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 March2015 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.
Managements Responsibility for the Financial Statements
The Companys 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.
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 theauditors 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 Companyspreparation 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 Companys 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.
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 2015 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 (Auditors 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 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 2015 taken on record by the Board of Directors none ofthe directors is disqualified as on 31 March 2015 from being appointed as a director interms of Section 164 (2) of the Act; and
f. 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 Company has disclosed the impact of pending litigations on its financialposition in its financial statements. ( refer note No. 22.3 )
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 |
| ||Firms registration number: 105666W |
| ||Anand Raj Jain |
|Date- 29/05/2015 ||Partner |
|Mumbai ||Membership No.042051 |
ANNEXURE 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 2015 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.
(ii) (a) According to the information and explanations given to us the Company hasconducted physical verification of inventory at reasonable intervals .
(b) As examined by us procedures of physical verification of inventory followed by themanagement is reasonable and adequate in relation to the size of the company and thenature of its business.
(c) As examined by us the company is maintaining proper records of inventory and 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 3(b) and 3 (c) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventory and fixed assets and forthe sale of goods and services. We have not observed any major weakness in the internalcontrol system during the course of the audit.
(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 2015 for a period of more than six monthsfrom the date they became payable.
(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 |
(c) According to the information and explanations given to us there is no amounts duewhich were required to be transferred to the investor education and protection fund duringthe year.
(viii) The Company has accumulated losses at the end of the financial year however itdoes not exceed fifty percent of its net worth. The Company has not incurred any cashlosses in the financial year and in the immediately preceding financial year.
(ix) The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.
(x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.
(xi) The Company did not have any term loans outstanding during the year.
(xii) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.
| ||For Anand Jain & Associates |
| ||Firm Reg. No.-105666W |
| ||Chartered Accountants |
| ||Anand Raj Jain |
|Date- 29/05/2015 ||Partner |
|Mumbai ||Membership No.42051 |