| We have audited the accompanying financial statements of International
Data Management Limited ('the Company'), which comprise the balance
sheet as at 30th June 2015, the statement of Profit and Loss and the
Cash Flow Statement for the period then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation 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 principles generally accepted in India, including the
Accounting Standards specified 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 in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, wheuier due to fraud or error,
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
Except as matters stated in Emphasis of Matter given below, we
conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 horn material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
Subject to the matters stated in Emphasis of Matter, in our opinion and
to the best of our information and according to the explanations given
to us, the aforesaid 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,
of the state of affairs of the Company as at 30th June 2015 and loss
and its cash flow for the period ended on that date.
Emphasis of Matter
Without qualifying our report, we draw attention to
i. Though the Company has incurred losses far in excess of paid up
capital and reserves, since the directors are looking for right
opportunity to explore the similar line of business activity, the
directors consider that it is appropriate to prepare the financial
statements on going concern basis [Note 19].
ii. In respect of one inter corporate loan amounting to Rs. 89.10
lacs, no confirmation has been received from the lender company [Note
20].
iii. Note2.1.g regarding deferred tax assets.
Report on Other Legal and Regulatory Requirements
1. As required by Companies (Auditor's Report) Order, 2015 ('the
order') issued by the central government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the annexure, a
statement on the matters specified in paragraphs 3 and i of the order,
to the extent applicable :
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 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 it appears from our examination of those
books;
c. The Balance Sheet, the statement of Profit And Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. hi our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e. On the basis of the written representations received from the
directors as on 30th June 2015 and taken on record by tile Board of
Directors, none of the directors is disqualified as on 30th June 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f. With respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our Ýopinion and 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 financial position except as stated in para 7 (c) of annexure to
Independent Auditor's Report,
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure referred to in our report of even date on the accounts for the
year ended 30th June 2015.
(Referred to in our report of even date)
l.a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of all its
fixed assets.
b) The fixed assets have been physically verified by the Management
during the period at reasonable intervals and no material discrepancies
were noticed.
c) None of the fixed assets have been disposed off during - the period.
2. The Company did not have any stock at the end of the period
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parlies covered in the register maintained
under Section 189 of the Act.
4. hi our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and assets and for the sale of goods and
services.
5. In our opinion, and according to the information and explanations
given to us, the Company has not accepted deposits as per the
directives issued by the Reserve Bank of India under the provisions of
Sections 73 to 76 or any other relevant provisions of die Act and the
rules framed there under.
6. The Central Government has not prescribed maintenance of cost
records under Section 148{1) of the Act, for any of die products of the
Company.
7.(a)According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, income tax, sales tax, cess and other
statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sale
tax, service tax, custom duty and excise duty were outstanding as at
30th June, 2015 for a period exceeding six months from the date they
became payable.
(c) According to the information and explanations given to us, diere
are no dues of, sales tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute
except ESI.
Nature of the Amount Forum where
dues (Rs-) dispute is
pending
ESI 6,76,777/- Joint Director,
Regional Office ESI,
New Delhi.
(d) According to the information and explanation given to us , there
are no dues required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
8. In our opinion, the accumulated losses of the company are more than
fifty percent of its net worth. The company has incurred cash losses
during the financial period covered by our audit and in the immediately
preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the Company does not have any borrowings from financial
institution, bank or debenture holders.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions,
11. In our opinion and according to the information and explanations
given to us, The company has not raised any term loan during the
period.
12. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S.D. Chopra & Assosciates
Place : New Delhi Chartered Accountants
Date : August 26, 2015 Firm Registration No. 003789N
S.D. Chopra
Proprietor
Membership No. 082537 |