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Aurionpro Solutions Ltd.

BSE: 532668 Sector: IT
NSE: AURIONPRO ISIN Code: INE132H01018
BSE 00:00 | 17 Jul 198.50 3.50
(1.79%)
OPEN

197.45

HIGH

199.60

LOW

193.10

NSE 00:00 | 17 Jul 196.55 1.90
(0.98%)
OPEN

194.65

HIGH

197.70

LOW

193.60

OPEN 197.45
PREVIOUS CLOSE 195.00
VOLUME 550
52-Week high 283.50
52-Week low 113.50
P/E 34.70
Mkt Cap.(Rs cr) 469
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 197.45
CLOSE 195.00
VOLUME 550
52-Week high 283.50
52-Week low 113.50
P/E 34.70
Mkt Cap.(Rs cr) 469
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aurionpro Solutions Ltd. (AURIONPRO) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

AURIONPRO SOLUTIONS LIMITED

Report on the Standalone Financial Statements:

We have audited the accompanying standalone financial statements of AURIONPROSOLUTIONS LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation ( "the standalone financial statements").

The figures for the previous financial year ended March 31 2016 have been audited bythe then statutory auditors and their audit report furnished to us by the Management havebeen relied upon by us.

Management's Responsibility for the Standalone Financial Statements:

The Company's Board of Directors is responsible for the matters stated in the 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 accounting principles generally accepted in India including theAccounting Standards prescribed under Section 133 of the Act read with relevant rulesissued thereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder and the Order under Section 143 (11)of the Act.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India specified under Section 143 (10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe standalone 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 standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

1) As required by 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 givein the "Annexure A" a statement on the matters specified in paragraphs 3and 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 and to the best of our information and according to the explanationsgiven to us proper books of account as required by law have been kept by the Company sofar 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with relevant rules;

e. On the basis of the written representations received from the directors as on March31 2017 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 Section 164 (2) of theAct;

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" to this report. Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting; and

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

i. The Company has disclosed the impact of pending litigation on its financial positionin its standalone financial statements. Refer Note No. 29 to the standalone financialstatements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company; and

iv. The Company has provided requisite disclosures in its standalone financialstatements as to its holdings as well as dealings in Specified Bank Notes during theperiod from November 08 2016 to December 30 2016. Based on our audit procedures andrelying on the management representation we report that the disclosures are in accordancewith books of account maintained by the Company and as produced to us by the management.Refer Note No. 46 to the standalone financial statements.

For Chokshi & Chokshi LLP
Chartered Accountants
FRN-101872W/W100045
Vineet Saxena
(Partner)
M.No.100770
Place: Mumbai
Date: May 30 2017

Annexure A to the Independent Auditors' Report

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

(I) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us the fixed assets were physically verified during the year by themanagement in accordance with a regular programme of verification which in our opinionprovides for the physical verification of all the fixed assets at reasonable intervals.According to the information and explanations given to us no material discrepancies werenoticed on such verification.

c) In our opinion and according to the information and explanation given to us and onthe basis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) The inventory except goods-in-transit and stocks lying with third parties havebeen physically verified by the management during the year. In our opinion the frequencyof such verification is reasonable. For stocks lying with third parties at the year endwritten confirmations have been obtained. There is no discrepancy noticed on verificationbetween the physical stocks and book records.

(iii) In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to Companies Firms LimitedLiability Partnerships or other parties covered in the register maintained under Section189 of the Companies Act 2013 ("the Act"). Accordingly clause 3(iii)(a) to3(iii)(c) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto loans investments guarantees made.

The Company has taken loan amounting to Rs.1034.97 lakhs from one of its step downsubsidiary in which Directors of the Company are interested. According to the informationand explanations given to us the Company has complied with provisions of Section 185 ofthe Companies Act 2013 in respect of above mentioned borrowing from Sena Systems PrivateLimited.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any public deposits as per the directives issued by the ReserveBank of India in accordance with the provision of Sections 73 to 76 or any other relevantprovision of the Act and rules framed there-under. Accordingly paragraph 3(v) of theOrder is not applicable to the Company.

(vi) According to the information and explanations given to us by management theCentral Government has not prescribed the maintenance of cost records under Section 148(1) of the act for any of the goods sold and service/activities rendered by the Company.

(vii) a) In our opinion and according to the information and explanations given to usthe Company has generally been regular in depositing applicable undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax wealth taxservice tax custom duty duty of excise value added tax cess and any other statutorydues to the appropriate authorities during the year except that in certain instances therehave been delays.

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

Name of the statue Nature ofdues Amount under dispute ( Rs.in lakhs) Amount paid under protest ( Rs.in lakhs) Period to which the amount relates Forum where dispute is pending
Central Excise Act 1944 Excise Duty 410.52 January 2004 to January 2007 CESTAT
23.57

-

February 2007 to January 2008 CESTAT

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted during the year in repayment of loans or borrowings tofinancial institutions and banks. The Company does not have any loans or borrowings fromgovernment and has not issued any debentures.

(ix) In our opinion and according to the information and explanation given to us theterm loans taken by the Company have been applied for the purpose for which they wereraised. The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) during the year.

(x) According to the information and explanations given to us and best of ourknowledge no material fraud by the Company or on the Company by its officers or employeeshas been noticed or reported during the year.

(xi) According to information and explanations given to us managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by the provisionof Section 197 read with Schedule V to the Act.

(xii) According to information and explanations given to us the Company is not a NidhiCompany as specified in the Nidhi Rules 2014. Accordingly paragraph 3(xii) of the Orderis not applicable to the Company.

(xiii) According to information and explanations given to us all transactions with therelated parties are in compliance with Sections 177 and 188 of the Act where applicableand the details of such transactions have been disclosed in the standalone financialstatements as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and hencereporting under paragraph 3 (xiv) of the Order is not applicable to the Company.

(xv) According to information and explanations given to us the Company has not enteredinto any non-cash transactions with directors or persons connected with him and henceclause 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 ReserveBank of India Act 1934.

For Chokshi & Chokshi LLP
Chartered Accountants
FRN-101872W/W100045
Vineet Saxena
(Partner)
M.No.100770
Place: Mumbai
Date: May 30 2017

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

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

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

We have audited the internal financial controls over financial reporting of AURIONPROSOLUTIONS LIMITED ("the Company") as of March 312017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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 Reporting("the Guidance Note") issued by the Institute of Chartered Accountants of India("the ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

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 and the Standards on Auditing issued by the ICAI and specifiedunder Section 143 (10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the ICAI. 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 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note issued by the ICAI.

For Chokshi & Chokshi LLP
Chartered Accountants
FRN-101872W/W100045
Vineet Saxena
(Partner)
M.No.100770
Place: Mumbai
Date: May 30 2017