| 1. We have audited the accompanying financial statements of "Allied
Computers International (Asia) Limited", ("the Company"), which
comprise the Balance Sheet as at March 31, 2015, and the statement of
Profit and loss and Cash flow statement for the year then ended, and a
summary of significant accounting policies and other explanatory
information.
Management's Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor's Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
ii) in the case of the statement of Profit and Loss, of the profit for
the year ended on that date;
iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order, 2003, ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
8. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations, which to the
best of 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 the Company, so far as appears from our examination of those
books;
c) the Balance Sheet and the statement of Profit and loss Account,
dealt with by this report are in agreement with the books of accounts;
d) in our opinion, the Balance Sheet and the statement of Profit and
loss Account, comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Act, and
e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act,
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
Referred to in paragraph 4 and 5 of our report of even date on the
accounts for the year ended March 31, 2015 of Allied Computers
International (Asia) Limited
i) a) The company has maintained proper records showing the full
particulars, including the quantitative details and situation of its
fixed assets
b) As per the information and explanations given to us, physical
verification of fixed assets has been carried out in terms of the phased
programme of verification of its fixed assets adopted by the Company and
no material discrepancies were noticed on such verification. In our
opinion, the frequency of verification is reasonable, having regard to
the size of the Company and nature of its business.
c) During the year, there is no substantial disposal of fixed assets
the business is continuing as a going concern.
ii) a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The Company is maintaining proper records of the inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material.
iii) (a) We are informed that the Company has not granted to the
parties, covered in the register maintained under section 301 of the
Companies Act 1956, hence clause (b), (c) & (d) is not applicable (e)
The company had not taken loan from parties, covered in the register
maintained under section 301 of the Companies Act, 1956. hence clause
(f) & (g) is not applicable.
iv) In our opinion and accordingly to the information and explanations
given to us, there are adequate internal control procedures
commensurate with eh size of the company and nature of its business
with regard to purchases on inventory, fixed assets and with regard to
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weakness in internal controls.
v) a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Companies Act, 1956 and exceeding the value of rupee five lacs in
respect of any party during the year haven been made at a price which
are reasonable having regard to prevailing market prices at the
relevant time.
vi) According the information and explanations given to us, the company
has not accepted any deposits from the Public. No order has been passed
by the Company Law Board.
vii) The Directors themselves conduct the affairs of the company. The
company does not have a formal system of internal audit but there are
adequate checks and controls at all levels.
viii) The Company is not maintaining cost records prescribed under
section 209 (1) (d) of the Companies Act, 1956 for the products of the
company.
ix) a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Sales Tax, Excise duty,
Cess and other material statutory dues applicable to it.
b) According to the information and explanation given to us, undisputed
amounts payable in respect of wealth tax, customs duty, excise duty and
cess were in arrears, as at 31st March 2015 for a period of more than
six months from the date they become payable.
c) According to the information and explanations given to us, there are
dues of sales tax, customs duty, wealth tax, excise duty and cess,
which have not been deposited on account of any dispute.
x) There are no accumulated losses of the Company as on 31st March,
2015. The Company has not incurred any cash losses during the financial
year covered by our audit and the immediately preceding financial year
xi) In our opinion and according to the information and explanations
given to us, the company has defaulted in repayment of dues to a
financial institutions, bank or debenture holders.
xii) As per the information and explanations given to us the company
has not granted any loans and advances on the basis of security by way
of pledge of share's debentures and other securities.
xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore the provision of clause4 (xiii) of the
Companies (Auditors Report) Order 2003 are not applicable to the
Company
xiv) In respect of dealing in shares , securities and other investments
, in our opinion and according to the information and explanations
given to us proper records have been maintained of the transactions and
contracts and timely entries have been made therein . The shares,
securities and other investments have been held by the company in its
own name.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi) The Company has not raised any term loan during the year.
xvii) According to the information and explanations, given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investments. No long terms funds have been used to finance short-term
except permanent working capital.
xviii) We are informed that the company has not made any preferential
allotment of shares to companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
xix) The company has not issued debentures and hence requirement of
reporting regarding creation of securities in respect of debentures
issued dose not arise.
xx) The company has not raised any money by public issue during the
year.
xxi) As per the information and explanations given to us, no instance
of material fraud on or by the Company has been noticed or reported
during the year.
Place: Mumbai For M/S Chirag C Mehta & Co.
Date: 29th May,2015 Chartered Accountant FRN:- 132696W
SD/-
(Chirag Mehta)
Proprietor
M.Ship No.: 122852
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