To the members of Trigyn Technologies Limited
Report on the Standalone Indian Accounting Standard (Ind AS) FinancialStatements for the year ended 31st March 2018
We have audited the accompanying Standalone Ind AS financial statements of TrigynTechnologies Limited(the Company) which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income)Statement of Cash Flow and the Statement of Changes in Equity for the year then ended anda summary of significant accounting policies and other explanatory information (hereinafter referred to 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 the stateof affairs(financial position) profit or loss (including other comprehensive income)cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act read with relevant Rules issued thereunder.
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.
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 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 Ind AS 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 we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.
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 accounting principles generally accepted in India including the Standalone IndAS of the state of affairs (financial position) of the Company as at 31stMarch 2018 and its profit (including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.
Emphasis of matter
We draw attention to
1. Note No.43 to the standalone Ind AS financial statements regarding balances of woundup foreign subsidiaries carried forward in the books requiring approval and permissionfrom RBI under FEMA regulations.
2. Note No.38(ii) to the standalone Ind AS financial statements regarding Company'sApplication to Central government for approval of excess remuneration paid to Whole timedirector.
(As fully described in the above referred Note)
Our opinion is not qualified in 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 in terms of Section 143(11) of the Act we give inAnnexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder.
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 purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;
c. the Balance Sheet Statement of Profit and Loss (including Other ComprehensiveIncome) and Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;
d. in our opinion the afore said standalone Ind AS financial statements comply withthe Indian Accounting Standards specified under Section 133 of the Act read with relevantrules issued thereunder;
e. on the basis of written representations received from the directors as on 31stMarch 2018 and 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 termsof sub section (2) of section 164 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 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 disclosed the impact of pending litigations on its financialposition in its financial statements-Refer Note No. 49 to the standalone Ind AS financialstatements;
ii) As represented by the company there are no long-term contracts includingderivative contracts having material foreseeable losses-Refer Note No. 51 to thestandalone Ind AS to the financial statements; and
iii) There are no amounts required to be transferred to Investor Education andProtection Fund by the Company- Refer Note No. 52 to the standalone Ind AS to thefinancial statements.
| ||For FORD RHODES PARKS & CO.LLP |
| ||Chartered Accountants |
| ||ICAI FRNo. 102860W/W100089 |
| ||A. D. Shenoy |
|Place: Mumbai ||Partner |
|Date: 17th May 2018 ||Membership No.11549 |