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Compuage Infocom Ltd.

BSE: 532456 Sector: Consumer
NSE: COMPINFO ISIN Code: INE070C01037
BSE LIVE 15:14 | 20 Sep 28.20 -0.40
(-1.40%)
OPEN

29.40

HIGH

29.45

LOW

28.20

NSE 14:47 | 20 Sep 29.00 0.30
(1.05%)
OPEN

28.70

HIGH

29.90

LOW

28.35

OPEN 29.40
PREVIOUS CLOSE 28.60
VOLUME 39161
52-Week high 63.95
52-Week low 21.35
P/E 9.16
Mkt Cap.(Rs cr) 166
Buy Price 28.20
Buy Qty 458.00
Sell Price 29.25
Sell Qty 38.00
OPEN 29.40
CLOSE 28.60
VOLUME 39161
52-Week high 63.95
52-Week low 21.35
P/E 9.16
Mkt Cap.(Rs cr) 166
Buy Price 28.20
Buy Qty 458.00
Sell Price 29.25
Sell Qty 38.00

Compuage Infocom Ltd. (COMPINFO) - Auditors Report

Company auditors report

To

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 March 2016the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda 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 adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the FinancialStatements that give a true and fair view and are free from material misstatement whetherdue 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 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. 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 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 31st March 2016 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 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 paragraph 3 and4 of 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 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from 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 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 on pending litigations on its financialposition in its Financial Statements - Refer Note 2 (y) 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.
Chartered Accountants
Firm's registration No. 114214W
Sd/-
Manori Shah
Mumbai Partner
May 2 2016 Membership No. 104640

Annexure A to the Independent Auditor’s Report

The Annexure A referred to in our Independent Auditor's Report to the members of theCompany on the standalone Financial Statements for the year ended 31st March 2016. Wereport that:

(i) (a) The Company has maintained proper records showing full

particulars including 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.

(c) According to the information and explanations given to us the title deeds ofimmovable properties are held in the name of the Company.

(ii) As explained to us the inventories have been physically verified by themanagement at reasonable intervals.

(iii) The Company has not granted any loans secured or unsecured to Companies firmslimited liability partnerships or other parties covered in the register maintained u/s 189of the Act. Therefore the provisions of clause 3(iii) of the Order are not applicable tothe Company.

(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 Act in respect ofloans investments guarantees and security.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from the public. Therefore the provisions of clause 3(v)of the Order are not applicable to the Company.

(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 ServiceTax Custom Duty Excise Duty Value Added Tax 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 ServiceTax Custom Duty Excise Duty Value Added Tax Cess and other material statutory dueswere in arrears as at 31st March 2016 for a period of more than six months from the datethey became payable.

(b) According to the information and explanations given to us the amounts which havenot been deposited as on 31st March 2016 on account of any dispute are as follows :

Name of the statute Nature of Dues Amount (Rs. in lakhs) Period to which the amount 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
4.82 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
9.82 2010-11 D. C. Appeal
13.98 2011-12
8.25 2012-13 D. C. Appeal
15.29 2013-14 D. C. Appeal
32.65 2014-15 D. C. Appeal
1.88 2015-16 D. C. Appeal
41.90 2015-16 J. C. Appeal
Name of the statute Nature of Dues Amount (Rs. in lakhs) Period to which the amount relates Forum where the dispute is pending
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 213.27 2008-2015 Departmental Authorities / CESTAT

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or borrowings to a financialinstitution or bank. There are no loans or borrowing from the government. There are nodebenture holders.

(ix) 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 they were raised. The Company hasnot raised moneys by way of initial public offering or further public offer during theyear.

(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) To the best of our knowledge and belief and according to the information andexplanations given to us the Company had made an application to the Central Governmentfor remuneration pursuant to Section 197 of the Companies Act 2013 read with Schedule Vof the Act for Mr. Atul H. Mehta and Mr. Bhavesh H. Mehta appointed as Managing Directorand Whole-time Director respectively. Central Government has closed the file on technicalgrounds for which the Company has made an application after complying with necessarycorrections and requested to reopen the same. Confirmation of the same is awaited.

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company.

(xiii) To the best of our knowledge and belief and according to the information andexplanations given to us all transactions with related parties are in compliance withSection 177 and 188 of the Act where applicable and details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(xiv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 42 of the Act with regard topreferential allotment of shares during the year under review. To the best of ourknowledge and belief and according to the information and explanations given to us theamount raised by the Company was prima facie has been used by the Company during theyear for the purpose for which the funds were raised.

(xv) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not entered into any non-cash transactions withdirectors or persons connected with them. Therefore the provisions of clause 3(xv) of theOrder are not applicable to the Company.

(xvi) To the best of our knowledge and belief and according to the information andexplanations given to us the Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Therefore the provisions of clause 3(xvi) of theOrder are not applicable to the Company.

For B. V. Dalal & Co.
Chartered Accountants
Firm's registration No. 114214W
Sd/-
Manori Shah
Mumbai Partner
May 2 2016 Membership No. 104640

Annexure B to the Independent Auditor’s Report

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CompuageInfocom Limited ("the Company") as of 31st March 2016 in conjunction with ouraudit of the Financial Statements 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 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.

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 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 aspects.

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 and 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 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 31st 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. V. Dalal & Co.
Chartered Accountants
Firm's registration No. 114214W
Sd/-
Manori Shah
Mumbai Partner
May 2 2016 Membership No. 104640