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Lee & Nee Software (Exports) Ltd.

BSE: 517415 Sector: IT
NSE: N.A. ISIN Code: INE791B01014
BSE 00:00 | 15 Oct 0.95 -0.05
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NSE 05:30 | 01 Jan Lee & Nee Software (Exports) Ltd
OPEN 0.95
PREVIOUS CLOSE 1.00
VOLUME 631
52-Week high 1.69
52-Week low 0.83
P/E 47.50
Mkt Cap.(Rs cr) 5
Buy Price 1.05
Buy Qty 4.00
Sell Price 1.00
Sell Qty 19.00
OPEN 0.95
CLOSE 1.00
VOLUME 631
52-Week high 1.69
52-Week low 0.83
P/E 47.50
Mkt Cap.(Rs cr) 5
Buy Price 1.05
Buy Qty 4.00
Sell Price 1.00
Sell Qty 19.00

Lee & Nee Software (Exports) Ltd. (LEENEESOFT) - Auditors Report

Company auditors report

To

The Members of

M/s Lee & Nee Softwares (Exports) Ltd.

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statements of M/s LEE& NEE SOFTWARES (EXPORTS) LTD ("the Company") which comprise the BalanceSheet as at 31st March 2018 and the Statement of Profit and Loss (includingOther Comprehensive Income) the Cash Flow Statement and the Statement of Changes inEquity for the year then ended and a summary of the significant accounting policies andother explanatory information.

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 the respect to the preparationof these Standalone Ind AS Financial Statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standards(Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted 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 standalone IndAS 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.

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 the Orderissued under section 143(11) of the Act.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that 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 andthe disclosures in the standalone IndAS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the Ind AS and other accounting principles generally accepted in India of the stateof affairs of the Company as at 31st March 2018 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act we report to the extent applicable 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.

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

c. The Balance Sheet the Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of changes in equity dealtwith by this Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act.

e. On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (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 ourseparate report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy 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 read withCompanies (Audit and Auditors) amendment rules 2017 in our opinion and to the best ofour information and according to the explanations given to us:

i) The Company does not have any pending litigations which would impact its financialposition in its Standalone Ind AS Financial Statements.

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) The Company did not have any amount which had fallen due and required to betransferred to the Investor Education and Protection Fund by the Company.

For Jain Sonu and Associates
Chartered Accountants
Firm's Registration Number: 324386E
Sonu Jain
Place: Kolkata Partner
Date: 21st May 2018 Membership No.:060015

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(REFERRED TO IN PARAGRAPH 1 (F) UNDER 'REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS' OF OUR REPORT OF EVEN DATE)

Report on the Internal Financial Controls over Financial Reporting under clause (i) ofSub-section 3 of section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Lee &Nee Softwares (Exports) Ltd. as of March 31st 2018 in conjunction with ouraudit of the standalone IND AS financial statements of the Company for the year ended onthat date.

MANAGEMENT'S RESPONSIBILTY 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 controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. 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 respective 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.

AUDITOR'S RESPONSIBILTY

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our Audit. We conducted ourAudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by Institute of CharteredAccountants of India and the Standards on Auditing prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those standards and the Guidance Note require that we comply with ethical requirements andplan and 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.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control 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 controls based on the assessed risk. The procedureselected depends on the auditor's judgment including the assessment of the risk 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 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; (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 March 31st 2018 based on thecriteria for Internal Finacial Control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For Jain Sonu and Associates
Chartered Accountants
Firm's Registration Number: 324386E
Sonu Jain
Place: Kolkata Partner
Date: 21st May 2018 Membership No.:060015

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(REFERRED TO IN PARAGRAPH 2 OF 'REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS' OFOUR REPORT OF EVEN DATE)

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

b) The fixed assets were physically verified during the year by the management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

c) The Companies does not have any immovable property; hence the provision is notapplicable to the Company.

(ii) The Company does not hold any inventory during the year hence Clause 3(ii) of theOrder is not applicable to the Company.

(iii) The Company has not granted any loans secured or unsecured to Companies firmsLimited Liability Partnership or other parties covered in the register maintained underSection 189 of the Companies Act 2013 during the year. Accordingly the provisions ofClauses 3(iii) (a) and (b) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has not given loans guarantees security or made any investment which needs tocomply with the section 185 and 186 of the Companies Act 2013 during the year.

(v) According to the information and explanations given to us the Company has notaccepted any deposits during the year from the public. Hence Clause 3(v) of the Order isnot applicable to the Company.

(vi) The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for any of the services rendered by the Company.

(vii) a) According to the records of the Company the Company is regular in depositingwith appropriate authorities undisputed statutory dues including Provident Fund InvestorEducation & Protection Fund Employees State Insurance Income Tax Sales Tax Goodsand Service Tax Service Tax Custom Duty Excise Duty Cess and other statutory dues tothe extent applicable to it.

According to information and explanations given to us no undisputed amounts payable inrespect of the Goods and Service Tax Service Tax Income Tax Sales Tax Custom DutyExcise Duty and Cess were in arrears as at 31st March 2018 for a period ofmore than six months from the date they became payable.

b) According to information and explanation given to us there are no dues of Goods andService Tax Service Tax Income Tax Sales Tax Custom Duty and Cess which has not beendeposited on account of any dispute.

(viii) The Company has not taken any loans or borrowings from financial institutionbanks and government or has not issued any debentures. Hence reporting under clause( viii)of the order is not applicable to the Company.

(ix) The Company has not raised any money by way of initial public offer furtherpublic offer debt instruments or term loans during the year. Accordingly Clause 3(ix) ofthe Order is not applicable.

(x) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

(xi) According to the information and explanation given to us and based on ourexamination of the records of the Company no director's remuneration has been paid orprovided during the year. Accordingly Clause 3(xi) of the Order is not applicable.

(xii) The Company is not a Nidhi Company. Accordingly Clause 3(xii) of the Order isnot applicable.

(xiii) In our opinion and according to the information and explanation given to usthere are no contracts or arrangements with related parties referred to in section 177 and188 of the Companies Act 2013 during the year.

(xiv) Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year. Accordingly Clause 3(xiv) of theOrder is not applicable.

(xv) In our opinion and according to the information and explanation given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or directors of its subsidiary or persons connected with them. AccordinglyClause 3 (xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Jain Sonu and Associates
Chartered Accountants
Firm's Registration Number: 324386E
Sonu Jain
Place: Kolkata Partner
Date: 21st May 2018 Membership No.:060015