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આઈસીએસએ ઇંડિયા

બીએસઈ: 531524  |  ઍનઍસઈ : ICSA  |  ISIN: INE306B01029  |  Computers - Software

શોધો આઈસીએસએ ઇંડિયા કનેક્શન � Jun 14
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '15
Report on the Financial Statements
 
 We have audited the accompanying financial statements of ICSA (INDIA)
 LIMITED (the Company), which comprise the Balance Sheet as at 31st
 March 2015, the Statement of Profit and Loss and the Cash Flow
 Statement for the period then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters 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 specified under
 Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
 Rules, 2014. This responsibility also includes the maintenance of
 adequate accounting records in accordance with the provision of the Act
 for safeguarding of 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 internal financial control, 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 financial
 statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 there under.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under section 143(10) of the Act. Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatements.
 
 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 a true and fair view,
 in order to design audit procedures that are appropriate in the
 circumstances but not for the purpose of expressing an opinion on
 whether the Company has in place an adequate internal financial control
 system over financial reporting and the operating effectiveness of such
 controls. An audit also includes evaluating the appropriateness of
 accounting policies used and the reasonableness of the accounting
 estimates made by the 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 on the financial
 statements.
 
 Basis for Qualified Opinion
 
 i) Attention is invited to Note No.7 to Notes on Financial statements
 regarding non-provision of interest on working capital loans for an
 amount of Rs. 8729.68 lacs. The loss of the company is understated to
 an extent of Rs.8729.68 lacs and the liability of the company is
 understated to that extent.
 
 ii) Attention is invited to Note No.9 to Notes on Financial statements
 regarding non-provision of interest on Term Loans from banks for an
 amount of Rs.7,471.83 lacs. The loss of the company is understated to
 an extent of Rs.7,471.83 lacs and the liability of the company is
 understated to that extent.
 
 iii) Attention is invited to Note No.9 to Notes on Financial statements
 regarding non-provision of interest on corporate dividend tax for an
 amount of Rs.64.24 lacs which was provided for the financial year
 2010-11. The loss of the company is understated to an extent of
 Rs.64.24 lacs and the liability of the company is understated to that
 extent.
 
 iv) Attention is invited to Note No.25 (a)(iii) to Notes on Financial
 statements regarding non-provision of Rs. 6427.58 lacs, towards
 differential interest for non acceptance of CDR package by banks. The
 loss of the company is understated to an extent of Rs. 6427.58 lacs and
 the liability of the company is understated to that extent.
 
 Qualified Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for the effects of the matter
 described in the Basis for Qualified Opinion paragraph above, 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, 2015, and its
 loss and its cash flows for the period ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 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) Except for the effects of the matter described in the Basis for
 Qualified Opinion paragraph above, 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 Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account.
 
 (d) Except for the effects of the matter described in the Basis for
 Qualified Opinion paragraph above, 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 written representations received from the directors
 as on 31st March, 2015, taken on record by the Board of Directors, none
 of the directors is disqualified as on 31st March, 2015, from being
 appointed as a director in terms of Section 164(2) of the Act.
 
 (f) With respect to the other matters included in the Auditor''s Report
 and in accordance with Rule 11 of The Companies (Audit and Auditors)
 Rules, 2014 and in our opinion and to the best of our information and
 explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigations as at
 31st March 2015 on its financial position in its financial statements
 as referred to in note 25(a) (i) (ii) and (iii) to the financial
 statements.
 
 ii.  The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 and on long term contracts including derivative contracts.
 
 iii.  There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company during the period ended 31st March 2015.
 
 The Annexure referred to in the Independent Auditors'' Report of even
 date on the Financial Statements to the Members of ICSA (India) Limited
 for the period ended 31 March 2015. We report that:
 
 i.  In respect of the fixed assets of the company:
 
 a) The Company has maintained proper records showing full particular
 including quantitative details and situation of fixed assets.
 
 b) As explained to us, fixed assets have been physically verified by
 the management in a phased periodical manner, which in our opinion is
 reasonable having regard to the size of the company and nature of its
 assets.  No material discrepancies were noticed on such verification.
 
 c) In our opinion, the company has not disposed off a substantial part
 of its fixed assets during the period and the going concern status of
 the company is not affected.
 
 ii.  In respect of its inventories:
 
 (a) As explained to us, inventories have been physically verified
 during the period by the management. In our opinion, the frequency of
 verification is not reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are not reasonable and adequate in relation
 to the size of the company and the nature of its business.
 
 (c) The company has maintained proper records of inventories. In our
 opinion and according to the information and explanations given to us,
 no discrepancies noticed on physical verification as compared to the
 book records.
 
 iii. iii. No loans were granted by the Company, to any of the parties
 covered in the register maintained under section 189 of the Act. Hence
 we have not reported on the related matters of this clause and
 sub-clauses (a) and (b).
 
 iv. In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the company and the nature of its business with regard
 to purchase of inventory and fixed assets and for sale of goods and
 Services. We have not observed any major weakness in the internal
 control system during the course of the audit.
 
 v. The Company has not accepted any deposits from the public within the
 meaning of sections 73 to 76 or any other relevant provisions of the
 Act and rules framed there under.
 
 vi. We have broadly reviewed the cost records maintained by the Company
 pursuant to the rules prescribed by the Central Government of India
 under Section 148(1) of the Companies Act 2013 and are of the opinion
 that prima facie the prescribed cost records have been made and
 maintained. We have, however, not made a detailed examination of the
 cost records with a view to determine whether they are accurate or
 complete.
 
 vii.  In respect of statutory dues.
 
 a) The Company is not regular in depositing undisputed statutory dues
 with appropriate authorities including provident fund, employees'' state
 insurance, income tax, sales tax, service tax, duty of customs, duty of
 excise, value added tax, cess and any other statutory dues applicable
 to it.
 
 b) There were no undisputed amounts payable in respect of income tax,
 sales tax, wealth tax, service tax, duty of customs, duty of excise,
 value added tax or cess and other material statutory dues in arrears as
 at 31st March 2015 for a period of more than six months from the date
 they became payable except the following:
 
 Nature of Due                                Rs. In Lakhs
 
 Corporate Dividend Tax                          142.76
 
 PF Employee Contribution                          0.46
 
 PF Employer Contribution                          0.54
 
 Professional Tax                                  0.11
 
 TDS Payable                                    1258.75
 
 Employees State Insurance                         0.55
 
 Sales Tax                                        43.46
 
 Service Tax                                    1235.01
 
 c) According to the information and explanations given to us, the dues
 of income tax, sales tax, wealth tax, service tax, duty of customs,
 duty of excise, value added tax or cess which have not been deposited
 on account of any dispute are as follows:
 
                                 year to which
 Name of the      Nature of                      Forum where dispute
                                 the amount 
 Statute          the dues                       is pending
                                 relates
 
 Income Tax       Income Tax                     The Commissioner of
                                 2009-10 
 Act,1961                                        Income Tax(Appeals)
 
 Income Tax       Income Tax                     The Commissioner of
                                 2010-11 
 Act,1961                                        Income Tax(Appeals)
 
 Income Tax       Income Tax                     The Commissioner of
 Act,1961                        2011-12         Income Tax(Appeals)
 
 
 Name of the Statute             Amount.     Deposit       Unpaid Deposit
                                (Rs. In      Amount        Amount
                                 Lakhs)     (Rs.in Lakhs) (Rs.in Lakhs)
 
 Income Tax Act, 1961            2188.06         -              2188.06
 
 Income Tax Act, 1961          40,361.92         -            40,361.92
 
 Income Tax Act, 1961          26,270.36         -            26,270.36
 
 Total                         68,820.34         -            68,820.34
 
 d) In our opinion, there are no amounts required to be transferred to
 the investor education and protection fund by the Company.
 
 e) The Company has accumulated losses exceeding 100% of its net worth
 at the end of the financial period and has incurred cash losses during
 the financial period covered by the audit and in the immediately
 preceding financial year.
 
 f) According to the records of the Company examined by us and the
 information and explanations given to us, the company has defaulted in
 repayment of dues to financial institution and banks as at the Balance
 sheet date.
 
 S.No.  Name of the Bank                          Principal     Interest
 
 1      Andhra Bank                                3615.62        827.30
 
 2      Oriental Bank of Commerce                 9,991.91      2,509.02
 
 3      Bank of India                                    -      1,909.63
 
 4      Punjab National Bank                             -      2,591.41
 
 5      State Bank of India                              -      3,956.85
 
 6      Union Bank of India                              -      1,720.61
 
 7      IDBI Bank Limited                                -      1,167.33
 
 8      Andhra Bank                                      -      3,159.66
 
 9      Bank of India                             3,050.60             -
 
 10     Punjab National Bank                      1,845.82             -
 
 11     State Bank of India                       3,543.51             -
 
 12     Union Bank of India                        2153.18             -
 
 13     IDBI Bank Limited                           125.67             -
 
 14     Andhra Bank                               1,220.46             -
 
 g) The Company has not given any guarantee for loans taken by others
 from bank or financial institutions.
 
 h) We have not reported on this clause as no term loans were obtained
 by the Company during the period under rev iew.
 
 i) During the course of our examination of the books and records of the
 Company, carried out in accordance with the Generally Accepted
 Accounting Practice in India and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company noticed or reported during the period, nor
 have we been informed of such case by the management.
 
                                                     For RAMBABU & Co.
 
                                                Chartered Accountants
 
                                                 Firm Reg No: 002976S
 
                                                         Ravi Rambabu
 
 Place: Hyderabad                                             Partner
 
 Date: 29th May, 2015                                  M No. : 018541
સ્તોત્ર: રેલીગેર ટેકનોવા


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