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Hemakuta Industrial Investment Co. Ltd.

BSE: 511260 Sector: Financials
NSE: N.A. ISIN Code: INE088P01015
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Hemakuta Industrial Investment Co. Ltd. (HEMAKUTAINDL) - 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 ID INFO BUSINESS SERVICESLTD. which comprise the Balance Sheet as at 31st March 2016 the statement of Profit andLoss and Cash Flow Statement for the year then ended and a summary of significantaccounting 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 respectto 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 thereunder. 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 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 todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of the accounting estimates made by the Company's management andBoard of Directors as well as evaluating the overall presentation of the financialstatements.

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 2016

b) in the case of the Profit and Loss Account of the profit 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 the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in te rms of subsection 11 ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

8. 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 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164(2) of theCompanies Act 2013.

f) 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 does have pending litigations which would impact its financial positionas detailed below the Company has disputed statutory dues taxable in respect of Income taxwhich are outstanding as on 31.03.2016.

Statement of disputed statutory dues

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 report totransfer any sums to the Investor Education and Protection Fund. The question of delay intransferring such sums does not arise.

For VISHNU AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

(FRN: 134443W)

Sd/-

(MANU AGARWAL)

Partner

M. NO. 146713

Place: Mumbai

Date: 27/05/2016

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE REPORT OF EVEN DATE OF THE AUDITOR TO THEMEMBERS OF ID INFO BUSINESS SERVICES LTD.ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH2016. We report that:

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification and if so the samehave been properly dealt with in the books of account;

(c) The title deeds of immovable properties are held in the name of the company. Ifnot provide the details thereof;

(ii) Physical verification of inventory has been conducted at reasonable intervals bythe management and no any material discrepancies were noticed and if so they have beenproperly dealt with in the books of account;

(iii) The company has granted loans of Rs. 103.34 lacs secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013.

(a) The terms and conditions of the grant of such loans are not prejudicial to thecompany’s interest;

(b) The schedule of repayment of principal and payment of interest has been stipulatedand the repayments or receipts are regular;

(c) if the amount is overdue state the total amount overdue for more than ninety daysand reasonable steps have been taken by the company for recovery of the principal andinterest;

(iv) in respect of loans investments guarantees and security provisions of section185 and 186 of the Companies Act 2013 have been complied with.

(v) The company has not accepted deposits the directives issued by the Reserve Bank ofIndia and the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules framed there under where applicable have been compliedwith? If not the nature of such contraventions be stated; If an order has been passed byCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any courtor any other tribunal the same has been complied with.

(vi) Maintenance of cost records has been specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013 is not applicable to the Companyand hence such accounts and records have not been so made and maintained.

(vii) ( a) The company is regular in depositing undisputed statutory dues includingprovident fund employees’ state insurance income-tax sales-tax service tax dutyof customs duty of excise value added tax cess and any other statutory dues to theappropriate authorities and if not the extent of the arrears of outstanding statutorydues as on the last day of the financial year concerned for a period of more than sixmonths from the date they became payable shall be indicated;

(b) where dues of income tax or sales tax or service tax or duty of customs or duty ofexcise or value added tax have not been deposited on account of any dispute then theamounts involved and the forum where dispute is pending have been mentioned. (A mererepresentation to the concerned Department shall not be treated as a dispute).

Statement of disputed statutory dues
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)

(viii) The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders? If yes the period and theamount of default to be reported (in case of defaults to banks financial institutionsand Government lender wise details to be provided).

(ix) No Moneys were raised by way of initial public offer or further public offer(including debt instruments) and term loans were applied for the purposes for which thoseare raised. If not the details together with delays or default and subsequentrectification if any as may be applicable be reported;

(x) No fraud by the company or any fraud on the Company by its officers or employeeshas been noticed or reported during the year;

(xi) Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct?

(xii) The Company is not a Nidhi Company and hence has not complied with the Net OwnedFunds to Deposits in the ratio of 1: 20 to meet out the liability and hence the Company isnot maintaining ten per cent unencumbered term deposits as specified in the Nidhi Rules2014 to meet out the liability;

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

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and if soas to the requirement of section 42 of the Companies Act 2013 have been complied with andthe amount raised have been used for the purposes for which the funds were raised.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him and if so the provisions of section 192 of Companies Act 2013have been complied with;

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and if so whether the registration has been obtained.

For VISHNU AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

(FRN: 134443W)

sd/-

(MANU AGARWAL) Partner

M. NO. 146713

Place: Mumbai

Date: 27/05/2016