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ID Info Business Services Ltd.

BSE: 511260 Sector: Financials
NSE: N.A. ISIN Code: INE088P01015
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ID Info Business Services Ltd. (IDINFOBUSINESS) - Auditors Report

Company auditors report

To the Members of

ID INFO BUSINESS SERVICES LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of M/s ID INFO BUSINESSSERVICES LIMITED which comprise the Balance Sheet as at 31st March 2017 thestatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Management is responsible for the matter stated in Section 134(5) of theCompanies Act 2013 ("the act") with respect to the preparation of thesefinancial statements that 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 Section133 of the Act read with rule 7 of Companies (Accounts) Rules 2014. This responsibilityincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; design implementation andmaintenance of adequate internal financial controls that are operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand 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 accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors aswell as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us the afore said 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:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017

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

c) Cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. 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 Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d) in our opinion the afore said financial statement comply with the applicableAccounting Standards referred to in section 133 of the Companies Act 2013 read with rules7 of the companies (Accounts) Rule 2014.

e) on the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164(2) of theCompanies Act 2013.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls referred to ourseparate Report in " Annexure A".

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i. The Company has pending litigations which would impact its financial position asstated below:

Name of Statute Nature Of dues Amount (Rs) Period to which it relates Forum where dispute is pending
Income Tax Dept. Assessment Dues 17851851/- F.Y.2003-04 Pending before CIT (A)
Income Tax Dept. Penalty U/s 271(1)(c) 13016521/- F.Y.2003-04 Pending before CIT (A)

ii. The Company did not have any long-term contracts including derivative contracts assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

8. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section 11 of section 143 of theAct we give in the "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For VISHNU AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

(FRN: 134443W)

Sd/-

(MANU AGARWAL) Partner

M. NO. 146713

Place: Mumbai

Date:27/05/2017

ANNEXURE "A"

To the Independent Auditor's Report on the Financial Statements of ID INFO BUSINESSSERVICES LIMITED

(Referred to in paragraph 7 (f) of our Independent Auditors' Report of even date)

Report on the Internal Financial Controls Over Financial

Reporting Under Clause (I) Of Sub-Section 3 of Section 143 Of the Companies Act 2013("The Act")

We have audited the internal financial controls over financial reporting of ID INFOBUSINESS SERVICES LIMITED ("The Company") as of March 31 2017 inconjunction with our audit of the financial statements of the company for the year endedon 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 Reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") issued by the institute of Chartered Accountantsof India. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 and the Standards on Auditing prescribed under Section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. Those Standards and the guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 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 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 and paymentsof the company are being made only in accordance with authorisations of management anddirectors of the company; and (3) provide reasonable assurance regarding prevention ortimely detection of unauthorized acquisition use or disposition of the company's assetsthat 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For VISHNU AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

(FRN: 134443W)

Sd/-

(MANU AGARWAL) Partner

M. NO. 134443

Place: Mumbai

Date: 27/05/2017

ANNEXURE "B"

To the Independent Auditors' Report on the Financial Statements of ID INFO BUSINESSSERVICES LIMITED

(Referred to in paragraph 8 of our Independent Auditors' Report of even date)

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

(b) Fixed assets of the company have been physically verified by the Management atreasonable Intervals. No material discrepancies were noticed.

(c) According to information and explanations given to us and on the basis of ourexamination of the records of the company the company does not have any immovableproperty.

ii. The company does not have any inventory therefore question of its physicalverification does not arise.

iii. The Company has not granted any loans secured or unsecured to companies firm LLPor other parties covered in the Register maintained under section 189 of the CompaniesAct 2013. Accordingly paragraph 3(iii) (a) (b) and (c) of the Order is not applicable.

iv. According to the information and explanation given to us and on the basis of ourexamination of the records of the company the company has not given guarantee to anyparty as covered under section 185 of the Act.

v. The Company has not accepted any deposits from the Public covered under Section 73to 76 of the Companies Act2013

vi. To the best of our knowledge and according to the information given to us theCentral Government has not prescribed maintenance of cost records under section 148(1)ofthe Companies Act2013 in respect of the Company's product

vii. The company is regular in depositing with the appropriate authorities undisputedstatutory dues including provident fund Employees State Insurance Scheme Income taxSales tax and other material statutory duesapplicable to it. According to the informationand explanation given to usthere are no undisputed statutory dues payable in respect ofIncome - Tax Wealth Tax Sales Tax Customs Duty Excise Duty Cess& other statutorydues with the appropriate authorities whichwere outstanding as on 31stMarch2017for a period of more than six months from the date they became payable as stated below:

The Company has pending litigations which would impact its financial position as statedbelow:

Name of Statute Nature Of dues Amount Period to which it relates Forum where dispute is pending
(Rs)
Income Tax Dept. Assessment Dues 17851851/- F.Y.2003-04 Pending before CIT (A)
Income Tax Dept. Penalty U/s 271(1)(c) 13016521/- F.Y.2003-04 Pending before CIT (A)

viii. The Company has not taken any loan from any financial institution thereforequestion of its repayment does not arise.

ix. During the year the company has not raised any money by way of initial public offeror further public offer (including debt instruments). According to the information andexplanation given to us and on the basis of our examination of books of account thecompany has applied for the motor car term loan and has not defaulted .

x. According to the information and explanations given to us no fraud by the companyor any fraud on the company by its officers or employees has been noticed or reportedduring the year.

xi. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not paid or provided anymanagerial remuneration hence provisionof section 197 is not applicable.

xii. The Company is not a Nidhi company Accordingly paragraph 3(xii) of the order isnot applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into anytransactions with the related parties during the period under audit.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the company the company the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year Accordingly paragraph 3(xiv) of the order is not applicable

xv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into any cashtransactions with the directors or persons connected with him. Accordingly paragraph3(xv) of the order is not applicable

xvi. In our opinion and according to the information and explanations given to us thecompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct1934. Accordingly paragraph 3(xvi) of the order is not applicable

For VISHNU AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

(FRN: 134443W)

Sd/-

(MANU AGARWAL) Partner

M. NO. 146713

Place: Mumbai

Date: 27/05/2017