COMPUAGE INFOCOM Auditors Report

Report on the standalone Financial Statements


We have audited the accompanying standalone Financial Statements of Compuage Infocom Limited ("the Company"), which comprise the Balance Sheet as at 31st 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.


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 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 133of 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 of 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 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 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 31st March 2016 and its profit and its cash flows for the year ended on that date.


Report on legal and other regulatory requirements


1. As required by the Companies (Auditor''''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A a statement on the matters specified in 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 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 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 31st March 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2016 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 operating effectiveness of such controls, 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 on pending litigations on its financial position in its Financial Statements - Refer Note 2 (y) to the Financial Statements;


(ii) the Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses; and


(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.


Annexure A to the Independent Auditor’s Report


The Annexure A referred to in our Independent Auditor''''s Report to the members of the Company on the standalone Financial Statements for the year ended 31st 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) As explained to us, the fixed assets have been physically verified by the management in accordance with a phased programme of verification, which in our opinion, is reasonable, considering the size and nature of its business. As explained to us, no material discrepancies were noticed on such verification.


(c) According to the information and explanations given to us, the title deeds of immovable properties are held in the name of the Company.


(ii) As explained to us, the inventories have been physically verified by the management at reasonable intervals.


(iii) The Company has not granted any loans, secured or unsecured to Companies, firms, limited liability partnerships or other parties covered in the register maintained u/s 189 of the Act. Therefore the provisions of clause 3(iii) of the Order are not applicable to the Company.


(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of loans, investments, guarantees and security.


(v) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public. Therefore the provisions of clause 3(v) of the Order are not applicable to the Company.


(vi) As explained to us, the Central Government has not prescribed the maintenance of Cost Records under section 148(1). Therefore the provisions of clause 3(vi) of the Order are not applicable to the Company.


(vii) (a) According to the information and explanation given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues were in arrears, as at 31st March 2016 for a period of more than six months from the date they became payable.


(b) According to the information and explanations given to us, the amounts which have not been deposited as on 31st March 2016 on account of any dispute, are as follows :





















































































































Name of the statute



Nature of Dues



Amount



Period to which the



Forum where the dispute





(Rs. in lakhs)



amount relates



is pending



Sales Tax & Entry Tax Acts



Sales Tax and Entry



56.81



2007-2010



Tribunal



of respective states



Tax



18.94



2007-2013



D. C. Appeal







4.82



2009-10



J. C. Appeal







32.97



2008-09 & 2009-10



Commissioner







10.55



2011-12



Commissioner







18.44



2010-11



D. C. Appeal







12.68



2011-12



D. C. Appeal







9.82



2010-11



D. C. Appeal







13.98



2011-12









8.25



2012-13



D. C. Appeal







15.29



2013-14



D. C. Appeal







32.65



2014-15



D. C. Appeal







1.88



2015-16



D. C. Appeal







41.90



2015-16



J. C. Appeal







































Name of the statute



Nature of Dues



Amount (Rs. in lakhs)



Period to which the amount relates



Forum where the dispute is pending



The Income Tax Act, 1961



Income Tax



4.24



2009-10



CIT (Appeals)



2.41



2010-11



CIT (Appeals)



4.12



2011-12



CIT (Appeals)



The Customs Act, 1962



Custom Duty



213.27



2008-2015



Departmental Authorities / CESTAT




(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to a financial institution or bank. There are no loans or borrowing from the government. There are no debenture holders.


(ix) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were, prima facie, applied by the Company during the year for the purpose for which they were raised. The Company has not raised moneys by way of initial public offering or further public offer during the year.


(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) To the best of our knowledge and belief and according to the information and explanations given to us, the Company had made an application to the Central Government for remuneration pursuant to Section 197 of the Companies Act, 2013, read with Schedule V of the Act for Mr. Atul H. Mehta and Mr. Bhavesh H. Mehta appointed as Managing Director and Whole-time Director respectively. Central Government has closed the file on technical grounds for which the Company has made an application after complying with necessary corrections and requested to reopen the same. Confirmation of the same is awaited.


(xii) In our opinion, the Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) of the Order are not applicable to the Company.


(xiii) To the best of our knowledge and belief and according to the information and explanations given to us, all transactions with related parties are in compliance with Section 177 and 188 of the Act where applicable and details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.


(xiv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 42 of the Act with regard to preferential allotment of shares during the year under review. To the best of our knowledge and belief and according to the information and explanations given to us, the amount raised by the Company was, prima facie, has been used by the Company during the year for the purpose for which the funds were raised.


(xv) To the best of our knowledge and belief and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them. Therefore the provisions of clause 3(xv) of the Order are not applicable to the Company.


(xvi) To the best of our knowledge and belief and according to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Therefore the provisions of clause 3(xvi) of the Order are not applicable to the Company.


For B. V. Dalal & Co.


Chartered Accountants


Firm''''s registration No. 114214W


Sd/-


Manori Shah


Mumbai, Partner


May 2, 2016 Membership No. 104640

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