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Allsec Technologies Ltd.

BSE: 532633 Sector: IT
NSE: ALLSEC ISIN Code: INE835G01018
BSE 15:41 | 27 Mar 2018 Allsec Technologies Ltd
NSE 05:30 | 01 Jan 1970 Allsec Technologies Ltd
OPEN 340.25
PREVIOUS CLOSE 336.50
VOLUME 2035
52-Week high 531.10
52-Week low 306.00
P/E 17.70
Mkt Cap.(Rs cr) 512
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 340.25
CLOSE 336.50
VOLUME 2035
52-Week high 531.10
52-Week low 306.00
P/E 17.70
Mkt Cap.(Rs cr) 512
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Allsec Technologies Ltd. (ALLSEC) - Auditors Report

Company auditors report

To The Members of Allsec Technologies Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Allsec TechnologiesLimited ("the Company") which comprise the Balance Sheet as at March 31 2015the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such internal control. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2015 of its loss 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 ofthe Act we give in the Annexure 1 a statement on the matters specified in paragraphs 3and 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 bestof 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 theCompany so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 March312015 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312015 from being appointed as a director in terms of section164 (2) of the Companies Act 2013;

(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact if any of pending litigations on its financialposition in note- 34 of financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm’s Registration Number: 101049W
per Aniruddh Sankaran
Partner
Place : Chennai Membership Number: 211107
Date : 20th May 2015.

Annexure 1 referred to in our report of even date.

Re: Allsec Technologies Limited ("the Company")

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(ii) The Company’s business does not involve inventories and accordingly therequirements under paragraph 4 (ii) of the Order are not applicable to the Company.

(iii) (a) The Company has granted loans to subsidiary which is covered in theregister maintained under section 189 of the Companies Act 2013. The loans granted andthe interest thereon are re-payable on demand. We are informed that the Company has notdemanded repayment of any such loan and the interest thereon during the year and thusthere has been no default on the part of the parties to whom the money has been lent.

(b) There is no overdue amount of loans granted to the party listed in the registermaintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of fixed assets and for the rendering ofservices. The activities of the Company do not involve any purchase of inventory and saleof goods. During the course of our audit we have not observed any major weakness orcontinuing failure to correct any major weakness in the internal control system of theCompany in respect of these areas.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge and as explained owing to the nature of business inour opinion the provisions of clause 3 (vi) of the Order are not applicable to theCompany.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees’ state insurance income-taxwealth-tax service tax customs duty value added tax cess and other material statutorydues applicable to it. The provisions relating to excise duty are not applicable to theCompany.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance income-taxwealth-tax service tax customs duty value added tax cess and other material statutorydues were outstanding at the year end for a period of more than six months from the datethey became payable.

(c) According to the information and explanations given to us there are no dues ofincome-tax wealth-tax service tax customs duty value added tax and cess which have notbeen deposited on account of any dispute other than the following

Nature of statute Nature of dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax * 2004 to 2009 Commissioner of Income Tax (Appeals)

*The order passed by the assessing officer has impact on the unabsorbed losses andunabsorbed depreciation that can be carried forward. Hence the amount of demand has notbeen disclosed.

(d) According to the information and explanations given to us the amount required tobe transferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder has beentransferred to such fund within time.

(viii) The Company’s accumulated losses at the end of the financial year are lessthan fifty per cent of its net worth and the Company has not incurred any cash losses inthe current financial year and also in the previous financial year.

(ix) Based on our audit procedures and as per the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to banks and financial institutions. The Company has no dues to debenture holders.

(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(xi) Based on the information and explanations given to us by the management termloans were applied for the purpose for which the loans were obtained.

(xii) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management we report that no fraud on or by the Company has been noticed orreported during the year.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm’s Registration Number: 101049W
per Aniruddh Sankaran
Partner
Membership Number: 211107
Place : Chennai
Date : 20th May 2015.