
Sell Price 21.30
Sell Qty 5.00

Ace Software Exports Ltd. (ACESOFTEXP) - Auditors Report

Company auditors report

To

The Members

ACE SOFTWARE EXPORTS LIMITED Report on the Financial Statements

We have audited the accompanying standalone financial statements of ACE SOFTWAREEXPORTS LIMITED ("the Company") which comprises the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and Cash Flow Statement for the year endedon that date and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent;design implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and complet ness of the ccounting recordsrelevant to the preparation and presentation of the standalone financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror. Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions 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 thereunder and the Order under Section 143(11) ofthe Act.

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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected dep nd onthe auditor’s judgment including the assessment of the risks of material misstatemnt of the standalone financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to thCompany’s preparation of the standalone financial statements that give a true andfair 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 andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") as amended issued by the Central Government of India in terms of subsection(11) of section 143 of the Act I give in the "Annexure A" the statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act I further report that:

A. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

B. In our opinion proper books of account as required by law relating to preparationof the standalone financial statement have been kept by the company so far as it appearsfrom our examination of those books

C. The Balance She t Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of accounts maintained for the purpose ofpreparation of these standalone financial statements.

D. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards referred to in Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

E. On the basis of written representations received from the directors as on 31stMarch 2016 and taken on record by the Board of Directors none of

the directors is disqualified as on 31st March 2016 from being appointedas a director under sub-section (2) of Section 164 of the Act.

F. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such

controls refer to our separate report in "Annexure B". Our report expressesan unmodified opinion on the adequacy and operating effectiveness of

the company’s internal financial controls over financial reporting; and

G. With respect to the other matters to be included in the Auditor’s 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 expl nations given to us:

I . The Company does not have any pending litigations which would impact its financialposition.

II. The Company did not have any long-term contracts including derivative contracts forwhich there requires commenting on any material foreseeable losses.

III. There has been no delay in transforming amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Kalaria & Sampat
Chartered Accountants
[Firm’s Registration No.104570W]
Prakash R Udeshi
Partner
Ahmedabad Dated 30th May 2016 Membership No. 100877

Annexure A To The Independent Auditors’ Report

(Referred to in paragraph 1 under the heading of "Report on other Legal andRegulatory Requirements" of our report of even date)

Report on Companies (Auditor’s Report) Order 2016 ("the order") issuedby the central government in terms of section 143(11) of the Companies act.2013 (‘theact’) of Ace Software Experts Limited (‘the company)

On the basis of the records produced to us for verification/perusal such checks as weconsidered appropriate and in terms of information and explanations given to us on ourenquiries we state that:

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

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of two years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets have been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification.

(c) The title deeds of immovable properties as disclosed in fixed assets to theFinancial Statements are held in the name of the Company except for the followingProperty:

above except registration of offices nos. 803 to 810 in the name of the companylocated at 8th floor of Everest building Opp. Shashtri Maidan is kept pending due topending documentation related to title search at relevant authorities.

(ii) The Company’s nature of operation is such that the inventories cannot bephysically verified. Accordingly Clause (ii) of the Order is not applicable.

(iii) According to the information and explanations given to us during the periodcovered under report the Company has not granted any secured or unsecured loan to partiescovered in the register maintained under Section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

(v) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits

accepted from the public are not applicable.

(vi) Reporting under clause 3(vi) of the order is not applicable as the company’sbusiness activities are not covered by the companies (Cost Records and Audit)Rules2014

(v ii) In respect of statutory dues;

(a) According to the information and explanations given to us the Company is regularin depositing with appropriate authorities undisputed statutory dues including EmployeeProvident Fund ESIC Income Tax Sales Tax Value Added Tax Service Tax Excise DutyCess and other material statutory dues apart from few cases of delay in payment of taxdeducted at source.

(b) According to the information and explanations given to us there are no dues inrespect of Provident Fund ESIC Income Tax Wealth Tax Sales Tax Value Added TaxService Tax Customs Duty Excise Duty and cess that have not been deposited with theappropriate authorities on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to a bank.

(ix) In our opinion and according to the information and explanations given to us thecompany has not raised moneys by way of initial public offer or

further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

(x) In our opinion and according to the information and explanations given to us wereport that no fraud by the Company or on the company by its officers or employees hasbeen noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid in accordance with the requisite approvals mandatedby the provisions of Section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the Order is not applicable to the Company.

(xiii) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv) In our opinion and according to the information and explanations given to us thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review and hence reporting underclause 3(xiv) of the order is not applicable to the company.

(xv) In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly the provision of clause 3 (xv) of the Order is not applicable tothe Company

(xvi) In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provision of clause 3 (xvi) ofthe Order is not applicable to the Company.

For Kalaria & Sampat
Chartered Accountants
[Firm’s Registration No.104570W]
Prakash R Udeshi
Partner
Ahmedabad Dated 30th May 2016 Membership No. 100877

"Annexure B" to the Independent Auditor’s Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ACESOFTWARE EXPORTS LIMITED ("the Company") as of March 31 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Control over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We have conducted our audit inaccordance with the Standards on Auditing prescribed under section 143(10) of the act andthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") to the extent applicable to an audit of internal financialcontrols. 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.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s 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 purposes in accordance withgenerally accepted accounting principles. A company’s 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 thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Control over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For Kalaria & Sampat
Chartered Accountants
[Firm’s Registration No.104570W]
Prakash R Udeshi
Partner
Ahmedabad Dated 30th May 2016 Membership No. 100877

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