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Datasoft Applications Software (India) Ltd.

BSE: 526443 Sector: IT
NSE: N.A. ISIN Code: INE072B01019
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NSE 05:30 | 01 Jan Datasoft Applications Software (India) Ltd
OPEN 1.12
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VOLUME 1
52-Week high 1.23
52-Week low 1.12
P/E
Mkt Cap.(Rs cr) 0
Buy Price 1.12
Buy Qty 1027.00
Sell Price 1.12
Sell Qty 1000.00
OPEN 1.12
CLOSE 1.12
VOLUME 1
52-Week high 1.23
52-Week low 1.12
P/E
Mkt Cap.(Rs cr) 0
Buy Price 1.12
Buy Qty 1027.00
Sell Price 1.12
Sell Qty 1000.00

Datasoft Applications Software (India) Ltd. (DATASOFTAPPLICA) - Auditors Report

Company auditors report

To the Members of

Datasoft Application Software (India) Limited

Report on the Audit of the Financial Statements Opinion

We have audited the Financial Statements of

Datasoft Application Software (India) Limited ("the Company") whichcomprise the Balance Sheet as at March 31 2019 and the Statement of Profit and Loss(including Other Comprehensive Income) Statement of Changes in Equity and Statement ofCash Flows for the year then ended and notes to the Financial Statements including asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "Financial Statements").

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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2019 and its profit including othercomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance specifiedunder with the Standards on Auditing(SAs) Section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor’s Responsibilities for the Audit of the FinancialStatements Section of our report. We are independent of the Company in accordance withthe Code of Ethics issued by the Institute of Chartered Accountants of India together withethical requirements that are relevant to our audit of the Financial Statements under theprovisions of the Companies Act 2013 and the Rules there under and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Financial Statements of the current period. These matterswere addressed in the context of our audit of the Financial Statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined that there are no key audit matters to be communicated in our report.

Other Information

The Company’s management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in theCompany’s annual report but does not include the Financial Statements and ourauditors’ report thereon.

Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those charged with Governance for the FinancialStatements

The Company’s management and Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these FinancialStatements that give a true and fair view of financial position financial performancechanges in equity and cash flows of the

Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing 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 of theaccounting 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.

In preparing the Financial Statements management and Board of Directors areresponsible 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.

Board of Directors is also responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the FinancialStatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Financial Statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain professional skepticism throughout the audit.We also: Identify and assess the risks of material misstatement of the StandaloneFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls. Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to concern. If we conclude that a material uncertainty exists weare required to draw attention in our auditor’s report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However future events or conditions may cause the Company to ceaseto continue as a going concern.

Evaluate the overall presentation structure and content of the Standalone FinancialStatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anyinternal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor’s report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143 (11) of theCompanies Act 2013 we give in the "Annexure A" a statement on the mattersspecified 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 purposes of our audit of the aforesaidFinancial Statements.

b) In our opinion proper books of account as required by law relating to preparationof the aforesaid Financial Statements have been kept by the Company so far as it appearsfrom our examination of those books.

c) The Balance Sheet the Statement of Profit income) the Statement of Changes inEquity and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account maintained for the purpose of preparation of the Financial Statements.

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(Account) Rules 2014.

e) On the basis of the written representations received from the directors as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 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"

g) With respect to the other matters to be included in the Auditors’ 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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any material foreseeable losses on long-term contractsincluding derivatives contracts.

iii. There were no amounts which were required to be transferred to the Investor

Education and Protection Fund by the Company during the year ended March 31 2019.

For Kanu Doshi Associates LLP
Chartered Accountants
FRN. No. 104746W/W100096
Kunal Vakharia
Partner
Membership no. 148916
Place: Mumbai
Date: May 27 2019

ANNEXURE A TO THE AUDITOR’S REPORT

Referred to in paragraph 2 of ‘Report on other Legal and RegulatoryRequirements’ in our Report of even date on the accounts of DatasoftApplication Software (India) Limited for the year ended March 31 2019.

(i) The company does not have any fixed assets. Hence the question of maintainingproper records carrying out physical verification and disposing off a substantial part ofthe fixed assets does not arise.

(ii) The Company’s nature of operations does not require it to hold inventories.Consequently clause 3(ii) of the Order is not applicable to the Company.

(iii) As informed to us the Company has not granted loans secured or unsecured tocompanies firms limited liability partnerships or other parties covered in the registermaintained under Section 189 of the Act. Hence sub clauses (a) & (b) of clause 3(iii)of the Order are not applicable to the Company.

(iv) According to information and explanation provided to us in respect of loansinvestments guarantees and securities the Company has complied with the provisions ofSection 185 and 186 of the companies Act 2013.

(v) The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified and therefore clause 3 (v) of the Order is not applicable to the Company.

(vi) We have been informed that the Central Government has not prescribed maintenanceof cost records under the sub-section (1) of Section 148 of the Companies Act 2013 forany of the products of the Company.

(vii) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees’ state insuranceincome tax sales tax service tax duty of custom duty of excise duty value added taxcess and other material statutory dues applicable to it. According to the information andexplanations given to us no undisputed arrears of statutory dues were outstanding as atMarch 31 2018 for a period of more than six months from the date they became payable.

(b) There are no dues in respect of Income Tax Sales Tax service tax duty of customduty of excise value added tax and cess that have not been deposited with appropriateauthorities on account of any dispute.

(viii) According to the information and explanations given to us the Company has nottaken any loans from any financial institutions banks or debenture holders and thereforeclause 3 (viii) of the Order is not applicable to the Company.

(ix) The company has not raised any money by way of public issue/further public offerincluding debt instruments.

(x) To the best of our knowledge and according to the information and explanation givento us no fraud by the company or any fraud on the Company by its officers or employeeshas been noticed or reported during the year.

(xi) No managerial remuneration has been paid / provided during the year and henceclause 3 (xi) of the Order is not applicable to the Company.

(xii) The Company is not a Nidhi Company hence reporting under clause 3 (xii) of theOrder is not applicable to the Company.

(xiii) The Company has complied with the provisions of Section 177 and 188 of CompaniesAct 2013 in respect of transactions with the related parties and has disclosed thedetails in the Financial Statements in accordance with the Indian Accounting Standard 24.

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

(xv) In our opinion and according to the explanations given to us during the year theCompany has not entered into any non-cash transactions with its directors or personsconnected with him and hence clause 3(xv) of the Order is not applicable to the Company.

(xvi) According to the information and explanations given to us the Company is notrequired to obtain registration under section 45 IA of the Reserve Bank of lndia Act 1934and hence clause 3 (xvi) of the Order is not applicable to the Company.

For Kanu Doshi Associates LLP
Chartered Accountants
Firm registration No: 104746W/W100096
Kunal Vakharia
Partner
Membership No: 148916
Place: Mumbai
Date: May 272019

ANNEXURE B TO THE AUDITORS’ REPORT

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

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 Datasoft ApplicationSoftware (India) Limited ("the Company") as of March 31 2019 in conjunctionwith our audit of the Financial Statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Board of Directors are responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI’).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrols over financial reportingwas established and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingincluded obtaining an understanding audit of internal financial controls over financial ofinternal financial controls over financial reporting assessing the exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgment includingthe assessment of the risks of material misstatement of the Financial Statements whetherdue to fraud or error.

We believe that the audit evidence we have obtained is sufficientand appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of Financial Statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of FinancialStatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 31st March 2019 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the ICAI.

For Kanu Doshi Associates LLP
Chartered Accountants
Firm registration No: 104746W/W100096
Kunal Vakharia
Partner
Membership No: 148916
Place: Mumbai
Date: May 272019