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I Power Solutions India Ltd.

BSE: 512405 Sector: IT
NSE: N.A. ISIN Code: INE468F01010
BSE LIVE 15:24 | 25 Sep 2.20 0.10
(4.76%)
OPEN

2.00

HIGH

2.20

LOW

2.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.00
PREVIOUS CLOSE 2.10
VOLUME 5020
52-Week high 3.64
52-Week low 2.00
P/E 220.00
Mkt Cap.(Rs cr) 1
Buy Price 2.00
Buy Qty 300.00
Sell Price 2.20
Sell Qty 230.00
OPEN 2.00
CLOSE 2.10
VOLUME 5020
52-Week high 3.64
52-Week low 2.00
P/E 220.00
Mkt Cap.(Rs cr) 1
Buy Price 2.00
Buy Qty 300.00
Sell Price 2.20
Sell Qty 230.00

I Power Solutions India Ltd. (IPOWERSOLN) - Auditors Report

Company auditors report

To the Members of i Power Solutions India Limited

I have audited the accompanying financial statements of i POWER SOLUTIONS INDIALIMITED (‘the Company) which comprises the Balance Sheet as at March 312015 andthe Statement of Profit and Loss Account and 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 detection of frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent anddesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

My responsibility is to express an opinion on these financial statements based on myaudit.

I 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.

I have conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards require that I 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 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 but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Board of Directors as well as evaluating the overall presentation of thefinancial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the financial statements.

Opinion

In my opinion and to the best of my information and according to the explanations givento me. the aforesaid financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with accounting principlesgenerally accepted in India of the state of affairs of the company as at March 31.2015and its profit and loss account 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 ("the Order").issued by the Central Government of India in terms of Section 143(11) of the Act I givein the annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

a) I have sought and obtained all the information and explanations which to the bestof my knowledge and belief were necessary for the purposes of my audit:

b) in my opinion proper books of account as required by law have been kept by theCompany so far as appears from my 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 my opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014

e) on the basis of written representations received from the directors as on March312015 and taken on record by the Board of Directors none of the Directors isdisqualified as on March 312015 from being appointed as a Director In terms of Section164(2) of the Act.

f) With respect to the other matters to be included in the Auditors 'Repod Inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014. in my opinionand to the best of my information and according to the explanations given to me:

(i) The company has no pending litigations on Its financial position in its financialstatements as of March 312015

(ii) The Company has made provision in its financial statements as required under theapplicable law or accounting standards for material foreseeable losses on long termcontracts.

(iii) There has been no delay in transferring amounts required to be transferred tothe investor education and protection fund by the company if any

Sd./-
W.S.MADHAVANN
Chartered Accountant
Place; Chennai 9444010062/M no:201067
Date: 13.05.2015

The Annexure referred to In my report to the members of i.Power Solutions India Limited('The Company) for the year ended 31st March 20151 report that:

The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.As explained to me physicalverification of a major portion of fixed assets as at March 31 2015 was conducted by theManagement during the year. In my opinion the frequency of verification is reasonable.Having regard to the size of the operations of the company and on the basis ofexplanations received in my opinion the net differences found on physical verificationwere not significant.

The Company is a service company primarily rendering software services. Accordinglyit does not hold any physical inventories. Thus Paragraph 3(il) of the Order is notapplicable.

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 Companies Act2013(' the Act') hence there are no overdue amounts of more than rupees one lakh inrespect of the loans granted to the bodies corporate listed in the register maintainedunder section 189 of the Companies Act 2013

The company has an adequate internal control system commensurate with the size of thecompany and the nature of its business for the purchase of inventory and fixed assets andfor the sale of goods and services and there is no continuing failure on the part of thecompany to correct major weakness in Internal control system.

In my opinion and according to the information and explanation the company has notaccepted deposits during the year and does not have unclaimed deposits. Therefore theprovisions of the clause 3(v) of the Order are not applicable to the company.

The provisions of Clause 3(vi) of the Order are not applicable to the Company as theCompany is not covered by the Companies (Cost Records and Audit) Rules 2014

The company is regular in depositing undisputed statutory dues including providentfund employees state insurance income tax sales tax wealth tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authorities and no arrears of outstanding statutory dues as at the last day ofthe financial year concerned for a period of more than six months from the date theybecame payable. The company has no dues of income tax or sales tax or wealth tax orservice tax or duty of customs or duty of excise or value added tax or cess which have notbeen deposited on account of any dispute before the forum. The company was not required totransfer to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has beentransferred to such fund within time.

The company has an accumulated loss at the end of the financial year which has beenregistered for a period of more than 5 years and the accumulated losses are less thanfifty percent of its net worth. The company has made cash profit during the financial yearin the immediately preceding financial year

The company has not defaulted in repayment of dues to a financial institution or bankor debenture holders.

In my opinion and according to the information and explanations given to me thecompany has not any guarantee for loan taken by others from bank or financialinstitutions the terms and conditions whereof are prejudicial to the interest of thecompany.

The company has no term loans to be applied for the purpose for which the loans wereobtained.

According to the information and explanations given to me no material fraud on or bythe company has been noticed or reported during the course of my audit.

Sd./-
W.S.MADHAVANN
Chartered Accountant
9444010062 / M.No. 201067
Place: Chennai
Date: 13.05.2015

DECLARATION REGARDING COMPLIANCE BY CEO WITH THE COMPANY'S CODE OF CONDUCTPURSUANT TO CLAUSE 49 OF THE LISTING AGREEMENT

As the Chief Executive Officer ol iPower Solutions India Ltd and as required by Clause49 (I) (D) (li) of the Listing Agreement this is to confirm that the company has adopted aCode of Conduct for all the Board members and Senior Management the Company.

I confirm that the company has In respect of financial year ended 31.03.2015 receivedfrom the Senior management team of the company and the members of the Board a declarationwith the Code of Conduct and ethics as applicable to them.

Sd/
V.Parandhaman
Chief Executive Officer
Date: 13.5.2015

CFO CERTIFICATION

We have reviewed financial statements and the cash flow statement for the year and thatto the best of our knowledge and belief:

a. These statements do not contain any materially untrue statement or omit any materialfact or contain statements that might be misleading;

b. These statements together present a true and fair view of the company's affairs andare In compliance with existing accounting standards applicable laws and regulations.

We are to the best of our knowledge and belief no transactions entered into by thecompany during the year which are fraudulent illegal or violative of the company's codeof conduct.

We accept responsibility for establishing and maintaining internal controls forfinancial reporting and that we have evaluated the effectiveness of internal controlsystems of the company pertaining to financial reporting and we have disclosed to theauditors and the Audit Committee deficiencies in the design or operation of such internalcontrols If any of which we are aware and the steps we have taken or propose to take torectify these deficiencies.

We have indicated to the auditors and the Audit Committee

i. Significant changes in internal control over financial reporting during the year;

ii. Significant changes in accounting policies during the year and that the same havebean disclosed in the notes to the financial statements: and

iii. Instances of significant fraud of which they have become aware and the involvementtherein if any of the management or an employee having a significant role in thecompany’s internal control system over financial reporting.

Sd/-
Chief Financial Officer
Date: 13.5.2015

AUDITOR'S CERTIFICATE ON CORPORATE GOVERNANCE

To the Members of i Power Solutions India Ltd

I have examined the compliance of conditions of Corporate Governance by iPowerSolutions India Limited lor the year ended 31 st March 2015 as stipulated in Clause 49of the Listing Agreement of the said Company with Stock Exchanges.

The compliance of conditions of Corporate Governance is the responsibility of theManagement. My examination has been limited to a review of the procedures andimplementations thereof adopted by the Company tor ensuring compliance with the conditionsof the Corporate Governance as stipulated in the said Clause. It is neither an audit noran expression of opinion on the financial statements of the Company.

In my opinion and to the best of our information and according to the explanationsgiven to me and based on the representations made by the Directors and the Management Icertify that the Company has complied with the conditions of Corporate Governance asstipulated in Clause 49 of the above-mentioned Listing Agreement.

As required by the Guidance Note issued by the Institute of Chartered Accountants ofIndia we have to state that no investor grievances were pending for a period of one monthagainst the Company as per the records maintained by the Shareholders/lnvestor’sGrievance committee.

I further state that such compliance is neither an assurance as to the future viabilityof the Company nor of the efficiency or effectiveness with which the Management hasconducted the affairs of the Company.

Sd/-
W. S. Madhavann
Chartered Accountants
Membership No.201067
Place: Chennai
Date: 13.05.2015