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ERP Soft Systems Ltd.

BSE: 530909 Sector: IT
NSE: N.A. ISIN Code: INE308B01017
BSE 05:30 | 01 Jan ERP Soft Systems Ltd
NSE 05:30 | 01 Jan ERP Soft Systems Ltd

ERP Soft Systems Ltd. (ERPSOFTSYSTEMS) - Auditors Report

Company auditors report



We have audited the accompanying financial statements of ERP SOFT SYSTEMS LIMITED("the Company") which comprise the Balance Sheet as at March 312017 and the Statement of Profit and Loss of the year ended and the Cash flow Statementa summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to under section 133 of thecompanies Act 2013. This responsibility includes the design implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. These Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating 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.

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 31stMarch 2017

b) in the case of the Profit and Loss Account of the Profit for the year ended on thatdate; and

c) In case of the Cash Flow Statement for the year ended

1) As required by the Companies (Auditor's Report) order 2016 issued by the CentralGovernment of India in terms of section 143 of the act we give in the annexure astatement of the matters specified in 143(11) of the order

2) As required by Section 143(3) of the Act We report that

d) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

e) 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.

f) the Balance Sheet Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.

g) in our opinion the Balance sheet Statement of Profit and Loss comply with theAccounting Standards referred to section 133 of the Companies Act 2013

h) on the basis of written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as directors in terms of Subsection (2) of section 164 of the Companies Act 2013.

i) The Company does not have branch offices

j) The Company has a adequate Internal Financial Control procedures system in place.There is no major weakness in the Internal Control Procedures.

k) The books of accounts have been maintained properly and no such matters arose duringthe course of Audit which enables us for Qualification

l) No such matters came to light upon audit of financial transactions which may have anadverse effect on the functioning of the Company

Chartered Accountants
Place: Chennai Membership No: 15103
Date: May 29 2017 F i rm Reg N o:005699S

Annexure to the Auditors' Report (referred to in paragraph 3 of our Report of even dateto the Members of ERPSOFT SYSTEMS LIMITED for the year ended March 312017)

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

(b) Fixed Assets have been physically verified by the management and in our opinionthe verification is reasonable having regard to the size of the company and the nature ofits assets. No discrepancies were noticed on such verification.

(c) The Company did not have any immovable property during the year.

2. In respect of its inventories The company did not carry any inventory during theyear

3. a) During the year the company has not granted any loans to Companies firms orother parties covered in the Register maintained under section 189 of the CompaniesAct2013

b) There were no loans unsecured outstanding in the books of the company.

4. The company has not accepted any Deposits from public attracting provisions ofsection 73 to 76 (both inclusive) of Companies Act 2013 or any other relevant provisionsof the Act.

5. In our opinion the company has an internal audit system commensurate with the sizeand nature of its business.

6. To the best our knowledge and as explained the Central Government has notprescribed maintenance of cost records under Section 148(1) of the of the Companies Act2013 in respect of the Company's nature of business.

7. a) According to the information and explanations given to us and the recordsexamined by us the company is regular in depositing with appropriate authoritiesundisputed statutory dues including Investor Education and Protection Fund Income TaxSales Tax Wealth Tax Service Tax Custom Duty Excise Duty Cess and other statutorydues. According to the information and explanations given to us no undisputed arrears ofstatutory dues were outstanding as at 31st March 2017 for a period of morethan six months from the date they become payable.

b) According to the information and explanations given to us there are no Disputedstatutory dues in the books of the company.

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the company did not have any outstanding dues tofinancial Institutions Banks or Debenture holders.

9. According to the information and explanations given to us the Company was tradingin shares and securities and proper records have been maintained of the transactions andcontracts. The company was making timely entries and the shares and securities were heldby the company in its own name.

10. The company has not taken term loans from banks.

11. Based on our examination of the Balance Sheet of the company as at 31.03.2017since there are no loans availed by the company from the banks the utilization of fundsdoes not arise.

12. During the year covered by our audit report the Company does not have anyoutstanding debentures during the year.

13. During the year the company has not raised money through the Public Issue theutilization of funds does not arise.

14. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

15. The managerial remuneration has been provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V of the companiesAct.

16. The related party transactions are in compliance with section 177 of the CompaniesAct 2013 and where applicable the details have been disclosed in the financial Statementsas required by the Accounting Standards and Companies Act 2013.

17. The Company has not made any preferential allotment of Shares or fully or partlyconvertible debentures during the year under review as required by section 42 of theCompanies Act 2013

18. The Company has not entered into non-cash transactions with directors or personsconnected with them as required by the provisions of section 192 of the Companies Act 2013

19. The company did not have any holdings in Specified Bank Notes during the periodfrom 8th November to 31st December 2016 and furnishing of relatedinformation does not arise.

Chartered Accountants
Place: Chennai Membership No: 15103
Date: May 29 2017 F i rm Reg N o:005699S