To the Members of Infinite Computer Solutions (India) Limited
Report on the Standalone Ind AS Financial Statements
OPINION
We have audited the accompanying Ind AS Standalone Financial Statements of INFINITE
COMPUTER SOLUTIONS (INDIA) LIMITED (the Company), which comprise the balance sheet as at
March 31, 2021, the statement of profit and loss (including other comprehensive income),
the statement of cash flows and the statement of changes in equity for the year then ended
and a summary of the significant accounting policies and other explanatory information
(herein after referred to as Ind AS Standalone Financial Statements").
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
Companies Act, 2013 ("the Act") in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2021, and its Profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that
date.
BASIS FOR OPINION
We conducted our audit of the Financial Statements in accordance with the Standards on
Auditing specified under section 143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the Auditors Responsibilities for the
Audit of the Ind AS Standalone Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (ICAI) together with the ethical requirements that are
relevant to our audit of the Ind AS standalone Financial Statements under the provisions
of the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Ind AS Standalone Financial Statements.
RESPONSIBILITIES OF MANAGEMENT FOR THE IND AS STANDALONE FINANCIAL STATEMENTS
The Companys 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 Ind AS Standalone Financial Statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, changes in
equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed
under Section 133 of the Act read with relevant rules issued thereunder. 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 judgements 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 Ind AS Standalone Financial
Statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the Standalone Ind AS Financial Statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys financial
reporting process.
AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE IND AS STANDALONE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the Ind AS Standalone
Financial Statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Ind AS Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Financial
Statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in
order to design audit procedures that are appropriate in the circumstances. Under section
143(3)(I) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Ind AS Standalone Financial Statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditors report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Ind AS
Standalone Financial Statements, including the disclosures, and whether the Ind AS
Standalone Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone Financial Statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Ind As standalone Financial Statements may be
influenced. We consider quantitative materiality and qualitative factors in
(i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the Ind AS Standalone
Financial Statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditors Report) Order, 2016 ("the Order")
issued by the Central Government in terms of section 143(11) of the Companies Act,2013 we
give in the "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by section 143(3) of the Act, based on our audit 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 it appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss including other comprehensive
income, the statement of changes in equity and the Cash Flow Statement dealt with by this
Report are in agreement with the books of account.
d. In our opinion, the afore said Ind AS Standalone Financial Statements comply with
the Indian Accounting Standards prescribed 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,
2021 taken on record by the Board of Directors, none of the Director is disqualified as on
March 31, 2021 from being appointed as a Director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial control over financial
reporting of the Company and operating effectiveness of such control, refer to our
separate report in "Annexure B" attached. Our Report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Companys Internal
Financial Controls over Financial Reporting.
g. With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended: In our opinion
and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its Directors during the year is in accordance with
the provisions of section 197 of the Act.
h. With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion
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.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There has been no delay in transferring amount, required to be transferred to the
Investor Education and Protection Fund by the Company.
For HDSG & Associates
|
Chartered Accountants Firm Reg No: 002871N |
|
Sd/- |
|
Harbir Singh Gulati |
| New Delhi August 05, 2021 |
Partner M.No. 084072 |
|
UDIN: 21084072AAAAEV4560 |
"ANNEXURE A" TO THE AUDITORS REPORT
Referred to in paragraph 1 under the heading Report on Other Legal & Regulatory
Requirement of our report of even date to the Financial Statements of the Company for the
year ended March 31, 2021:
Report in terms of Companies (Auditors Report) Order, 2016 ("the Order")
I. In respect of its Fixed Assets:
a. The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets
b. The Company has a regular program of physical verification of its fixed assets by
which fixed Assets are verified in a phased manner at reasonable intervals. In accordance
with this program, certain fixed assets were verified during the year and according to the
information and explanation given to us no material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and the nature of its assets.
c. According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable properties are
held in the name of the Company.
ii. In respect of its Inventories:
a. The Company is in the business of providing software services and does not hold any
physical inventories. Accordingly, Para 3(ii) of the Order is not applicable to the
Company.
iii. In our opinion and according to the information and explanations given to us, The
Company has not granted any loans, secured or unsecured to companies, firms, Limited
Liability partnerships 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, the
Company has complied with the Provision covered under section 185 and I86 of the Companies
Act, 2013 in respect of loans, Investments, guarantees and security.
v. In our opinion and according to the information and explanations given to us, The
Company has not accepted any deposits as defined under the provisions of Sections 73 to 76
or any other relevant provisions of the Act and the Companies (Acceptance of Deposit)
Rules, 2015, Accordingly the provisions of clause 3(v) of the Order are not applicable to
the Company.
vi. As informed to us, the maintenance of Cost Records has not been specified by the
Central Government under sub-section (1) of Section 148 of the Act, in respect of the
activities carried on by the Company, accordingly the provisions of Clause 3 (vi) of the
Order are not applicable to the Company.
vii. a. In our opinion and According to information and explanations given to us and on
the basis of our examination of the books of account, and records, the Company has
generally been regular in depositing undisputed statutory dues with the appropriate
authorities. According to the information and explanations given to us, no undisputed
amounts payable in respect of the above were in arrears as at March 31, 2021 for a period
of more than six months from the date on when they become payable.
b. According to the information and explanation given to us, there are no dues of
income tax, sales tax, service tax, Goods and Services Tax duty of customs, duty of
excise, value added tax outstanding on account of any dispute.
viii. In our opinion and according to the information and explanations provided by the
management, the Company has not defaulted in repayment of loans or borrowing to a
financial institution, bank or government or dues to debenture holders..
ix. Based upon the audit procedures performed and the information and explanations
given by the management, the Company has not raised moneys by way of initial public offer
or further public offer including debt instruments and term Loans. Accordingly, Para 3(ix)
of the Order is not applicable.
x. According to the information and explanations given to us, no fraud by the Company
or any fraud on the Company by its officers or employees has been noticed or reported
during the year.
xi. According to the information and explanation given to us, the remuneration paid by
the Company to its directors during the year is in accordance with the provisions of
section 197 of the act.
xii. In our opinion and according to the information and explanation given to us, the
Company is not a Nidhi Company. Accordingly, Para 3(xii) of the Order is not applicable.
xiii. In our opinion, and according to the information and explanation given to us, all
transactions with the related parties are in compliance with section 177 and 188 of
Companies Act, 2013 and the details have been disclosed in the Financial Statements as
required by the applicable accounting standards.
xiv. Based upon the audit procedures performed and the information and explanations
given by the management, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year under
review. Accordingly, Para 3(xiv) of the Order is not applicable.
xv. Based upon the audit procedures performed and the information and explanations
given by the management, the Company has not entered into any non-cash transactions with
directors or persons connected with him. Accordingly, Para 3(xv) of the Order is not
applicable.
xvi. In our opinion, the Company is not required to be registered under section 45 IA
of the Reserve Bank of India Act, 1934. Accordingly, Para 3(xvi) of the Order is not
applicable.
| For HDSG & Associates Chartered Accountants Firm Reg No: 002871N |
|
| Sd/- Harbir Singh Gulati Partner (M.No. 084072) UDIN: 21084072AAAAEV4560 |
New Delhi August 05, 2021 |
"ANNEXURE B" TO THE AUDITORS REPORT
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 INFINITE
COMPUTER SOLUTION (INDIA) LIMITED ("the Company") as of March 31, 2021 in
conjunction with our audit of the Financial Statements of the Company for the year ended
on that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companys 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. 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 Companys 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 Companys 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 auditors judgement, 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 Companys internal financial controls system
over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A Companys 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 Companys internal financial control over financial
reporting includes those policies and procedures that;
i. Pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the Company;
ii 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
iii Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the Companys 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 and according to the best of our information and according to the
explanation given to us, 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 March 31, 2021 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 HDSG & Associates Chartered Accountants Firm Reg No: 002871N |
|
| Sd/- Harbir Singh Gulati Partner (M.No. 084072) UDIN: 21084072AAAAEV4560 |
New Delhi August 05, 2021 |
+91-9892691696
