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Datasoft Applications Software (India) Ltd.

BSE: 526443 Sector: IT
NSE: N.A. ISIN Code: INE072B01019
BSE LIVE 15:14 | 19 May 0.95 -0.04
(-4.04%)
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.95
PREVIOUS CLOSE 0.99
VOLUME 300
52-Week high 1.24
52-Week low 0.95
P/E 2.64
Mkt Cap.(Rs cr) 0
Buy Price 0.95
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.95
CLOSE 0.99
VOLUME 300
52-Week high 1.24
52-Week low 0.95
P/E 2.64
Mkt Cap.(Rs cr) 0
Buy Price 0.95
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00

Datasoft Applications Software (India) Ltd. (DATASOFTAPPLICA) - Auditors Report

Company auditors report

To The Members of Data soft Application Software (India) Limited

Report on the Financial Statements

We have audited accompanying financial statements of Datasoft Application Software(India) Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2016 and the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management’ Responsibility for the 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 of these standalonefinancial statements to give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section

133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls relevantto the preparation and statements that give a presentation of the financial true and fairview and are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act and the Rules made there underincluding the accounting standards and matters which are required to be included in theaudit report.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. statements.

The procedures selected depend on the auditor’s judgment including the assessmentof the risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. 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 overallpresentation 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 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 state of affairs of the Company as at March31 2016;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Other Matters

1) According to information and explanation given to us the Company has not appointedfull time company secretary as per Section 203 of the Companies Act 2013. However we areinformed that management is under process of appointing a Company Secretary in due courseof time.

Report on other Legal and Regulatory Requirements

1. As required by ‘the Companies (Auditor’s Report) Order 2016’ issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the "Annexure A" astatement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge 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 Profitand Loss and Cash Flow Statement dealt with bythis report are in agreement with the books of account.

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under section 133 of CompaniesAct 2013 read with rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March31 2016 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2016 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013.

f) With respect to the adequacy of theinternalfinancialcontrols 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:

i. The Company did not have any pending litigations as at March 31 2016 which wouldimpact its financial position ;

ii. The Company did not have any long-term contracts including derivative contracts asat March 31 2016;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 31 2016.

For Kanu Doshi Associates LLP

Chartered Accountants

Firm Registration Number: 104746W/W100096

Arati Parmar

Partner

Membership No: 102888

Place: Mumbai

Date: May 24 2016

ANNEXURE A TO THE AUDITOR’S REPORT

[Referred to in paragraph 3 under ‘Report on other Legal and RegulatoryRequirements’ in the Independent Auditor’s Report of even date to themembers of Datasoft Application Software (India) Limited ("the Company")on the financial statements for the period ended March 31 2016.]

(i) The company does not have any fixed assets. Hence the question of maintainingproper records carrying out physical verification and disposing off a substantial part ofthe fixed assets does not arise.

(ii) The company does not have any inventory. Hence the question of carrying outphysical verification and maintaining proper records does not arise.

(iii) As per information and explanations given to us the Company has not grantedloan secured or unsecured to companies firms or other parties covered in the registermaintained under Section 189 of the Companies Act 2013. Accordingly the sub-clause (a)(b) and (c) of clause (iii) are not applicable to the 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 Act in respect ofloans investments guarantees and securities to the extent applicable to it.

(v) The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.

(vi) We have been informed that the Central Government has not prescribed maintenanceof cost records under section 148 (1) of the Companies Act 2013;

(vii) (a) According to the information and explanations given to us and on the basis ofrecords produced before us the Company is generally regular in depositing withappropriate authorities undisputed statutory dues including provident fundemployees’ state insurance income tax cess sales tax wealth tax service taxduty of custom duty of excise duty value added tax cess and other material statutorydues applicable to it. According to the information and explanations given to us noundisputed arrears of statutory dues were outstanding as at March 31 2016 for a period ofmore than six months from the date they become payable.

(b) There are no dues in respect of Income Tax Sales Tax service tax duty of customduty of excise value added tax and cess that have not been deposited with appropriateauthorities on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not taken any loans from any financial institutions banks or debentureholders and hence the question of defaulting in repayment of dues does not arise.

(ix) No money were raised by way of initial public offer/further public offer(including debt instruments) further there were no term loans taken and hence clause ixis not applicable.

(x) No fraud by the company or any fraud on the Company by its officers/ employees hasbeen noticed or reported during the year.

(xi) No managerial remuneration has been paid / provided during the year hence clausexi is not applicable.

(xii) The Company is not a Nidhi Company hence clause Xii is not applicable.

(xiii) All the transactions with the related parties are in compliance with Section 188and 177 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the accounting standards and Companies Act 2013.

(xiv) The company has not made any preferential allotment / private placement of sharesor fully or partly convertible debentures during the year under review hence clause XiV isnot applicable.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him hence the clause XV is not applicable.

(xvi) According to the information and explanations given to us the company is notrequired to obtain registration under section 45 IA of the Reserve Bank of lndia Act 1934and hence clause XVI is not applicable.

For Kanu Doshi Associates LLP

Chartered Accountants

Firm Registration Number: 104746W/W100096

Arati Parmar

Partner

Membership No: 102888

Place: Mumbai Date: May 24 2016

ANNEXURE B TO THE AUDITORS’ REPORT

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 ofDatasoftApplication Software (India) Limited ("the Company") as of 31 March 2016 inconjunction with our audit of the financial statements of the

Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls based on theinternalcontroloverfinancialreporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India (‘ICAI’). These responsibilities include the designimplementation and maintenance of adequateinternalfinancialcontrols that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company’s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand 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 onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internalfinancial controlsboth applicable to an audit of Internal Financial Controls and issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated 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 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairlyreflectthetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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 Kanu Doshi Associates LLP

Chartered Accountants

Firm Registration Number: 104746W/W100096

Arati Parmar

Partner

Membership No: 102888

Place: Mumbai

Date: May 24 2016