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I Power Solutions India Ltd.

BSE: 512405 Sector: IT
NSE: N.A. ISIN Code: INE468F01010
BSE 00:00 | 22 Jun 1.31 -0.06
(-4.38%)
OPEN

1.31

HIGH

1.31

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1.31

NSE 05:30 | 01 Jan I Power Solutions India Ltd
OPEN 1.31
PREVIOUS CLOSE 1.37
VOLUME 200
52-Week high 2.42
52-Week low 1.31
P/E 131.00
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.31
CLOSE 1.37
VOLUME 200
52-Week high 2.42
52-Week low 1.31
P/E 131.00
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

I Power Solutions India Ltd. (IPOWERSOLN) - Auditors Report

Company auditors report

To The Members Of I Power Solutions India Limited

Report on the Financial Statements

I have audited the accompanying financial statements of i power solutions India Limited("the Company") which comprise the Balance Sheet as at 31/03/2017 theStatement of Profit and Loss for the year then ended and a summary of the significantaccounting policies and other explanatory information.. Management's Responsibility forthe 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 preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

My responsibility is to express an opinion on these financial statements based on myaudit.

I 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.

I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the financial statements.

Opinion

In my opinion and to the best of my information and according to the explanations givento us the aforesaid financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at31/03/2017 and its Profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

This report doesn't include a statement on the matters specified in paragraph 3 and 4of the Companies (Auditor's Report) Order 2016 issued by the Central Government ofIndia in terms of sub section 11 of section 143 of the companies Act 2013 since in myopinion and according to the information and explanation given to me the said order isnot applicable to the company.

As required by Section 143 (3) of the Act I report that:

(a) I have sought and obtained all the information and explanations which to the bestof my knowledge and belief were necessary for the purposes of my audit.

(b) In my opinion proper books of account as required by law have been kept by theCompany so far as it appears from my examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and dealt with by this Reportare in agreement with the books of account.

(d) In my opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on31/03/2017 taken on record by the Board of Directors none of the directors isdisqualified as 31/03/2017 from being appointed as a director in terms of Section 164 (2)of the Act.

(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 myseparate report in ‘Annexure A"..

(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 in my opinionand to the best of our information and according to the explanations given to me:

i. The Company has disclosed the impact of pending litigations if any on its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

Sd./-
W.S.MADHAVANN
Place: Chennai Chartered Accountant
Date: 30.05.2017 9444010062/M no:201067

"Annexure A" to the Independent Auditor's Report of even date on theStandalone Financial Statements of i Power solutions India Limited

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

I have audited the internal financial controls over financial reporting of i powerSolutions India Limited ("The Company") as of March 31 2017 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 Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I conducted my audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that I comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

My audit involves performing procedures to obtain audit evidence amount the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. My audit of internal financial controls over financial reporting assessingthe risk that a material weakness exists and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend upon on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my 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 my 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 March 31 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 issues by the Institute of CharteredAccountants of India.

W.S.MADHAVANN
Place: Chennai Chartered Accountant
Date: 30.05.2017 9444010062 / M No: 201067

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in my report to the members of i Power Solutions India Limited(‘The Company) for the year ended 31st March 2017 I report that:

The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.As explained to me physicalverification of a major portion of fixed assets as at March 31 2017 was conducted by theManagement during the year. In my opinion the frequency of verification is reasonable.Having regard to the size of the operations of the company and on the basis ofexplanations received in my opinion the net differences found on physical verificationwere not significant.

The Company is a service company primarily rendering software services. Accordinglyit does not hold any physical inventories. Thus Paragraph 3(ii) of the Order is notapplicable.

The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013(‘ the Act') hence there are no overdue amounts of more than rupees one lakhin respect of the loans granted to the bodies corporate listed in the register maintainedunder section 189 of the Companies Act 2013.

The company has an adequate internal control system commensurate with the size of thecompany and the nature of its business for the purchase of inventory and fixed assets andfor the sale of goods and services and there is no continuing failure on the part of thecompany to correct major weakness in internal control system.

In my opinion and according to the information and explanation the company has notaccepted deposits during the year and does not have unclaimed deposits. Therefore theprovisions of the clause 3(v) of the Order are not applicable to the company.

The provisions of Clause 3(vi) of the Order are not applicable to the Company as theCompany is not covered by the Companies (Cost Records and Audit) Rules 2014

The company is regular in depositing undisputed statutory dues including providentfund employees state insurance income tax sales tax wealth tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authorities and no arrears of outstanding statutory dues as at the last day ofthe financial year concerned for a period of more than six months from the date theybecame payable. The company has no dues of income tax or sales tax or wealth tax orservice tax or duty of customs or duty of excise or value added tax or cess which have notbeen deposited on account of any dispute before the forum. The company was not required totransfer to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has beentransferred to such fund within time.

The company has an accumulated loss at the end of the financial year which has beenregistered for a period of more than 5 years and the accumulated losses are less thanfifty percent of its net worth. The company has made cash profit during the financial yearin the immediately preceding financial year.

The company has not defaulted in repayment of dues to a financial institution or bankor debenture holders.

In my opinion and according to the information and explanations given to me thecompany has not any guarantee for loan taken by others from bank or financialinstitutions the terms and conditions whereof are prejudicial to the interest of thecompany.

The company has no term loans to be applied for the purpose for which the loans wereobtained According to the information and explanations given to me no material fraud onor by the company has been noticed or reported during the course of my audit.

Sd./-
W.S.MADHAVANN
Place: Chennai Chartered Accountant
Date: 30.05.2017 9444010062/M no:201067