Cybermate Infotek Ltd.
|BSE: 532271||Sector: IT|
|NSE: N.A.||ISIN Code: INE215B01014|
|BSE LIVE 15:15 | 18 Jan||Stock Is Not Traded.|
|NSE LIVE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 532271||Sector: IT|
|NSE: N.A.||ISIN Code: INE215B01014|
|BSE LIVE 15:15 | 18 Jan||Stock Is Not Traded.|
|NSE LIVE 05:30 | 01 Jan||Stock Is Not Traded.|
To the Members of CYBERMATE INFOTEK LIMITED Report on the Standalone FinancialStatements We have audited the accompanying standalone financial statements of CYBERMATEINFOTEK LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 Statement of Profit & Loss and 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.
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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.
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. 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.
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 its loss and its 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 (Rs the orderRs )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 inthe paragraph 3 and 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 statement of Profit & Loss and the Cash Flow Statement dealtwith by 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 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 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 explanations given to us:
the Company has disclosed the impact if any of pending litigations as at March312016 on its financial position in its standalone financial statements ( Refer NoteNo.31)
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.
Annexure A to the Auditor' s Report
Annexure referred to in paragraph 1 of Our Report of even date to the members ofCYBERMATE INFOTEK LIMITED on the accounts of the company for the year ended 31st March2016 Under "Report on other Legal & Regulatory Requirements"
i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The fixed assets are verified by the Management according to a phased programmedesigned to cover all the items over a period of two years which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Pursuantto the programme a portion of the fixed assets have been verified by the management duringthe year and no material discrepancies between the book records and the physical inventoryhas been noticed.
c) According to the information and explanation given to us and to the best of ourknowledge and belief the title deeds of immovable properties are held in the name of theCompany Immovable property - Buildings was offered as collateral security to M/s DHFLtowards Lease Rental Discounting Facility due to default in payment possession of theproperty is taken over by M/s DHFL by initiation proceedings under Securitisation andReconstruction of Financial Asset and Enforcement of Security Interest Act 2002. ReferNote No. 22
ii. The company has no inventory. Hence this clause is not applicable.
iii. (a) During the year the Company has not granted any loans secured or unsecured tocompanies firms limited liability partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013 however in earlier years thecompany has granted interest free advances to two companies covered in register maintainedunder section 189 of the companies act 2013. The year end balance outstanding is Rs.5129370/-.and the maximum amount outstanding was Rs.15754890/-.
(b)The above advances are interest free and unsecured and are repayable on demand.
(c)There is no overdue amount of advances to above companies since the same isrepayable on demand.
iv. In our opinion and according to the information and explanations given to us thecompany in respect of loans investments guarantees and security provisions of section185 and 186 of companies act 2013 has been complied with.
v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits within the meaning of section 73 to 76 or any otherrelevant provisions of the Companies Act2013 and the rules framed there under.
vi. In respect of the Company the Central Government has not prescribed maintenance ofcost records under sub-section (1) of section 148 of the Companies Act 2013
vii. (a) The Company is not regular in depositing undisputed statutory dues with theappropriate authorities following are the undisputed amounts payable which wereoutstanding at the year end for a period of more than six months from the date theybecame payable.
(b) According to the information and explanations given to us and based on the recordsexamined by us amount outstanding towards income tax on account of dispute are;
viii. In our opinion and according to information and explanations given to us theCompany has not taken any loans from Banks or Financial Institutions or Government and hasnot issued any debentures.
ix. According to information and explanations given to us the Company has not raisedmoneys by way of initial public offer or further public offer including debt instrumentsand term loans. Accordingly the provisions of clause 3(ix) of the order are notapplicable to the company and hence not commented upon.
x. During the course of examination of books of accounts and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to information and explanations given to us we have neither come across anyinstance of material fraud on or by the company noticed or reported during the year norhave been informed of such cases by the management.
xi. According to information and explanations given to us and to the best of ourknowledge and belief managerial remuneration has been paid/ provided with requisiteapprovals mandated in the provision of section 197 read with Schedule V of the CompaniesAct 2013.
xii. In our opinion and according to information and explanations given to us thecompany is not a Nidhi Company. Therefore the provisions of clause 3(xii) of the orderare not applicable to the company and hence not commented upon.
xiii. According to information and explanations given to us and to the best of ourknowledge and belief all the transactions with the related parties are in compliance withsection 177 and 188 of companies act 2013 wherever applicable and the details oftransactions with related parties have been disclosed in financial statements as requiredby the applicable accounting standards.
xiv. The company has not made any preferential allotment of private placement of sharesor fully or partly convertible debentures. Therefore the provisions of clause 3(xiv) ofthe order are not applicable to the company.
xv. According to information and explanations given to us and to the best of ourknowledge and belief the company has not entered into any noncash transactions withdirectors or persons connected with the directors. Therefore the provisions of clause3(xv) of the order are not applicable to the company.
xvi. According to information and explanations given to us and to the best of ourknowledge and belief the company is not required to be register under section 45-IA ofReserve Bank of India Act 1934
Annexure B to the Auditor' s Report
"Annexure B" referred to in paragraph 2(f) under" Report on other legaland Regulatory Requirements" section of report on financial statements of even dateto the members of CYBERMATE INFOTEK LIMITED on the financial statement for the year ended31st march 2016.
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 CYBERMATEINFOTEK LIMITED (Rs the CompanyRs ) as of 31st 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 (Rs ICAIRs ). 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.
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 Rs Guidance NoteRs ) 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 auditorsRs 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.
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.