The Members of
Compuage Infocom Limited
Report on the standalone financial statements
We have audited the accompanying standalone financial statements of Compuage InfocomLimited ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.
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 andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
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 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 of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall 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 standalone financial statements.
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 31st March 2015 and its profit and its cash flows for the year ended on that date.
Report on legal and other regulatory requirements
1. As required by the Companies (Auditor's Report) Order 2015 ("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 statement on the matters specified in paragraph 3 and 4of the Order to the extent applicable.
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 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 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 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms ofSection 164 (2) of the Act; and
(f) 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 on pending litigations on its financialposition in its financial statements - Refer Note 2 (r) to the financial statements;
(ii) the Company did not have any long term contracts including derivative contractsfor which 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.
For B. V. Dalal & Co.
Firm's registration No. 114214W
Membership No. 104640
Mumbai May 15 2015
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
The Annexure referred to in our Independent Auditor's Report to the members of theCompany on the standalone financial statements for the year ended 31st March 2015. Wereport that : (i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.
(b) As explained to us the fixed assets have been physically verified by themanagement in accordance with a phased programme of verification which in our opinion isreasonable considering the size and nature of its business. As explained to us nomaterial discrepancies were noticed on such verification.
(ii) (a) As explained to us the inventories have been physically verified by themanagement at reasonable intervals.
(b) In our opinion the procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the Company and thenature of its business.
(c) On the basis of our examination of inventory records we are of the opinion thatthe company is maintaining proper records of inventory. As explained to us there were nomaterial discrepancies noticed on physical verification of the inventories having regardto the size of the operations of the Company and the same have been properly dealt with inthe books of accounts.
(iii) The Company has not granted any loans secured or unsecured to Companies firmsor other parties covered in the register maintained u/s 189 of the Act. Therefore theprovisions of clause 3(iii) of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand the nature of its business with regard to purchases of inventory fixed assets andwith regard to sale of goods. During the course of our audit we have not observed anycontinuing failure to correct any major weaknesses in internal controls.
(v) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 73 to 76 of the Act with regard to thedeposits accepted from the public. We have been informed that no order has been passed bythe Company Law Board or National Company Law Tribunal or Reserve Bank of India or anyCourt or any other Tribunal.
(vi) As explained to us the Central Government has not prescribed the maintenance ofCost Records under section 148(1). Therefore the provisions of clause 3(vi) of the Orderare not applicable to the Company.
(vii) (a) According to the information and explanation given to us the Company hasbeen regular in depositing undisputed statutory dues including Provident Fund InvestorEducation and Protection Fund Employees State Insurance Income Tax Sales Tax WealthTax Service Tax Custom Duty Excise Duty Cess and any other statutory dues with theappropriate authorities during the year. According to the information and explanationsgiven to us no undisputed amounts payable in respect of Provident Fund InvestorEducation and Protection Fund Employees State Insurance Income Tax Sales Tax WealthTax Service Tax Custom Duty Excise Duty Cess and other material statutory dues were inarrears as at 31st March 2015 for a period of more than six months from the date theybecame payable.
(b) According to the information and explanations given to us the amounts which havenot been deposited as on 31st March 2015 on account of any dispute are as follows :
|Name of the statute ||Nature of Dues ||Amount (Rs. in lakhs) ||Period to which the amt. relates ||Forum where the dispute is pending |
|Sales Tax & Entry Tax Acts of respective states ||Sales Tax and Entry Tax ||56.81 ||2007-2010 ||Tribunal |
| || ||18.94 ||2007-2013 ||D. C. Appeal |
| || ||20.06 ||2009-10 ||J. C. Appeal |
| || ||32.97 ||2008-09 & 2009-10 ||Commissioner |
| || ||10.55 ||2011-12 ||Commissioner |
| || ||18.44 ||2010-11 ||D. C. Appeal |
| || ||12.68 ||2011-12 ||D. C. Appeal |
|The Income Tax Act 1961 ||Income Tax ||4.24 ||2009-10 ||CIT (Appeals) |
| || ||2.41 ||2010-11 ||CIT (Appeals) |
| || ||4.12 ||2011-12 ||CIT (Appeals) |
|The Customs Act 1962 ||Custom Duty ||216.39 ||2008-2012 ||Departmental Authorities / CESTAT |
(c) According to the information and explanations given to us the amounts which wererequired to be transferred to the Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there underhas been transferred to such fund within time.
(viii) The Company has no accumulated losses at the end of the financial year. TheCompany has not incurred cash losses during the financial year and in the immediatelypreceding financial year.
(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to financial institutions or banks.
There are no debenture holders.
(x) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from bank or financialinstitutions. Therefore the provisions of clause 3(x) of the Order are not applicable tothe Company.
(xi) To the best of our knowledge and belief and according to the information andexplanations given to us term loans availed by the Company were prima facie applied bythe Company during the year for the purpose for which loans were obtained.
(xii) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.
For B. V. Dalal & Co.
Firm's registration No. 114214W
Membership No. 104640
Mumbai May 15 2015