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Quintegra Solutions Ltd.

BSE: 532866 Sector: IT
NSE: QUINTEGRA ISIN Code: INE033B01011
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VOLUME 100
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OPEN 0.45
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VOLUME 100
52-Week high 2.95
52-Week low 0.45
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Quintegra Solutions Ltd. (QUINTEGRA) - Auditors Report

Company auditors report

To the Members of M/s. Quintegra Solutions Limited

Report on the Financial Statements

We have audited the accompanying financial statements of

M/s. QUINTEGRA SOLUTIONS LIMITED ("the Company") which comprise theBalance Sheet as at March 31 2017 and the Statement of Profit and Loss and Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility for the 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 the accounting records relevant to the preparation and presentation ofthe 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 financial statements based on ouraudit. 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 thereunder.

We conducted our audit in accordance with the Standards on Auditingspecified underSection 143(10) of the Act. Those Standards require that we 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 performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the 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:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matter

We draw attention to Note 31 to the financial statements which describes the positionof the company in the fundamental accounting assumption "Going concern" in spiteof company's heavy accumulated losses of Rs.177.63 Crores (PY Rs.185.06 Crores) (excludingGeneral Capital Reserves and Securities Premium) eroding its total net worth.

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 the paragraph3 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.

(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 and the cash flow statementdealt with by this Report are in agreement with the books of account;

(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(Accounts) Rules 2014;

(e) on the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof 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. the Company has no pending litigations which may have impact on its financialposition in its financial statements. Mere inquiry or seeking cause from any statutorydepartment is not considered as litigations.

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. iv. The Company has providedrequisite disclosures in its financial statements as to holdings as well as dealings inspecified bank notes during the period from 8th November 2016 to 30thDecember 2016 and these are in accordance with the books of accounts maintained by thecompany. Refer Note 32 to financial statements.

For GOPIKUMAR ASSOCIATES
Chartered Accountants
FRN : 000981S
S Gopinath
Place: Chennai

Partner

Date : 30th May 2017 M. No. 023854

Annexure A to the Auditor's report

The Annexure referred to in our report to the members of M/s QUINTEGRA SOLUTIONSLIMITED ('the Company') for the year ended 31st March 2017. We report that: 1.a. The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets. b. Physical verification of assetshas been made by the company during the year as per the scheduled program. c. According tothe information and explanation given to us and on the basis of our examination of therecords of the company the title deeds of immovable properties are held in the name ofthe company.

2. The company is a service company primarily rendering Information Technologyservices. Accordingly it does not hold any physical inventories. Thus paragraph 3(ii) ofthe order is not applicable.

3. 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.

4. According to the information and explanations given to us the company does not haveany loans investments guarantees and security which are subject to the provisions ofSection 185 and 186 of the Companies Act 2013. Therefore the provisions of Para 4(iv) ofthe order are not applicable.

5. The Company has not accepted any deposits from the public.

6. The Central Government of India has not prescribed the maintenance of cost recordsunder Section 148(1) of the Companies Act 2013 for any of the services rendered by theCompany.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amount deducted /accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund InvestorEducation and Protection Fund Income Tax Sales Tax Wealth Tax Service Tax and othermaterial statutory dues have generally been regularly deposited during the year by theCompany with the appropriate authorities wherever applicable except the followingStatement of Arrears of Statutory Dues Outstanding for more than 6 Months as on 31st March2017

1. Tax on Dividend Rs.13 67103 pertaining to the FY 2007-08 under Income tax Act1961.

2. Property Tax of Rs.1687885 (Rs.451744 for the year 2011-12 and Rs.361896 forthe year 2012-13 Rs.601377 for the year 2014-15 Rs.131289 for the year 2015-16Rs.141579 for the year 2016-17).

3. Water Tax of Rs.378641 ( Rs.81532 for the year 2012-13 and Rs.161405 for theyear 2014-15 Rs.120395 for the year 2015-16 Rs.15309 for the year 2016-17) The abovetaxes are not paid till date of our report.

(b) According to the information and explanations given to us and on the basis of ourexamination of the records of the company there is no amount due in respect of statutorydues including Provident Fund Investor Education and Protection Fund Income Tax SalesTax Wealth Tax Service Tax and other material statutory dues on account of any dispute.

8. The company does not have any loans or borrowings from any financial institutionbank government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe order is not applicable.

9. The company did not raise any money by the way of initial public offer or furtherpublic offer(including debt instruments) and term loan during the year. Accordinglyparagraph 3(ix) of the order is not applicable.

10. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees have been noticed or reportedduring the course of our audit.

11. According to the information and explanations given to us and based on ourexamination of records of the company the company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

12. In our opinion and according to the information and explanations given to us thecompany is not a nidhi company.

Accordingly paragraph 3(xii) of the order is not applicable.

13. According to the information and explanations given to us and based on ourexamination of records of the company the transactions with the related parties are incompliance with Section 177 and 188 of the Companies act 2013 where applicable anddetails of such transactions have been disclosed in the notes to financial statements asrequired by the applicable accounting standards.

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

15. According to the information and explanations given to us and based on ourexamination of records of the company the company has not entered into non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the order is not applicable.

16. The company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For GOPIKUMAR ASSOCIATES
Chartered Accountants
FRN : 000981S
S Gopinath
Place: Chennai

Partner

Date : 30th May 2017 M. No. 023854

Annexure B to the Auditors' report

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 M/sQUINTEGRA SOLUTIONS LIMITED ("the Company") as of March 31 2017 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 internalfinancialcontrols 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 on Auditing issued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.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 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 amaterial 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 systemoverfinancial 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 inconditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our 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 issued by the Institute of CharteredAccountants of India.

For GOPIKUMAR ASSOCIATES
Chartered Accountants
FRN : 000981S
S Gopinath
Place: Chennai

Partner

Date : 30th May 2017 M. No. 023854