Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Infinite Computer Solutions (India) Limited (âthe Companyâ), which comprise the balance sheet as at March 31, 2018, the statement of profit and loss (including other comprehensive income), the statement of cash flows and the statement of changes in equity for the year then ended and a summary of the significant accounting policies and other explanatory information (herein after referred to as âstandalone Ind AS financial statementsâ).
MANAGEMENTâS RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles 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 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 standalone Ind AS 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 Ind AS 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 thereunder.
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 standalone Ind AS financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS 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 including the Ind AS, of the Financial position of the Company as at March 31, 2018 and its Financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order.
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, the Statement of Cash Flows and the Statement of Changes in Equity dealt with by this report are in agreement with the books of account;
d. in our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Accounting Standards specified under Section 133 of the Act read with relevant rule issued thereunder;
e. on the basis of the written representations received from the Directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164(2) of the Act;
f. with respect to the adequacy of the Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
g. with respect to the other matters to be included in the Auditorâs 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:
- the Company has no pending litigations having any significant impact on its Financial position requiring any disclosure in its Standalone Ind AS Financial Statements ;
- no provision was required, under the applicable law or accounting standards, for material foreseeable losses, on long-term contracts including derivative contracts ;
- there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and
ANNEXURE - A TO THE AUDITORSâ REPORT
The Annexure referred to in Independent Auditorsâ Report to the members of the Company on the Standalone Ind AS Financial Statements for the year ended March 31, 2018.
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 at reasonable intervals. 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 and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The Company is a service Company, primarily rendering software services. Accordingly, it does not hold any physical inventories. Thus, paragraph 3 (ii) of the Order is not applicable to the Company.
iii. The Company has not granted any loan , secured or unsecured, to companies, firms, limited partnerships, or other parties covered in the register maintained under section 189 of the Companies Act, 2013 (âthe Actâ). Accordingly, para 3(iii) of the order is not applicable.
iv. The Company has not attracted the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.
vii. a. According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax, duty of customs, service tax, GST, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employeesâ 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, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues were in arrears as at March 31, 2018 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 dues of Income tax, Value added tax, Service tax, GST, duty of customs, Duty of excise which have not been deposited with the appropriate authorities on account of any dispute.
viii. The Company does not have any loans or borrowings from any Financial institution, banks, government or debenture holders during the year. Accordingly, paragraph 3(viii) of the Order is not applicable.
ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
x. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the Company is not a nidhi Company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Standalone Ind AS Financial Statements as required by the applicable accounting standards.
xiv. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India AcRs.1934.
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 Infinite Computer Solutions (India) Limited (âthe Companyâ) as of 1 March 31, 2018 in conjunction with our audit of the standalone Ind AS Financial Statements of the Company for the year ended on that date.
MANAGEMENTâS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companyâs management is responsible for establishing and maintaining Internal Financial Controls based on the Internal Control over Financial reporting criteria established by the Company considering the essential components of Internal Control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). 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 Companyâs 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 Companyâs 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 auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS 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 Companyâs Internal Financial Controls System over Financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A Companyâs 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 Companyâs 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 authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Companyâs 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 March 31, 2018, based on the Internal Control over Financial Reporting criteria established by the Company considering the essential components of Internal Control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Sd/-
(Manish Kumar)
(Partner) (M.No.509620)
For HDSG & Associates
Chartered Accountants Place : Bengaluru
Firm Reg No: 002871N Date : May 30, 2018
Mar 31, 2017
INDEPENDENT AUDITORSâ REPORT TO THE MEMBERS OF, INFINITE COMPUTER SOLUTIONS (INDIA) LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying Standalone Ind AS Financial Statements of Infinite Computer Solutions (India) Limited (''the Company''), which comprise the Balance Sheet as at March 31, 2017, the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of Changes in equity for the year then ended and a summary of the significant accounting policies and other explanatory information (herein after referred to as "Standalone Ind AS Financial Statementsâ).
MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Actâ) with respect to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued there under. 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 Standalone Ind AS 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 Ind AS 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 Standalone Ind AS Financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS Financial Statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS 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 Standalone Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 Standalone Ind AS 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 Ind AS Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS 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 including the Ind AS, of the financial position of the Company as at March 31, 2017, and its Financial Performance including other Comprehensive Income, its Cash Flows and the Changes in Equity for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Orderâ) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the order.
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, the Statement of Cash Flows and the Statement of Changes in Equity dealt with by this report are in agreement with the books of account;
d. in our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Accounting Standards specified under Section 133 of the Act read with relevant rule issued there under;
e. on the basis of the written representations received from the Directors as on March 31, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164(2) of the Act;
f. with respect to the adequacy of the Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure Bâ; 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:
- the Company has no pending litigations having any significant impact on its financial position requiring any disclosure in its standalone Ind AS financial statements ;
- no provision was required, under the applicable law or accounting standards, for material foreseeable losses, on long-term contracts including derivative contracts ;
- there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and
- the Company has provided requisite disclosures in its Standalone Ind AS Financial Statements as to holdings as well as dealings in Specified Bank Notes during the period from November 08, 2016 to December 30, 2016 refer Note Q attached, and these are in accordance with the books of accounts maintained by the Company.
The Annexure referred to in Independent Auditors'' Report to the Members of the Company on the Standalone Ind AS Financial Statements for the year ended March 31, 2017.
We report as follows:
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 at reasonable intervals. 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 and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The Company is a service company, primarily rendering software services. Accordingly, it does not hold any physical inventories. Thus, paragraph 3(ii) of the Order is not applicable to the Company.
iii. The Company has not granted any loan, secured or unsecured to companies, firms, limited partnerships, or other parties covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). Accordingly, para 3(iii) of the order is not applicable.
iv. The Company has not attracted the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.
vii. a. According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of 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, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues were in arrears as at March 31, 2017 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 dues of Income tax, Value added tax, Service tax, duty of Customs duty of Excise duty which have not been deposited with the appropriate authorities on account of any dispute.
viii. The Company does not have any loans or borrowings from any financial institution, banks, government or debenture holders during the year. Accordingly, paragraph 3(viii) of the Order is not applicable.
ix. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
x. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.
xi. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act wherever applicable and details of such transactions have been disclosed in the standalone Ind AS financial statements as required by the applicable accounting standards.
xiv. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Actâ)
We have audited the Internal Financial Controls over Financial Reporting of infinite Computer Solutions (India) Limited ("the Companyâ) as of March 31, 2017 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date.
MANAGEMENT''S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Company''s management is responsible for establishing and maintaining Internal Financial Controls based on the Internal Control over Financial Reporting criteria established by the Company considering the essential components of Internal Control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). 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.
AUDITORS'' 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 "Guidance 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 auditorsâ judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS 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 March 31, 2017, based on the Internal Control over Financial Reporting criteria established by the Company considering the essential components of Internal Control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Sd/-
C V Savit Kumar Rao Amit Ray & Co.
For Chartered Accountants
Partner (M.No: 70009)
Place : Bengaluru Firm ICAI Reg. No: 000483-C
Date : May 23, 2017
Mar 31, 2015
We have audited the accompanying Standalone Financial Statements of
INFINITE COMPUTER SOLUTIONS (INDIA) LIMITED ("the Company"), which
comprises of the Balance Sheet as at March 31, 2015, the Statement of
Profit and Loss, the Cash Flow Statement for the year then ended, and a
summary of the 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 thereunder.
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. 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 Statement. 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 March 31, 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 March 31, 2015 taken on record by the Board of
Directors, none of the Directors are disqualified as on March 31, 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:
* The Company does not have any pending litigations which would impact
its financial position.
* The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.
* There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's 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 March 31, 2015
We report as follows:
1. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. As explained to us, the Company has a regular programme of physical
verification of its fixed assets at reasonable intervals, and no
material discrepancies were noticed on such verification.
2. The Company is a service company, primarily rendering software
services. Accordingly, it does not hold any physical inventories. Thus,
paragraph 3 (ii) of the Order is not applicable.
3. The Company has not granted any loans to any body corporates
covered in the register maintained under Section 186 of the Companies
Act, 2013 ('the Act').
4. 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 fixed assets and sale of services. The activities of the
Company do not involve purchase of inventory and the sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit.
5. The Company has not accepted any deposits from the public.
6. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
7. a. According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year by
the Company with the appropriate authorities. As explained to us, the
Company did not have any dues on account of 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,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at March 31,
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 of wealth tax, duty of customs and cess which have not
been deposited with the appropriate authorities on account of any
dispute.
c. According to the information and explanations given to us there were
no amounts which were required to be transferred to the investor
education and protection fund, in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules thereunder.
8. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9. The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
10. 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.
11. The Company did not have any term loans outstanding during the
year.
12. 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.
Sd/-
C V Savit Kumar Rao
For Amit Ray & Co.
Chartered Accountants
Partner (M.No: 70009) Place : Bengaluru
Firm ICAI Reg. No: 000483-C Date : May 21, 2015
Mar 31, 2014
We have audited the accompanying financial statements of INFINITE
COMPUTER SOLUTIONS (INDIA) LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2014, and the Statement of Profit and
Loss and 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
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.
Auditors' 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. 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 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:
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b. In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c. 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") 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 subsection (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;
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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
The Annexure referred to in the Auditor's Report to the members of
Infinite Computer Solutions (India) Limited for the year ended 31st
March, 2014.
We report as follows:
1. In respect of its fixed assets
a. The company is maintaining proper records showing full particulars
including quantitative details and situation of the fixed assets.
b. As explained to us, all the fixed assets have been physically
verified by the management and no material discrepancies have been
noticed on such physical verification.
c. The fixed assets disposed off during the year are not substantial
and such disposal has not affected the ability of the company to
continue as a going concern.
2. The company being a service company and providing software
consulting services does not hold any inventories. Accordingly clause
(ii)(a), (ii)(b) and (ii)(c) of paragraph 4 of the order is not
applicable to the company.
3. The company has not granted any unsecured loans to companies listed
in the register maintained under Section 301 of the Companies Act,
1956.
4. The company has not taken any unsecured loans, from companies listed
in the register maintained under section 301 of the Companies Act,
1956.
5. 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 business for purchase of the fixed
assets, and also for the provision of services and man hours billed for
the development of software. The activities of the Company do not
involve purchase of inventory and the sale of goods. We have not
observed any major weakness in the internal control system during the
course of the audit.
6. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
and arrangements the particulars of which need to be entered in the
register required to be maintained under Section 301 of the Companies
Act, 1956. Accordingly clauses (v) (b) of paragraph 4 of the order is
not applicable to the Company.
7. The Company has not accepted any deposits from the public within the
meaning of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975.
8. In our opinion, the company has an internal audit system,
commensurate with the size of the company and the nature of its
business.
9. According to the information and the explanations given to us, the
Central government has not prescribed the maintenance of the cost
records under Section 209(1)(d) of the Companies Act, 1956 for the
business activities of the Company.
10. According to the records of the company, the company is generally
regular in depositing undisputed statutory dues payable in respect of
provident fund, employees' state insurance, income tax, wealth tax,
sales tax, customs duty and other statutory dues applicable to it, with
the appropriate authorities during the year. According to the
information and the explanations given to us, no undisputed amounts
payable in respect of above were in arrears, as at 31st March, 2014,
for more than six months from the date they became payable.
11. According to the information and the explanations given to us,
there are no dues of income tax, service tax, customs duty, wealth tax,
and cess that have not been deposited on account of any dispute.
12. The company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses in the financial
year covered by our audit and in the immediately preceding financial
year.
13. According to the records of the company and the information and
explanations given to us, the company has not defaulted in repayment of
dues to any bank or financial institution. The company does not owe any
amounts to debenture holders.
14. According to the information and the explanations given to us, the
company has not granted any loans and advances on the basis of any
security by way of pledge of shares, debentures, and other securities.
15. In our opinion and according to the information and explanations
given to us, the company is not a chit fund company or a nidhi / mutual
benefit fund / society.
16. According to the information and the explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
17. 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.
18. According to the information and the explanations given to us and
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment.
19. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
20. The company has not issued any debentures during the year.
21. We have verified the end-use of money raised by public issue as
disclosed in the notes to the financial statements.
22. 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 Amit Ray & Co.
Chartered Accountants
Firm's Registration Number : 000483-C
C.V.Savit Kumar Rao
Partner
Membership Number : 70009.
Place : Bengaluru
Date : 15th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of INFINITE
COMPUTER SOLUTIONS (INDIA) LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31,2013, and the Statement of Profit and Loss
and Cash Flow Statement forthe yearthen ended, and a summary of
significant accounting policiesandotherexplanatory information.
Management''s Responsibility forthe Financial Statements
Management is responsible forthe 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 theCompanies Act, 1956 ("the Act").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 orerror.
Auditors''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. 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 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:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
b. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c. 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") 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
thebest of our knowledge and belief were necessary for the purpose of
ouraudit.
b. In ouropinion proper books of account as required by law here been
kept by thecompany, so far as appears from our examination ofthose
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 subsection (3C) of section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on March 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2013, from being
appointed as a director in termsof clause (g) of sub- section (1) of
section 274of the Companies Act, 1956.
We report as follows:
1. In respect of its fixed assets
a. The company is maintaining proper records showing full particulars
including quantitative details and situation of the fixed assets.
b. As explained to us, all the fixed assets have been physically
verified by the management and no material discrepancies have been
noticed on such physical verification.
c. The fixed assets disposed off during the year are not substantial
and such disposal has not affected the ability of the company to
continue as a going concern.
2. The company being a service company and providing software
consulting services does not hold any inventories. Accordingly clause
(ii)(a), (ii)(b) and (ii)(c) of paragraph 4 of the order is not
applicable to the company.
3. The company has not granted any unsecured loans to companies listed
in the register maintained under Section 301 of the Companies Act,
1956.
4. The company has not taken any unsecured loans, from companies
listed in the register maintained under section 301 of the Companies
Act, 1956.
5. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedure commensurate
with the size of the business for purchase of the fixed assets, and
also forthe provision of services and man hours billed fbrthe
development of software.
6. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
and arrangements the particulars of which need to be entered in the
register required to be maintained under Section 301 of the Companies
Act, 1956. Accordingly clauses (v)(b) of paragraph4of the order is not
applicable to the Company.
7. The Company has not accepted any deposits from the public within
the meaning of sections 58A and 58AA or any of the relevant provisions
of the Companies Art, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975.
8. In ouropinion, the company hasan internal auditsystem, commensurate
with the size of the company and the natureof its business.
9. According to the information and the explanations given to us, the
Central government has not prescribed the maintenance of the cost
records underSection 209(1 )(d) of the Companies Act, 1956 forthe
business activities of the Company.
10. According to the records of the company, the company is generally
regular in depositing undisputed statutory dues payable in respect of
provident fund, employees''state insurance, income tax, wealth tax,
sales tax, customs duty and other statutory dues applicable to it, with
the appropriate authorities during the year. According to the
information and the explanations given to us, no undisputed amounts
payable in respect of above were in arrears, as at 31!l March, 2013,
for more than six months from the date they became payable.
11. According to the information and the explanations given to us,
there are no dues of income tax, service tax, customs duty, wealth tax,
and cess that have not been deposited on account of any dispute.
12. The company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses in thefinancial
yearcovered by ouraudit and in the immediately preceding financial
year.
13. According to the records of the company
15. In our opinion and according to the information and explanations
given to us, the company is not a chit fund company or a nidh / mutual
benefit fund/society.
16. According to the information and the explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
17. According to the information and the explanations given to us,
thecompany has not given any guarantee for loans taken by others from
banks or financial institutions.
18. According to the information and the explanations given to us and
an overall examination ofthe balance sheet of thecompany, we report
that no funds raised on short term basis have been used for long term
investment.
19. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 ofthe Companies Act, 1956.
20. The company has not issued any debentures d uring the year.
21. We have verified the end-use of money raised by public issue as
disclosed in the notes to thefinancial statements.
For Amit Ray & Co,
Chartered Accountants
CV Savit Kumar Rao
Partner
Membership No: 70009
Firm Reg. No. 483C
Place: Gurgaon
Date : May 16,2013
Mar 31, 2012
We have audited the attached Balance Sheet of Infinite Computer
Solutions (India) Limited as at 31st March 2012 and the annexed profit
and loss account and cash flow statement for the period then ended.
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.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
accounts are free of material misstatements. An audit includes
examining, on a 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 a reasonable
basis for our opinion.
As required by Companies ( Auditor's Report ) Order, 2003 issued by the
Central Government of India in terms of section 227(4A) of the
Companies Act, 1956 and on the basis of such information and
explanations given to us during the course of our audit, we report
that:
1. In respect of its fixed assets
a. The company is maintaining proper records showing full particulars
including quantitative details and situation of the fixed assets.
b. As explained to us, all the fixed assets have been physically
verified by the management and no material discrepancies have been
noticed on such physical verification.
c. The fixed assets disposed off during the year are not substantial
and such disposal has not affected the ability of the company to
continue as a going concern.
2. The company being a service company and providing software
consulting services does not hold any inventories. Accordingly clause
(ii)(a), (ii)(b) and (ii)(c) of paragraph 4 of the order is not
applicable to the company.
3. The company had granted unsecured loans to companies listed in the
register maintained under Section 301 of the Companies Act, 1956. These
have been repaid during the year, and the maximum amount due, at any
time during the year, was Rs. 10,26,00,000. In our opinion, the rate of
interest and the other terms and conditions, on which the loans have
been given, are not prima-facie, prejudicial to the interests of the
Company.
4. The company has taken unsecured loans, from companies listed in the
register maintained under section 301 of the Companies Act, 1956. This
has been repaid during the year, and the maximum amount due, at any
time during the year, was Rs. 32,76,00,000. In our opinion, the rate of
interest and the other terms and conditions, on which the loans have
been taken, are not prima-facie, prejudicial to the interests of the
Company.
5. 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 business for purchase of the fixed
assets, and also for the provision of services and man hours billed for
the development of software.
6. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
and arrangements the particulars of which need to be entered in the
register required to be maintained under Section 301 of the Companies
Act, 1956. Accordingly clauses (v)(b) of paragraph 4 of the order is
not applicable to the Company.
7. The Company has not accepted any deposits from the public within
the meaning of sections 58A and 58AA or any other relevant provisions
of the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975.
8. In our opinion, the company has an internal audit system,
commensurate with the size of the company and the nature of its
business.
9. According to the information and the explanations given to us, the
Central government has not prescribed the maintenance of the cost
records under Section 209(1 )(d) of the Companies Act, 1956 for the
business activities of the Company.
10. According to the records of the company, the company is generally
regular in depositing undisputed statutory dues payable in respect of
provident fund, employees' state insurance, income tax, wealth tax,
sales tax, customs duty and other statutory dues applicable to it, with
the appropriate authorities during the year. According to the
information and the explanations given to us, no undisputed amounts
payable in respect of above were in arrears, as at 31st March, 2012,
for more than six months from the date they became payable.
11. According to the information and the explanations given to us,
there are no dues of income tax, service tax, customs duty, wealth tax,
and cess that have not been deposited on account of any dispute.
12. The company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses in the financial
year covered by our audit and in the immediately preceding financial
year.
13. According to the records of the company and the information and
explanations given to us, the company has not defaulted in repayment of
dues to any bank or financial institution. The company does not owe any
amounts to debenture holders.
14. According to the information and the explanations given to us, the
company has not granted any loans and advances on the basis of any
security by way of pledge of shares, debentures, and other securities.
15. In our opinion and according to the information and explanations
given to us, the company is not a chit fund company or a nidhi / mutual
benefit fund/society.
16. According to the information and the explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
17. 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.
18. According to the information and the explanations given to us and
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investment.
19. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
20. The company has not issued any debentures during the year.
21. We have verified the end-use of money raised by public issue as
disclosed in the notes to the financial statements.
Further to the above, we state 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, Profit and Loss accounts and cash flow statements
dealt with by this report, are in agreement with the books of accounts;
d) In our opinion the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the
Directors/Companies as on 31st March, 2012, and taken on record by the
Board of Directors, we report that they are not disqualified as on 31st
March, 2012 from being appointed as a director in terms of clause (g)
of sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Policies and notes thereon, 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 case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012,
b. in case of the Profit and Loss Account, of the Profit of the
Company for the year ended 31 st March, 2012,
c. in case of the Cash Flow Statement, of the cash flows for the year
ended 31st March, 2012.
For Amit Ray & Co.
Chartered Accountants
CV Savit Kumar Rao
Partner
Place : Bengaluru Membership No. 70009
Date : May 15th, 2012 Firm Reg No: 483C
Mar 31, 2011
We have audited the attached Balance Sheet of Infinite Computer
Solutions (India) Limited as at March 31, 2011 and the annexed profit
and loss account and cash flow statement for the period then ended.
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.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
accounts are free of material misstatements. An audit includes
examining, on a 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 a reasonable
basis for our opinion.
As required by Companies ( Auditor's Report ) Order, 2003 issued by the
Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 and on the basis of such information and
explanations given to us during the course of our audit, we report
that:
1. In respect of its fixed assets
a. The Company is maintaining proper records showing full particulars
including quantitative details and situation of the fixed assets.
b. As explained to us, all the fixed assets have been physically
verified by the Management and no material discrepancies have been
noticed on such physical verification.
c. The fixed assets disposed off during the year are not substantial
and such disposal has not affected the ability of the Company to
continue as a going concern.
2. The Company being a service company and providing software
consulting services does not hold any inventories. Accordingly clause
(ii)(a), (ii)(b) and (ii)(c) of paragraph 4 of the order is not
applicable to the Company.
3. The Company had granted unsecured loans to companies listed in the
register maintained under Section 301 of the Companies Act, 1956. These
have been repaid at the end of the year, and the maximum amount due, at
any time during the year, was Rs. 5,72,18,000. In our opinion, the rate
of interest and the other terms and conditions, on which the loans have
been given, are not prima-facie, prejudicial to the interests of the
Company.
4. The Company had taken an unsecured loan, from a company listed in
the register maintained under Section 301 of the Companies Act, 1956.
This has been repaid at the end of the year, and the maximum amount
due, at any time during the year, was Rs. 17,38,50,000. In our
opinion, the rate of interest and the other terms and conditions, on
which the loans have been taken, are not prima-facie, prejudicial to
the interests of the Company.
5. 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 business for purchase of the fixed
assets, and also for the provision of services and man hours billed for
the development of software.
6. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
and arrangements, the particulars of which need to be entered in the
register required to be maintained under Section 301 of the Companies
Act, 1956. Accordingly clauses (v)(b) of paragraph 4 of the order is
not applicable to the Company.
7. The Company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA or any other relevant provisions
of the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975.
8. In our opinion, the Company has an internal audit system,
commensurate with the size of the Company and the nature of its
business.
9. According to the information and the explanations given to us, the
Central government has not prescribed the maintenance of the cost
records under Section 209(1)(d) of the Companies Act, 1956 for the
business activities of the Company.
10. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues payable in respect of
provident fund, employees' state insurance, income tax, wealth tax,
sales tax, customs duty and other statutory dues applicable to it, with
the appropriate authorities during the year. According to the
information and the explanations given to us, no undisputed amounts
payable in respect of above were in arrears, as at 31st March, 2011,
for more than six months from the date they became payable.
11. According to the information and the explanations given to us,
there are no dues of income tax, service tax, customs duty, wealth tax,
and cess that have not been deposited on account of any dispute.
12. The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses in the financial
year covered by our audit and in the immediately preceding financial
year.
13. According to the records of the Company and the information and
explanations given to us, the Company has not defaulted in repayment of
dues to any bank or financial institution. The Company does not owe
any amounts to debenture holders.
14. According to the information and the explanations given to us, the
Company has not granted any loans and advances on the basis of any
security by way of pledge of shares, debentures and other securities.
15. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund Company or a nidhi / mutual
benefit fund/society.
16. According to the information and the explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
17. 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.
18. According to the information and the explanations given to us and
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment.
19. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
20. The Company has not issued any debentures during the year.
21. We have verified the end-use of money raised by public issue as
disclosed in the notes to the financial statements.
Further to the above, we state 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, Profit and Loss Accounts and Cash Flow Statements
dealt with by this Report, are in agreement with the books of accounts;
d) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this Report comply with the accounting
standards referred to in sub- section (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the Directors
/ Companies as on March 31, 2011, and taken on record by the Board of
Directors, we report that they are not disqualified as on March 31,
2011 from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Policies and notes thereon, 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:
i. in case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011,
ii. in case of the Profit and Loss Account of the Company for the
year ended March 31, 2011,
iii. in case of the Cash Flow Statement, of the cash flows for the
year ended March 31, 2011.
For and on behalf of
Amit Ray & Co.
Chartered Accountants
C V Savit Kumar Rao
Membership No: 70009
Firm ICAI Reg No. 483C
Place : Bengaluru
Date : May 10, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Infinite Computer
Solutions (India) Limited as at March 31. 2010 and the annexed profit
and loss account and cash flow statement for the period then ended.
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.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
accounts are free of material misstatements. An audit includes
examining, on a 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 a reasonable
basis for our opinion.
As required by Companies (Auditors Report) Order, 2003 issued by the
Central Government of India in terms of Section 227(4A) of the
Companies Act, 1956 and on the basis of such information and
explanations given to us during the course of our audit, we report
that:
1. In respect of its fixed assets
a. The Company is maintaining proper records showing full particulars
including quantitative details and situation of the fixed assets.
b. As explained to us, all the fixed assets have been physically
verified by the management and no material discrepancies have been
noticed on such physical verification.
c. The fixed assets disposed off during the year are not substantial
and such disposal has not affected the ability of the Company to
continue as a growing concern.
2. The Company being a service company, provides software consulting
services and does not hold any inventories. Accordingly clause (ii)
(a), (ii)(b) and (ii)(c) of paragraph 4 of the order is not applicable
to the Company.
3. The Company has granted unsecured loans to companies listed in the
register maintained under Section 301 of the Companies Act, 1956. The
aggregate outstanding at the end of the year was Rs. 271,839,351 and
the maximum amount due, at any time during the year, was Rs.
408,603,271. In our opinion, the rate of interest and the other terms
and conditions, on which the loans have been given, are not
prima-facie, prejudicial to the interests of the Company.
4. The Company has not taken any loans, secured or unsecured from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. Accordingly clauses (iii)
(f) and (iii) (g) of paragraph 4 of the order is not applicable to the
Company.
5. 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 business for purchase of the fixed
assets, and also for the provision of services and man hours billed for
the development of software.
6. In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
and arrangements, the particulars of which need to be entered in the
register required to be maintained under Section 301 of the Companies
Act, 1956. Accordingly clauses (v) (b) of paragraph 4 of the order is
not applicable to the Company.
7. The Company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA or any other relevant provisions
of the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975.
8. In our opinion, the Company has an internal audit system,
commensurate with the size of the Company and the nature of its
business.
9. According to the information and the explanations given to us, the
Central government has not prescribed the maintenance of the cost
records under Section 209(1 )(d) of the Companies Act. 1956 for the
business activities of the Company.
10. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues payable in respect of
provident fund, employees state insurance, income tax, wealth tax,
sales tax, customs duty and other statutory dues applicable to it, with
the appropriate authorities during the year. According to the
information and the explanations given to us, no undisputed amounts
payable in respect of above were in arrears, as at March 31, 2010, for
more than six months from the date they became payable.
11. According to the information and the explanations given to us,
there are no dues of income tax, service tax, customs duty, wealth tax,
and cess that have not been deposited on account of any dispute.
12. The Company does not have any accumulated losses at the end of the
financial year and has not incurred any cash losses in the financial
year covered by our audit and in the immediately preceding financial
year.
13. According to the records of the Company and the information and
explanations given to us, the Company has not defaulted in repayment of
dues to any bank or financial institution. The Company does not owe
any amounts to debenture holders.
14. According to the information and the explanations given to us, the
Company has not granted any loans and advances on the basis of any
security by way of pledge of shares, debentures, and other securities.
15. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund Company or a nidhi / mutual
benefit fund/society.
16. According to the information and the explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
17. 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.
18. According to the information and the explanations given to us and
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investment.
19. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
20. The Company has not issued any debentures during the year.
21. We have verified the end-use of money raised by public issue as
disclosed in the notes to the financial statements.
Further to the above, we state 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, profit and loss accounts and cash flow statements
dealt with by this Report, are in agreement with the books of accounts;
d) In our opinion the balance sheet, profit and loss account and cash
flow statement dealt with by this Report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the Directors
/ Companies as on March 31,2010, and taken on record by the Board of
Directors, we report that they are not disqualified as on March 31,
2010 from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant policies and notes thereon, 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:
i. in case of the Balance Sheet, of the state of affairs of the Company
as at March 31,2010,
ii. in case of the Profit and Loss Account, of the profit of the
Company for the year ended March 31,2010,
iii. in case of the Cash Flow Statement, of the cash flows for the year
ended March 31,2010.
Place : Bangalore For and on behalf of
Date : May 12,2010 Amit Ray & Co.
Chartered Accountants
C V Savit Kumar Rao
Partner
Membership No: 70009
Firm ICAI Reg No. 483C