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Allsoft Corporation Ltd.

BSE: 532327 Sector: IT
NSE: N.A. ISIN Code: INE347B01015
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Allsoft Corporation Ltd. (ALLSOFTCORP) - Auditors Report

Company auditors report

To the Members of Allsoft Corporation Limited

Report on the Financial Statements

We have audited the accompanying financial statements of ALLSOFT CORPORATION LIMITED("the Company") which comprises the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing anddetecting 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 areoperating 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.

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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 its loss 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters Specified in paragraphs 3 and4 of the Order.

2. As required by section 143(3) of the Act we 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 purpose 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 the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d) in our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under 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 March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialstatements Refer Note 27 to the financial statements.

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 P. MURALI & CO.
CHARTERED ACCOUNTANT
FRN: 007257S
Sd/-
M V JOSHI
Place: Hyderabad PARTNER
Date: 29.05.2015 MEMBER SHIP NO. 027874

Annexure referred to in paragraph 1 of Our Report of even date to the members ofAllsoft Corporation Limited on the accounts of the company for the year ended 31st March2015 Under "Report on other Legal & Regulatory Requirements"

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

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

(b) As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification.

ii. The company does not have any inventory during the year and as such the clauseregarding to physical verification of inventory is not applicable.

iii. The company has not granted any loans secured / unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013 .

iv. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of fixed assets and for the sale of services.

Further on the basis of our examination of the books and records of the Company andaccording to the information and explanations given to us no major weakness has beennoticed or reported.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

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

vii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees' State Insurance Income-tax ServiceTax and other material statutory dues as applicable with the appropriate authorities inIndia however the Company is irregular regarding to payment of Value Added Tax.

(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income-tax Service Tax Custom Duty Excise Duty and other materialstatutory dues in arrears as at 31 March 2015 for a period of more than 6 months for thedate they became payable. However the outstanding due to Madhya Pradesh VAT department isamounting to Rs.1095308/-

(c) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax and Service Tax which havenot been deposited on account of any disputes. Dues outstanding of sales tax on account ofany dispute are as follows:

Name of the Statute Nature of Dues Amount (in Rs.) Period to which the amount relates Forum where dispute is pending
Madhya Pradesh General Sales Tax Act Sales Tax 21794711 2010-11 Deputy Commissioner of Appellate
Madhya Pradesh General Sales Tax Act Sales Tax 21422251 2011-12 Deputy Commissioner of Appellate

(d) There are no amounts that are due to be transferred to the Investors Education andprotection Fund in accordance with the relevant provisions of the Companies Act 1956 andrules made there under.

viii. The Company has no accumulated losses at the end of the financial year and thecompany has not incurred cash losses during the financial year and in the immediatelypreceding financial year.

ix. The company has not taken any term loans from financial institution/banks and hasnot issued any debentures. Hence the clause as regards the regularity of repayment is notapplicable.

x. According to information and explanation given to us the company has not given anyguarantee for loans taken by others from banks or financial institutions.

xi. The company has not obtained any term loans during the year .Hence the clause asregards the utilization of the same is not applicable.

xii. Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management we report that no fraud on or by the company has been noticed orreported during the year.

For P. MURALI & CO.
CHARTERED ACCOUNTANT
FRN: 007257S
Sd/-
M V JOSHI
Place: Hyderabad PARTNER
Date: 29.05.2015 MEMBER SHIP NO. 027874

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