To,
The Members of,
GAMMA INFOWAY EXALT LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of GAMMA INFOWAY
EXALT LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2016, the Statement of Profit and Loss for the year then ended, and a summary of
the significant accounting policies and other explanatory information.
Managements Responsibility for the Standalone Financial Statements
The management and Board of Directors of the Company are 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 and financial performance 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 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; 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.
Auditors Responsibility
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 thereunder.
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
^jA^^^ether the standalone 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 auditors
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 Companys preparation of the
financial statements, that give a true and fair view, in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by the Companys management and Board of 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 statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us and as stated in notes to accounts, 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, 2016, and its
Loss for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 ("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 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, 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 and the Statement of Profit and Loss 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
applicable 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,
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 Section 164(2) of the
Act.
f. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in - Annexure- "B".
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 does not have any pending litigations which would impact its financial
position. Except Rs. 9,00,000/ from income tax for the A.Y. 2010- 11, and provision for
the same has been made.
ii. The Company did not have any long-term contracts including derivative contracts; as
such the question of commenting on any material foreseeable losses thereon does notarise.
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 in transferring such sums does not arise.
FOR GANESH NATARAJAN & ASSOCIATES
CHARTERED AACCOUNTANTS
ICAI Firm Registration No: 141940W
(S. Natarajan)
Partner
Membership No:
Place: Mumbai
Date: 05.12.2016.
GAMMA INFOWAY EXALT LIMITED
Independent Auditors Report to the Members of GAMMA INFOWAY EXALT LIMITED
Annexure- A
(Annexure Referred to in Paragraph 1 under the heading "Report on other legal and
regulatory requirements" of Our Report Of Even Date.)
i) During the year under review the company did not own any fixed assets. Accordingly
paragraph 3(i)(a), 3(i)b and 3 (i)c of the said order are not applicable.
ii) During the year under review the company did not have any inventory and accordingly
paragraph 3[ii)(a), 3(ii)b and 3 (ii)c of the said order are not applicable.
iii) According to information and explanations given to us, the Company has not granted
any loan, secured or unsecured to companies, firms or other parties covered under section
189 of the Act Accordingly paragraphs 3(iii) of the said Order are not applicable.
iv) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Act, in respect of
loans, investments, guarantees and security to the extent applicable to it.
v) According to the information and explanations given to us, the Company has not
accepted any deposits from the public covered under section 73 to 76 of the Companies Act,
2013 and the rules framed thereunder. Therefore, the provision of clause 3(v) of the Order
is not applicable to the Company.
vi) To the best of our knowledge and as explained, Central Government has not
prescribed the maintenance of cost records under sub-section (1) of Section 148 of the
Act, for the products of the Company. Therefore, the provision of clause 3(vi) of the
Order is not applicable to the Company.
vii) (a) According to the records of the Company and the information and explanations
given to us, the Company has been regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, Employees State Insurance, Income
Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and any
other statutory dues to the extent applicable to it.
According to the information and explanations given to us and based on the records of
the company examined by us, no undisputed amounts payable in respect of Provident Fund,
Employees State Insurance, Income Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty,
Value Added Tax, Cess and other material statutory dues were outstanding, at the year end,
for a period of more than six months from the date they became payable.
vii) According to the information and explanations given to us, there are no dues of
Income Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty and Value Added Tax which
have been deposited on account of any dispute.
(viii) Based on our audit procedures and as per the information and explanations given
by the management, the Company did not have any loans from banks, financial institutions,
government or has not issued debentures during the year.
(ix) According to the records of the company examined by us and as per the information
and explanations given to us, the Company has not raised any money from any Public
Issue/follow-on offer. Therefore, the provision of clause 3(ix) of the Order is not
applicable to the Company.
(x) Bases upon the audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and as per the information and explanations given to
us by the management, we report that no fraud on or by the Company has been noticed or
reported during the year.
(xi) According to the records of the company examined by us and as per the information
and explanations given to us, the Company has not paid/provided managerial/director
remuneration. Therefore the requisite approval mandated by the provision of section 197
read with schedule V to the Act is not attracted.
(xii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provision of clause 3(xii) of the Order is not applicable to
the Company.
(xiii) During the year under review the company did not have any related parties
transaction. Accordingly compliance with section 177 and 188 of the Act, where not
applicable.
(xiv) The Company has not made any preferential allotment or private placement of
shares or partly or fully convertible debentures during the year, therefore reporting
under clause 3 (xiv) shall not be applicable.
(xv) According to the information and explanations given to us, we report that the
Company has not entered into any non-cash transaction with directors or persons connected
with him.
(xvi) In our opinion, the Company is not required to be registered under section 45-IA
of the Reserve Bank of India Act, 1934.
FOR GANESH NATARAJAN & ASSOCIATES
CHARTERED ACCOUNTANTS
ICAI Firm Registration No: 141940W
(S. Natarajan)
Partner
Membership No:
Place: Mumbai
Date: 05.12.2016.
Annexure - ‘B to the Auditors Report
(Referred to in paragraph 2(f) under Report on other legal and regulatory
requirements section of our report of even date)
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
In conjunction with our audit of the standalone financial statements of the Company as
of and for the year ended 31 March 2016, we have audited the internal financial controls
over financial reporting of GAMMA INFO WAY EXALT LIMITED r the Company").
Managements Responsibility for Internal Financial Controls
The Respective Board of Directors of the Company are 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 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") issued by ICAI 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 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 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 Companys internal financial controls system
over financial reporting.
Mening of Internal Financial Controls over Financial Reporting internal financial
control over financial reporting is a process designed to provide Resonable assurance
regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles 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 expenditure 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 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 th e possibilities or collusion or improper management override or
controls material misstatements due t*o 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, to the best of our information and according to the explanations 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 31st 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 ICAI. Further the
Company has no separate department/ committee for Internal Controls and these are in
direct supervision of the Directors.
FOR GANESH NATARAJAN & ASSOCIATES.
CHARTERED ACCOUNTANTS
ICAI Firm Registration No: 141940W
(S.Natarajan)
Partner
Membership No:
Place: Mumbai
Date: 05.12.2016.
+91-9892691696
