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IB Infotech Enterprises Ltd.

BSE: 519463 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE678B01021
BSE LIVE 14:27 | 20 Nov 15.00 -0.10
(-0.66%)
OPEN

15.50

HIGH

15.50

LOW

15.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 15.50
PREVIOUS CLOSE 15.10
VOLUME 600
52-Week high 31.10
52-Week low 14.75
P/E
Mkt Cap.(Rs cr) 2
Buy Price 14.90
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.50
CLOSE 15.10
VOLUME 600
52-Week high 31.10
52-Week low 14.75
P/E
Mkt Cap.(Rs cr) 2
Buy Price 14.90
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

IB Infotech Enterprises Ltd. (IBINFOTECH) - Auditors Report

Company auditors report

To the Members of

IB INFOTECH ENTERPRISES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of IBInfotech Enterprises Limited("the Company")which comprise the Balance Sheet as at March 312015 theStatement of Profit and Loss and the Cash Flows Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

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 tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance 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 Companies (Accounts) Rules 2014. Thisresponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safe guarding the assets oftheCompanyandforpreventinganddetectingfraudsandotherirregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; design implementation and maintenance of adequate internalfinancial controls that are operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken in to 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 there under.

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 anddisclosures 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 policiesused and the reasonableness of the accounting estimates made by the Company’smanagement and Board of Directors as well as evaluating the overall presentation of thefinancial 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

Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgivento us theaforesaid financial statements give the information required by the Act in the manner sorequired and give a true and Fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March2015its Loss for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2015 ("theOrder")issued by the Central Government of India in terms of sub-section(11) ofsection 143 of the Act we give in the Annexure a statement onthemattersSpecifiedinparagraphs3and4of the Order.

As required by section 143 (3) of the Act we further report that: a) We have soughtand obtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books;

c)The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt with bythis Report are in agreement with the books of account; d) In our opinion the aforesaidfinancial statements comply with the applicable Accounting Standards specified underSection 133 of the Act read with Rule 7of the Companies (Accounts) Rules2014.

e)On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section164(2)of theAct.

f) In our opinion and to the best of our information and according to the explanationsgiven to us were port as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule11of the Companies (Audit andAuditors)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 foresee able losses there on doesn't arise

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

For MVK Associates
Chartered Accountants
FirmRegistrationNo.120222W
CA.VishnuGarg
Partner
Member ship No. 045560
Place: Mumbai
Dated: 30th May 2015

Annexure referred to in our Report of even date to the members of IBInfotechEnterprises Limited on the accounts of the company for the year ended 31stMarch 2015.

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 were port that:

1. The Company does not have any fixed assets and hence this clause is not applicable.Therefore the provisions of this clause3 (i)of the companies (Auditor’s Report) orderare not applicable to the company.

2. The Company does not have any inventory and hence this clause is not applicable.Therefore the provisions of this clause 3(ii) of the companies (Auditor’s Report)order are not applicable to the company.

3. 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 Act.

4. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of fixed assets and for the sale of goods &services. Further on the basis of our examination of the books and records of the Companyand according to the information and explanations given to us no major weakness has notbeen noticed or reported.

5. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.Therefore the provisions of this clause 3(v) of thecompanies (Auditor’s Report) order are not applicable to the company.

6. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section148 of the Act.

7. In respect of statutory dues of the company:

a. According to the information and explanations given to us and based on the recordsof the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund‘ Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty and othermaterial statutory dues as applicable with 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 March31 2015 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 recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

c. 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 ofreporting delay in transferring such sums does not arise.

8. The company does not have accumulated losses more than fifty percent of its networth at the end of the financial year. However company has incurred cash losses in thefinancial year and in the immediately preceding financial year.

9. According to the records of the company examined by us and as per the informationand explanations given to us the company does not have any outstanding dues to anyfinancial institution or banks and has not issued debentures.

10.In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the year.

11.In our opinion and according to the information and explanations given to us thecompany has not raised any term loans during the year.

12.During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of any material fraud on or by the Company noticed orreported during the course of our audit nor have we been informed of any such instance bythe Management.

For MVK Associates
Chartered Accountants
Firm Registration No. 120222W
CA. Vishnu Garg
Partner
Member ship No. 045560
Place: Mumbai
Dated: 30th May 2015