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Aurionpro Solutions Ltd.

BSE: 532668 Sector: IT
NSE: AURIONPRO ISIN Code: INE132H01018
BSE 00:00 | 24 Apr 2020 Aurionpro Solutions Ltd
NSE 05:30 | 01 Jan 1970 Aurionpro Solutions Ltd

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OPEN 47.00
PREVIOUS CLOSE 48.20
VOLUME 11022
52-Week high 159.00
52-Week low 27.05
P/E 19.79
Mkt Cap.(Rs cr) 112
Buy Price 44.75
Buy Qty 1000.00
Sell Price 47.50
Sell Qty 185.00
OPEN 47.00
CLOSE 48.20
VOLUME 11022
52-Week high 159.00
52-Week low 27.05
P/E 19.79
Mkt Cap.(Rs cr) 112
Buy Price 44.75
Buy Qty 1000.00
Sell Price 47.50
Sell Qty 185.00

Aurionpro Solutions Ltd. (AURIONPRO) - Auditors Report


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Company auditors report

TO THE MEMBERS OF

AURIONPRO SOLUTIONS LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

1. We have audited the accompanying standalone financial statements of AurionproSolutions Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2019 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and notes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"the standalone financial statements")

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31st March 2019 the profit andthe total comprehensive income changes in equity and its cash outflows for the year endedon that date.

Basis for Opinion

2. We conducted our audit in accordance with the Standards on Auditing specifiedunder section 143(10) of the Act (SAs). Our responsibilities under those Standards arefurther described in the ‘Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements' section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion on thestandalone financial statements.

Key Audit Matters

3. Key Audit Matters (‘KAM') are those matters that in our professionaljudgement were of most significance in our audit of the standalone financial statementsof the current audit period. These matters were addressed in the context of our audit ofthe standalone financial statements as a whole and in forming our opinion thereon and wedo not provide a separate opinion on these matters. We have determined the mattersdescribed below to be the Key Audit Matters to be communicated in our report.

Key Audit Matter Auditors' Response
Ind AS 115 "Revenue from Contracts with Customers" (applicable from 01/04/2018) - Recognition measurement presentation and disclosures of revenues and related balances Principal Audit Procedures:
We reviewed the existing process of the Company to identify the impact of adoption of the Ind AS 115. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as under:
The application of the aforesaid Ind AS involves -
? Identification of contracts with customers ? Evaluated the design of internal controls for implementation of the said Ind AS.
? Key judgements relating to (1) identification of distinct performance obligations (2) determination of transaction price of the said identified performance obligations (3) allocation of transaction price to the said performance obligations (4) basis for recognition of revenue over a period. ? Selected samples of continuing and new contracts and tested the operating effectiveness of the internal control relating to identification of the distinct performance obligations and determination of transaction price. We performed procedures involving enquiry and observation verification of evidence in respect of operation of these controls.
Further the said Ind AS contains disclosures which require compilation of information in respect of disaggregated revenue and periods over which the remaining performance obligations shall be satisfied subsequent to the balance sheet date. ? Tested the IT systems' access and change management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the said Ind AS.
Refer Notes 25 to the Standalone Financial Statements ? Selected a sample of continuing and new contracts and performed the certain procedures.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

4. The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Director's Report including annexures to Director's ReportCorporate Governance Report and Shareholder's information but does not include thestandalone financial statements and our auditors' report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

5. In connection with our audit of the standalone financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

6. The Company's management and Board of Directors are responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

7. In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. The Board of Directors are also responsible foroverseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

The description of the auditor's responsibilities for the audit of the financialstatements is given in "Appendix I" to this report.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

10. As required by Section 143(3) of the Act based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge performance 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act read with the Companies statements (IndianAccounting Standards) Rules 2015 as amended;.

e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof Section 164(2) of the Act.

e) With respect to the existence of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B". Our report expresses anunmodified opinion on the existence and operating effectiveness of the internal financialcontrol over financial reporting of the company.

f) In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the company to its directors during the year iswithin the limit laid down in section 197 of the Act.

g) 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial Refer Note 32 to the standalone 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 CHOKSHI & CHOKSHI LLP
Chartered Accountants
Firm Reg. No: 101872W/W100045
Vineet Saxena
Place: Navi Mumbai (Partner)
Date : 2nd May 2019 Membership No: 100770

APPENDIX – I: THE FURTHER DESCRIPTION OF THE AUDITOR'S RESPONSIBILITIES FOR THEAUDIT OF THE STANDALONE FINANCIAL STATEMENTS

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditors' report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the standalone financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditors' report unlesslaw or regulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 9 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the members of Aurionpro Solutions Limited of evendate.)

i. In respect of its fixed assets:

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

(b) As explained to us the fixed assets were physically verified during the year bythe management in accordance with a regular programme of verification which in ouropinion provides for the physical verification of all the fixed assets at reasonableintervals. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us andon the basis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the company. In respect of immovable properties takenon lease and disclosed as property plant and equipment in the standalone financialstatements the lease agreements are in the name of the Company

ii. The inventory except goods-in-transit and stocks lying with third parties havebeen physically verified by the management during the year. In our opinion the frequencyof such verification is reasonable. For stocks lying with third parties at the year endwritten confirmations have been obtained. There is no discrepancy noticed on verificationbetween the physical stocks and book records.

iii. In our opinion and according to the information and explanations given to us theCompany has granted unsecured loans to 3 bodies corporate covered in the registermaintained under Section 189 of the Companies Act 2013 In respect of which:

a) The terms and conditions of the grant of such loans are in our opinion primafacie not prejudicial to the Company's interest.

b) The schedule of repayment of principal and interest has been stipulated andrepayments of principal and interest have been regular as per stipulations

c) There is no overdue amount outstanding as at the year end.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto loans investments guarantees made. The Company has taken loan amounting to Rs.1031.80 lakhs from one of its step down subsidiaries in which Directors of the Companyare interested. According to the information and explanations given to us the Company hascomplied with provisions of Section 185 of the Companies Act 2013 in respect of abovementioned borrowing from Sena Systems Private Limited.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any public deposits as per the directives issued by the ReserveBank of India in accordance with the provision of Sections 73 to 76 or any other relevantprovision of the Act and rules framed there-under. Accordingly paragraph 3(v) of theOrder is not applicable to the Company.

vi. According to the information and explanations given to us by management theCentral Government has not prescribed the maintenance of cost records under Section 148(1) of the act for any of the goods sold and service/activities rendered by the Company.Accordingly paragraph 3(vi) of the Order is not applicable to the Company.

vii. (a) In our opinion and according to the information and explanations given to usthe Company has generally been regular in depositing applicable undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax wealth taxservice tax custom duty duty of excise value added tax cess and any other statutorydues to the appropriate authorities during the year except that in certain instancesthere have been delays.

(b) According to the records of the Company and representation made available to us bythe Company there are no dues of income tax or sales tax or wealth tax or service tax orduty of customs or duty of excise or value added tax which have not been deposited onaccount of any dispute.

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted during the year in repayment of loans or borrowings to financialinstitutions and banks. The Company did not have any loans or borrowings from governmentand has not issued any debentures.

ix. In our opinion and according to the information and explanation given to us theterm loans taken by the Company have been applied for the purpose for which they wereraised. The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) during the year.

x. According to the information and explanations given to us and to the best of ourknowledge no material fraud by the Company or on the Company by its officers or employeeshas been noticed or reported during the year.

xi. Managerial Remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

xii. According to information and explanations given to us the Company is not a NidhiCompany as prescribed under Section 406 of the Act. Accordingly paragraph 3(xii) of theOrder is not applicable to the Company.

xiii. According to information and explanations given to us all transactions with therelated parties are in compliance with Sections 177 and 188 of the Act where applicableand the details of such transactions have been disclosed in the standalone financialstatements as required by the applicable accounting standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review and hence reportingunder paragraph 3 (xiv) of the Order is not applicable to the Company.

xv. According to information and explanations given to us the Company has not enteredinto any non-cash transactions with directors or persons connected with him and henceclause 3(xv) of the Order is not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For CHOKSHI & CHOKSHI LLP
Chartered Accountants
Firm Reg. No: 101872W/W100045
Vineet Saxena
Place: Navi Mumbai (Partner)
Date : 2nd May 2019 Membership No: 100770

ANNEXURE - B TO INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 10(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the members of Aurionpro Solutions Limited of evendate.) Report on the Internal Financial Controls Over Financial Reporting under Clause (i)of Sub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of AurionproSolutions Limited (‘the Company') as of 31st March 2019 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility For Internal Financial Controls

The Company's management and Board of Directors are responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (‘the Guidance Note') issued by the Institute of CharteredAccountants of India (‘the ICAI'). These responsibilities include the designimplementation and maintenance of internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note issued by ICAI and the Standards on Auditing prescribed undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the existenceof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is to provide a basis for our auditopinion 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 designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that-

i. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

ii. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

iii. provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an existence of internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2019 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the ICAI

For CHOKSHI & CHOKSHI LLP
Chartered Accountants
Firm Reg. No: 101872W/W100045
Vineet Saxena
Place: Navi Mumbai (Partner)
Date : 2nd May 2019 Membership No: 100770


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