Mar 31, 2016
To the Members of ACI Infocom Limited
Report on the Financial Statements
We have audited the accompanying standalone financial statements of ACI Infocom Limited (âthe Company''), which comprise the balance sheet as at 31 March 2016, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Act'') with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2016 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 (âthe Order'') issued by the Central Government of India in terms of sub section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 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 sought and obtained all the information and explanations which to the best of 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 the Company 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 statement dealt with by this Report are in agreement with the books of account;
d. in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards 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 31 March 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2016 from being appointed as a director in terms of Section 164 (2) of the Act; and
f. Report on the Internal Financial Controls under Clause (1) of Sub-section 3 of section 143 of the companies Act, 2013 (âthe Actâ)- refer to our separate report in Annexure B ;and
g. with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and 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 financial position in its financial statements. ( refer note No. 21.3 )
ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts. The Company does not have any derivative contract.
iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE A TO THE AUDITORSâ REPORT
The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2016, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us, the title deeds of immoveable properties are held in the name of the company
(ii) According to the information and explanations given to us the Company has conducted physical verification of inventory at reasonable intervals. . In our opinion no such material discrepancies were noticed on physical verification by the management.
(iii) (a) The Company has not granted loans to parties covered in the register maintained under section 189 of the Companies Act, 2013 (âthe Act'').
Thus, paragraph (iii)(b) and 3 (c) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with provision of section 185 and 186 of Act , with respect to the loan and investment made.
(v) The Company has not accepted any deposits from the public.
(vi) We have broadly reviewed the cost records maintained by the company specified by the Central Government under sub-section (1) of section 148 of the Companies Act and are of the opinion that prima facie the prescribed cost records have been maintained.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records , the Company is regular in depositing undisputed statutory dues including provident fund, income tax, service tax, cess and other material statutory dues with the appropriate authorities. As explained to us, the Company did not have any dues on account of sales tax, wealth tax, duty of customs, value added tax, employees'' state insurance and duty of excise.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, service tax, cess and other material statutory dues were in arrears as at 31 March 2016 for a period of more than six months from the date they became payable except Provident fund of Rs.2100 and Service tax of Rs. 2520
(b) According to the information and explanations given to us, there are no material dues income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of duty of customs have not been deposited by the Company on account of disputes:
Name of statute |
Nature of dues |
Period to which amt relates |
Amt (Rs.) |
Forum where dispute pending |
Custom Act |
Custom |
1984-85 |
6,27,764 |
The matter is |
1962 |
Duty |
Interest |
pending before competent authority |
(viii) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year
(ix) The company has not raised moneys by way of initial public offer or further public offer (including debt instrument) and term loans during the year.
(x) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our examination of the record of the Company, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act
(xii) In our opinion and according to the information and explanations given to us, the company is not nidhi company. Accordingly paragraph 3(xii) of Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the record of the Company, transactions with related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial statements as required by the applicable accounting standards.
(xiv) The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review .
(xv) According to the information and explanations given to us and based on our examination of the record of the Company, the company has not entered into any non-cash transactions with directors or persons connected with him.
(xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE B TO THE AUDITORSâ REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of ACI Infocom Limited (âthe Company'') as of 31-Mar-2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial 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 and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31-Mar-2016.
For Anand Jain & Associates
Chartered Accountants
Firm''s registration number: 105666W
Anand Raj Jain
Partner
Membership No.042051
Date- 27/05/2016
Mumbai
Mar 31, 2015
We have audited the accompanying standalone financial statements of ACI
Infocom Limited ('the Company'), which comprise the balance sheet as at
31 March 2015, the statement of profit and loss and the cash flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the Act') with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account
the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 March 2015 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ('the
Order') issued by the Central Government of India in terms of sub
section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 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 sought and obtained all the information and explanations
which to the best of 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 the Company 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 statement dealt with by this Report are in agreement with the
books of account;
d. in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards 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 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f. with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and 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
financial position in its financial statements. ( refer note No. 22.3 )
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts. The Company does not have any derivative
contract.
iii. there were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of
fixed assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) (a) According to the information and explanations given to us the
Company has conducted physical verification of inventory at reasonable
intervals .
(b) As examined by us procedures of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) As examined by us the company is maintaining proper records of
inventory and no such material discrepancies were noticed on physical
verification by the management.
(iii) (a) The Company has not granted loans to parties covered in the
register maintained under section 189 of the Companies Act, 2013 ('the
Act').
Thus, paragraph 3(b) and 3 (c) of the Order is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for the sale of goods and
services. We have not observed any major weakness in the internal
control system during the course of the audit.
(v) The Company has not accepted any deposits from the public.
(vi) We have broadly reviewed the cost records maintained by the
company specified by the Central Government under sub-section (1) of
section 148 of the Companies Act and are of the opinion that prima
facie the prescribed cost records have been maintained.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records , the Company is regular
in depositing undisputed statutory dues including provident fund, income
tax, service tax, cess and other material statutory dues with the
appropriate authorities. As explained to us, the Company did not have
any dues on account of sales tax, wealth tax, duty of customs, value
added tax, employees' state insurance and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
service tax, cess and other material statutory dues were in arrears as
at 31 March 2015 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there
are no material dues income tax or sales tax or wealth tax or service
tax or duty of customs or duty of excise or value added tax or cess
which have not been deposited with the appropriate authorities on
account of any dispute. However, according to information and
explanations given to us, the following dues of duty of customs have
not been deposited by the Company on account of disputes:
Name of Nature of Period to
statute dues which amt relates
Custom Act Custom 1984-85
1962 Duty
Name of Amt (Rs.) Forum where
statute dispute pending
Custom Act 6,27,764 The matter is
1962 Interest pending before
competent authority
(c) According to the information and explanations given to us there is
no amounts due which were required to be transferred to the investor
education and protection fund during the year.
(viii) The Company has accumulated losses at the end of the financial
year, however it does not exceed fifty percent of its net worth. The
Company has not incurred any cash losses in the financial year and in
the immediately preceding financial year.
(ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Anand Jain & Associates
Firm Reg. No.-105666W
Chartered Accountants
Anand Raj Jain
Partner
Membership No.42051
Date- 29/05/2015
Mumbai
Mar 31, 2014
We have audited the accompanying financial statements of ACI Infocom
Limited ("the Company"), which comprises the balance sheet as at 31st
March 2014, the statement of profit and loss of the Company for year
then ended, the cash flow statement of the Company for the year then
ended and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error, in making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31st March 2014;
(i) in the case of the statement of profit and loss account, of the
profit for the year ended on that date; and
(ii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the balance sheet, statement of profit and loss and
cash flow statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act,
2013.; and
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph(3) of our report of even date to the members
of ACI Infocom Limited for the year ended 31** March 2014)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
Assets.
(b) All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) During the year, the Company has not disposed off any substantial
part of its fixed assets.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physically verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
(iii) (a) The Company has not granted any loans, secured or unsecured
to companies, firms and other parties covered in the register
maintained under section 301 of the Companies Act 1956. Therefore para
(b), (c) and (d) are not applicable.
(b) The Company has taken loan from one parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 101.83 Lacs.
(c) Rate of interest and other terms and conditions of such loan is, in
our opinion, prima facie not prejudicial to the interest of the
Company.
(d) The Company is regular in repaying the principal and interest
amounts as stipulated.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to the purchase of inventory, fixed assets and
for the sale of goods and services. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal control system.
(v) According to the information and explanations given to us there is
no transactions that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 hence clause (v) sub
clause (a) & (b) not applicable to the company.
(vi) In our opinion and according to the information and explanations
given to us, no public deposits under the provisions of Section 58A and
S8AA of the Companies Act, 1956 and rules framed have been accepted by
the Company. According to the information and explanations given to us,
no order under the aforesaid sections has been passed by the Company
Law Board or National Company Law Tribunal or Reserve Bank of India or
any court or any other Tribunal on the Company.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the cost records maintained by the
company pursuant to the companies (Cost Accounting Records) Rules, 2011
prescribed by the central government under section 209(1 )(d) of the
companies Act,1956 and are of the opinion that prima facie the
prescribed cost records have been maintain.
(ix) (a) Undisputed Statutory Dues as applicable to the Company have
been regularly deposited with the appropriate authorities; however,
there have been some delays in depositing such dues. According to the
information and explanations given to us, there were no
.undisputed statutory dues except provident fund of Rs.42,218/- &
Advance Income Tax of Rs 93,963/- which have remained outstanding as at
31" March, 2014 for the year of more than six months from the date they
became payable.
(b) According to the information & explanations given to us, the
company has the following disputed statutory dues and the forum where
the dispute is pending are as under -
Sr.
No. Name of Nature of Period to Amt(Rs.) Forum where
statute dues which amt relates dispute
pending
1 Custom Act Custom 1984-85 6,27,764 CanceDafionat
1962 Duty Interest Ex-Party order
under
Consideration
by the issuing
authority.
(x) The Company has accumulated losses at the end of the financial
year, however it does not exceed fifty percent of its net worth. The
Company has not incurred any cash losses in the financial year and hi
the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution or Bank.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) The Company is not a chit fund or a nidhi mutual benefit fund /
society.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the Company has not raised any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that, on an overall basis, funds raised on short-term basis have, prima
facie, not been used during the period for long term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment to parties and companies
covered in the register maintained under section 301 of the Act during
the year.
(xix) According to the information and explanations given to us, the
Company had not issued any debentures during the year or in earlier
years.
(xx) The Company has not raised any money by public issue during the
year.
(xxf) To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud on or by
the Company has been noticed or reported during the year.
for Anand Jain & Associates
Chartered Accountants
Firm''s registration number: 105666W
Anand Raj Jain
Partner
Membership No.042051
Date- 28/05/2014
Mumbai
Mar 31, 2012
1) We have audited the attached Balance sheet of ACI Infocom Limited
("the Company") as at March 31st, 2012,the Statement of Profit and
Loss and the Cash Flow Statement for the year ended on that date, both
annexed thereto, (collectively referred to as the financial
statements), signed by us under reference to this report. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2) We have conducted our audit in accordance with auditing standards
generally accepted in India.
Those Standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidences supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall presentation of financial statements. We believe
that our audit provides a reasonable basis for our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003,as
amended by Companies (Auditor's Report) (Amendment)Order, 2004
(together the "Order"),issued by the Central Government of India in
terms of sub section (4A) of section 227 of Companies Act, 1956, we
enclose in the Annexure, a Statement on the matters specified in
paragraphs 4 and 5 of the said order.
4) Further to our comments in the Annexure referred to paragraph 3
above, we report as follows:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
(ii) In our opinion, the Company has kept proper books of accounts as
required by law so far as appears from our examination of those books.
(iii) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion ,the Balance Sheet .Statement of Profit and Loss
and Cash Flow Statement - dealt by this report comply with the
accounting standards referred to in sub-section (3c) of section 211 of
the Companies Act, 1956.
(v) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the
- manner so required and give a true and fair view in conformity with
the accounting principles
generally accepted in India:
a. In the case of Balance Sheet, of the state of affairs of the
Company as at March 31, 2012,
b. In the case of the Statement of Profit and Loss, of the profit for
the year ended on
that date, and
c. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
5) On the basis of written representations received from the directors,
as on March 31,2012, and taken on record by the Board of Directors, we
report that none of the directors is prima facie disqualified as on
March 31, 2012 from being appointed as a director in terms of section
274(1 )(g) of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph(3) of our report of even date to the members
of ACI Infocom Limited for the year ended 31st March 2012)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative
details and situation of fixed Assets.
(b) All the assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) During the year, the Company has not disposed off any substantial
part of its fixed assets.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physically verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
(iii) (a) The Company has not granted any loans, secured or unsecured
to companies, firms and
other parties covered in the register maintained under section 301 of
the Companies Act 1956. Therefore para (b), (c) and (d) are not
applicable.
(e) The Company has taken loan from two parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 136.40 Lacs. During the year
one loan of Rs.15 Lacs was squared up.
(f) Above loan is interest free loan and the terms and conditions of
such loan is, in our opinion, ' prima facie not prejudicial to the
interest of the Company.
(g) The Company is regular in repaying the principal amounts as
stipulated.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business, with regard to the purchase of inventory, fixed assets and
for the sale of goods and services. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the
transactions that need to be entered into the register maintained under
section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, 1956 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, no public deposits under the provisions of Section 58A and
58AA of the Companies Act,1956 and rules framed have been accepted by
the Company. According to the information and explanations given to us,
no order under the aforesaid sections has been passed by the Company
Law Board or National Company Law Tribunal or Reserve Bank of India or
any court or any other Tribunal on the Company
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Maintenance of cost records prescribed by the Central
Government under section 209 (1) (d) of the Companies Act, 1956 is not
applicable to the Company.
(ix) (a) Undisputed Statutory Dues including Employees' Provident
Fund, Employees' State
Insurance (ESIC),Value Added Tax, Central Sales Tax, Tax Deducted at
Source, Income Tax, Wealth Tax, Service Tax, and Profession Tax have
generally been regularly deposited with the appropriate authorities,
however, there have been some delays in depositing such dues. According
to the information and explanations given to us, there were no
undisputed statutory dues which have remained outstanding as at 31st
March, 2012 for the period of more than six months from the date they
became payable.
(b) According to the information and explanation given to us, there is
no dispute pending in respect of dues of income tax/sales tax/wealth
tax/service tax/custom duty/excise duty/cess.
(x) The Company has accumulated losses at the end of the financial
year, however it does not exceed fifty percent of its net worth. The
Company has not incurred any cash losses in the financial year and in
the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution or Bank.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advances on the
basis of security byway of pledge of shares, debentures and other
securities.
(xiii) The Company is not a chit fund or a nidhi mutual benefit fund /
society.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us, the Company have not raised any term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that, on an overall basis, funds raised on short-term basis have, prima
facie, not been used during the period for long term investment.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment to parties and companies
covered in the register maintained under section 301 of the Act during
the year.
(xix) According to the information and explanations given to us, the
Company had not issued any debentures during the year or in earlier
years.
(xx) The Company has not raised any money by public issue.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For Anand Jain & Associates
Firm Reg. No.-105666W Chartered Accountants
Anand Raj Jain Partner
Membership No.42051
Place: Mumbai
Date :30.05.2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of ACIINFOCOM LIMITED,
as at 31st March 2010 & also the related Profit & Loss Account for the
period ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management as well as evaluating the overall financial statement
presentation. We believe that our audit provides reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003,as
amended by Companies (Auditors Report) (Amendment) Order,
2004(together the order1) issued by the Central Government in terms of
subsection (4A) of Section 227 of The Companies Act, 1956 of India
(the Act) and on the basis of such checks of the books and records of
the Company as we considered appropriate and according to the
information and explanation given to us, we give in the annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
4. Furtherto our comments in the Annexure referred to in Paragraph 3
above, we report that:
a) We have obtained all the information & explanation, which, to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
c) The Balance Sheet, Profit & Loss Account dealt with by this report
are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account dealt with
by this report comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Act;
e) On the basis of written representation received from the Directors
as on 31st March 2010 and taken on record by the Board of Directors,
none of the Directors of the Company is disqualified as on 31st March
2010 from being appointed as Director of the Company under clause (g)
of sub-section (1) of section 274 of the Act;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said Financial Statements together
with the notes thereon give in the prescribed manner the information
required by the Act, and gives a true and fair view in conformity with
the accounting principles generally accepted in India;
i. In the case of the Balance sheet, of the State of Affairs of the
Company as at 31st March, 2010;
ii. In the case of the Profit & Loss Account, of the Profit for the
year ended on that date; and
ANNEXURE TO AUDITORS REPORT
[Referred to in Paragraph 3 of the Auditors Report of even date to the
members of ACI Infocom Limited on the Financial Statements for the year
ended 31 st March 2010]
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed assets are physically verified by the management which is
designed to cover all locations, which in our opinion, is reasonable
having regard to the size of the company and the nature of its assets.
Pursuant to the programme, the management during the year physically
verified the fixed assets at certain locations and no material
discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanation
given to us, a substantial part of the fixed assets has.not been
disposed off during the year to affect the going concern status of the
Company.
2. (a) Inventory has been physically verified by the management during
the year. In our opinion the frequency of verification is reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) In our opinion and according to the information & explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
3. (a) According to the information and explanations given to us, the
company is maintaining the
register required under section 301 of the Act, and the same has been
updated as per the requirements of clause (v) of paragraph 4 of the
Order.
(b) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under sec. 301 of the Act.
(c) The company has not taken unsecured loans from the parties covered
in the register maintained under sec. 301 of the Act.
(d) Since the company has not taken loan from the parties covered in
the register maintained u/s. 301 of the Act, this clause is not
applicable to the company.
(e) The rate of interest and other terms and conditions of loans taken
by the company, secured or unsecured, are prima facie not prejudicial
to the interest of the company.
4. In our opinion and according to the information and explanations
given to us, the company has an adequate internal control system
commensurate with its size and nature of business for the purchase of
inventory and fixed assets, and for the sale of goods and services.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of
contracts or arrangements referred in section 301 of the Act have been
entered into the register required to be maintained underthat section.
(b) In our opinion and according to the information and explanation
given to us, in respect of the transactions entered in the register
maintained in pursuance of section 301 the Act during the year have
been made at prices which are reasonable having regard to the
prevailing market price, at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58 A and 58AAof the Act and the rules framed
there under.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. According to the information and explanations given to us, the
company is not required to maintain cost records under section 209(1)
(d) of the Act.
9. (a) In our opinion and according to the information and
explanations given to us, the Company is
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income Tax, Sales Tax, Value added tax, Wealth tax,
Service tax, Custom duty, Excise duty, Cess and other material
statutory dues, if any, applicable to it with the appropriate
authorities except that company has received in June 2007 a demand of
Rs. 10,82,211/- from Commercial Tax Officer, Tamil Nadu Commercial Tax
Department for the year 2004-05. The company is in the progress of
filing appeal against the said demand.
(b) According to the information and explanation given to us, dues of
sales tax / income tax /custom tax / wealth tax / excise duty / cess
not deposited are not disputed dues.
10. The accumulated loss of the company at the end of the financial
year are not more than fifty percent of its net worth. And also, the
company has not incurred any cash losses during the financial year and
immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, the Company has not defaulted
in repayment of dues to any financial institutions or banks or
debenture holders at the balance sheet date.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit f
unds/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in shares,
securities, debentures and other investments.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial Institution during the year.
16. In our opinion and according to the information and explanations
given to us, the company has applied the term loans for the purpose of
which it was obtained.
17. On the basis of overall examination of the Balance Sheet of the
Company, in our opinion and according to information and explanations
given to us, there are no funds raised on short-term basis, which have
been used for long-term investments.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act during the year.
19. The Company has not issued any debentures during the year and
accordingly, the creation of securities of charge thereof does not
arise.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India and according to the information &
explanation given to us, we have neither come across any instance
material fraud on or by the company, noticed or reported during the
year nor have we been informed of such case by the management.
For M.V. Krishnamoorthy
Chartered Accountants
M.V. Krishnamoorthy
Proprietor
Membership No: 05859
Place: Mumbai
Date: 6th August 2010
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article