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Bodhtree Consulting Ltd.

BSE: 539122 Sector: IT
NSE: BODHTREE ISIN Code: INE104F01011
BSE LIVE 15:20 | 25 Sep 83.10 -4.35
(-4.97%)
OPEN

87.80

HIGH

87.80

LOW

83.10

NSE 00:00 | 23 Jan Stock Is Not Traded.
OPEN 87.80
PREVIOUS CLOSE 87.45
VOLUME 18943
52-Week high 87.95
52-Week low 22.50
P/E 61.10
Mkt Cap.(Rs cr) 166
Buy Price 0.00
Buy Qty 0.00
Sell Price 83.10
Sell Qty 24071.00
OPEN 87.80
CLOSE 87.45
VOLUME 18943
52-Week high 87.95
52-Week low 22.50
P/E 61.10
Mkt Cap.(Rs cr) 166
Buy Price 0.00
Buy Qty 0.00
Sell Price 83.10
Sell Qty 24071.00

Bodhtree Consulting Ltd. (BODHTREE) - Auditors Report

Company auditors report

TO THE MEMBERS OF

BODHTREE CONSULTING LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of BODHTREECONSULTING LIMITED ("the Company") which comprise the Balance Sheet as atMarch 312017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 recordsin accordance with the provisions of the Act for safeguarding 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.

Auditors' 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 thereunder.

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. 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 standalone financial statements.

Basis for Qualified Opinion

The company has a strategic long term investments in Equity Shares of certaincompanies the cost of acquisition of those investments is Rs.722.50 lacs. Based on theLatest Audited Financial Statements of those companies made available to us the breakupvalue of those investments works out to Rs.125.82 lacs. Accordingly the decline in valuei.e. Rs. 596.68 lacs being the difference between cost of acquisition and the breakupvalue which in our view is of other than of temporary nature is not provided for in theStatement of Profit and Loss. Had the company considered the diminution in value ofinvestments the profit for the year would have been lower by the said amount.

Further the company has given advance of Rs.339 lacs and Rs.310 lacs receivable onaccount of services rendered by the company which in our view are doubtful of recoveryagainst which the company has not made any provision. Had the company considered theprovision for the aforesaid amounts the profit for the year would have been lower by thesaid amount.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matter described in the Basis forQualified Opinion paragraph above the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 312017 and its profit and its cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("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 a statement on the matters specified in paragraphs 3and 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 purposes 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) Except for the possible effects of the matter described in the Basis for QualifiedOpinion paragraph above in our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312017 from being appointed as a director in terms of Section 164 (2) of theAct.

(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 ourreport 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 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 statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016.

For Nisar & Kumar
Chartered Accountants
(Firm Registration No. 127820 W)
T.N.V.Visweswara Rao
Partner
Place: Hyderabad (Membership No. 204084)
Date: 11/05/2017

ANNEXURE A to the Auditor's Report

The annexure referred to in Independent Auditor's Report to the members of the Companyon the standalone financial statements for the year ended March 312017 we report that:

(I) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management at reasonableintervals; and no material discrepancies were noticed on such verification and materialdiscrepancies noticed on such verification have been properly dealt with in the books ofaccount;

(c) Since the company does not own any immovable properties Clause (i)(c) is notapplicable.

(ii) Since the company does not have inventory Clauses (ii) are not applicable.

(iii) Based on the audit procedures applied by us and according to the information andexplanations provided by the management the company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

(v) In our opinion and according to the information and explanations given to usduring the year the company has not accepted any deposits from the public within themeaning of the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act and the rules framed there under.

(vi) As informed to us maintenance of cost records has not been specified by theCentral Government under sub-section (1) of section 148 of the Companies Act 2013.

(vii) (a) According to the records of the company the company is regular in depositingthe undisputed statutory dues of Employee State Insurance and Professional Tax howeverthe company has not deposited undisputed statutory dues of provident fund income-taxservice tax value added tax and central sales tax with the appropriate authorities. Thearrears of statutory dues as at March 312017 for a period of more than six months fromthe date they became payable are as under.

S.No Nature of Due Amount in Rs.
1 Income Tax 18924817
2. Service Tax 1811302
3. Provident Fund 23477222
4. Value Added Tax 1664943
5. Central Sales Tax 464032

(b) According to the records of the company there are no dues of income tax or salestax or wealth tax or service tax or duty of customs or duty of excise or value added taxor cess which have not been deposited on account of dispute.

(viii) According to the records of the company the company has not defaulted inrepayment of loans or borrowing to a financial institution bank Government or dues todebenture holders.

(ix) According to the record of the company during the year the company has not raisedfunds by way of public offering or term loans and hence Clause (ix) is not applicable.

(x) Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

(xi) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

(xii) In our opinion the Company is not a Nidhi Company hence this clause is notapplicable to the Company.

(xiii) In our opinion transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv) During the year under review the company has made private placement of Shareswhich is in compliance with section 42 of the Companies Act 2013 and the amount raisedhave been used for the purposes for which the funds were raised.

(xv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company.

(xvi) In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934.

For Nisar & Kumar
Chartered Accountants
(Firm Registration No. 127820 W)
Place: Hyderabad T.N.V.Visweswara Rao
Date: 11/05/2017 Partner (Membership
No. 204084)

ANNEXURE B to the Auditor's Report

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 BODHTREECONSULTING LIMITED ("the Company") as of March 312017 in conjunction withour audit 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). 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 the company's policies the safeguarding of its assetsthe prevention 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.

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") issued by the ICAI and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 judgement 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 March 31 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 ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Nisar & Kumar
Chartered Accountants
(Firm Registration No. 127820 W)
Place: Hyderabad T.N.V.Visweswara Rao
Date: 11/05/2017 Partner
(Membership No. 204084)