You are here » Home » Companies » Company Overview » Atishay Ltd

Atishay Ltd.

BSE: 538713 Sector: IT
NSE: N.A. ISIN Code: INE011R01013
BSE LIVE 15:17 | 22 Nov 115.00 1.70
(1.50%)
OPEN

115.00

HIGH

115.00

LOW

115.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 115.00
PREVIOUS CLOSE 113.30
VOLUME 1
52-Week high 150.00
52-Week low 48.00
P/E 39.66
Mkt Cap.(Rs cr) 126
Buy Price 109.00
Buy Qty 10.00
Sell Price 115.00
Sell Qty 49.00
OPEN 115.00
CLOSE 113.30
VOLUME 1
52-Week high 150.00
52-Week low 48.00
P/E 39.66
Mkt Cap.(Rs cr) 126
Buy Price 109.00
Buy Qty 10.00
Sell Price 115.00
Sell Qty 49.00

Atishay Ltd. (ATISHAY) - Auditors Report

Company auditors report

To

THE MEMBERS

ATISHAY LIMITED (Formerly Known as Atishay Infotech Limited)

MUMBAI.

We have audited the accompanying financial statements of M/S ATISHAY LIMITED (FormerlyKnown as Atishay Infotech Limited) MUMBAI which comprise the Balance Sheet as at March31st 2017 the Statement of Profit and Loss Cash Flow Statement for the year ended anda summary 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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance 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 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.

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 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 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 alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness 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

a) In the case of the Balance sheet of the state of affairs of the Company as at March312017

b) In the case of the Statement of Profit and Loss profit for the year ended on thatdate: and

c) In the case of Cash Flow Statement for the year ended on that date

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure -I" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

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 purpose 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 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 written representations received from the directors as on March31st 2017 taken on record by the Board of Directors none of the directors isdisqualified as on March 31st 2017from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure II".

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 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.

iv. The Company has provided requisite disclosures in the financial statement vide Note- 43 and the same is in accordance with the books of accounts maintained by the companyfor the year ended on March 312017.

FOR TASKY ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: BHOPAL
DATE: 26/05/2017 SD/-
CA. M.K.SHARMA
PARTNER
(M.NO. 084503)
(FRN-008730N)

ANNEXURE-I

COMPANIES (AUDITOR'S REPORT) ORDER 2016 M/S ATISHAY LIMITED (Formerly Known as AtishayInfotech Limited) MUMBAI

Referred to in our report of even date -

(i) a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. No material discrepancieswere noticed by the management of the company on such verification.

c) As per the information and explanation given and according to records provided to usthe title deeds of immovable properties are held in the name of the company. However someof the title deeds of immovable properties are in possession of lending bankers and theyhave issued a certificate/ letter to this effect.

(ii) The management has conducted physical verification of inventories at reasonableintervals and as per the information and explanation given to us no materialdiscrepancies were noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured to the companiesfirms or other parties covered in the register maintained under section 189 of theCompanies Act 2013.

(iv) As per the information obtained since no loans investments and guarantees hasbeen given by the company provisions of section 185 and 186 of the Companies Act 2013does not need to be complied with.

(v) As per the information and explanation given to us the company has not accepted anydeposits from the public. Therefore the provisions of sections 73 to 76 are notapplicable to the Company.

(vi) The Central Government has not prescribed for the maintenance of cost recordsunder section 148 (1) of the Companies Act 2013 for the company.

(vii) a) The company as per information given is generally regular in depositingundisputed statutory dues including provident fund employee's state insurance incometax sales tax and other material statutory dues applicable to it with appropriateauthorities.

b) According to the information and explanation given to us there are no dues of saletax income tax wealth tax excise duty and cess which have not been deposited on accountof any dispute.

(viii) As per the information and explanation given and according to records providedto us the Company has not defaulted in repayment of loans and borrowings to a financialinstitution bank Government or dues to debenture holders.

(ix) As per the information and explanation given and according to records provided tous no money was raised by way of initial public offer or further public offer. During theyear Term loans amounting to Rs. 1797093/- was raised and applied for the purposes forwhich it was borrowed.

(x) During the course of our audit we have not noticed any fraud on or by the companyby its officers or employees.

(xi) Based on our audit procedures and according to the information and explanationgiven to us we are of the opinion that the company has paid managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

(xii) Since the Company is not a Nidhi Company provisions of clause xii of CARO 2016are not applicable to the company.

(xiii) Based on our audit procedures and according to the information and explanationgiven to us we are of the opinion that all the transactions with related parties are incompliance with sections 177 and 188 of Companies Act 2013 and the details have beendisclosed in the Financial Statements.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) In our opinion and according to the information and explanation given to us theCompany has not entered into any non cash transactions as specified in the section 192 ofthe Companies Act 2013 with directors or persons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

FOR TASKY ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: BHOPAL SD/-
DATE: 26/05/2017 CA. M.K.SHARMA
PARTNER
(M.NO. 084503)
(FRN-008730N)

ANNEXURE- II

FORMING PART OF OUR AUDIT REPORT U/S 143(3) OF EVEN DATE

"Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013"

We have audited the internal financial controls over financial reporting of M/S ATISHAYLIMITED (Formerly Known as Atishay Infotech Limited) MUMBAI as of March 312017 inconjunction with our audit of the financial statements of the Company for the year endedon 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 31st March 2017 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 of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

FOR TASKY ASSOCIATES
CHARTERED ACCOUNTANTS
PLACE: BHOPAL SD/-
DATE: 26/05/2017 CA. M.K.SHARMA
PARTNER
(M.NO. 084503)
(FRN-008730N)