We have audited the accompanying standalone financial statements of
Fruition Venture Limited (Formerly known as Indo Websec Limited) ("the
Company"), which comprise the Balance Sheet as at March 31, 2015, and
the Profit and Loss Statement 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 Standalone 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 of these standalone 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, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
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 from material misstatement.
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, but not for the
purpose of expressing an opinion on whether the company has in place an
adequate internal financial control system over financial reporting and
the operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of 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 standalone
financial statement.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 March31, 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 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of sectionl43 of the Act, we give in the Annexure, a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2, As required by section 143(3) of the Companies Act, 2013, 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
purpose 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, the Profit and Loss Statement, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. in our opinion, the aforesaid standalone 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 written representations received from the directors
as on March 31, 2015, 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 section 164(2) Of the Companies
Act,2013.
Annexure referred in Our Report of even date to the members of Fruition
Venture Limited (Formerly known as Indo Websec Limited) on the accounts
of the company for the year ended 31st March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets ;
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
(ii) The nature of business of the Company does not require it to have
any inventory. Hence, the requirement of clause (ii) of paragraph 3 of
the said Order is not applicable to the Company
(iii) The company has not granted any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 189 of the Act,
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of goods and services.
Further, on the basis of our examination of the books and records of
the Company and according to the information and explanations given to
us, no major weakness has not been noticed or reported.
(v) The Company has not accepted any deposits from the public covered
under Section 73to 76 of the Companies Act, 2013
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub- section (1) of Section 148 of
the Act
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company, is
regular in depositing the undisputed statutory dues, including
Income-tax with the appropriate authorities in India ; However
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance and Sales Tax are not applicable to the company during the
year.
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax which have not been deposited on account of any disputes
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise as at 31st March, 2015
(viii) The accumulated losses of the company as at 31st March 2015 are
less than fifty percent of its net worth. The company has not incurred
cash loss during the current financial year covered by the audit and in
the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders,
(x) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from. a bank or financial institution during the year
(xi) In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year.
(xii) During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management.
For P. Aggarwal & Associates
Chartered Accountants
FRN:03086N
Sd/
Pradeep Aggarwal
Partner
Membership No. s 081984
Place: New Delhi
Date:12.05.2015
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