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Waterbase Ltd.

BSE: 523660 Sector: Others
NSE: WATERBASE ISIN Code: INE054C01015
BSE LIVE 15:56 | 13 Dec 229.55 8.25
(3.73%)
OPEN

226.95

HIGH

243.00

LOW

225.25

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 226.95
PREVIOUS CLOSE 221.30
VOLUME 987877
52-Week high 243.00
52-Week low 76.00
P/E 37.02
Mkt Cap.(Rs cr) 886
Buy Price 229.55
Buy Qty 1386.00
Sell Price 0.00
Sell Qty 0.00
OPEN 226.95
CLOSE 221.30
VOLUME 987877
52-Week high 243.00
52-Week low 76.00
P/E 37.02
Mkt Cap.(Rs cr) 886
Buy Price 229.55
Buy Qty 1386.00
Sell Price 0.00
Sell Qty 0.00

Waterbase Ltd. (WATERBASE) - Auditors Report

Company auditors report

TO THE MEMBERS OF THE WATERBASE LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of The WaterbaseLimited ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

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 andthe disclosures 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 to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

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

Opinion

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 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to note no. 30 of the financial statements amounting to Rs.670.94Lakhs related to the law suits filed against the Company by Canara Bank and Non-Provisionof interest on dues.

Report on Other Legal and Regulatory Requirements

(1) As required by the Companies (Auditors’ 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 on the matters specified inthe paragraph 3 and 4 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 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 it appears from our examination of those books

(c) the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this report are in agreement with the books of account

(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 the written representations received from the directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act and.

(f) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note no. 30 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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

For Mitra Kundu & Basu
Chartered Accountants
(F. R. No. 302061E)
(S. Das)
(Partner)
New Delhi 21st May 2015 (Membership No. 051391)

Annexure to Auditors’ Report Independent Auditor’s Report

Refer to paragraph (1) of the Report on Other Legal and Regulatory Requirements.

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Company has a regular programme of physical verification of its fixed assets bywhich assets are verified in a phased manner over a period of three years. Accordinglycertain fixed assets were verified during the year and no material discrepancies werenoticed

(ii) (a) The physical verification of inventory has been conducted at reasonableintervals by the management;

(b) The procedures of physical verification of inventory followed by the Managementis reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company is maintaining proper records of inventory and no materialdiscrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations as given to usthere is an adequate internal control system commensurate with the size of the company andthe nature of its business for the purchase of inventory and fixed assets and for thesale of goods and services.

(v) The company has not accepted deposits.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government under sub-section (1) of section 148 of theAct and are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained.

(vii) (a) According to the records of the Company the Company is regular in depositingwith appropriate authorities the undisputed statutory dues including Provident FundIncome Tax Sales Tax and other material statutory dues.

(b) According to the information and explanations given to us there are no disputeddues of Value Added Tax Income Tax Wealth Tax Service Tax Custom duty Excise duty orcess which have not been deposited on account of any dispute other than the followingitems:

(Rs. Lakhs)
Name of Statute Nature of Dues Forum where Dispute is pending. Amount
Custom Duty Import duty on Raw Materials Imported during 1995-96 Chennai High Court 535.36
Custom- Central Excise & Service Tax (a) Service Tax on Commission to Foreign Agents 2006-07 CESTAT Bangalore 63.86
(b) disallowance of Cenvat credit AP High court 49.48
Sales Tax Interest on Deferred Sales Tax Payment Dy Commissioner(C.T) Commercial Tax Dep . – Andhra Pradesh. 33.89

(c) There are no amount required to be transferred to investor education and protectionfund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules made there under.

(viii) The Company does not have accumulated loss and has not incurred cash lossesduring the financial year and in the immediately preceding financial year;

(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto financial institutions banks or debenture holders except working capital loan of Rs.459.85 lakhs from Canara Bank which is under dispute / litigation. The unpaid balanceinterest as per books of accounts is Rs. 349.96 Lakhs.

(x) The company has not given any guarantee for loans taken by others from bank orfinancial institutions the terms and conditions whereof are prejudicial to the interestof the company;

(xi) The Company has not applied for term loans during the year under review.

(xii) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

For Mitra Kundu & Basu
Chartered Accountants
(F. R. No. 302061E)
(S. Das)
(Partner)
(Membership No. 051391)
New Delhi 21st May 2015