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ACI Infocom Ltd.

BSE: 517356 Sector: IT
NSE: N.A. ISIN Code: INE167B01025
BSE LIVE 15:40 | 22 Jun 9.47 0.24
(2.60%)
OPEN

9.10

HIGH

9.60

LOW

9.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.10
PREVIOUS CLOSE 9.23
VOLUME 89770
52-Week high 10.75
52-Week low 4.68
P/E 473.50
Mkt Cap.(Rs cr) 105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.10
CLOSE 9.23
VOLUME 89770
52-Week high 10.75
52-Week low 4.68
P/E 473.50
Mkt Cap.(Rs cr) 105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ACI Infocom Ltd. (ACIINFOCOM) - Auditors Report

Company auditors report

To the Members of ACI Infocom Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of ACI InfocomLimited (‘the Company’) which comprise the balance sheet as at 31 March2016 the statement of profit and loss and the cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.

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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.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 standalone financial statements.

Opinion

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 31 March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (‘theOrder’) issued by the Central Government of India in terms of sub section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

2. 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 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 have been kept by theCompany so far as it appears from our examination of those books;

c. the balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account;

d. in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014; e. on the basis of the written representations receivedfrom the directors as on 31 March 2016 taken on record by the Board of Directors none ofthe directors is disqualified as on 31 March 2016 from being appointed as a director interms of Section 164 (2) of the Act; and

f. Report on the Internal Financial Controls under Clause (1) of Sub-section 3 ofsection 143 of the companies Act 2013 ("the Act")- refer to our separate reportin Annexure B ;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 explanations given to us :

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements. (refer note No. 21.3)

ii. the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts. The Companydoes not have any derivative contract.

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Anand Jain & Associates
Chartered Accountants
Firm’s registration number: 105666W
Anand Raj Jain
Partner
Membership No.042051
Date- 27/05/2016
Mumbai

ANNEXURE A TO THE AUDITORS’ REPORT

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2016 we reportthat:

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) According to the information and explanations given to us the title deeds ofimmoveable properties are held in the name of the company

(ii) According to the information and explanations given to us the Company hasconducted physical verification of inventory at reasonable intervals. . In our opinion nosuch material discrepancies were noticed on physical verification by the management.

(iii) (a) The Company has not granted loans to parties covered in the registermaintained under section 189 of the Companies Act 2013 (‘the Act’).

Thus paragraph (iii)(b) and 3 (c) of the Order is not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with provision of section 185 and 186 of Act with respect to theloan and investment made.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the cost records maintained by the company specified bythe Central Government under sub-section (1) of section 148 of the Companies Act and areof the opinion that prima facie the prescribed cost records have been maintained.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records the Company is regular in depositing undisputed statutorydues including provident fund income tax service tax cess and other material statutorydues with the appropriate authorities. As explained to us the Company did not have anydues on account of sales tax wealth tax duty of customs value added taxemployees’ state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax service tax cess and other materialstatutory dues were in arrears as at 31 March 2016 for a period of more than six monthsfrom the date they became payable except Provident fund of Rs.2100 and Service tax ofRs. 2520

(b) According to the information and explanations given to us there are no materialdues income tax or sales tax or wealth tax or service tax or duty of customs or duty ofexcise or value added tax or cess which have not been deposited with the appropriateauthorities on account of any dispute. However according to information and explanationsgiven to us the following dues of duty of customs have not been deposited by the Companyon account of disputes:

Name of statute Nature of dues Period to which amt relates Amt (Rs.) Forum where dispute pending
Custom Act 1962 Custom Duty 1984-85 627764 + Interest The matter is pending before competent authority

(viii) The Company did not have any outstanding dues to financial institutions banksor debenture holders during the year

(ix) The company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument) and term loans during the year.

(x) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the record of the Company the managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act

(xii) In our opinion and according to the information and explanations given to us thecompany is not nidhi company. Accordingly paragraph 3(xii) of Order is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the record of the Company transactions with related parties are incompliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the Financial statements as required by the applicableaccounting standards.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review .

(xv) According to the information and explanations given to us and based on ourexamination of the record of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Anand Jain & Associates
Chartered Accountants
Firm’s registration number: 105666W
Anand Raj Jain
Partner
Membership No.042051
Date- 27/05/2016
Mumbai

ANNEXURE B TO THE AUDITORS’ 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 ACIInfocom Limited (‘the Company’) as of 31-Mar-2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required 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 conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company’s internal financial controls system over financialreporting.

Meaning of Internal Financial Controls Over Financial ReportingA company’sinternal financial control over financial reporting is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company’s internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2)provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3)provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 31-Mar-2016.

For Anand Jain & Associates
Chartered Accountants
Firm’s registration number: 105666W
Anand Raj Jain
Partner
Membership No.042051
Date- 27/05/2016
Mumbai