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SQS India BFSI Ltd.

BSE: 533121 Sector: IT
NSE: SQSBFSI ISIN Code: INE201K01015
BSE 15:41 | 27 Mar 2018 SQS India BFSI Ltd
NSE 05:30 | 01 Jan 1970 SQS India BFSI Ltd
OPEN 482.00
PREVIOUS CLOSE 478.85
VOLUME 1618
52-Week high 651.00
52-Week low 403.00
P/E 22.39
Mkt Cap.(Rs cr) 519
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 482.00
CLOSE 478.85
VOLUME 1618
52-Week high 651.00
52-Week low 403.00
P/E 22.39
Mkt Cap.(Rs cr) 519
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SQS India BFSI Ltd. (SQSBFSI) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SQS India BFSI Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SQS India BFSILimited which comprise the Balance Sheet as at March 31 2016 the Statement of Profit andLoss the Cash Flow Statement for the year then ended and a summary of the significantaccounting 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 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 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 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 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 financial statements are free from 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control 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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the 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.

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 2016 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 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 the matters specified inparagraphs 3 and 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 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 and the Cash Flow Statementdealt with 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 the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure B.

(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 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 – Please refer Note 28 to thestandalone financial statements.

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

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For PKF Sridhar & Santhanam LLP

Chartered Accountants

Firm’s Registration No.003990S/S200018

T V Balasubramanian

Partner

Membership No.027251

Place: Chennai

Date: April 28 2016

Annexure A

Referred to in paragraph 1 on ‘Report on Other Legal and RegulatoryRequirements’ of our report of even date

1. (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 verifying fixed assets every year which inour opinion is reasonable having regard to the size of the Company and nature of itsassets. Fixed assets have been physically verified by the management during the year asper the said program. As informed there were no discrepancies identified by themanagement that required adjustment in the financial statement.

(c) The title deeds of immovable properties are held in the name of the Company.

2. The Company does not have inventory and hence clause (ii) is not applicable.

3. According to information and explanation given to us the Company has not grantedany loans to parties covered under Section 189 register and hence clause (iii) is notapplicable.

4. Based on our audit procedures & according to the information and explanationgiven to us in respect of loans investments guarantees and security (if any)provisions of Section 185 and 186 of the Act (where applicable) have been complied with.

5. Based on our audit procedures & according to the information and explanationgiven to us the Company has not accepted any deposits from the public within the meaningof the Act and the rules made there under and hence clause (v) is not applicable.

6. The Company is not required to maintain cost records prescribed by the CentralGovernment under sub-section (1) of Section 148 of the Act.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us the Company has generally been regular in depositing undisputedstatutory dues including income-tax service tax cess and any other statutory duesapplicable to it with the appropriate authorities. According to the information andexplanation given to us and the records of the Company examined by us no undisputedamounts payable in respect of income-tax service tax cess and any other statutory dueswere in arrears as at March 31 2016 for a period of more than six months from the datethey became payable.

(b) Dues relating to service tax and income tax which have not been deposited onaccount of disputes with the related authorities are stated in table below:

Name of the statute Period Amount (Rs. in Lacs) Forum where the dispute is pending
Service tax FY 2004 to FY 2006 72 Customs Excise and Service Tax Appellate Tribunal (South Zone bench)
Income tax FY 2007 FY 2009 FY 2012 & FY 2013 596 CIT Appeals

8. The Company has not taken any loans from banks or financial institutions and henceclause (viii) is not applicable.

9. The Company has not raised moneys from the public during the year and hence clause(ix) is not applicable.

10. To the best of our knowledge and belief and according to the information andexplanations given to us we report that no fraud on or by the Company by its officers oremployees has been noticed or reported during the year.

11. Based on our audit procedures and as per the information and explanations given tous Managerial remuneration paid or provided during the year is in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theCompanies Act 2013.

12. The Company is not a Nidhi Company in accordance with Nidhi Rules 2014.Accordingly the provisions of clause (xii) of the Order are not applicable.

13. Based on the audit procedures performed and according to information andexplanations given to us all the transactions with the related parties are in compliancewith Section 177 and Section 188 of the Act where applicable and the details have beendisclosed in the financial statements as required by the applicable accounting standards.

14. Based on the audit procedures performed and information and explanation given tous we report that the Company has not made any preferential allotments of shares duringthe year.

15. Based on the audit procedures performed and information and explanation given tous the Company has not entered into any non-cash transactions with the directors orpersons connected with them.

16. Based on our audit procedures and according to the information and explanationsgiven to us the Company is not required to be registered under Section 45-IA of ReserveBank of India Act 1934.

For PKF Sridhar & Santhanam LLP

Chartered Accountants

Firm’s Registration No.003990S/S200018

T V Balasubramanian

Partner

Membership No.027251

Place: Chennai

Date: April 28 2016