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Genesys International Corporation Ltd.

BSE: 506109 Sector: IT
NSE: GENESYS ISIN Code: INE727B01026
BSE LIVE 15:52 | 17 Nov 337.95 3.15
(0.94%)
OPEN

338.00

HIGH

344.00

LOW

335.00

NSE 15:44 | 17 Nov 337.70 4.10
(1.23%)
OPEN

333.55

HIGH

343.90

LOW

333.50

OPEN 338.00
PREVIOUS CLOSE 334.80
VOLUME 27532
52-Week high 390.00
52-Week low 82.70
P/E 43.89
Mkt Cap.(Rs cr) 1,037
Buy Price 337.95
Buy Qty 179.00
Sell Price 0.00
Sell Qty 0.00
OPEN 338.00
CLOSE 334.80
VOLUME 27532
52-Week high 390.00
52-Week low 82.70
P/E 43.89
Mkt Cap.(Rs cr) 1,037
Buy Price 337.95
Buy Qty 179.00
Sell Price 0.00
Sell Qty 0.00

Genesys International Corporation Ltd. (GENESYS) - Auditors Report

Company auditors report

GENESYS INTERNATIONAL CORPORATION LIMITED

We have audited the accompanying financial statements of GENESYS INTERNATIONALCORPORATION LIMITED ("the Company") which comprise the Balance Sheet as at 31March 2015 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

MANAGEMENT’S 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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 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 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 that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors 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 on the financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 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 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 purposes of our audit. (b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. (c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount.

(d) In our opinion the aforesaid 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 31 March 2015 taken on record by the Board of Directors none of thedirectors is disqualified as on 31 March 2015 from being appointed as a director in termsof Section 164 (2) of the Act.

(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: i. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements – Refer Note 27 to the Financial Statements: ii. The Company didnot have any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.

For G.K. Choksi & Co.
Chartered Accountants
(Firm Registration No.125442W)
(Shreyas V. Parikh)
(Partner)
Mumbai 30 May 2015 (Membership No. 33402)

ANNEXURE TO ThE AUDITORS’ REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date of Genesys International CorporationLimited)

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

(b) The fixed assets have been physically verified by the management as per a phasedprogramme of verification. In our opinion the frequency of verification is reasonablehaving regard to the size of the Company and the nature of its assets. The discrepanciesreported on verification were not material and have been properly dealt with in the booksof account.

ii. The company has no inventory and hence Clause (ii) (a) (ii)(b) and (ii)(c) ofparagraph 3 of the Order are not applicable to the Company.

iii. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.Accordingly Clause (iii) (a) and (b) of Paragraph 3 of the Order are not applicable tothe Company.

iv. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company andnature of its business for the purchase of fixed assets and for the sale of services.During the course of our audit we have not observed any continuing failure to correctmajor weaknesses in such internal control system.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits as per the directives issued by the Reserve Bank ofIndia under the provisions of Section 73 to 76 or any other relevant provisions of the Actand the Rules framed there under. Accordingly Clause (v) of paragraph 3 of the Order isnot applicable to the Company.

vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company. Therefore theprovisions of Clause

vi of Paragraph 3 of the Order are not applicable to the company.

vii. In respect of statutory dues: (a) According to the records of the Companyundisputed statutory dues including provident fund employees’ state insuranceincome-tax sales-tax wealth tax duty of customs duty of excise value added tax cessand any other statutory dues have been generally regularly deposited with appropriateauthorities. However there has been delay in payment of undisputed service tax duesthough based on the information and explanations given to us and records of the companyexamined by us no undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at 31st March 2015 for a period of more than six months from the date ofbecoming payable.

(b) According to information and explanation given to us and the records of the Companyexamined by us there are no dues of wealth tax value added tax income tax sales taxservice tax duty of customs and duty of excise as at 31st March2015 which have not beendeposited on account of dispute.

(c) The amount required to be transferred to Investor Education and Protection Fund hasbeen transferred within the stipulated time in accordance with the provisions of theCompanies Act 1956 and the Rules made there under.

viii. The Company does not have any accumulated losses at the end of the financial yearand has not incurred any cash losses in the current and immediately preceding financialyear.

ix. Based on our audit procedures and as per the information and explanations providedby the management the Company has defaulted in repayment of installment dues to financialinstitution. The amount involved is Rs 314154/- and the same is outstanding for 1month as at the balance sheet date. The company has subsequently paid the said amount.

x. In our opinion and according to the information and explanations given to us thecompany has not given any guarantee for loans taken by others from banks or financialinstitutions.

xi. In our opinion and according to the information and explanation given to us theterm loans have been applied for the purpose for which they were obtained.

xii. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the 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 we been informed of any such case by the management.

For G.K. Choksi & Co.
Chartered Accountants
(Firm Registration No.125442W)
(Shreyas V. Parikh)
(Partner)
(Membership No. 33402)
Mumbai 30 May 2015