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Compucom Software Ltd.

BSE: 532339 Sector: Services
NSE: COMPUSOFT ISIN Code: INE453B01029
BSE LIVE 14:00 | 02 Dec 16.00 -0.80
(-4.76%)
OPEN

17.20

HIGH

17.20

LOW

16.00

NSE LIVE 15:19 | 02 Dec 15.80 -0.80
(-4.82%)
OPEN

16.80

HIGH

16.80

LOW

15.80

OPEN 17.20
PREVIOUS CLOSE 16.80
VOLUME 12185
52-Week high 22.02
52-Week low 7.91
P/E 12.12
Mkt Cap.(Rs cr) 126.64
Buy Price 0.00
Buy Qty 0.00
Sell Price 16.00
Sell Qty 23064.00
OPEN 17.20
CLOSE 16.80
VOLUME 12185
52-Week high 22.02
52-Week low 7.91
P/E 12.12
Mkt Cap.(Rs cr) 126.64
Buy Price 0.00
Buy Qty 0.00
Sell Price 16.00
Sell Qty 23064.00

Compucom Software Ltd. (COMPUSOFT) - Auditors Report

Company auditors report

To

The Members of

M/s. Compucom Software Limited

Jaipur

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of M/s. Compucom SoftwareLimited (‘the Company') which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including Accounting Standardsnotified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. 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. While conducting the audit we have taken into account the provisionsof the Act the accounting and auditing standards and the matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the 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 an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Management as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidences we have obtained are sufficient and appropriate toprovide a basis for our audit opinion on standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 stateof affairs of the Company as at March 31 2016; b) in the case of the Statement of Profitand Loss of the profit for the year ended on that date; and c) in the case of the CashFlow Statement of the 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 ("Order")issued by Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the Annexure A a statement of the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b. In our opinion proper books ofaccounts as required by law have been kept by the Company so far as it appears from ourexamination of those books; c. The Balance Sheet Statement of Profit and Loss and CashFlow Statement dealt with by this report are in agreement with the books of accounts; d.In our opinion the aforesaid standalone financial statements comply with the Accountingstandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014; e. On the basis of the written representations received from theDirectors as on March 31 2016 and taken on record by the Board of Directors none of theDirectors is disqualified as on March 31 2015 from being appointed as a Director in termsof section 164(2) of the Companies Act 2013 f. with respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate 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 financial statements.

ii. The Company has made provisions as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts if any.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund.

Therefore issue of delay in transferring such sums does not arise.

For S. Misra & Associates

Chartered Accountants

FRN 004972C

CA. SACHINDRA MISRA

Partner

Membership No. 073776

Place: Jaipur

Date: May 25 2016

Annexure A' to the Auditors Report (referred to in paragraph 1 under theheading "Report on Other Legal and Regulatory Requirements" of our report ofeven date) on the financial statements for the year ended March 31 2016 of M/sCompucom Software Limited

i. Fixed Assets:

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

(b) The management during the year has physically verified the major assets and in ouropinion the frequency of verification is reasonable. No material discrepancies werenoticed on such verification.

(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. Inventories: The Company does not have any inventory therefore provisionsof clause (ii) of paragraph 3 of the order are not applicable.

iii. Loans to the parties covered in the register maintained under Section 189 ofthe Act:- The Company has not granted any loan to the parties covered in the registermaintained under Section 189 of the Act therefore provisions of clause (iii) of paragraph3 of the order are not applicable.

iv. Compliance of provisions of section 185 and 186 of the Companies Act 2013:- Inour opinion and according to the information and explanations given to us the Company hascomplied with the provisions of Section 185 and 186 of the Act with respect to the loansand investments made.

v. Public Deposits:-The Company has not accepted any deposits from the public.Therefore the provisions of clause (v) of paragraph 3 of the order are not applicable tothe Company.

vi. Cost Records:- The maintenance of cost records has been prescribed by theCentral Government under section 148(1) of the Act for activity related to Wind PowerGeneration. According to the information and explanations given to us and on the basis ofour examination thereof we report that the Company is maintaining the prescribed costrecords.

vii. Statutory Dues:-

a) Undisputed Statutory Dues: According to the information and explanations given to usand on the basis of our examination of the record of the Company undisputed statutorydues including provident fund ESI Income Tax Value added tax service tax cess andother material statutory dues have been generally regularly deposited during the year bythe Company with the appropriate authorities.

(a) Disputed statutory dues: Details of statutory dues which have not been deposited asat March 31 2016 on account of disputes are given below:

Nature of dues Period to which the amount relates Forum where the Dispute is pending Amount (Rs.)
Income Tax A.Y. 2007-08 Asstt. Commissioner of Income Tax Circle-6 430247/-
Income Tax A.Y. 2007-08 Commissioner of Income Tax (Appeals) 2880228/-
Income Tax A.Y. 2009-10 Asstt. Commissioner of Income Tax Circle-6 2517091/-
Income Tax A.Y. 2010-11 Asstt. Commissioner of Income Tax Circle-6 3204680/-
Income Tax A.Y. 2011-12 Asstt. Commissioner of Income Tax Circle-6 6692810/-
Income Tax A.Y. 2012-13 Commissioner of Income Tax (Appeals) 16187671/-
Income Tax A.Y. 2013-14 Commissioner of Income Tax (Appeals) 1191910/-
Service Tax April 01 2005 to March 31 2010 Custom Central Excise & Service Tax Service Tax -22471199/-
Appellate Tribunal New Delhi Penalty - 22471199/-
Service Tax April 01 2005 to March 31 2009 Custom Central Excise & Service Tax Service Tax -26986650/-
Appellate Tribunal New Delhi Penalty - 26986650/-
Service Tax Oct. 2011 to March 2013 Custom Central Excise & Service Tax Service Tax - 6775356/-
Appellate Tribunal New Delhi Penalty u/s 76- Maximum to Rs. 6775356/-
Penalty 77(2)- Rs. 10000/-
Service Tax April 01 2008 to March 31 2011 Custom Central Excise & Service Tax Service Tax -12452639/-
Appellate Tribunal New Delhi Penalty - 12452639/-

viii. Dues to Financial Institution or Bank or Debenture holders:-

According to the information and explanations given to us and based on the documentsand records produced before us there has been no default in repayment of dues to banksand financial institutions. Further there are no dues to debenture holders thereforeprovisions of clause (viii) of paragraph 3 of the order are not applicable.

ix. Application of IPO FPO and Term loans:-According to the information andexplanations given to us the Company did not raise any money by way of initial publicoffer or further public offer (including debt instruments) and term loans during the yeartherefore provisions of clause (ix) of paragraph 3 of the order are not applicable.

x. Fraud on or by the Company-noticed or reported:-According to the informationand explanations given to us and to the best of our knowledge and belief no fraud on orby the Company has been noticed or reported during the year.

xi. Managerial Remuneration:-

According to the information and explanations give to us and based on our examinationof the records of the Company the Company has paid / provided for managerial remunerationin accordance with the provisions of Section 197 read with Schedule V to the Act.

xii. Nidhi Company:-

According to the information and explanations give to us and based on our opinion theCompany is not a Nidhi Company therefore provisions of clause (xii) of paragraph 3 of theorder are not applicable.

xiii. Related Party Disclosure:-

According to the information and explanations given to us and based on our examinationof the records of the Company transactions with the related parties are in compliancewith Sections 177 and 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

xiii. Issued of Preferential Allotment or Private Placement of Shares orDebentures:-

According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

xiv. Non cash Transactions with Directors and connected persons with them:-

According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into non-cash transactions withDirectors or persons connected with him therefore provisions of clause (xv) of paragraph3 of the order are not applicable.

xv. Registration under Reserve Bank of India Act 1934:-

The Company is not required to be registered under Section 45-IA of the Reserve Bank ofIndia Act 1934.

For S. MISRA & ASSOCIATES

Chartered Accountants

FRN 004972C

CA. SACHINDRA MISRA

Partner

Membership No. 073776

Place: Jaipur

Date: May 25 2016

Annexure B' to the Auditors Report (referred to in paragraph 2(F) under theheading "Report on Other Legal and Regulatory Requirements" of our report ofeven date) on the financial statements for the year ended March 31 2016 of M/sCompucom Software Limited.

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 CompucomSoftware limited (‘the Company') as of 31 March 2016 in conjunction with our audit ofthe standalone 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'). 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 the Company's policies the safeguardingof its 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 Companies Act 2013.

Auditors 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 both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively 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 auditors' 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 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 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 S. MISRA & ASSOCIATES

Chartered Accountants

FRN 004972C

CA. SACHINDRA MISRA

Partner

Membership No. 073776

Place: Jaipur

Date: May 25 2016

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