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Intrasoft Technologies Ltd.

BSE: 533181 Sector: IT
NSE: ISFT ISIN Code: INE566K01011
BSE 15:41 | 27 Mar 2018 Intrasoft Technologies Ltd
NSE 05:30 | 01 Jan 1970 Intrasoft Technologies Ltd
OPEN 686.00
PREVIOUS CLOSE 681.60
VOLUME 47585
52-Week high 855.00
52-Week low 306.00
P/E 1179.66
Mkt Cap.(Rs cr) 1,025
Buy Price 698.60
Buy Qty 39.00
Sell Price 0.00
Sell Qty 0.00
OPEN 686.00
CLOSE 681.60
VOLUME 47585
52-Week high 855.00
52-Week low 306.00
P/E 1179.66
Mkt Cap.(Rs cr) 1,025
Buy Price 698.60
Buy Qty 39.00
Sell Price 0.00
Sell Qty 0.00

Intrasoft Technologies Ltd. (ISFT) - Auditors Report

Company auditors report

To

The members of

Intrasoft Technologies Limited

Report on the Standalone Financial Statements

We Rs ave audited the accompanying standalone financial statements of INTRASOFTTECHNOLOGIES LIMITED ("the Company") which comprises the Balance Sheet as at 31March 2015 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of 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 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 with theaccounting 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 provision of the Act for safeguarding of the assets of the Companyand for preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement 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 Rs ave 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.

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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditors’ judgment including the assessment of the risks of materialmisstatement of the standalone financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal financial controlrelevanttotheCompany’spreparationofthestandalonefinancial statements that a give trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by Company’sDirectors as well as evaluating the overall presentation of the standalone financialstatements.

We believe that the audit evidence we Rs ave obtained is sufficient and appropriate toprovide a basis for our audit opinion 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 31st 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 ("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 statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

a) We Rs ave sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law Rs ave 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 Cash Flow Statement dealtwith by this Report are in agreement with the 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.

e) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters to be included in the Auditors’ 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 Rs as no pending litigations and Rs ence it Rs as no impact on itsfinancial position in its financial statements.

ii. The Company did not Rs ave any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

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

For K.N. GUTGUTIA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No.304153E
(K.C.SHARMA)
Date: 27th May 2015 Partner
Place : Kolkata Membership No. 50819

Annexure to the Independent Auditors’ Report to the Members of INTRASOFTTECHNOLOGIES LIMITED as referred to in paragraph 1 of Report on Other Legal and RegulatoryRequirements in our Report of even date

i) (a). The Company Rs as maintained proper records showing full particularsincluding quantitative details and situation of Fixed Assets.

(b). All the fixed assets Rs ave been physically verified by the Management atreasonable intervals. No material discrepancies were noticed on such verification.

ii) The Company’s nature of operations does not require to Rs old inventories andas such clause 3(ii) (a) to (c) of the Companies (Auditor’s Report) Order 2015 isnot applicable.

iii) The Company Rs as not granted any loan secured or unsecured to Companies firmsor other parties covered in the Register maintained under Section 189 of the CompaniesAct 2013 and Rs ence clause 3(iii) (a) to (b) of the Companies (Auditor’s Report)Order 2015 is not applicable.

iv) In our opinion there are adequate internal control procedures commensurate with thesize of the Company and the nature of its business with regard to purchase of inventoryand fixed assets and with regard to the sale of goods and services. During the course ofour audit we Rs ave not observed any continuing failure to correct major weaknesses ininternal control system.

v) The Company Rs as not accepted any public deposits during the year and as suchclause 3(v) of the Companies (Auditor’s Report) Order 2015 is not applicable.

vi) According to the information and explanations given to us the Central GovernmentRs as not prescribed the maintenance of cost records under sub-section (1) of Section 148of the Companies Act 2013 in respect of services carried out by the Company and as suchclause 3(vi) of the Companies (Auditor’s Report) Order 2015 is not applicable.

vii) (a) According to the information and explanations given to us and records examinedby us the Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome Tax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty Value Added TaxCess and other material statutory dues applicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of Income Tax Wealth Tax Service Tax Customs Duty Excise DutyValue Added Tax and Cess were in arrears as at 31st March 2015 for a period of more thansix months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax or Sales Tax or Wealth Tax or Service Tax or Duty of Customs or Duty of Exciseor Value Added Tax or Cess which Rs ave not been deposited on account of any dispute.

(c) 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 Rs as beentransferred to such fund within time.

viii) The Company Rs as neither accumulated losses at the end of the financial year norit Rs as incurred any cash losses during the financial year and in the immediatelypreceding financial year.

ix) Based on our audit procedures and according to the information and explanationsgiven to us we observed that the Company Rs as not defaulted in repayment of dues to aFinancial institution or Bank or Debenture Rs olders during the current financial year.

x) According to the information and explanations given to us the Company Rs as notgiven any guarantee for loans taken by others from bank or financial institutions theterms and conditions whereof are prejudicial to the interest of the Company.

xi) According to the information and explanations given to us the Company Rs asapplied the term loans for the purpose for which such loans were obtained.

xii) According to the information and explanations given to us no fraud on or by theCompany Rs as been noticed or reported during the course of our audit.

For K.N. GUTGUTIA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No.304153E
(K.C.SHARMA)
Date: 27th May 2015 Partner
Place : Kolkata Membership No. 50819