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Asya Infosoft Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 4.35 Cr. P/BV 0.17 Book Value (Rs.) 20.71
52 Week High/Low (Rs.) 12/4 FV/ML 10/1 P/E(X) 0.00
Bookclosure 26/12/2020 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2016-03 

To,

The Members of

Asya Infosoft Limited

Ahmedabad.

Report on Financial Statement

1 We have audited the accompanying financial statement of ASYA INFOSOFT LIMITED (formally known as ASYA INFRASTRCUTRE AND TOURISM CORPORATION LTD.) ('The Company') which comprise Balance Sheet as at 31st March, 2016 and also the statement of the Profit and Loss and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the financial statement

2 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 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 principles generally accepted in India, including the accounting standards referred to section 133 of the act, read with rule 7 of the companies (Accounts) Rules, 2014. This responsibility also includes the 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 the frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of internal control that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

3 Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provision 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 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 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 of the financial statements that give 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 and adequate internal financial controls system over financial reporting and the operating effectiveness of such control. 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.

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 of the state of affairs of the company as at 31st march 2016, 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, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

8 As required by section 143(3) of the Act, we further 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013, 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, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013.

f) In our opinion, the company has, in all material respects, an adequate internal financial controls, system over financial reporting and such financial control over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the company.

g) In our opinion and to the best of our information and according to the explanations given to us, We report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i The Company has not any pending litigations as on 31.03.2016.

ii The Company does not have any long term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii 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 delay transferring such sums does not arise.

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of ASYA INFOSOFT LIMITED for the year ended 31st March, 2016.

On the basis of the information and explanation 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 its fixed assets.

(b) These fixed assets have been physically verified by the management at reasonable intervals and there was no Material discrepancies were noticed on such verification.

(c) Total Assets of company does not include Immovable property.

ii. The nature of business of the company does not require it to have any Inventories so the reporting under this clause is not applicable to the company.

iii. The company has granted unsecured loans to companies, covered in the register maintained under section 189 of the Companies Act, 2013.

(a) According to information and explanation given to us, there is no written terms and agreements with respect to the loans given to the parties covered under this clause. The total amount outstanding as on 31.03.2016 is of Rs. 507217 after converting Rs. 9367200 into 936720 Redeemable Non Convertible Preference Shares investment. The loan granted to the parties has been converted into investment due to the nonpayment of principal and interest amount. Also the terms and conditions of the such loans are prejudicial to the company's Interest as the interest charged at 6% P.A. which is lower than prevailing yield of government security and also this is unsecured loan.

(b) According to information and explanation given to us, there is no written terms and agreements with respect to the loans given. The amount of interest is outstanding and company has not received any amount towards interest charged since granting of loan.

(c) There is no stipulated time for payment for interest or principal amount. However there is no amount received against interest charged since granting of loan and the principal amount of Rs. 8000000 granted as loan has been converted into investment as on 30.03.2016.

iv. In our opinion and according to information given to us, the company has granted the loan to the private company in which director is interested. The Maximum amount outstanding during the year is 10214145.00 and the closing balance is of Rs. 507217.00 after converting the opening balance as on 01.04.2015 amounting to Rs. 9367200.00 into 936720 Redeemable Non Convertible Preference Shares and reversal of interest to the tune of Rs. 450396.00 being the difference between interest given at 6% and interest charged at 12%. In our opinion and according to information given to us, the company has charged interest lower than the government securities or has not charged interest in following cases,

Sr. No

Particulars

Name of the Company

Amount Involved

Balance as at balance sheet date

Remarks

1

Charged Interest Lower than the Government Securities

Abridge Solutions Private Limited

9367200

507217

Charged Interest @ 6% on Rs. 9367200.00

2

No Interest Charged

Charms Industries Limited

500000

500000

No Interest Charged

v. In our opinion and according to information given to us, the company has not accepted any deposits during the year. Therefore the provisions of clause 3 (v) of the Companies (Auditor's Report) Order,2016, are not applicable to the Company.

vi. In our opinion and according to the information given to us, the maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013. Therefore the provisions of clause 3 (vi ) of the Companies (Auditor's Report) Order,2016, are not applicable to the Company.

vii. (a) The company is regular in depositing undisputed statutory dues including provident fund, Employee's state insurance, income-tax, sales-tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues to the appropriate authorities except undisputed statutory dues relating to service tax of Rs. 66930 which remains outstanding since September 2015.

(b) According to the information and explanations given to us , There is Rs. 66930 relating to service tax which remains payable as at 31.03.2016 for a period of more than six months from the date they became payable.

viii. The company hasn't taken any loans or borrowing from a financial institution, bank, Government or dues to debenture holders. Therefore the provisions of clause 3 (viii ) of the Companies (Auditor's Report) Order,2016, are not applicable to the Company.

ix. During the year, the company doesn't raise any money by way of initial public offer or further public offer (including debt instruments)

x. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the company by its officers or employees during the year was noticed or reported, nor have we been informed of such case by the management.

xi. In our opinion and according to the information available to us, the managerial remuneration has been paid or provided in accordance with the provisions of Section 197 read with Schedule V to the Companies Act, 2013.

xii. In our opinion, the company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Companies(Auditor's Report) Order, 2016 are not applicable to the company.

xiii. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of the Companies act, 2013 where applicable and the details have been disclosed in the financial statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us, the Company has made preferential allotment of equity shares during the year. The company has complied with the provision of section 42 of the Companies Act 2013. The fund raised by the company has been utilized for the purpose for which it is raised.

xv. In our opinion and according to the information and explanations given to us, the company hasn't entered into any non-cash transactions with directors or persons connected with him.

xvi. This clause is not applicable to the company as the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT OF ASYA INFOSOFT LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ASYA INFOSOFT LIMITED. ("The Company") as of 31 March 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

for JEEVAN JAGETIYA & CO

Chartered Accountants

FRN :121335W

Jeevan Jagetiya

Place : Ahmedabad Partner

Date : 06.08.2016 M.No.046553


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