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Quest Softech India Ltd.

BSE: 535719 Sector: IT
NSE: N.A. ISIN Code: INE989J01017
BSE LIVE 12:58 | 07 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.15
PREVIOUS CLOSE 2.15
VOLUME 50
52-Week high 2.30
52-Week low 1.32
P/E 3.52
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 50.00
OPEN 2.15
CLOSE 2.15
VOLUME 50
52-Week high 2.30
52-Week low 1.32
P/E 3.52
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 50.00

Quest Softech India Ltd. (QUESTSOFTECH) - Auditors Report

Company auditors report

TO THE MEMBERS OF QUEST SOFTECH (INDIA) LIMITED

1. Report on the Financial Statements

We have audited the accompanying financial statements of Quest Softech (India) Limited (the Company) which comprise the Balance Sheet as at 31st March 2016 Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position financial performance and Cash Flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate financial controls accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

3. Auditor's Responsibility

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

We have taken into account the provisions of the Act the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there-under.

We conducted our audit in accordance 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 the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an system adequate internal over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31st March 2016 its loss and its cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

1. The Companies (Auditor's Report) Order 2016 (the Order) issued by the Central Government of India in terms of Section 143(11) of the Act we give in the Annexure A a statement on the matters specified in paragraphs 3 of the Order to the extent applicable.

2. 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 best of 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 the Company so far as it appears from our examination of those books;

c. The Balance Sheet and Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the Accounting Standards 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 31st March 2016 taken on record by the Board of Directors none of the directors is disqualified as on 31st March 2016 from being appointed as a director in terms of Section 164 (2) of the Act;

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate report in Annexure B.

g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of our information and according to the explanations given to us:

a. The Company does not have any pending litigations which would impact its financial position.

b. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

c. The Company is not required to transfer funds to the Investor Education and Protection Fund.

For Chokshi and Co. LLP
Chartered Accountants
FRN - 131228W/W100044
Kalpen Chokshi
Partner
M.No.135047
Place: Mumbai
Date: May 30 2016

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 5 under the heading of Report on Other Legal and Regulatory Requirements of our report of even date)

(i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) The fixed assets have been physically verified by the management as per the program of verification followed by the Company. In our opinion the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us no material discrepancies were noticed on such verification.

c) The Company does not hold any immoveable properties in its name. Hence clause 3(i)(c) of the Order is not applicable to the Company.

(ii) As the Company does not have inventories the clause 3(ii) of the Order is not applicable to the Company.

(iii) According to the information and explanations given to us the Company has not granted any loans secured or unsecured to Companies Firms Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act 2013 (the Act). Accordingly clause 3(iii)(a) to 3(iii)(c) are not applicable to the Company.

(iv) According to the information and explanations given to us there are no loans investments guarantees and security covered by the provisions of Section 185 and 186 of the Act.

(v) The Company has not accepted any public deposits within the meaning of Sections 73 to 76 of the Act and rules framed there-under. We are informed that no order has been passed by the Company Law Board or Reserve Bank of India or any Court or any other Tribunal.

(vi) According to the information and explanations given to us the Company has not undertaken manufacturing activity during the current year. Hence the clause 3(vi) of the Order regarding maintenance of cost records under Section 148(1) of the Act is not applicable to the Company for the current year.

(vii) a) In our opinion and according to the information and explanations given to us the Company has generally been regular in depositing applicable undisputed statutory dues including provident fund employees' state insurance income tax sales tax wealth tax service tax custom duty duty of excise value added tax cess and any other statutory dues with the appropriate authorities during the year except the following-

ParticularsFinancial YearAmount payable
1 Tax Deducted at Source2008-092808930
2 Tax Deducted at Source2009-10342613

b) According to the records of the Company and representation made available to us by the Company there are no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited on account of any dispute.

(viii) In our opinion and according to the information and explanations given to us the Company has not borrowed any money from financial institutions banks or debenture holders. Accordingly the provision of clause 3(viii) of the Order is not applicable to the Company.

(ix) The Company has not raised any fund by way of public issue or from term loan.

(x) During the course of our examination of the books of account carried out in accordance with the generally accepted auditing standards in India and according to the information and explanation given to us we have not come across any instance of fraud by the Company or any fraud on the Company by its officers or employees either noticed or reported during the year on or by the Company.

(xi) As per the Information and explanation given to us no managerial remuneration paid hence the clause (xi) of the Order regarding managerial remuneration is not applicable.

(xii) The Company is not in the nature of a Nidhi Company as defined under Section 406 of the Act.

(xiii) All transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

(xv) The Company has not entered into any non-cash transactions with directors or persons connected with him and hence clause 3(xv) of the Order is not applicable to the Company.

(xvi) The company is not required to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

For Chokshi and Co. LLP
Chartered Accountants
FRN - 131228W/W100044
Kalpen Chokshi
Partner
M.No.135047
Place: Mumbai
Date: May 30 2016

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 5(2) (f) under `Report on Other Legal and Regulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls under Section 143(3)(i) of the Companies Act 2013

We have audited the internal financial controls over financial reporting of (the Company) as at 31st March 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls:

The Company's management is responsible for establishing and maintaining internal financial controls based on the criteria established by the Company considering the size of Company and essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (the Guidance Note). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to Company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013 (the Act).

Auditors' Responsibility:

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing referred under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls both applicable to an audit of

Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting:

A Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition use or disposition of the Company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting:

Because of the inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion:

In our opinion the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2016 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Chokshi and Co. LLP
Chartered Accountants
FRN - 131228W/W100044
Kalpen Chokshi
Partner
M.No.135047
Place: Mumbai
Date: May 30 2016