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Ram Info Ltd.

BSE: 530951 Sector: IT
NSE: N.A. ISIN Code: INE357B01022
BSE 00:00 | 12 Aug 105.70 1.70
(1.63%)
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NSE 05:30 | 01 Jan Ram Info Ltd
OPEN 104.00
PREVIOUS CLOSE 104.00
VOLUME 12510
52-Week high 183.00
52-Week low 54.00
P/E 8.90
Mkt Cap.(Rs cr) 71
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 104.00
CLOSE 104.00
VOLUME 12510
52-Week high 183.00
52-Week low 54.00
P/E 8.90
Mkt Cap.(Rs cr) 71
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ram Info Ltd. (RAMINFO) - Auditors Report

Company auditors report

To

The members of Raminfo Limited

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Raminfo Limited("the Company") which comprise the Balance Sheet as at March 31 2021 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as "the Standalone Financial Statements").

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2021 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

WeconductedourauditoftheStandaloneFinancialStatements in accordance with the Standardson Auditing specified under Section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India (ICAI) to get here with the independence requirements that arerelevant to our audit of the Standalone Financial Statements under the provisions of theAct and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Financial Statements of the current period.These matters were discussed in the context of our audit of the Standalone FinancialStatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Sl.No Key Audit Matter
1 Evaluation of provision for Provident fund damages along with interest
Based on the summons to appear for hearing u/s 14B of the EPF and MP Act 1952 (and order for payment of interest u/s 7Q) for belated remittance made during the period 01/04/1996 to 11/ 03/2014 received dated 11/03/2014 the Company has created Rs 6371 thousand towards provision for Provident fund damages along with interest in the financial year 2015-16. The same was under dispute. The same amount was still continuing in the books of accounts. This is considered to be a Key Audit Matter. Refer Note 13 Provisions to the Standalone Financial Statements.
Auditor's Response
We have reviewed the summons to appear for hearing u/s 14B of the EPF and MP Act 1952 (and order for payment of interest u/s 7Q) for belated remittance made during the period 01/04/1996 to 11/03/2014 received dated 11/03/2014 and all other relevant documents to review the nature of payments likelihood of outflow of
payable amounts.

Emphasis of Matter

We draw attention to the following matters in the Notes to the Financial Statement: i.Note 1.1.3.(f) which describes the management's assessment of the effect of Covid-19pandemic on the business and its associated financial impact. ii. Note 2 regarding themanagement decision to write off expenditure incurred at eSubcenter project which wasearlier capitalized. iii. Note 3 regarding the management decision to write offexpenditure incurred on M.A.R.S project. iv. Note 4 regarding the contingency about thecontinuation of Telemedicine Project and revenue recognition there on. Our conclusion isnot modified in respect of these matters.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the Standalone Financial Statements and our auditor's report thereon.

Our opinion on the Standalone Financial Statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other financial information and in doing so consider whether the otherinformation is materially inconsistent with the Standalone Financial Statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

If based on the work we have performed we conclude that there is materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Standalone Financial Statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withprovisions of the Act for safeguarding of assets of the Company and for preventing anddetecting 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 Standalone FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone Financial Statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists.

Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone FinancialStatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

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 management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue 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 financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant de_ciencies 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

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. As required by Section 143(3) of the Act based on our audit 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 including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid Standalone Financial Statements comply with the Ind ASspecified 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 March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) of theAct.

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". 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 the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act.

h) 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 as amended inour opinion and to the best of our information and according to the explanations given tous: i. The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements ii. The Company has made provision asrequired under the applicable law or accounting standards for material foreseeablelosses if any on long-term contracts including derivative contracts iii. There has beenno delay in transferring amounts required to be transferred to the Investor Educationand Protection Fund by the Company.

For Eswaraiah & Co.
Chartered Accountants
FRN: 006157S
Sd/-
Eswaraiah K
Partner
Place: Hyderabad M.No: 202257
Date: 25/05/2021 UDIN: 21202257AAAAEP3810

"ANNExURE A" TO ThE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement' of our report of even date to the standalone financial statementsof the Raminfo Limited for the year ended March 31 2021:

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

(b) The Fixed Assets have been physically verified by the management which in ouropinion is reasonable having regard to the size of the Company and nature of its business.According to the information and explanations given to us no material discrepanciesbetween the books records and the physical fixed assets have been noticed.

(c) According to the information and explanations given to us the Company doesn't ownany immovable properties hence this clause not applicable.

2. (a) The management has conducted the physical verification of inventory atreasonable intervals.

(b) The discrepancies noticed on physical verification of the inventory as compared tobooks records which has been properly dealt with in the books of account.

3. According to the information and explanations given to us by the management andbased on our examination of the records of the Company during the year the Company hasnot granted any fresh loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the Register maintained under section 189 of theAct. Accordingly the provisions of clause 3 (iii) (a) to (c) of the Order is notapplicable to the Company.

4. According to the information and explanations given to us by the management andbased on our examination of the records of the Company the Company has complied with theprovisions of section 185 and I86 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

5. According to the information and explanations given to us by the management andbased on our examination of the records of the Company the Company has not accepted anydeposits from the public and hence the directives issued by the Reserve Bank of India andthe provisions of Sections 73 to 76 or any other relevant provisions of the Act and theCompanies (Acceptance of Deposit) Rules 2015 with regard to the deposits accepted fromthe public are not applicable.

6. Maintenance of the cost records has not been specified by the Central Governmentunder clause (d) of sub-section (1) of section 148 of the Act. Thus reporting under clause3(vi) of the order is not applicable to the Company.

7. a) According to information and explanations given to us and on basis of examinationof the books of account and records the Company has been generally regular in depositingundisputed statutory dues including Provident Fund Employees State Insurance Income-TaxGoods and Service Tax Duty of Customs Cess and any other statutory dues with theappropriate authorities.

b) According to the information and explanations given to us undisputed dues inrespect of Provident Fund Employees State Insurance Income-Tax Sales tax Service TaxDuty of Customs Duty of Excise Value added Tax Cess and any other statutory dues withthe appropriate authorities which were outstanding at the year end for a period of morethan six months from the date they became payable are as follows:

Nature of dues Authority Financial year Amount (in thousands) Remarks
ESI ESIC Earlier years 458 Nil

c) According to the information and explanations given to us by the management andbased on our examination of the records of the Company there are no dues of Income taxSales Tax Value added tax Service tax duty of Customs duty of Excise Goods andService tax and Cess which have not been deposited with the appropriate authorities onaccount of any dispute except as stated below:

Nature of dues Authority where case is pending Financial year Disputed Amount (in thousands) Remarks
Provident Fund Provident Fund High Court of Andhra Pradesh PF Authorities 2006-07 to 2009-10 1996-97 to 2013-14 3765 6371 WP No. 717/2012 date: 06.01.2012 The Show Cause Notice from PF Authorities for Rs 6371 thousand for levying of damages and interest U/S 14B of EPF & MP Act 1952 is disputable. The Company has contested before the concerned authorities

8. According to the information and explanations given to us by the management andbased on our examination of the records of the Company the Company has not defaulted inthe repayment of dues to banks. The Company has not taken loans from financialinstitutions. The Company has not issued any debentures.

9. According to the information and explanations given to us by the management andbased on our examination of the records of the Company the companies has raised moneys byway of Term Loan and were applied for the purposes for which they were sanctioned.

10. According to the information and explanations given to us by the management andbased on our examination of the records of the Company we report that no fraud by theCompany or on the company by its officers or employees has been noticed or reported duringthe year.

11. According to the information and explanations given to us by the management andbased on our examination of the records of the Company the managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act;

12. In our opinion the Company is not a Nidhi Company.

Therefore the provisions of clause 4 (xii) of the Order are not applicable to theCompany.

13. According to the information and explanations given to us by the management andbased on our examination of the records of the Company all transactions with the relatedparties are in compliance with section 177 and 188 of Companies Act 2013 and the detailshave been disclosed in the Financial Statements as required by the applicable accountingstandards.

14. According to the information and explanations given to us by the management andbased on our examination of the records of the Company during the year the Company hasnot made any preferential allotment or private placement of shares or fully or partlyconvertible debentures and hence reporting under para 3 of clause (xiv) of the Order isnot applicable to the Company.

15. According to the information and explanations given to us by the management andbased on our examination of the records of the Company the company has not entered intoany non-cash transactions with directors or persons connected with him. Accordingly theprovisions of clause 3 (xv) of the Order are not applicable to the Company and hence notcommented upon.

16. 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 IndiaAct 1934 and accordingly the provisions of clause 3 (xvi) of the Order are notapplicable to the Company and hence not commented upon.

For Eswaraiah & Co.
Chartered Accountants
FRN: 006157S
Sd/-
Eswaraiah K
Partner
Place: Hyderabad M.No: 202257
Date: 25/05/2021 UDIN: 21202257AAAAEP3810

"ANNExURE B" TO ThE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 2(f) under the heading ‘Report on Other Legal &Regulatory Requirement' of our report of even date to Standalone FinancialStatements of Raminfo Limited for the year ended March 31 2021:

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 RaminfoLimited ("the Company") as of March 31 2021 in conjunction with our auditof the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control 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 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 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.

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 on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 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 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 2021 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 of Internal Financial Controls Over Financial Reporting issued by the Instituteof Chartered Accountants of India.

For Eswaraiah & Co.
Chartered Accountants
FRN: 006157S
Sd/-
Eswaraiah K
Partner
Place: Hyderabad M.No: 202257
Date: 25/05/2021 UDIN: 21202257AAAAEP3810

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