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ID Info Business Services Ltd.

BSE: 511260 Sector: IT
NSE: N.A. ISIN Code: INE088P01015
BSE 00:00 | 26 Jul ID Info Business Services Ltd
NSE 05:30 | 01 Jan ID Info Business Services Ltd
OPEN 15.85
PREVIOUS CLOSE 15.85
VOLUME 100
52-Week high 15.85
52-Week low 15.85
P/E 33.02
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.85
CLOSE 15.85
VOLUME 100
52-Week high 15.85
52-Week low 15.85
P/E 33.02
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ID Info Business Services Ltd. (IDINFOBUSINESS) - Auditors Report

Company auditors report

To the Members of

ID INFO BUSINESS SERVICES LIMITED

Report on the standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of M/s ID INFOBUSINESS SERVICES LIMITED which comprise the Balance Sheet as at 31st March 2020 thestatement of Profit and Loss and Cash Flow for the year then ended and notes to thefinancial statements including summary of significant accounting policies and otherexplanatory information.

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 2020 and profit/loss and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Companies Act 2013. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical 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.

Responsibility of Management 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 with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statement that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the company's financialreporting process

Auditor's Responsibility for the Audit of the Standalone 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 a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud 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 financial control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the management Conclude on theappropriateness of management's use of the going concern basis of accounting and based onthe audit evidence obtained whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the standalone financialstatements or if such disclosures are inadequate to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor's report. Howeverfuture events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal 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 about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Companies Act2013 we give in the Annexure "B" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable. As required by Section 143(3)of the Act we report that: We have sought and obtained all the information andexplanations which to the best of our knowledge and belief were necessary for the purposesof our audit. a. In our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books

b. 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

c. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

d. On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (2) of the Act.

e. 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 A". f. With respect to the other matters tobe included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us:

i. The Company has pending litigations which would impact its financial position asstated below:

Name of Statute Nature Of dues Amount (Rs) Period to which it relates Forum where dispute is pending
Income Tax Dept. Penalty U/s 271(1)(c) 13016521/- F.Y.2003-04 Pending before CIT (A)

ii. The Company did not have any long-term contracts including derivative contracts assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

ANNEXURE "A"

To the Independent Auditor's Report on the Financial Statements of

ID INFO BUSINESS SERVICES LIMITED

(Referred to in paragraph 7 (f) of our Independent Auditors' Report of even date)

Report on the Internal Financial Controls Over Financial

Reporting Under Clause (I) Of Sub-Section 3 of Section 143 Of the Companies Act 2013("The Act")

We have audited the internal financial controls over financial reporting of ID INFOBUSINESS SERVICES LIMITED("The Company") as of March 31 2020 in conjunctionwith our audit of standalone financial statements of the company for the year ended onthat date.

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 Reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") issued by the institute of Chartered Accountantsof India. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding 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 and the Standards on Auditing prescribed under Section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. Those Standards and the guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and payments of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 2020 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

ANNEXURE "B"

To the Independent Auditors' Report on the Financial Statements of

ID INFO BUSINESS SERVICES LIMITED

( Referred to in paragraph 8 of our Independent Auditors' Report of even date)

i. (a) The Company has maintained proper record showing full particulars includingquantitative details and situation or fixed assets.

(b) Fixed assets of the company have been physically verified by the Management atreasonable Intervals. No material discrepancies were noticed.

(c) According to information and explanations given to us and on the basis of ourexamination of the records of the company the company does not have any immovableproperty. ii. The company does not have any inventory therefore question of its physicalverification does not arise.

iii. The Company has not granted any loans secured or unsecured to companies firm LLPor other parties covered in the Register maintained under section 189 of the CompaniesAct 2013. accordingly paragraph 3( iii) (a) (b) and (c) of the Order is not applicable.

iv. According to the information and explanation given to us and on the basis of ourexamination of the records of the company the company has not given guarantee to anyparty as covered under section 185 and 186 of the Act.

v. The Company has not accepted any deposits from the Public covered under Section 73to 76 of the Companies Act2013.

vi. To the best of our knowledge and according to the information given to us theCentral Government has not prescribed maintenance of cost records under section 148(1) ofthe Companies Act2013 in respect of the Company's product

vii. The company is regular in depositing with the appropriate authorities undisputedstatutory dues including provident fund Employees State Insurance Scheme Income taxGoods and Service Tax and other material statutory dues applicable to it. According to theinformation and explanation given to us there are no undisputed statutory dues payable inrespect of Income - Tax Customs Duty Excise Duty GST Cess & other statutory dueswith the appropriate authorities which were outstanding as on 31stMarch2020for a period of more than six months from the date they became payable as stated below:

The Company has pending litigations which would impact its financial position as statedbelow:

Name of Statute Nature Of dues Amount (Rs) Period to which it relates Forum where dispute is pending
Income Tax Dept. Penalty U/s 271(1)(c) 13016521/- F.Y.2003-04 Pending before CIT (A)

viii. The Company has not taken any loan from any financial institution thereforequestion of its repayment does not arise.

ix. During the year the company has not raised any money by way of initial public offeror further public offer ( including debt instruments) during the year.

x. According to the information and explanations given to us no fraud by the companyor any fraud on the company by its officers or employees has been noticed or reportedduring the year.

xi. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not paid or provided anymanagerial remuneration hence provision of section 197 is not applicable.

xii. The Company is not a Nidhi company Accordingly paragraph 3(xii) of the order isnot applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into anytransactions with the related parties during the year under audit.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year Accordingly paragraph 3(xiv) of the order is not applicable

xv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into any non-cashtransactions with its directors or persons connected to its directors and hence provisionof section 192 of the Companies Avt 2013 are not applicable to the company.

xvi. In our opinion and 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 IndiaAct1934.

Accordingly paragraph 3(xvi) of the order is not applicable

(VISHNU KUMAR AGARWAL) Partner
M. NO. 37593
Place: Mumbai
Date: 30/06/2020

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