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Aurionpro Solutions Ltd.

BSE: 532668 Sector: IT
NSE: AURIONPRO ISIN Code: INE132H01018
BSE LIVE 15:58 | 02 Dec 116.05 15.35
(15.24%)
OPEN

102.05

HIGH

120.80

LOW

102.05

NSE LIVE 15:55 | 02 Dec 116.40 15.60
(15.48%)
OPEN

100.00

HIGH

120.95

LOW

99.40

OPEN 102.05
PREVIOUS CLOSE 100.70
VOLUME 182414
52-Week high 237.00
52-Week low 90.35
P/E 6.83
Mkt Cap.(Rs cr) 254.73
Buy Price 0.00
Buy Qty 0.00
Sell Price 116.05
Sell Qty 824.00
OPEN 102.05
CLOSE 100.70
VOLUME 182414
52-Week high 237.00
52-Week low 90.35
P/E 6.83
Mkt Cap.(Rs cr) 254.73
Buy Price 0.00
Buy Qty 0.00
Sell Price 116.05
Sell Qty 824.00

Aurionpro Solutions Ltd. (AURIONPRO) - Auditors Report

Company auditors report

To the Members of Aurionpro Solutions Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Aurionpro SolutionsLimited ("the Company") which comprise the Balance Sheet as at 31 March 2016the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of the significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in sub-section 5of Section 134 of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these standalone financial statements that give a true andfair view of the financial position financial performance and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's 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 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 Instituteof Chartered Accountants of India specified under sub-section 10 of Section 143 of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom 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 accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the standalone 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2016 and its profit 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 2016 ("the Order")issued by the Central Government of India in exercise of powers conferred by sub-section(11) of Section 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by sub-section (3) of Section 143 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 of the aforesaidstandalone financial statements;

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) on the basis of the written representations received

from the directors as on 31 March 2016 taken on record by the Board of Directors noneof the directors is disqualified as on 31 March 2016 from being appointed as a director interms of sub-section (2) of Section 164 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 B"; and

g) 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 has disclosed the impact of pending litigations on its financialposition in its standalone financial statements - Refer Note 30 to the standalonefinancial statements;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended 31 March2016.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No: 101248W/W-100022

Bhavesh Dhupelia

Partner

Membership No: 042070

Mumbai

30 May 2016

Annexure A to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2016 we report that:

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified annually. In our opinion this periodicity of physicalverification is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification during the year.

(c) In our opinion and according to the information and explanations given to us and onthe basis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

ii. The inventory except goods-in-transit and stocks lying with third parties havebeen physically verified by the management during the year. In our opinion the frequencyof such verification is reasonable. For stocks lying with third parties at the year-endwritten confirmations have been obtained. The discrepancies noticed on verificationbetween the physical stocks and the book records were not material and have been dealtwith in the books of account.

iii. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.Accordingly paragraphs (iii) (a) and (b) of the Order are not applicable to the Company.

iv. In our opinion and according to the information and

explanations given to us the Company has complied with the provisions of Section 185and Section 186 of the Act with respect to the loans investments and guarantees made.

v. In our opinion and according to the information and

explanations given to us the Company has not accepted any deposit from the public asper the directives issued by the Reserve Bank of India in accordance with the provisionsof Sections 73 to 76 or any other relevant provisions of the Act and the rules framedthere under. Accordingly paragraph 3(v) of the Order is not applicable to the Company.

vi. As informed to us by the management the Central Government has not prescribed themaintenance of cost records under sub-section (1) of Section 148 of the Act for any of thegoods sold and services/activities rendered by the Company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Provident fund Employees' StateInsurance Income-tax Sales tax duty of Customs duty of Excise Value added tax Cessand other material statutory dues have been generally regularly deposited during the yearby the Company with the appropriate authorities except for Service tax where there havebeen significant delays in number of cases.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident fund Employees' State Insurance Income-tax Sales-taxduty of Customs duty of Excise Value added tax Cess and other material statutory dueswere in arrears as at 31 March 2016 for a period of more than six months from the datethey became payable except for Service tax details of which is as follows:

Name of the statute Nature of dues Amount (' in lakhs) Period to which the amount relates Due date Date of payment
The Finance Act 2004 Service tax (including interest) 0.96 August 2015 5 September 2015 Not paid
32.61 September 2015 5 October 2015 Not paid

(b) According to the information and explanations given to us there are no dues ofIncome-tax Sales tax Service tax duty of Customs and Value added tax which have notbeen deposited with the appropriate authorities on account of any disputes.

According to the information and explanations given to us the following statutory dueshave not been deposited by the Company on account of disputes:

Name of the statute Nature of dues Amount under dispute (' in lakhs) Amount paid under protest(' in lakhs) Period to which the amount relates Forum where dispute is pending
Central Excise Act 1944 Excise Duty 410.52

-

January 2004 to January 2007 CESTAT
23.57 February 2007 to January 2008 CESTAT

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted during the year in repayment of loans or borrowings to financialinstitutions and banks. The Company does not have any loans or borrowings from governmentand has not issued any debentures.

ix. In our opinion and according to the information and explanations given to us theterm loans taken by the Company have been applied for the purpose for which they wereraised. The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) during the year.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given to us managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act.

xii. According to the information and explanations given to us the Company is not aNidhi Company as specified in the Nidhi Rules 2014. Accordingly paragraph 3(xii) of theOrder is not applicable to the Company.

xiii. According to the information and explanations given to us all transactions withthe related parties are in compliance with Section 177 and Section 188 of the Act whereapplicable and the details of such transactions have been disclosed in the financialstatements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us the Company has madepreferential allotment of shares during the year. In our opinion the Company has compliedwith the requirement of Section 42 of the Act and the amounts raised have been used forthe purposes for which the funds were raised. The Company has not made any privateplacement of shares or fully or partly convertible debentures during the year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable to the Company.

xvi. According to the information and explanations given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Accordingly paragraph 3(xvi) of the Order is not applicable to the Company.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No: 101248W/W-100022

Bhavesh Dhupelia

Partner

Membership No: 042070

Mumbai

30 May 2016

Annexure B to the Independent Auditors' Report - 31 March 2016

(Referred to in our report of even date)

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 AurionproSolutions Limited ("the Company") as of 31 March 2016 in conjunction with ouraudit of the Standalone Financial Statements of the Company for the year ended on thatdate.

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 Act.

Auditor's 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 sub-section (10) of Section 143 of the Act to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively 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:

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(c) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 B S R & Co. LLP

Chartered Accountants

Firm's Registration No: 101248W/W-100022

Bhavesh Dhupelia

Partner

Membership No: 042070

Mumbai

30 May 2016

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