To the Members of Aurionpro Solutions Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Aurionpro SolutionsLimited ("the Company") which comprise the Balance Sheet as at 31 March 2015and the Statement of Profit and Loss and the Cash Flow Statement for the year then endedand a summary of the 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 sub-section 5of Section 134 of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing issued by Instituteof Chartered Accountants of India specified under sub-section 10 of Section 143 of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theAuditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on 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 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 31 March 2015 and its profit 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 exercise of powers conferred by sub-section(11) of Section 143 of the Act we enclose in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.
2. As required by sub-section (3) of Section 143 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 it appears from our examination of those books;
c. the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of accounts;
d. in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
e. on the basis of written representations received from the directors of the Companyas on 31 March 2015 taken on record by the Board of Directors none of the Directors isdisqualified as on 31 March 2015 from being appointed as a Director in terms ofsub-section 2 of Section 164 of the Act; and
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 of pending litigations on its financialposition in its standalone financial statements - Refer Note 30 to the standalonefinancial statements;
ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and
iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended 31 March2015.
For B S R & Co. LLP
FirmRs.s Registration No:101248W/W-100022
Membership No: 042070
28 May 2015
Annexure to the Independent Auditors' Report - 31 March 2015
(Referred to in our report of even date)
With reference to the Annexure referred to in the Independent Auditors' Report to theMembers of Aurionpro Solutions Limited ('the Company') on the standalone financialstatements for the year ended 31 March 2015 we report the following:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified annually. In our opinion this periodicity of physicalverification is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification during the year.
(a) The inventory has been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable. Inventories lying with outsideparties have been confirmed by them as at year end.
(b) The procedures for the physical verification of inventories followed by themanagement are reasonable and adequate in relation to the size of the Company and thenature of its business.
(c) The Company is maintaining proper records of inventories. The discrepancies noticedon verification between the physical stocks and the book records were not material andthese have been dealt with in the books of account.
iii. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.Accordingly paragraphs (iii) (a) and (b) of the Order are not applicable to the Company.
iv. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of fixed assets and inventories and withregard to sale of services and goods. We have not observed any major weaknesses in theinternal control system during the course of the audit.
v. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits as per the directives issued by the Reserve Bank ofIndia under the provisions of Sections 73 to 76 or any other relevant provisions of theAct and the rules framed there under. Accordingly paragraph (v) of the Order is notapplicable to the Company.
vi. As informed to us by the management the Central Government has not prescribed themaintenance of cost records under sub-section 1 of Section 148 of the Act for any of thegoods sold and services/activities rendered by the Company.
(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Provident fund Employees' StateInsurance Income-tax Sales tax duty of Customs duty of Excise Value added tax Cessand other material statutory dues have been generally regularly deposited during the yearby the Company with the appropriate authorities except for dues towards Service tax wherethere have been significant delays in number of cases which have been regularized at yearend. As explained to us the Company did not have any dues on account of Wealth tax.
According to the information and explanations given to us and on the basis of ourexamination of the records of the Holding Company amounts deducted/accrued in the booksof account in respect of Service tax have been deposited with the appropriate authoritiesafter significant delays in number of cases. However these delays have been regularizedat year end.
According to the information and explanations given to us no undisputed amountspayable in respect of Provident fund Employees' State Insurance Income-tax Sales-taxService tax duty of Customs duty of Excise Value added tax Cess and other materialstatutory dues were in arrears as at 31 March 2015 for a period of more than six monthsfrom the date they became payable.
(b) According to the information and explanations given to us there are no dues ofSales tax Service tax duty of Customs Value added tax and Cess which have not beendeposited with the appropriate authorities on account of any disputes.
According to the information and explanations given to us the following statutory dueshave not been deposited by the Company on account of disputes:
|Name of the Statute ||Nature of dues ||Amount demanded ||Amount paid under protest ||Period to which amount relates ||Forum where dispute is pending |
|Income-tax Act 1961 ||Transfer pricing demand ||446.35 ||- ||AY 20112012 ||CIT (Appeals) |
|Central Excise Act 1944 ||Excise Duty ||410.52 ||- ||January 2004 to January 2007 ||CESTAT |
|Central Excise Act 1944 ||Excise Duty ||23.57 ||- ||February 2007 to January 2008 ||CESTAT |
(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the amount required to be transferred to theInvestor Education and Protection Fund in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules made thereunder has been transferred to suchfund within time.
viii. The Company does not have any accumulated losses at the end of the financialyear. The Company has not incurred any cash losses in the current year and the immediatelypreceding financial year.
ix. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to its banks and financial institutions.The Company did not have any outstanding dues to any debenture holders during the year.
x. According to the information and explanations given to us the terms and conditionson which the Company has given guarantees for loans taken by others from banks orfinancial institutions are not prima facie prejudicial to the interest of the Company.
xi. In our opinion and according to the information and explanations given to us theterm loans taken by the Company have been applied for the purpose for which they wereraised.
xii. According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.
For B S R & Co. LLP
FirmRs.s Registration No:101248W/W-100022
Membership No: 042070
28 May 2015