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Ceinsys Tech Ltd.

BSE: 538734 Sector: IT
NSE: N.A. ISIN Code: INE016Q01014
BSE 00:00 | 22 May 140.00 -2.50
(-1.75%)
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140.00

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NSE 05:30 | 01 Jan Ceinsys Tech Ltd
OPEN 140.00
PREVIOUS CLOSE 142.50
VOLUME 5
52-Week high 248.00
52-Week low 117.27
P/E 18.02
Mkt Cap.(Rs cr) 155
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 140.00
CLOSE 142.50
VOLUME 5
52-Week high 248.00
52-Week low 117.27
P/E 18.02
Mkt Cap.(Rs cr) 155
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ceinsys Tech Ltd. (CEINSYSTECH) - Auditors Report

Company auditors report

To

The Members of

M/s. ADCC Infocad Limited

10/5 IT Park

Opp. VNIT Nagpur

Maharashtra

India.

We have audited the accompanying financial statements of ADCC Infocad Limited ('theCompany') which comprise the Balance Sheet as at March 31 2017 the Statement of Profitand Loss and the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cashflows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules2014.This responsibility includesthe maintenance of adequate accounting records in accordance with the provisions of theAct for safeguarding the assets of the Company and for preventing and detecting frauds andirregularities; 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and 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 control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Management as well as evaluating the overall presentation of thefinancial statements.

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

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 atMarch 312017;

(b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flow of the Company for theyear 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 in terms of sub-section(11) of section 143 of the Act wegive in the Annexure 'A' statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all information and explanation which to the best ofour knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of accounts 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 dealt with by this report are in Compliance with the applicable AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of written representation obtained from the Directors as on March 312017 and taken on record by the Board of Directors we report that none of the directorsis disqualified as on March 31 2017 from being appointed as 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 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 explanation given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts; and

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in Note No. 41 annexed to thefinancial statements as to holdings as well as dealings in specified Bank Notes during theperiod from 08.11.2016 to 30.12.2016. Based on our enquiries test check of books ofaccounts and other details maintained by the company and based on the ManagementRepresentation regarding the holding and nature of cash transactions including specifiedbank notes we report that these disclosures are in accordance with the books of accountsmaintained by the company.

For Shah Baheti Chandak & Co.
Chartered Accountants
FRN 109513W
^Ashok Chandak
Place: Nagpur (Partner)
Date: 24/05/2017 M. No.: 030828

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 statement for the year ended 31st March 2017 we report that:

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

(b) In our opinion these fixed assets have been physically verified by the managementat reasonable intervalshaving regard to the size of the Company and the nature of itsassets. No material discrepancies between the book records and the physical inventory werenoticed.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) In our opinion the inventories have been physically verified by the management atreasonable intervals.The discrepancies noticed on physical verification between thephysical stocks and the book records were not material in relation to the operations ofthe Company.

(iii) The Company has not granted loans to body corporate covered in the registermaintained Under Section 189 of the Companies Act 2013 ('the Act').

(iv) In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge the maintenance of cost records under sub-section(1) of Section148 of the Companies Act 2013 prescribed by the Central Government is notrequired for 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 amount deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employeesinsurance taxes on income sales tax wealth tax service tax duty of customs taxes onsales and services cess and any other material statutory dues have been regularlydeposited during the year by the Company with the appropriate authorities. As explained tous the Company is not liable for duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax wealth tax service tax duty ofcustoms taxes on sales and services cess and other material statutory dues were inarrears as at 31.03.2017 for a period of more than 6 months from the date they becamepayable.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no dues of Income Tax Service Taxand Value Added Tax etc which have not been deposited on account of any dispute.

(viii) Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to any financial institution and banks.

(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has applied the money raised by way ofInitial Public Offer for the purpose for which it is raised (please refer point no.39 ofNotes to Accounts).

(x) According to the information & explanations given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(xi) According to the information and explanations give to us based on our examinationof the records of the Company the Company has paid / provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act subject to the Point no.31 in Notes to Accounts.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly Paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or placement of shares or fully or partly convertible debentures during theyear.

(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.

(xvi) The Company is not required to be registered Under Section 45-IA of the ReserveBank of India Act 1934

For Shah Baheti Chandak & Co.
Chartered Accountants
FRN 109513W
Ashok Chandak
Place: Nagpur (Partner)
Date: 24/05/2017 M. No.: 030828

ANNEXURE B TO THE AUDITOR'S REPORT

Report on the Internal Financial Controls Under Clause (i) of sub-clause 3 of Section143 of the Companies Act 2013 (the Act).

We have audited the internal financial controls over financial reporting of ADCCInfocad Limited (the Company) as of 31st March 2017 in conjunction with our audit of thestandalone financial statement 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 controls 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 preparations 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') and the Standards on Auditing issued by ICAI and deemed to beprescribed Under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and issued by the Institute of Chartered Accountants of India. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting were established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control 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 statement whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for audit opinion on the Company's internal financial control system overfinancial 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 of theManagement 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 Limitation of Internal Financial Controls over Financial Reporting

Because of the inherent limitation 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 control 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 ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Shah Baheti Chandak & Co.
Chartered Accountants
FRN 109513W
Ashok Chandak
Place: Nagpur (Partner)
Date: 24/05/2017 M. No.: 030828