The Members of
M/s. Compucom Software Limited
Report on the Standalone Financial Statements
We have audited the accompanying financial statements of M/s. Compucom SoftwareLimited (the Company') which comprise the Standalone Balance Sheet as at March31 2018 the Standalone Statement of Profit and Loss (including Other ComprehensiveIncome) the Standalone Cash Flow Statement and the Standalone Statement of Changes inEquity for the year ended on that date and a summary of significant accounting policiesand other explanatory information (hereinafter referred to as "Standalone FinancialStatement").
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 including Other Comprehensive Incomecash flows and Changes in equity of the Company in accordance with the Indian AccountingStandards(IND AS) prescribed under Section 133 of the Companies Act 2013 read with theCompanies (Indian Accounting Standards) Rules 2015 as amended and other accountingprinciples generally accepted in India.
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 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 StandaloneFinancial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit.
In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder and orderissued under section 143(11) of the Act.
We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether Standalone the Financial Statements are free frommaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the StandaloneFinancial Statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of theStandalone Financial Statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose of expressingan opinion on whether the Company has in place an adequate internal financial controlssystem over financial reporting and the operating effectiveness of such controls. An auditalso includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Management as well asevaluating the overall presentation of the Financial Statements.
We believe that the audit evidences we have obtained are sufficient and appropriate toprovide a basis for our audit opinion on Standalone Financial Statements.
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 theInd AS and other accounting principles generally accepted in India of the state ofaffairs of the company as at March 31 2018 its profit total comprehensive incomechanges in equity 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 (" theOrder") issued by Central Government of India in terms of sub-section (11) of section143 of the Companies Act 2013 we give in the Annexure A a statement of thematters specified in paragraphs 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 purpose of our audit;
b. In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of those books;
c. The Standalone Balance Sheet the Standalone Statement of Profit and Loss includingOther Comprehensive Income the Standalone Cash Flow Statement and the StandaloneStatement of Changes in Equity dealt with by this report are in agreement with the booksof accounts;
d. In our opinion the aforesaid Standalone Financial Statements comply with the IndianAccounting standards specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors as on March31 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 from being appointed as a director in terms of section164(2) of the Companies Act 2013
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. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
g. 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 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 litigations on its financialposition in its Standalone Financial Statements.
ii. The Company has made provisions as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts if any.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund.
Therefore issue of delay in transferring such sums does not arise.
For Sapra and Company
CA. OM PRAKASH SAPRA
Membership No. 072372
Date: May 29 2018
Annexure A' to the Auditors Report
(referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date) on the Financial Statementsfor the year ended March 31 2018 of M/s Compucom Software Limited
i. Fixed Assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The management during the year has physically verified the major assets and in ouropinion the frequency of verification is reasonable. No material discrepancies werenoticed on such verification.
(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.
As explained to us the inventories except for those lying with the third partieswere physically verified during the year by Management at reasonable intervals and nomaterial discrepancies were noticed on physical verification
iii. Loans to the parties covered in the register maintained under Section 189 ofthe Act:-
According to information and explanation given to us the Company has not granted anyloan secured or unsecured to companies firms limited liability partnerships and otherparties covered in the register maintained under Section 189 of the Act thereforeprovisions of clause (iii) of paragraph 3 of the order are not applicable.
iv. Compliance of provisions of section 185 and 186 of the Companies Act 2013:-
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 in respect ofgrant of loans making investments and providing guarantees and securities as applicable.
v. Public Deposits:-
The Company has not accepted any deposits during the year and does not have anyunclaimed deposits as at March 31 2018. Therefore the provisions of clause (v) ofparagraph 3 of the order are not applicable to the Company.
vi. Cost Records:-
The maintenance of cost records has been prescribed by the Central Government undersection 148(1) of the Act for activity related to Education and Wind Power Generation.According to the information and explanations given to us and on the basis of ourexamination thereof we report that the company is maintaining the prescribed costrecords.
vii. Statutory Dues:-
a) Undisputed Statutory Dues: According to the information and explanations given to usand on the basis of our examination of the record of the company undisputed statutorydues including provident fund ESI Income Tax Value added tax service tax cess andother material statutory dues have been generally regularly deposited during the year bythe company with the appropriate authorities.
b) Disputed statutory dues: Details of statutory dues which have not been deposited asat March 31 2018 on account of disputes are given below:
|Nature of dues ||Period to which the amount relates ||Forum where the Dispute is pending ||Amount (In Lacs) |
|Income Tax ||A.Y. 2007-08 ||Commissioner of Income Tax (Appeals) ||29 |
|Income Tax ||A.Y. 2009-10 ||Commissioner of Income Tax (Appeals) ||34 |
|Income Tax ||A.Y. 2010-11 ||Commissioner of Income Tax (Appeals) ||28 |
|Income Tax ||A.Y. 2011-12 ||Commissioner of Income Tax (Appeals) ||78 |
|Service Tax ||A.Y. 2012-13 ||Custom.Central Excise & Service Tax Appellate Tribunal New Delhi ||Service Tax - 12 |
|Service Tax ||Oct. 2011 to March 2013 ||Custom Central Excise & Service Tax ||Service Tax - 68 |
| || ||Appellate Tribunal New Delhi ||Penalty u/s 76 - |
| || || ||Maximum to 68 |
| || || ||Penalty 77(2) - 0.1 |
|Service Tax ||April 01 2008 to ||Custom Central Excise & Service Tax ||Service Tax - 124 |
| ||March 31 2011 ||Appellate Tribunal New Delhi ||Penalty - 124 |
viii. Dues to Financial Institution or Bank or Debenture holders :-
According to the information and explanations given to us and based on the documentsand records produced before us there has been no default in repayment of dues to banksand financial institutions. Further there are no dues to debenture holders thereforeprovisions of clause (viii) of paragraph 3 of the order are not applicable.
ix. Application of IPO FPO and Term loans:-
According to the information and explanations given to us the Company did not raiseany money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year therefore provisions of clause (ix) ofparagraph 3 of the order are not applicable.
x. Fraud on or by the company-noticed or reported:-
According to the information and explanations given to us and to the best of ourknowledge and belief no fraud on the company by its officers or employees or by theCompany has been noticed or reported during the year.
xi. Managerial Remuneration:-
According to the information and explanations give to us and based on our examinationof the records of the Company the Company has paid / provided for managerial remunerationin accordance with the provisions of Section 197 read with Schedule V to the Act.
According to the information and explanations give to us and based on our opinion theCompany is not a Nidhi company therefore provisions of clause (xii) of paragraph 3 of theorder are not applicable.
xiii. Related Party Disclosure:-
According to the information and explanations given to us and based on our examinationof the records of the Company transactions with the related parties are in compliancewith Sections 177 and 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.
xiv. Issue of Preferential Allotment or Private Placement of Shares or .Debentures:-
According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.
xv. Non cash Transactions with directors and connected persons with them:-
According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into non-cash transactions withits directors or directors of its holding company directors of subsidiary company ordirectors of associate company or persons connected with him therefore provisions ofsection 192 of the companies Act 2013 are not applicable.
xvi. Registration under Reserve Bank of India Act 1934:-
The Company is not required to be registered under Section 45-IA of the Reserve Bank ofIndia Act 1934.
For Sapra and Company
CA. OM PRAKASH SAPRA
Membership No. 072372
Date: May 29 2018