| Report on the Financial Statements
1. We have audited the accompanying financial statements of INFORMED
TECHNOLOGIES INDIA LIMITED ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, 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, which we have
signed under reference to this report.
Management's Responsibility for the Financial Statements
2. 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 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 principles
generally accepted in India, including the Accounting Standards
referred 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
3. Our responsibility is to express an opinion on these 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 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 true and fair view in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in the place an adequate internal financial
control system over financial reporting and the operating effectiveness
of the such controls. 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 financial
statements.
Opinion
4. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid 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
5. As required by the Companies (Auditor's Report) Order, 2015 ('the
Order'), issued by the Central Government of India in exercise of
powers conferred by sub-section 11 of section 143 of the Act, we
enclose in Annexure a statement on the matters specified in paragraphs
3 and 4 of the Order.
6. 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 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 financial 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 written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 24 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.
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
Annexure referred to in paragraph 5 under the heading "Report on other
legal and regulatory requirements" of our report of even date to the
members of Informed Technologies India Limited on the financial
statements for the year ended 31st March 2015.
(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 during the year in accordance with a phased programme
of verification which, in our opinion, is reasonable having regard to
the size of the company and nature of its fixed assets. The
discrepancies noticed on verification between the physical fixed assets
and the books records were not material having regard to nature and
size of the operations of the Company and the same have been properly
dealt with in books of accounts.
(ii) The nature of the company's operations during the year does not
require it to hold inventories and as such paragraph 3 (ii) of the
Companies (Auditors Report) Order, 2015 ('the Order') is not
applicable.
(iii) According to the information and explanation given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
189 of the Companies Act, 2013. Accordingly, the paragraph 3 (iii) (a)
to (b) of the order is not applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and with regard to
the sale of services. There are no purchases of inventory. During the
course of our audit, we have not observed any continuing failure to
correct any major weakness in internal controls.
(v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of the sections sections 73 to 76 or any other
relevant provisions of the Companies Act and the rules framed
thereunder.
(vi) According to the information and explanations given to us, the
maintenance of cost records were not prescribed by the Central
Government under section 148(1) of the Act, for any of the activities
of the Company.
(vii) (a) According to the information and explanations given to us,
and on the basis of our examination, the Company is generally regular
in depositing with appropriate authorities undisputed statutory dues
applicable to it, including provident fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, duty of custom, duty of
excise, value added tax, cess and other statutory dues.
(b) According to the information and explanations given to us no
undisputed amounts payable in respect of provident fund, employees'
state insurance, income tax, sales tax, wealth tax, service tax, duty
of custom, duty of excise, value added tax, cess and other statutory
dues, applicable to it, were in arrears, as at 31st March, 2015 for a
period of more than six months from the date they become payable.
(c) According to the information and explanations given to us, the
following dues of ncome tax have not been deposited with the
appropriate authorities on account of dispute;
Name of the
Statute Nature of dues Demanded
Amt (Rs.
in lacs) Forum where dispute
is pending
The Income Tax-
Act, 1961 Income-Tax,including 4.66 Appellate Tribunal,
Mumbai
(A.Y. 2009-10) Interest
The Income Tax-
Act, 1961 Income-Tax,including 5.35 Commissioner of
Income Tax
(A.Y. 2010-11) Interest (Appeals), Mumbai
The Income Tax-
Act, 1961 Income-Tax, including 8.48 Commissioner of
Income Tax
(A. Y. 12-13) Interest (Appeals), Mumbai
(d)According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the amount
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 made thereunder has been transferred to such
fund within time.
(viii) The Company does not have any accumulated losses at the end of
the financial Year. The Company has not incurred any cash loss during
the current year and in the immediately preceding financial year.
(ix) According to the information and explanations given to us and
based on the records made available to us, the Company has not
defaulted in repayment of dues to any financial institution, bank or
debenture holders during the year.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xi) According to the information and explanations given to us and the
records made available to us, the term loan (being car loan) obtained
was applied for the purpose for which the loan was obtained.
(xii) To the best of our knowledge and belief and according to the
information and explanations given to us, no instances of material
fraud on or by Company has been noticed or reported during the course
of our audit.
For M.V. GHELANI & CO.
CHARTERED ACCOUNTANTS
Firm Regn. No. 119077W
(M. V. GHELANI)
PROPRIETOR
Membership No.: 031105
Place : Mumbai
Date: 28th May, 2015.
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