The members of AJEL LIMITED
1. Report on the Financial Statements
We have audited the accompanying financial statements of AJEL LIMITED which comprisethe Balance Sheet as at March 31 2017 the Statement of Profit and Loss and Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information.
2. 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
3. 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 there under.
We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.
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) ln the case of the Balance Sheet of the state of affairs of the Company as at March31 2017; b) In the case of the Statement of Profit and Loss of the profit for the yearended on that date; and c) In the case of the Cash Flow Statement of the cash flows ofthe Company for the year ended on that date.
5. Report on Other Legal and Regulatory Requirements
As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief 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 appears from our examination of those books;
c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;
e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act;
f) 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 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 were any material foreseeable losses.
III. There were no amounts which were required to be transferred to the investoreducation and protection fund by the company.
| ||For Naresh Dinesh & Associates |
| ||Firm Regn. No. 140097W |
| ||NARESH JAIN |
| ||Partner |
| ||M. No.: 144835 |
|Place: Mumbai || |
|Date:05.06.2017 || |
a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b) As explained to us all the fixedassets have not been physically verified by the management at regular intervals during theyear however there is a program of verification which in our opinion is reasonablehaving regard to the size of the company and nature of its assets. No materialdiscrepancies were noticed on such physical verification. c) In our opinion the Companyhas not disposed of any substantial part of fixed assets during the year and the goingconcern status of the company is not affected.
2) The company is a service company primarily rendering consulting and softwareservices. Accordingly it does not hold any physical inventories. Thus paragraph 3(ii) ofthe order is not applicable.
3) The Company has not granted any loans secured or unsecured to companies firms orother parties listed in the register maintained under section 189 of the Companies Act2013.
3) In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business for rendering of services. During the course of our audit we havenot observed any material weakness in internal control system.
4) The company has not accepted any deposits from the public.
5) The Central Government has not prescribed maintenance of Cost Records under Section148(1) of the Companies Act 2013 in respect of activities carried out by the Company.
6) According to the books and records as produced and examined by us in accordance withaccepted auditing practices in India and also based on management with generalrepresentation undisputed statutory in respect of Provident Fund Income Tax Sales TaxWealth Tax Service Tax and any other material statutory dues have been regularlydeposited by the company during the year with the appropriated authorities in India exceptthe following:
|S. No. ||Name of the Statute ||Nature of Dues ||Amount ||Period for which the amount relates |
| || || ||Rs || |
|1 ||TDS ||Statutory ||668819 ||2013-14 |
|2 ||Provident Fund ||Statutory ||396680 ||2013-14 |
|3 ||Provident Fund ||Statutory ||12047 ||2014-15 |
|4 ||ESI ||Statutory ||414867 ||2013-14 |
|5 ||Professional Tax ||Statutory ||71700 ||2013-14 |
|6 ||Professional Tax ||Statutory ||4800 ||2014-15 |
|7 ||Service Tax ||Statutory ||5965837 ||2013-14 |
| ||Total || ||7534750 || |
7) The Company have does not have any accumulated losses as at the end of the financialyear and has not incurred cash losses in the financial year and in the immediatelypreceding financial year.
8) Based on our audit procedures and as per the information and explanations given tous by the management we are of the opinion that the company has not defaulted inrepayment of dues to a financial institution and bank or debenture holders.
9) To the best of our knowledge and belief and according to the information andexplanations given to us no material fraud on or by the Company has been noticed orreported during the year.
| ||For Naresh Dinesh & Associates |
| ||Firm Regn. No. 140097W |
| ||NARESH JAIN |
|Place: Mumbai ||Partner |
|Date:05.06.2017 ||M. No.: 144835 |