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IB Infotech Enterprises Ltd.

BSE: 519463 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE678B01021
BSE 15:06 | 06 Feb 14.50 -0.30
(-2.03%)
OPEN

14.50

HIGH

14.50

LOW

14.50

NSE 05:30 | 01 Jan IB Infotech Enterprises Ltd
OPEN 14.50
PREVIOUS CLOSE 14.80
VOLUME 30
52-Week high 31.10
52-Week low 14.10
P/E
Mkt Cap.(Rs cr) 2
Buy Price 14.50
Buy Qty 210.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.50
CLOSE 14.80
VOLUME 30
52-Week high 31.10
52-Week low 14.10
P/E
Mkt Cap.(Rs cr) 2
Buy Price 14.50
Buy Qty 210.00
Sell Price 0.00
Sell Qty 0.00

IB Infotech Enterprises Ltd. (IBINFOTECH) - Auditors Report

Company auditors report

To the Members of

IB INTOTECH ENTERPRISES LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of IB INFO TECH ENTERPRISESLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss and Cash Flow Statement fox the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ('the act) with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rides2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of -the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onout 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 ActThose 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 mis statement

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor^ 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 Comp any & preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the dicumstancea but not for the purpose of expressingan opinion on whether the Company lias in place an adequate internal financial controlssystem over financial reporting and the operating effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company^ management and Board ofDirectors as well 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 on the financial statements.

Opinion

6. 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 31stMarch 2017 its Loss and its cash flows for the yeoT ended on that date

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor^ Report) Ord er 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the "Aiuiexuie A" a statement on the matters Specified in paragraphs 3and 4 of the Order.

8. As required by section 143(3) of the Act we further report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge 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 aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 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 theAct.

f) With Tespect to adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to out separateReport in "Armexure B".

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^ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014;

i. The Company does not have any pending litigations which would impact its financialposition.

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

iv. The Company did not have any holdings or dealings in Specified Bank Notes duringthe period from 8th November 2016 to 30th December 2016 - Refer Note 7 to FinancialStatements.

For MVK Associates Chartered Accountants

Firm Registration No. 120222W

CA. Vishnu Garg

Partner

M. No. 04556D

Place: Mumbai Date: 30* May 2017

"Annexure A" referred to in Paragraph 7 of our Report of even date tothe members of IB INFOTECH ENTERPRISES LIMITED on the accounts of the company for the yearended March 31 2017

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

i. The Company does not have any fixed assets as on 31Jt March 2017 orduring the year. Accordingly provisions of Clause 3{i) of the Order are not applicable tothe company

ii_ The Company does not have any inventory as on 31* March 2017 or during the year.Accordingly provisions of Clause 3(ii) of the Order are not applicable to the company.

iii_ The company has not granted any loans secured or unsecured to Companies FirmsLimited Liability Partnerships {LLP) or other parties covered in the register maintainedunder section 189 of the Companies Act during the year.

iv. The Company has not given any loan nnr made any investments nor given anyguarantee; accordingly provisions of Clause 3{iv) of the Order are not applicable to thecompany.

v. The Company has not accepted any deposits from the public as per the directivesissued by the Reserve Bank of India and under Section 73 to 76 of the Companies Act 2013.Accordingly provisions of Clause 3(v) of the Order are not applicable to the company.

vl As informed to ub the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 14S of the Act.

villa) According to the information and explanations given to us and based on therecords of the company examined by us in our opinion the company is regular indepositing the undisputed statutory dues including Provident Fund 'Employees' StateInsurance Income-tax Sales-tax Wealth Tex

Service Tax Custom Duty Excise Duty and other material statutory dues as applicablewith the appropriate authorities in India;

According to the information and explanations given to us no undisputed amountspayable in respect of aforesaid dues were in arrears as at March 31 2017 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us and based on the

records of the company examined by us there are no dues of Income Tax Wealth TaxSendee Tax Sales Tax Customs Duty and Excise Duty which have not been deposited onaccount of any disputes.

viii. The Company does not have any dues to financial institution or bank or debentureholders. Accordingly provisions of Cause 3{vixi) of the Older are not applicable to thecompany.

ix. According to the information and explanations given to us and the records of theCompany examined by us the Company has not raised any money by way of initial publicoffer or further public offer and term loans during the year. Accordingly provisions ofClause 3(ix) of the Order are not applicable to the company.

x. During the course of our examination of the books and records of the Company cantedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us we have neither come across any instanceof material fraud by the Company or on the Company by its officers or employees noticedor reported during the year nor have we been informed of any such case by the Management.

xi The Company has not paid/provided any managerial remuneration. Accordinglyprovisions of Clause 3(xi) of the Order are not applicable to the company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. In our opinion and as per information and explanations provided to us bymanagement all the transactions with the related parties are in compliance with