You are here » Home » Companies » Company Overview » AcroPetal Technologies Ltd

AcroPetal Technologies Ltd.

BSE: 533330 Sector: IT
BSE LIVE 13:09 | 05 Dec 1.45 0






NSE LIVE 13:41 | 31 Aug Stock Is Not Traded.
OPEN 1.52
52-Week high 4.16
52-Week low 1.38
Mkt Cap.(Rs cr) 5.64
Buy Price 1.40
Buy Qty 1000.00
Sell Price 1.45
Sell Qty 300.00
OPEN 1.52
CLOSE 1.45
52-Week high 4.16
52-Week low 1.38
Mkt Cap.(Rs cr) 5.64
Buy Price 1.40
Buy Qty 1000.00
Sell Price 1.45
Sell Qty 300.00

AcroPetal Technologies Ltd. (ACROPETAL) - Auditors Report

Company auditors report

To the Members of Acropetal Technologies Limited

Report on the Financial Statements.

We have audited the accompanying financial statements of "ACROPETAL TECHNOLOGIESLIMITED" which comprise the Balance Sheet as at 31st March 2015 and the statementsof Profit and Loss and the Cash Flow Statement for year then ended summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the financial statements.

The Company’s Board of Directors are responsible for the matters stated in Section134(5)of the Companies Act 2013 with respect to the preparation and presentation of thesestandalone 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 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; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors’ 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 thereunder.

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.

Basis for Qualified Opinion:

1. The company is undergoing a problem in facing the going concern issue here wemention events that may cast doubt about going concern assumption as follows (as per para10 of SA 570"Going Concern").

a. As referred in Note 7(a) to the Financial statements company is facing difficultiesin paying statutory dues such as Service tax and TDS amount of Rs.33442351 andRs.37209345 on 31.03.2015out of which Rs.17227765 and Rs.33082033 outstanding formore than one year.

b. Note 2(c) in the financial statements which indicates that the Company hasaccumulated losses and its net worth has been substantially eroded the company incurred anet loss during the current year ( Rs.178.33 crores ) and previous year (Rs.74.12 crores )and the Company’s current liabilities (Rs.119.64 crores ) exceed its current assets(Rs.10.25 crores) as at the balance sheet date. These conditions indicate the existenceof a material uncertainty that may cast significant doubt about the Company’s abilityto continue as a going concern. However the financial statements of the Company have beenprepared on a going concern basis.

2. Out of the Unsecured advances given to staff & ex-employees referred in Note10(d) of the financial statements there is uncertainty about recovery of Rs. 2278206/-as there is no recovery during the year and these are outstanding for more than a year.

3. During the year the company has written off Rs. 139.87crores as Bad debts referredin Note 11 of the financial statements of the company which are outstanding for more thana year and the management is not confident of realisation from its customers.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to usexcept for the effects of the matters described in the Basis for QualifiedOpinion paragraph above the aforesaid standalone financial statements give theinformation required by the Act in the mannerso required and give a true and fair view inconformity with the accounting principles generally accepted in Indiaof the state ofaffairs of the Company as at 31st March 2015 and its loss and its cash flows for the yearended on that date.

Other Matters:

We did not audit the financial statements/information of Acropetal USA branch includedin the standalone financial statements of the Company whose financial statements /financial information refl ect total assets of Rs. 192312 as at 31st March 2015 andthere is no revenue for the yearended on that date as considered in the standalonefinancial statements. The financial statements / information of this branch has beenincorporated as Unaudited.

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 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) The going concern matter described in sub-paragraph (a) under the Emphasis ofMatters paragraph above may have an adverse effect on the functioning of the Company.

(f) We have neither been given written representation from the directors norsecretarial audit report for the year that none of them are disqualified as on 31.03.2015from being appointed as directors in terms of Sec 164(2).Form DD-B pursuant to sec274(1)(g) has been filed on 27.10.2013 due to failure in payment of dividend since27.10.2012.

However the company is of opinion that Sec 164(2) does not had to "ipsofacto"vacation and it envisages vacation only at the end of the present tenure.

For K Gopalakrishnan& Co

Chartered Accountants

Firm’s registration number: 009600S

K Gopalakrishnan


Membership number: 025421


29 May 2015

Annexure to the Independent 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 ofquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies noticed on such verification.

ii) The Company is a service company primarily rendering software services. During theyear it does not hold any inventories. Thus paragraph 3(ii) of the Order is notapplicable.

iii) The Company has granted interest free loans to two body corporates covered in theregister maintained under section 189 of the Companies Act 2013 (‘the Act’).The outstanding balances for the granted loans are as follows:

Persons covered in the Register Amount outstanding as on
maintained under Sec 189 31.03.2015 (in Rs)
Binary spectrum softech Pvt Ltd 47694775
Ecologix knowledge solutions pvt ltd 450000

a) According to the information and explanations given to us the company has notreceived any money in the year with respect to above loans.

b) According to the information and explanations given to us the company has takenreasonable steps to recover the principal amount. But they are not able to recover anyamount

iv) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of fixed assets and sale of services. Theactivities of the Company do not involve purchase of inventory and the sale of goods. Wehave not observed any major weakness in the internal control system during the course ofthe audit.

v) The company has not accepted deposits from the public. However There are balancesoutstanding in Advance from customers for a period more than 365 days from the date ofacceptancewhich will be classified as deposits as per sec 2(31) read with Rule 2(c)(xii)of the Companies act 2013.There are advances from MD for Rs. 27035837/- for which wewere not provided certificate from him that it is not advanced out of borrowed money andhence we are unable to report that whether it is deposit u/s 2(31) or otherwise.

vi) The Central government has not prescribed the maintenance of cost records undersection 148(1) of the companies Act2013 for any of the services rendered by the company.

vii) (a) Undisputed statutory dues including provident fund employees’stateinsurance income-tax sales tax wealth tax service tax duty of custom duty ofexcisevalue added taxcess and any other statutory dues have not been regularly depositedwith the appropriate authorities and there have been serious delays in large no of cases.

Statement of Arrears of Statutory dues Outstanding for more than six months

Nature of the Dues Amount outstanding as on 31/03/2014 (Rs) Amount payable For the year Amount paid (including adjustments) during the year Amount outstanding on 31/03/2015 (Rs)
22651497 19435719 30369954 11717262
CST 412500 - - 412500
DDT 15634793 - - 15634793
Service Tax 37209345 21921074 25688068 33442351
Employees state 810532 1206591 714128 1302995
TDS 36255921 7624308 6752534 37127694

(b) According to the information and explanations given to us there are no dues ofsales tax wealth tax duty of customs or duty of excise and cess which have not beendeposited with the appropriate authorities on account of any dispute. However according toinformation and explanations given to us the following dues of income tax have not beendeposited by the company on account of dispute:

Name of the statue Nature of the dues Amount in Rs. Period to which the amount relates Forum where the dispute is pending
Income tax Act 1961 Regular assessment Tax 104480750 April 2010- March 2011 CIT Appeals- IBangalore
Income tax Act 1961 Regular assessment Tax 173171810 April 2011- March 2012 CIT Appeals- IBangalore

(c) The company do not have any amount that is required to be transferred to investoreducation and protection fund in accordance with the relevant provisions of Companiesact1956(1 of 1956) and rules made thereunder.

viii) The company has accumulated losses at the end of the financial year 2014-15.Theaccumulated losses are more than Fifty percent of its net worth as at the balance sheetdate. The company has also incurred cash losses in the financial year and the immediatelypreceding financial year.

ix) The company has defaulted in repayment of dues to financial institutions and banks

Bank/financial institution Opening Bal. Amount outstanding on Period to which the amount relates
Union bank of India 175658842 199632045 April 2014 -
March 2015
South Indian bank 132693893 150803416 April 2014 -
March 2015
Bank of India-TL 34640034 37269007 April 2014 -
March 2015
Axis Bank-CC 101371806 115865171 April 2014 -
March 2015
Central Bank of
101208054 120021011 April 2014 -
India-TL March 2015
SBT-Packing credit 258003017 293973703 April 2014 -
March 2015
IOB-Cash credit 6564744 7460675 April 2014 -
March 2015
SBI Global factors
Nil 99218413 April 2014 -
Ltd March 2015
Indo factoring Nil 21308525 April 2014 -
March 2015

x) In our opinion and according to the information and explanations given to usthecompany has given guarantee for Term loans taken by its subsidiary Vision Info Inc andMindriver information technologies pvt ltd and the terms &conditions are notprejudicial to the interests of the Share holders.

xi) The company has not taken any term loans during the financial year.

xii) During the course of our examination of the books and records of thecompanycarried in accordance with the auditing standards generally accepted in Indiawehave neither come across any instance of fraud on or by the company noticed or reportedduring the course of our audit nor have been informed of any such instance by themanagement.

For K Gopalakrishnan& Co

Chartered Accountants

Firm’s registration number: 009600S

K Gopalakrishnan


Membership number: 025421


29 May 2015

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to at a great price. No additional sign-up required.

Premium Services

In Partnership with


Dear Guest,


Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard