| 1. We have audited the accompanying standalone financial statements of
M/s. NEO CORP INTERNATIONAL LIMITED ("the Company"), which comprises
the Balance Sheet as at March 31, 2015, 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. The company's Board of Directors are 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 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 Companies (Accounts) Rules, 2014. This
responsibility 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; design, implementation and maintenance of adequate internal
financial controls, that are operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the standalone 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 standalone
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 there under. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosure 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, 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 on the
standalone financial statements except reported by us in paragraph 8(a)
of the report.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us and except comment given by us in point
8(a) to 8(b) below by 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 31st March 2015, its profit and its 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, 2015 ("the
Order") issued by the Central Government of India in Terms of
sub-section(ll)ofsectionl43oftheAct,wegivein the Annexure a statement
on the matters Specified in paragraphs3and4ofthe Order.
8. As required by section 143(3) of the Act, we further report that:
a. The Company has maintained its account on a highly integrated
computerized software system namely "SAP" but being international
software, the books of accounts generated through the software system
differ from the Indian traditional formats of the books of accounts.
However, on the basis of viewing the data in the computerized form, we
conducted our audit. We are of the view that the appropriate feeding of
the primary data from the corresponding source documents, their
processing on SAP and resultant trial balance generated by the system
provide a reasonable basis for us in expressing our opinion on the
standalone financial statements under reference to this report.
b. The company has not complied with the method prescribed in Schedule
II of the Companies Act, 2013 and continues to charge depreciation as
per the rate and method defined in Companies Act 1956. In absence of
information, we are unable to quantify the short/excess amount of
depreciation and impact of same on the Financial Statements.
For : A.P GARG & Co
Chartered Accountants
Place : Indore (F.R. 002143C)
Date: 30th May 2015 Anup Garg
Partner
(Membership No. 071283 |