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Asya Infosoft Ltd.

BSE: 511144 Sector: Others
NSE: N.A. ISIN Code: INE520G01016
BSE LIVE 15:40 | 21 Apr 53.00 -0.95
(-1.76%)
OPEN

55.60

HIGH

55.60

LOW

52.85

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 55.60
PREVIOUS CLOSE 53.95
VOLUME 8762
52-Week high 70.00
52-Week low 31.60
P/E 883.33
Mkt Cap.(Rs cr) 63.92
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 55.60
CLOSE 53.95
VOLUME 8762
52-Week high 70.00
52-Week low 31.60
P/E 883.33
Mkt Cap.(Rs cr) 63.92
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asya Infosoft Ltd. (ASYAINFOSOFT) - Auditors Report

Company auditors report

To

The Members of

Asya Infosoft Limited

Ahmedabad.

Report on Financial Statement

1 We have audited the accompanying financial statement of ASYA INFOSOFT LIMITED(formally known as ASYA INFRASTRCUTRE AND TOURISM CORPORATION LTD.) (‘The Company')which comprise Balance Sheet as at 31st March 2016 and also the statement of the Profitand Loss and the Cash Flow Statement for the year ended on that date and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the financial statement

2 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 preparation ofthese 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 referred tosection 133 of the act read with rule 7 of the companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the act for safeguarding the assets of the company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgment and estimates that are reasonable andprudent; and design implementation and maintenance of internal control that wereoperating effectively for ensuring the accuracy and completeness of accounting recordsrelevant to preparation of financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditors' Responsibility

3 Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provision of the act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the act and rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

4 An audit involves performing procedures to obtain audit evidence about the amountsand 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 control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the company has in place and adequate internal financial controls system overfinancial reporting and the operating effectiveness of such control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the financial statements.

5 We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

OPINION

6 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 of the state of affairs of the company as at 31stmarch 2016 its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

7 As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

8 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 Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013 read with rule 7 of The Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Companies Act 2013.

f) In our opinion the company has in all material respects an adequate internalfinancial controls system over financial reporting and such financial control overfinancial reporting were operating effectively as at March 31 2016 based on the internalcontrol over financial reporting criteria established by the company.

g) In our opinion and to the best of our information and according to the explanationsgiven to us We report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i The Company has not any pending litigations as on 31.03.2016.

ii The Company does not have any long term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii There has not been an occasion in case of the company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delaytransferring such sums does not arise.

for JEEVAN JAGETIYA & CO
CHARTERED ACCOUNTANTS
FRN :121335W
Jeevan Jagetiya
Place : Ahmedabad PARTNER
Date : 06.08.2016 M.No.046553

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of ASYA INFOSOFT LIMITED for theyear ended 31st March 2016.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

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

(b) These fixed assets have been physically verified by the management at reasonableintervals and there was no Material discrepancies were noticed on such verification.

(c) Total Assets of company does not include Immovable property.

ii. The nature of business of the company does not require it to have any Inventoriesso the reporting under this clause is not applicable to the company.

iii. The company has granted unsecured loans to companies covered in the registermaintained under section 189 of the Companies Act 2013.

(a) According to information and explanation given to us there is no written terms andagreements with respect to the loans given to the parties covered under this clause. Thetotal amount outstanding as on 31.03.2016 is of Rs. 507217 after converting Rs. 9367200into 936720 Redeemable Non Convertible Preference Shares investment. The loan granted tothe parties has been converted into investment due to the non payment of principal andinterest amount. Also the terms and conditions of the such loans are prejudicial to thecompany's Interest as the interest charged at 6% P.A. which is lower than prevailing yieldof government security and also this is unsecured loan.

(b) According to information and explanation given to us there is no written terms andagreements with respect to the loans given. The amount of interest is outstanding andcompany has not received any amount towards interest charged since granting of loan.

(c) There is no stipulated time for payment for interest or principal amount. Howeverthere is no amount received against interest charged since granting of loan and theprincipal amount of Rs. 8000000 granted as loan has been converted into investment as on30.03.2016.

iv. In our opinion and according to information given to us the company has grantedthe loan to the private company in which director is interested. The Maximum amountoutstanding during the year is 10214145.00 and the closing balance is of Rs. 507217.00after converting the opening balance as on 01.04.2015 amounting to Rs.9367200.00 into936720 Redeemable Non Convertible Preference Shares and reversal of interest to the tuneof Rs. 450396.00 being the difference between interest given at 6% and interest charged at12%. In our opinion and according to information given to us the company has chargedinterest lower than the government securities or has not charged interest in followingcases

Sr No Particulars Name of the Company Amount Involved Balance as at balance sheet date Remarks
1 Charged Interest Lower than the Government Securities Abridge Solutions Private Limited 9367200 507217 Charged Interest @ 6% on Rs. 9367200.00
2 No Interest Charged Charms Industries Limited 500000 500000 No Interest Charged

v. In our opinion and according to information given to us the company has notaccepted any deposits during the year. Therefore the provisions of clause 3 (v) of theCompanies (Auditor's Report) Order2016 are not applicable to the Company.

vi. In our opinion and according to the information given to us the maintenance ofcost records has not been specified by the Central Government under sub-section (1) ofsection 148 of the Companies Act 2013. Therefore the provisions of clause 3 (vi ) of theCompanies (Auditor's Report) Order2016 are not applicable to the Company.

vii. (a) The company is regular in depositing undisputed statutory dues includingprovident fund Employee's state insurance income-tax sales-tax duty of customs dutyof excise value added tax cess and any other statutory dues to the appropriateauthorities except undisputed statutory dues relating to service tax of Rs.66930 whichremains outstanding since September 2015.

(b) According to the information and explanations given to us There is Rs. 66930relating to service tax which remains payable as at 31.03.2016 for a period of more thansix months from the date they became payable.

viii. The company hasn't taken any loans or borrowing from a financial institutionbank Government or dues to debenture holders. Therefore the provisions of clause 3 (viii) of the Companies (Auditor's Report) Order2016 are not applicable to the Company.

ix. During the year the company doesn't raise any money by way of initial public offeror further public offer (including debt instruments)

x. 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 by its officers oremployees during the year was noticed or reported nor have we been informed of such caseby the management.

xi. In our opinion and according to the information available to us the managerialremuneration has been paid or provided in accordance with the provisions of Section 197read with Schedule V to the Companies Act 2013.

xii. In our opinion the company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Companies(Auditor's Report) Order 2016 are not applicable to thecompany.

xiii. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of the Companies act 2013 where applicable and the details have beendisclosed in the financial statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us the Company has madepreferential allotment of equity shares during the year. The company has complied with theprovision of section 42 of the Companies Act 2013. The fund raised by the company has beenutilized for the purpose for which it is raised.

xv. In our opinion and according to the information and explanations given to us thecompany hasn't entered into any non-cash transactions with directors or persons connectedwith him.

xvi. This clause is not applicable to the company as the company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934.

for JEEVAN JAGETIYA & CO
CHARTERED ACCOUNTANTS
FRN :121335W
Jeevan Jagetiya
Place : Ahmedabad PARTNER
Date : 06.08.2016 M.No.046553

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT OFASYA INFOSOFT LIMITED

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 ASYAINFOSOFT LIMITED. ("The Company") as of 31 March 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

for JEEVAN JAGETIYA & CO
CHARTERED ACCOUNTANTS
FRN :121335W
Jeevan Jagetiya
Place : Ahmedabad PARTNER
Date : 06.08.2016 M.No.046553