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Informed Technologies India Ltd.

BSE: 504810 Sector: IT
NSE: N.A. ISIN Code: INE123E01014
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NSE 05:30 | 01 Jan Informed Technologies India Ltd
OPEN 33.45
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VOLUME 24
52-Week high 54.90
52-Week low 33.00
P/E
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 33.45
Sell Qty 477.00
OPEN 33.45
CLOSE 33.45
VOLUME 24
52-Week high 54.90
52-Week low 33.00
P/E
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 33.45
Sell Qty 477.00

Informed Technologies India Ltd. (INFORMEDTECHN) - Auditors Report

Company auditors report

To

The Members of

INFORMED TECHNOLOGIES INDIA LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying financial statements of INFORMED TECHNOLOGIES INDIALIMITED which comprises Balance Sheet as at 31st March 2018 the Statement of Profitand Loss Account (including Other Comprehensive Income) Statement of Cash Flow andStatement of Changes in Equity for the year ended 31st March 2018 and a summary ofsignificant accounting policies and other explanatory information (Herein after referredto as "Standalone Ind AS financial statements").

Management's Responsibility for the Standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance cash flows and changes in equity of the Companyin accordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with therules issued thereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of accounting records relevant to the preparation and presentation of theInd AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS financialstatements based 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 there under.

We conducted our audit of Standalone Ind AS financial statement 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 the Standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in Standalone Ind AS financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsfurnished to us the aforesaid standalone Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including the IndAS;

a) of the State of affairs (financial position) of the Company as at March 31 2018;

b) of the Profit (financial performance including Other Comprehensive Income) for theyear ended on that date;

c) of the Cash Flows for the year ended on that date; and d) of the Changes in Equityfor the year ended on that date.

Other Matters

The comparative financial information of the Company for the year ended 31 March 2017and the transition date opening balance sheet as at 1 April 2016 included in thesestandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by the predecessor auditors whose report for the year ended 31 March2017 and 31 March 2016 dated 30th May 2017 and 27th May 2016 respectivelyexpressed an unmodified opinion on those standalone financial statements as adjusted forthe differences in the accounting principles adopted by the Company on transition to IndAS which have been audited by us.

Our opinion is not modified in respect of the above matter.

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 sub section (11) of section 143 ofthe Act we give in the ‘Annexure A' a statement on the matters specified in theparagraphs 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 obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of audit.

b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian accounting standards referred to in the Section 133 of the Companies Act 2013 andread with relevant rule issued thereunder.

e) On the basis of representations received from the directors as on Mar 31 2018 andtaken on record by the Board of Directors none of the directors is disqualified as on 31stMarch 2018 from being appointed as a director in terms of Section 164(2) of the Act; and

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'; 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 Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany has disclosed the impact of pending litigations on its financial position in itsstandalone Ind AS financial statements. Refer Note 35 to the standalone financialstatements;

ii. The Company did not have any long-term contracts including derivative contractsfor which 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.

For Parekh Sharma & Associates

Chartered Accountants

Firm Regn. No. 129301W

Sujesh Sharma

Partner

M.No. :118944

Place: Mumbai

Date: 30 May 2018

ANNEXURE A

TO THE INDEPENDENT AUDITOR'S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31stMARCH 2018

Annexure referred under the heading "Report on Other Legal and Regulatoryrequirements" of our report of even date to the Members of Informed TechnologiesIndia Limited (‘the Company') on the standalone Ind AS financial statements for theyear ended 31st March 2018.

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 have been physically verified by the managementduring the year in accordance with a phased programme of verification which in ouropinion is reasonable having regard to the size of the company and nature of its fixedassets.The discrepancies noticed on verification between the physical fixed assets and thebooks records were not material having regard to nature and size of the operations of thecompany and the same have been properly dealt with in books of accounts.

c) According to the information and explanations given to us and on the basis ofdocuments and records produced before us the title deeds of immovable properties are heldin the current or former name of the company.

ii. The nature of the company's operations during the year does not require it to holdinventories. Accordingly paragraph 3 (ii) of the order is not applicable to the Company.

iii. As per the information and explanation given to us during the year Company has notgranted any loans secured or unsecured to Companies firm Limited liability partnershipor other parties covered under section 189 of the Companies Act 2013 hence sub-clause(a) (b) (c') if clause (iii) is not applicable to the Company.

iv. The Company has not granted any loans or provided any guarantee or security to theparties covered under section 185 of the Companies Act 2013. Therefore the provision ofclause (3) (iv) of the said order are not applicable to the Company.

In our opinion and according to the information and explanation given to us theCompany has complied with the provision of section 186 of the Companies Act 2013 inrespect of the investment made by it.

v. The Company has not accepted any deposits from the public within the meaning of thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed thereunder.

vi. According to the information and explanation given to us the maintenance of costrecords was not prescribed by the Central Government under section 148(1) of the CompaniesAct 2013 for any of the activities of the company.

vii. a) According to the information and explanations given to us the company isgenerally regular in depositing undisputed statutory dues including Provident Fundemployees' state insurance income tax sales tax service tax duty of custom duty ofexcise value added tax goods and service tax cess and other statutory dues applicableto it with the appropriate authorities.

According to the information and explanations given to us no undisputed amounts payablein respect of provident fund employees' state insurance income tax sales tax servicetax duty of custom duty of excise value added tax goods and service tax cess andother statutory dues applicable to it were in arrears as at 31st March 2018for a period of more than six months from the date they become payable.

b) According to the information and explanations given to us there are no dues ofsales tax income tax custom duty service tax goods and service tax excise duty orcess which have not been deposited on account of any dispute except as stated below:

Name of the Statute Nature of dues Amount Demanded (Rs. in lacs) Period to which the amount relates Forum where dispute is pending
The Income Tax-Act1961 Income-Tax including interest 1.79 *A.Y. 2013-14 Commissioner of Income Tax (Appeals) Mumbai
3.13 *A.Y. 2014-15 Commissioner of Income Tax (Appeals) Mumbai

*Assessment Year

viii. According to the information and explanation given to us and the records madeavailable to us the company has not defaulted in repayment of loans or borrowing dues toany financial institution banks during the year. Further the Company does not have anydebenture issued / outstanding any time during the year.

ix. According to the information and explanation given to us the company has notraised any money by way of initial public or further public offer and term loans duringthe year. Accordingly the provisions of clause 3 (ix) of the Order is not applicable tothe company.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by the Company or on the Company by its officers or employees notice orreported during the year nor have we been informed of any such case by the management.

xi. According to the information and explanation given to us and based on ourexamination of the records the Company has paid or provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of section 197 readwith schedule V to the Companies Act 2013.

xii. In our opinion and according to the information and explanation given to us theCompany is not a Nidhi Company as specified in Nidhi Rules 2014. Accordingly theprovisions of clause 3 (xii) of the order is not applicable to the company.

xiii. According to the information and explanation given to us and based on ourexamination of the records all transactions with the related parties are in compliancewith section 177 and 188 of the Companies Act 2013 where applicable. The details of suchrelated party transactions have been disclosed in the financial statements as requiredapplicable accounting standards.

xiv. According to the information and explanation given to us and based on ourexamination of the records the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

xv. According to the information and explanation given to us and based on ourexamination of the records the company has not entered into non-cash transaction withdirectors or persons connected with him. Accordingly paragraph 3 (xv) of the order is notapplicable.

xvi. According to the information and explanation given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.Accordingly paragraph 3 (xvi) of the order is not applicable.

For Parekh Sharma & Associates
Chartered Accountants
Firm Regn. No. 129301W
Place: Mumbai Sujesh Sharma
Date: 30 May 2018 Partner
M.No. :118944

ANNEXURE B

TO THE INDEPENDENT AUDITOR'S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31stMARCH 2018

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 reporting of InformedTechnologies India Limited ("the Company") as of March 31 2018 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 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's 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 of Auditing issued by the Institute ofChartered Accountants of India prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Because of the matter described in Disclaimer of Opinion paragraph below we were notable to obtain sufficient appropriate audit evidence to provide a basis for an auditopinion on internal financial controls system over financial reporting of the Company.

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 Ind AS 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.

Disclaimer of Opinion

According to the information and explanation given to us the Company has notestablished its internal financial control over financial reporting on criteria based onor considering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India. Because of this reason we are unable to obtain sufficientappropriate audit evidence to providea basis for our opinion whether the Company hadadequate internal financial controls over financial reporting and whether such internalfinancial controls were operating effectively as at March 31 2018. However it has beeninformed by the management of the company that there are adequate internal controls overthe operations of the company which requires to be documented based on the requirements ofGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued byICAI.

Opinion

We have considered the disclaimer reported above in determining the nature timing andextent of audit tests applied in our audit of the standalone financial statements of theCompany and the disclaimer do not affect our opinion on the standalone financialstatements of the Company.

For Parekh Sharma & Associates
Chartered Accountants
Firm Regn. No. 129301W
Place: Mumbai Sujesh Sharma
Date: 30 May 2018 Partner
M.No. :118944