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Asya Infosoft Ltd.

BSE: 511144 Sector: Others
NSE: N.A. ISIN Code: INE520G01016
BSE 00:00 | 22 Jun 40.25 2.60
(6.91%)
OPEN

37.00

HIGH

40.75

LOW

37.00

NSE 05:30 | 01 Jan Asya Infosoft Ltd
OPEN 37.00
PREVIOUS CLOSE 37.65
VOLUME 2849
52-Week high 59.95
52-Week low 35.10
P/E 335.42
Mkt Cap.(Rs cr) 49
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 37.00
CLOSE 37.65
VOLUME 2849
52-Week high 59.95
52-Week low 35.10
P/E 335.42
Mkt Cap.(Rs cr) 49
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asya Infosoft Ltd. (ASYAINFOSOFT) - Auditors Report

Company auditors report

To

The Members of

Asya Infosoft Limited Ahmedabad.

Report on Financial Statement

1 We have audited the accompanying financial statement of ASYA INFOSOFT LIMITED(formally known as ASYA INFRASTRCUTRE AND TOURISM CORPORATION LTD.) (‘TheCompany') which comprise Balance Sheet as at 31st March 2017 and also the statement ofthe Profit and Loss and the Cash Flow Statement for the year ended on that date and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the financial statement

2 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 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 referred tosection 133 of the act read with rule 7 of the companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the act for safeguarding the assets of the company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgment and estimates that are reasonable andprudent; and design implementation and maintenance of internal control that wereoperating effectively for ensuring the accuracy and completeness of accounting recordsrelevant to preparation of financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditors' Responsibility

3 Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provision 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 rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

4 An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's 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 control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the company has in place and adequate internal financial controls system overfinancial reporting and the operating effectiveness of such control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation 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 standalone financial statement.

OPINION

6 In our opinion and to the best of our information and according to the explanationsgiven to us except our comments in para 8(a) relating to matter specified to report undersection 143(3) of the Companies Act 2013 the financial statements give the informationrequired by the Act in the manner so required and give a true and fair view conformitywith the accounting principles generally accepted in India of the state of affairs of thecompany as at 31st march 2017 its profit and its cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

7 As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 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. The company hasnot provided certain requisite disclosures in the financial statements as to holdings aswell as dealings in Specified Bank Notes during the period from 8th November 2016 to 30thDecember 2016. Consequently we are unable to obtain sufficient and appropriate auditevidence to report whether the disclosures to the extent stated in the notes are inaccordance with books of account maintained by the Company and as produced to us by theManagement.

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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013 read with rule 7 of The 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 sub-section (2) ofsection 164 of the Companies Act 2013.

f) In our opinion the company has in all material respects an adequate internalfinancial controls system over financial reporting and such financial control overfinancial reporting were operating effectively as at March 31 2017 based on the internalcontrol over financial reporting criteria established by the company.

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's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i The Company has not any pending litigations as on 31.03.2017.

ii The Company does not have any long term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does 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 delaytransferring such sums does not arise.

Place : Ahmedabad for JEEVAN JAGETIYA & CO
Date : 30.05.2017 Chartered Accountants
FRN : 121335W
Jeevan Jagetiya
Partner
M.No. 046553

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT OFASYA INFOSOFT LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ASYAINFOSOFT LIMITED. ("The Company") as of 31st March 2017 in conjunction with ouraudit 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 internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility :

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting :

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany'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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion :

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Place : Ahmedabad for JEEVAN JAGETIYA & CO
Date : 30.05.2017 Chartered Accountants
FRN : 121335W
Jeevan Jagetiya
Partner
M.No. 046553

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of ASYA INFOSOFT LIMITED for theyear ended 31st March 2017.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

i. 1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals and there was no Material discrepancies were noticed on such verification.

(c) Total Assets of company does not include Immovable property.

ii. 2. The nature of business of the company does not require it to have anyInventories so the reporting under this clause is not applicable to the company.

iii. 3. The company has not granted unsecured loans to companies covered in theregister maintained under section 189 of the Companies Act 2013 hence reporting underthis clause is not applicable to the company.

iv. 4. In our opinion and according to information given to us the company has notgranted the loan to the private company in which director is interested. The company hasnot complied with the provision of Section 186 of the Companies Act 2013 is as under.

In our opinion and according to information given to us the company has chargedinterest lower than the government securities or has not charged interest in followingcases

Sr. No Particulars Name of the Company Amount Involved Balance as at balance sheet date Remarks
1 Charged Interest Lower than the Government Securities/ No Interest Charged Amba Corporation 14342146.00 14312146.00 No Interest Charged
2 Charged Interest Lower than the Government Securities/ No Interest Charged Amit Upadhyay 1500000.00 1500000.00 No Interest Charged
3 Charged Interest Lower than the Government Securities/ No Interest Charged Charms Industries 500000.00 480000.00 No Interest Charged

v. 5. In our opinion and according to information given to us the company has notaccepted any deposits during the year. Therefore the provisions of clause 3 (v) of theCompanies (Auditor's Report) Order 2016 are not applicable to the Company.

vi. 6. In our opinion and according to the information given to us the maintenance ofcost records has not been specified by the Central Government under sub-section (1) ofsection 148 of the Companies Act 2013. Therefore the provisions of clause 3 (vi) of theCompanies (Auditor's Report) Order 2016 are not applicable to the Company.

vii. 7 (a) The company is regular in depositing undisputed statutory dues includingprovident fund Employee's state insurance sales- tax duty of customs duty of excisevalue added tax cess and any other statutory dues to the appropriate authorities exceptfollowings:

SN. Particulars Amount (Rs.) Outstanding since
1 Service tax 66930.00 September 2015
2 Service Tax 76500 July 2016
3 Service Tax 3913 August 2016
4 TDS 4234 March 2016
5 TDS 5637 April 2016
6 Income Tax 891819 March 2016

(b) There is no statutory dues which have not deposited on account of any dispute.

viii. 8. The company hasn't taken any loans or borrowing from a financial institutionbank Government or dues to debenture holders.

Therefore the provisions of clause 3 (viii) of the Companies (Auditor's Report) Order2016 are not applicable to the Company.

ix. 9. During the year the company doesn't raise any money by way of initial publicoffer or further public offer (including debt instruments)

x. 10. To the best of our knowledge and belief and according to the information andexplanations given to us no material fraud on or by the company by its officers oremployees during the year was noticed or reported nor have we been informed of such caseby the management.

xi. 11. In our opinion and according to the information available to us the companyhas not given any managerial remuneration so the reporting under this clause is notapplicable to the company.

xii. 12. In our opinion the company is not a Nidhi Company. Therefore the provisionsof clause 3(xii) of the Companies (Auditor's Report) Order 2016 are not applicable to thecompany.

xiii. 13. In our opinion all transactions with the related parties are in compliancewith section 177 and 188 of the Companies act 2013 where applicable and the details havebeen disclosed in the financial statements as required by the applicable accountingstandards.

xiv. 14. According to the information and explanations given to us the Company hasmade preferential allotment of equity shares during the year. The total fund raised by thecompany by way of preferential allotment is of Rs. 206053393 out of which the company hasused the fund for acquisition of shares of Ideal Systems Pvt Ltd to the tune of Rs.137722500 and Rs. 9367200 towards acquisition of Non convertible preference shares ofAbridge Solutions Pvt Ltd. The shares of Ideal Systems Pvt Ltd acquired by company ispartly paid and the company is required to pay Rs. 12651700 to make it fully paid. Theunused fund at present is given by the company as interest and non interest bearingadvances temporarily for the purpose other than for which the fund was raised.

xv. 15. In our opinion and according to the information and explanations given to usthe company hasn't entered into any non-cash transactions with directors or personsconnected with him.

xvi. 16. This clause is not applicable to the company as the company is not required tobe registered under section 45-IA of the Reserve Bank of India Act 1934.

Place : Ahmedabad for JEEVAN JAGETIYA & CO
Date : 30.05.2017 Chartered Accountants
FRN :121335W
Jeevan Jagetiya
Partner
M.No.046553