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OFS Technologies Ltd.

BSE: 539570 Sector: IT
NSE: N.A. ISIN Code: INE742R01013
BSE LIVE 15:27 | 13 Dec 18.00 -0.80
(-4.26%)
OPEN

18.00

HIGH

18.00

LOW

18.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.00
PREVIOUS CLOSE 18.80
VOLUME 6000
52-Week high 22.00
52-Week low 12.30
P/E 11.54
Mkt Cap.(Rs cr) 12
Buy Price 15.05
Buy Qty 6000.00
Sell Price 19.50
Sell Qty 6000.00
OPEN 18.00
CLOSE 18.80
VOLUME 6000
52-Week high 22.00
52-Week low 12.30
P/E 11.54
Mkt Cap.(Rs cr) 12
Buy Price 15.05
Buy Qty 6000.00
Sell Price 19.50
Sell Qty 6000.00

OFS Technologies Ltd. (OFSTECHNOLOGIES) - Auditors Report

Company auditors report

To the Members of OFS Technologies Limited Report on the Financial Statements

We have audited the accompanying standalone financial statements of OFS TechnologiesLimited ("the

Company") which comprises the Balance Sheet as at March 31 2016 the Statementof Profit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

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 detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for the ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We 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 there under.

We conducted our audit in accordance with the Standards on auditing specified underSection 143(10) the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor’s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlsrelevant to the Company’s preparation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the financialstatements.

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

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 31stMarch 2016;

b) in the case of Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

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 Section 143(11) of theAct we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

As required by section 143(3) of the Act we 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 purposes 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 the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of accounts.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters included in the Auditor’s Report and to ourbest of our information and according to the explanations given to us:

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 derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS’REPORT

(Referred to in Paragraph 1 under section (Report on Other Legal and RegulatoryRequirements of our report of even date for the year ended March 31 2016)

1. a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) All the fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.

2. As informed to us the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013 and accordingly the provisions of clause (iii) of paragraph 3 ofthe Order are not applicable to the Company.

3. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory fixed assets and for the sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.

4. According to the information and explanations given to us the Company has notaccepted any deposits in terms of directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under.

5. In our opinion and according to the information and explanations given to us therequirement for maintenance of cost records pursuant to the Companies (Cost Records andAudit) Rules 2014 specified by the Central Government of India under Section 148 of theCompanies Act 2013 are not applicable to the Company for the year under audit.

6. a) According to the information and explanations given to us the Company isgenerally fairly regular in depositing undisputed statutory dues including provident fundemployees 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.

b) According to the information and explanations given to us there were no undisputedamounts in respect of Income tax Sales tax Wealth tax Service tax Customs duty Exciseduty Value Added Tax or cess and other material statutory dues which were in arrears asat March 31 2016 for a period of more than six months from the day they became payable.

c) In our opinion and according to the information and explanations given to us therewere no amounts required to be transferred to Investor Education and Protection Fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and Rulesmade there under.

7. The Company has no accumulated losses at the end of the financial year under audit.The Company has not incurred cash losses during the financial year covered by audit and inthe immediately preceding financial year.

8. According to the information and explanations given to us the Company has notdefaulted in repayment of dues to a financial institution or bank.

9. According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks or financial institutions the termsand conditions whereof are prejudicial to the interest of the Company.

10. According to the information and explanations given to us no term loans wereobtained during the year under audit.

11. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the year of our audit.

Place: Chennai V. Krishnamoorthy
Date: 30th May 2016 Chartered Accountant
M.No. 0009274