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AXISCADES Engineering Technologies Ltd.

BSE: 532395 Sector: IT
NSE: AXISCADES ISIN Code: INE555B01013
BSE 15:45 | 27 Mar 2018 AXISCADES Engineering Technologies Ltd
NSE 05:30 | 01 Jan 1970 AXISCADES Engineering Technologies Ltd
OPEN 139.55
PREVIOUS CLOSE 138.05
VOLUME 26271
52-Week high 228.00
52-Week low 107.50
P/E
Mkt Cap.(Rs cr) 538
Buy Price 0.00
Buy Qty 0.00
Sell Price 142.50
Sell Qty 4.00
OPEN 139.55
CLOSE 138.05
VOLUME 26271
52-Week high 228.00
52-Week low 107.50
P/E
Mkt Cap.(Rs cr) 538
Buy Price 0.00
Buy Qty 0.00
Sell Price 142.50
Sell Qty 4.00

AXISCADES Engineering Technologies Ltd. (AXISCADES) - Auditors Report

Company auditors report

To the Members of AXISCADES Engineering Technologies Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of AXISCADESEngineering Technologies Limited ("the Company") which comprise the BalanceSheet as at 31 March 2015 the Statement of Profit and Loss the Cash Flow Statement forthe year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended). This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act; safeguarding theassets of the Company; preventing and detecting frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls 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.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4.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 thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act.

Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the standalone financial statementsare free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

Independent Auditors’ Report to the members of AXISCADES Engineering TechnologiesLimited (Cont’d)

7. 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.

Opinion

8.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 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

10. 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 it appears from our examination of those books;

c. the standalone financial statements dealt with by this report are in agreement withthe books of account;

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 (as amended); e. on the basis of the writtenrepresentations received from the directors as on 31 March 2015 and taken on record by theBoard of Directors none of the directors is disqualified as on 31 March 2015 from beingappointed as a director in terms of Section 164(2) 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 does not have any pending litigations which would impact its standalonefinancial position; ii. the Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses; and iii. therewere no amounts which were required to be transferred to the Investor Education andProtection Fund by the Company.

For Walker Chandiok & Co LLP

(formerly Walker Chandiok & Co)

Chartered Accountants

Firm Registration No.: 001076N/N500013

-sd-per Aasheesh Arjun Singh

Partner

Membership No.: 210122

New Delhi 18 May 2015

Annexure to the Independent Auditors’ Report of even date to the members of

AXISCADES Engineering Technologies Limited on the standalone financial statements forthe year ended 31 March 2015

Based on the audit procedures performed for the purpose of reporting a true and fairview on the standalone financial statements of the Company and taking into considerationthe information and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

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

(b) The Company has a regular program of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner over a period of three yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. No material discrepancies were noticed on such verification.

(ii) The Company does not have any tangible inventory. Accordingly the provisions ofclause 3(ii) of the Order are not applicable.

(iii) The Company has not granted any loan secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.Accordingly the provisions of clauses 3(iii)(a) and 3(iii)(b) of the Order are notapplicable.

(iv) Owing to the nature of its business the Company does not maintain any physicalinventories or sell any goods. Accordingly clause 3(iv) of the Order with respect topurchase of inventories and sale of goods is not applicable. In our opinion there is anadequate internal control system commensurate with the size of the Company and the natureof its business for the purchase of fixed assets and for the sale of services. During thecourse of our audit no major weakness has been noticed in the internal control system inrespect of these areas.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and belief the Central

Government has not specified maintenance of cost records under sub-section (1) ofSection 148 of the Act in respect of Company’s services . Accordingly theprovisions of clause 3(vi) of the Order are not applicable.

(vii) (a) Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax wealth tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues as applicable havegenerally been regularly deposited with the appropriate authorities though there has beena slight delay in a few cases. Further no undisputed amounts payable in respect thereofwere outstanding at the year-end for a period of more than six months from the date theybecame payable.

(b) The dues outstanding in respect of income-tax sales-tax wealth tax service taxduty of customs duty of excise value added tax and cess on account of any dispute areas follows:

Name of the statute Nature of dues Amount (Rs. ) Period to which the amount related Forum where dispute is pending
Finance Act 1994 Service tax on import of services 94857196* April 2006 to September 2010 CESTAT Bangalore

* Of the same Rs. 7818233 has been remitted.

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder. Accordingly the provisionsof clause 3(vii)(c) of the Order are not applicable.

(viii) In our opinion the Company has no accumulated losses at the end of thefinancial year and it has not incurred cash losses in the current and the immediatelypreceding financial year.

(ix) The Company has not defaulted in repayment of dues to any bank during the year.The Company has no dues payable to a financial institution and did not have anyoutstanding debentures during the year.

(x) The Company has not given any guarantees for loans taken by others from banks orfinancial institutions.

Accordingly the provisions of clause 3(x) of the Order are not applicable.

(xi) In our opinion the Company has applied the term loans for the purpose for whichthese loans were obtained.

(xii) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit.

For Walker Chandiok & Co LLP

(formerly Walker Chandiok & Co)

Chartered Accountants

Firm Registration No.: 001076N/N500013

-sd-

per Aasheesh Arjun Singh

Partner

Membership No.: 210122

New Delhi 18 May 2015