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HOV Services
BSE: 532761|NSE: HOVS|ISIN: INE596H01014|SECTOR: Computers - Software Medium & Small
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« Mar 14
Auditor's Report (HOV Services) Year End : Mar '15
Report on the Standalone Financial Statements
 
 We have audited the accompanying standalone financial statements of HOV
 Services Limited (the Company), which comprise the Balance Sheet as
 at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
 Statement for the year then ended, and a summary of the 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 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 whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the 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 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 the 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 statements.
 
 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,
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2015;
 
 (b) in the case of the Statement of Profit and Loss, of the loss of
 the Company for the year ended on that date, and
 
 (c) in the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 Emphasis of Matter
 
 We draw attention to note on 20.7 of the Standalone Financial
 statements regarding pending approval of shareholders and Central
 Government in respect of managerial remuneration aggregating to Rs.
 9,600,000 payable to the three whole time directors.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 201S (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 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 Act, 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
 purposes 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, and the 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 the written representations received from the
 directors as on 31st March, 201S taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 201S
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 f) With respect to the other matters to be included in the Auditor''s
 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 has disclosed the impact of pending litigations on its
 financial position in the aforesaid financial statements - Refer Note
 20.1(a)(i) to the financial statements.
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING REPORT ON OTHER
 LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE TO THE
 MEMBERS OF HOV SERVICES LIMITED ON THE STANDALONE FINANCIAL
 STATEMENTS
 
 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 state that:
 
 1.  a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 b) The Company has carried out physical verification of all its fixed
 assets during the year.  In our opinion, the frequency of verification
 is reasonable considering the size of the Company and the nature of its
 assets. No material discrepancies were noticed on such verification.
 
 2.  The Company does not hold any inventory. Therefore, the provisions
 of the clause 3 (ii) of the Order are not applicable to the Company.
 
 3.  During the year, the Company has not granted any loans, secured or
 unsecured to companies, firms or other parties covered in the register
 maintained under section 189 of the Act.
 
 4.  In our opinion and according to the information and explanations
 given to us, having regard to the explanation that some of the items
 purchased and sold are of the special nature in respect of which
 suitable alternative sources do not exist for obtaining comparable
 quotations, there are adequate internal control systems commensurate
 with the size of the Company and nature of its business for purchase of
 inventory, fixed assets and with regard to the sale of services. During
 the course of our audit, no major weakness has been noticed in the
 aforesaid internal control systems.
 
 5.  In our Opinion and according to the information and explanations
 given to us, the Company has not accepted any public deposits within
 the meaning of Section 73 to 76 or any other relevant provisions of the
 Act and rules framed thereunder.
 
 6.  According to the information and explanations given to us, the
 maintenance of cost records has not been prescribed by the Central
 Government under Section 148(1) of the Act for any of the activities of
 the Company.
 
 7.  a) The Company isregular in depositing undisputed statutory dues
 including Provident Fund, Employees'' State Insurance, Income Tax, Sales
 Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value
 Added Tax, Cess and any other material statutory dues applicable to the
 Company with the appropriate authorities. No undisputed amounts payable
 in respect of the aforesaid statutory dues were outstanding as at the
 last day of the financial year for a period of more than six months
 from the date they became payable.
 
 b) According to the records of the Company, there are no dues of Income
 Tax, Sales Tax, Service tax, Customs Duty, Wealth Tax, Excise Duty,
 Value Added Tax, Cess which have not been deposited on account of any
 dispute except the following :
 
 Name of the    Nature of    Period to which   Amount       Forum where
 Statute        Dues         it relates        in Rs.       dispute is
                                                            pending
 
                             Assessment        2,905,432    Income Tax
                             Year 2009-10                   Appellate
 Income Tax    Income                                       Tribural
 Act, 1961     Tax           Assessment        4,907,220    Commissioner
                             Year 2007-08                   of Income
                                                            Tax Appeals
                                                            -Pune
 
 c) There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 8.  The Company has no accumulated losses as at the end of the year.
 However, it has incurred cash losses in the current financial year but
 it did not incur cash losses in the immediately preceding financial
 year.
 
 9.  In our opinion and according to the information and explanations
 given to us and based on the documents and records produced before us
 there has been no default in repayment of dues to banks .There are no
 dues to financial institutions or debenture holders.
 
 10.  According to the information and explanations given to us, the
 terms and conditions on which the Company has given guarantee for loans
 taken by others from banks and financial institutions, are not prima
 facie prejudicial to the interest of the Company.
 
 11.  Based on the information and explanations given to us by the
 management, the Company has not obtained any term loans during the
 year. Therefore, the provisions of the clause 3 (xi) of the Order are
 not applicable to the Company.
 
 12.  During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing standards in India and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of such case by the management.
 
                                          For Lodha& Company
                                          Chartered Accountants
                                          Firm Registration No. 3010S1E
 
                                          A.M. Hariharan
                                          Partner
                                          Membership No. 38323
 Place: Mumbai
 Date : 22nd May, 201S
 
Source : Dion Global Solutions Limited
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