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Asya Infosoft Ltd.

BSE: 511144 Sector: Others
NSE: N.A. ISIN Code: INE520G01016
BSE 00:00 | 13 Jun Asya Infosoft Ltd
NSE 05:30 | 01 Jan Asya Infosoft Ltd
OPEN 3.61
PREVIOUS CLOSE 3.61
VOLUME 14003
52-Week high 8.55
52-Week low 3.61
P/E 6.69
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.61
CLOSE 3.61
VOLUME 14003
52-Week high 8.55
52-Week low 3.61
P/E 6.69
Mkt Cap.(Rs cr) 4
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

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements ofAsya Infosoft Limited(“the Company”) which comprise the Balance Sheet as atMarch 31 2021 the Statement of Profit and Loss (including Other Comprehensive Income)the Statement of Changes in Equityand the Statement of Cash Flow for the year thenendedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (“the Act”) in the mannersorequired and give a true and fair view in conformity with the Indian AccountingStandards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended (“Ind AS”) and other accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2021 its profit and total comprehensive income changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit of Standalone financial statements in accordancewith the Standards on Auditing (SAs) specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined depending upon the facts andcircumstances of the entity and the audit that there are no key audit matters tocommunicate in the Auditors Report.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report and Corporate Governance Report butdoes not includethe standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon. Inconnection with our audit of the standalone financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income changes in equityand cash flows of theCompany in accordance with the Ind As and other accounting principles generally acceptedin India including the accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process

Auditor's Responsibility for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

Obtain an understanding of internal financial controls relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order2016 (the “Order”) issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Companies Act 2013 we give in the “AnnexureA” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our auditwe report that:

a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit. 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 including OtherComprehensive Income Statement of Changes in Equity and the Statement Cash Flowdealt withby this Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements complywith the Ind As specified under Section 133 of the Act. e. On the basis of the writtenrepresentations received from the directors as on 31st March 2021 taken on record by theBoard of Directors none of the directors is disqualified as on 31st March 2021 frombeing appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in “Annexure B”. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's InternalFinancial Controls over financial reporting.

g. With respect to the matter to be included in the Auditors'Report under Section 197(16) of the Act: The Company has not paid any managerialremuneration to its directors during the year and hence the provisions of section 197read with Schedule V of the Act are not applicable to the Company for the year ended March31 2021.

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

i. The Company has no pending litigations as on 31st March2021 in its standalone financial statements. ii. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses. iii. There has been no delay in transferring amounts required to be transferredto the Investor Education & Protection Fund by the Company.

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to the paragraph 1 under “Report on Other Legal andRegulatory Requirements” section of our report of even date)

i. (a) The company has maintained proper records showing fullparticulars including quantitative details and situation of its fixed assets;

(b) The fixed assets were physically verified during the year by theManagement in accordance with a regular programme of verification which in our opinionprovides for physical verification of all the fixed assets at reasonable intervals havingregard to the size of the company nature and value of its assets. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(c) In our opinion and according to information and explanations givento us and on the basis of an examination of the records of the Company the title deeds ofimmovable properties are held in the name of the Company.

ii. The inventory has been physically verified by the Management atreasonable intervals during the year.

In our opinion the frequency of such verification is reasonable. Thediscrepancies noticed on verification between the physical stocks and the book recordswere not material and have been dealt with in books of account.

iii. In our opinion and according to information & explanationgiven to us the company has not granted any loans secured or unsecured to companiesfirms Limited Liability Partnership or other parties covered in the register maintainedunder section 189 of the Companies Act 2013. Accordingly the provisions of Clause (iii)of paragraph 3 of the order are not applicable to the Company.

iv. In our opinion and according to information and explanations givento us the Company has complied with provisions of Sections 185 and 186 of the Act inrespect of loans investments guarantees and security.

v. According to the information and explanations given to us theCompany has not accepted any deposit nor has any unclaimed deposit within the meaning ofthe provisions of Sections 73 to 76 or any other relevant provision of the Act and therules framed there under. Accordingly the provisions of Clause (v) of paragraph 3 of theOrder are not applicable to the Company.

vi. Company is engaged in service industries which are not covered bythe Companies (Cost Records and Audit) Rules 2014. Accordingly the provisions of Clause(vi) of paragraph 3 of the Order are not applicable to the company.

vii. (a) According to the information and explanations given to us andthe records of the Company xamined by us in our opinion the Company is regular indepositing the undisputed statutory dues including Provident Fund Employees' StateInsurance Income Tax Duty of Customs Goods and Services Tax Cess and any othermaterial Statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us noundisputed amounts payable in respect of Provident Fund Employees' State InsuranceIncome Tax Goods and Services Tax Service Tax Customs Duty Cess and any other materialstatutory dues were in arrears as at 31st March 2021 for a period of more than six monthsfrom the date they became payable.

(c) According to the information and explanations given to us thereare no dues of Income ax Service Tax Custom Duty Excise duty Sales tax Value AddedTax and Cess which have not been deposited with the appropriate authorities on account ofany dispute.

viii. In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of loans or borrowings tobanks. The Company does not have any loans or borrowings from financial institutions orgovernment and has not issued any debentures.

ix. The Company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments) and term loans taken by the Company havebeen applied for the purposes for which they were obtained.

x. According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

xi. In our opinion and according to the information and explanationsgiven to us Company has not paid any managerial remuneration to its directors during theyear in accordance with the requisite approvals mandated by the provisions of the Section197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company. Accordingly the provisions of Clauses(xii) of paragraph 3 of the Order are not applicable to the Company.

xiii. In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and 188 of the Act whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableIndian accounting standards.

xiv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

xv. In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionwith the Directors or Persons connected with its Directors and covered under Section 192of the Act. Accordingly the provisions of Clause (xv) of paragraph 3 of the Order are notapplicable to the Company.

xvi. According to the information and explanations given to us theCompany is not required to be registered under Section 45- IA of the Reserve Bank of IndiaAct 1934. Accordingly Clause (xvi) of paragraph 3 of the Order is not applicable to theCompany.

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2(f) under “Report on Other Legal andRegulatory Requirements” section of our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of sub-section 3 of Section 143of the Companies Act 2013 (the“Act”)

We have audited the internal financial controls over financialreporting of Asya Infosoft Limited (the “Company”) as of 31stMarch2021 in conjunction with our audit of the standalone financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the “Guidance Note”) issued by the Institute of CharteredAccountants of India (ICAI). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of the Company's business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company'sInternal Financial Control over Financial Reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls over Financial Reporting (the “Guidance Note”) issued by the Instituteof Chartered accountants of India and the Standards on Auditing prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of InternalFinancial Controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate Internal Financial Control 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 aboutthe adequacy of the Internal Financial Controls system over Financial Reporting and theiroperating effectiveness. Our audit of Internal Financial Control over Financial Reportingincluded obtaining an understanding of Internal Financial Control over FinancialReporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's InternalFinancial Control system over Financial Reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's Internal Financial Control over Financial Reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles.

A Company's Internal Financial Control over Financial Reportingincludes those policies and procedures that:

(1) Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany;

(2) Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorizations of management and directors of theCompany; and

(3) Provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the Company's assetsthat could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of Internal Financial Controls overFinancial Reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the Internal Financial Controls overFinancial Reporting to future periods are subject to the risk that Internal FinancialControls over Financial Reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31stMarch 2021 basedon the criteria for internal financial controls over financial reporting established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For SPARKS & Co.
Chartered Accountants
Firm Registration No: 101458W
Place: Ahmedabad CA Snehal R. Shah
Date: September 25 2021 Partner
UDIN: 21113347AAAADR8153 Membership No. 113347

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