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Cyient Ltd.

BSE: 532175 Sector: IT
NSE: CYIENT ISIN Code: INE136B01020
BSE LIVE 14:30 | 07 Dec 500.00 2.50
(0.50%)
OPEN

496.00

HIGH

504.00

LOW

496.00

NSE LIVE 14:33 | 07 Dec 499.65 3.35
(0.67%)
OPEN

497.00

HIGH

504.80

LOW

496.00

OPEN 496.00
PREVIOUS CLOSE 497.50
VOLUME 399
52-Week high 555.00
52-Week low 370.50
P/E 17.01
Mkt Cap.(Rs cr) 5627.00
Buy Price 498.60
Buy Qty 18.00
Sell Price 502.80
Sell Qty 10.00
OPEN 496.00
CLOSE 497.50
VOLUME 399
52-Week high 555.00
52-Week low 370.50
P/E 17.01
Mkt Cap.(Rs cr) 5627.00
Buy Price 498.60
Buy Qty 18.00
Sell Price 502.80
Sell Qty 10.00

Cyient Ltd. (CYIENT) - Auditors Report

Company auditors report

TO THE MEMBERS OF

CYIENT LIMITED (formerly Infotech Enterprises Limited)

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CYIENT LIMITED(formerly INFOTECH ENTERPRISES LIMITED) ("the Company") which comprise theBalance Sheet as at March 31 2015 the Statement of Profit and Loss and the Cash FlowStatement for the year then ended and a summary of the significant accounting policiesand 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 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 withaccounting 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 provision of the Act for safeguarding the assets of the Company and forpreventing 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 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 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 the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall 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.

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 March 31 2015 and its profit 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 2015 ("the Order")issued by the Central Government in terms of Section 143(11) of the Companies Act 2013we give 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 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 the Statement of Profit and Loss and the Cash Flow Statementdealt with 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 March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) of theAct.

(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:

a. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 22.1 (i) to the financial statements.

b. The Company did not have any material foreseeable losses relating to long-termcontracts including derivative contracts -Refer Note 25 to the financial statements.

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

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 008072S)
(GANESH BALAKRISHNAN)
SECUNDERABAD (Partner)
April 23 2015 (Membership No. 201193)

Annexure to the Independent Auditors' Report on the Standalone Financial Statements

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report on the standalone financial statements of even date)

(i) Having regard to the nature of the Company's business during the year clauses(ii) (v) (vi) (viii) (ix) and (xi) of paragraph 3 of the Order are not applicable tothe Company.

(ii) In respect of its fixed assets:

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

b) Some of the fixed assets were physically verified during the year by the Managementin accordance with a programme of verification which in our opinion provides for physicalverification of all the fixed assets at reasonable intervals. According to the informationand explanation given to us the Company is in the process of reconciliation anddiscrepancies if any noted would be dealt with in the year in which such reconciliationis completed.

(iii) According to the information and explanations given to us the Company hasgranted loans secured or unsecured to companies firms or other parties covered in theRegister maintained under Section 189 of the Companies Act 2013. In respect of suchloans:

a) The receipts of principal amounts and interest have been as per stipulations.

b) There is no overdue amount remaining outstanding as at the year-end.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of fixed assets and for the sale of servicesand during the course of our audit we have not observed any continuing failure to correctmajor weaknesses in such internal control system.

(v) According to the information and explanations given to us in respect of statutorydues:

a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-tax Sales Tax Wealth TaxService Tax Customs Duty Value Added Tax Cess and other material statutory duesapplicable to it with the appropriate authorities. Excise Duty is not applicable to theCompany.

b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income-tax Sales Tax Wealth Tax Service Tax Customs Duty Value AddedTax Cess and other material statutory dues in arrears as at March 31 2015 for a periodof more than six months from the date they became payable. Excise Duty is not applicableto the Company.

c) Details of dues of Sales Tax Service Tax and Value Added Tax which have not beendeposited as on March 31 2015 on account of disputes are given below:

Statute Nature of Dues Forum where Dispute is pending Period to which the amount relates Amount involved (in Rs.)
Central Sales Tax Act 1956 Sales Tax (including penalty) Sales Tax Appellate Tribunal 2004-05 to 2010-11 7656660
Andhra Pradesh Value Added Tax Act 2005 Value Added Tax (including penalty) Sales Tax Appellate Tribunal 2005-06 to 2009-10 1964650
Finance Act 1994 Service Tax (including penalty) Central Excise and Service Tax Appellate Tribunal 2006-07 to 2012-13 127221068

There are no disputed dues of Income tax Wealth Tax Customs Duty and Cess which havenot been deposited as on March 31 2015. Excise Duty is not applicable to the Company.

d) There are no amounts that are due to be transferred to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and Rules made there under.

(vi) In our opinion and according to the information and explanations given to us theterms and conditions of the guarantees given by the Company for loans taken by others frombanks and financial institutions are not prima facie prejudicial to the interests of theCompany.

(vii) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 008072S)
(GANESH BALAKRISHNAN)
SECUNDERABAD (Partner)
April 23 2015 (Membership No. 201193)

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