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InfoBeans Technologies Ltd.

BSE: 0 | NSE: INFOBEAN |

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Series: BE | ISIN: INE344S01016 | SECTOR: Computers - Software Medium & Small

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Annual Report

For Year :
2018

Auditor's Report

Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of lnfoBeans Technologies
limited (Formerly Known as InfoBeans Systems India Private Limited) (ti'the Company'), which
comprises the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of significant accounting policiesand other
explanatory information.
Management's Responsibility for theStandalone 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 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 referred specified under section
133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2015, as amended.
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
operatingeffectively 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.
In conducting our audit, we have taken into account the provisions of the Act, the accountingand
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 standalone financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the standalone financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the standalone
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 standalone
financial statement 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
Company's Directors, as well as evaluating the overall presentation of the standalone 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 inthe manner
so required and give a true and fair view inconformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit
and its cash flowsfor the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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 Act, we give in the
Annexure-A, a statement on the matters specified in the paragraph 3and 4 of the Order, to the
extent applicable.
2. As required bysection 143(3) of theAct, we report that:
a) We have sought &: obtained all the information and explanations which to the best of our
lmowledge 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, 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 relevant rule issued thereunder.
e) On the basis of written representations received from the directors as on March 31, 2018, and
taken on record by the Board of Directors, none of the directors is disqualified as on March 31,
2018, from being appointed as a director in terms of sub­ section (2) of section 164 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.Our report expresses an unmodified opinion on the adequacy and operatingeffectiveness
of the company's internal financial controls over financial reporting.
g) With respect to the other matters included in the Auditor's Report in accordance with Rule 11of
the Companies (Audit & Auditors) Rules ,2014 as amended, 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 whichwould impact its financial position as
on March31, 2018.
ii. The Company did not have any long-term contracts including derivatives contracts for which
there were any material foreseeable losses.
iii. There were no amounts which required to be transferred to the Investor Education and
Protection Fund by the
Company.

(Referred toin paragraph 1 underReport on Other Legal and Regulatory Requirements section of
our report to the Members ofinfoBeans
Technologies Limited of even date)

(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 Fixed Assets have been physically verified by the management in a phased manner, designed
to cover all the items over a period of three years, which in our opinion, is reasonable having
regard to the size of the company and nature of its business. Pursuant to the program, a portion of
the fixed asset has been physicallyverified by the management during the year. According to the
information and explanation given to us, no material discrepancies were noticed on such
verification.
(c) According to the information and explanations given to us, the Company does not own any
immovable property.
Accordingly, paragraph 3(i) (c)of the Order is not applicable.
(ii) The Company is a service company, primarily rendering software services. Accordingly, it
does not hold any physical inventories. Thus, paragraph 3(ii) of the Order is not applicable to
the Company.
(iii) The Company has not granted any loans, secured or unsecured to companies, firms, Umited
liability partnershipsor other parties covered in the Register maintained under section 189 of the
Act. Accordingly, the provisions of paragraph 3 (iii) (a) to (c) of the Order are not applicable to
the Company and hence not commented upon.
(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 grant
ofloans, making investments and providing guarantees and securities, as applicable.
(v) The Company has not accepted deposits during the year and therefore, the provisions of the
clause 3 (v) of the Order are not applicable to the Company.
(vi) The Central Government has not prescribed the maintenance of cost records under Section
148(1) of the Act, for any of the services rendered by the Company. Thus, the provisions of the
clause 3(vi) of the Order are not applicable to the Company.
(vii) (a) 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 including Provident Fund, Employees State Insurance,
Income-Tax, Sales tax, Service Tax, Goods and Service Tax, Duty of Customs, Duty of Excise, Value
added Tax, Cess and any other 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, 2018for 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, Goodsand Service 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 given to us, the Company
has not defaulted in the repayment of dues to bank and financial institutions. The Company has not
taken any loan from the government and has not issued any debentures.
(ix) According to the information and explanations given to us, on an overall basis, fund raised
by way of Initial Public Offer (IPO) were subsequently utilised during the year at various dates
for the purpose for which they were obtained and balance amount remained unutilised at March
31,2018 were kept temporarily under Bank Fixed Deposit. Further, term loan have been applied for
the purpose for which it was raised.
(x) Based upon the audit procedures performed and the information and explanations given by the
management, we report that no fraud by the Company or on the Company by its officers or
employeeshas been noticed or reported during the year.
(xi) Based upon the audit procedures performed and the information and explanations
given by the management, the managerial remuneration has been paid or provided in accordance with
the requisite approvals mandated by the provisions of section 197read with Schedule V to the
CompaniesAct 2013.
(xii) In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi Company.
Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of
the records of the Company, 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 standalone
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, the provisions of
paragraph 3 (xiv) of the Order are not applicableto the Company.

(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 withdirectors or persons connected
withhim.Accordingly, the provisions of paragraph 3 (xv) of the Order are not applicable to the
Company.
(xvi) The company is not required to be registered under section 45 IA of the Reserve Bank of India
Act, 1934 and accordingly, the provisions of paragraph 3(xvi) of the Order are not applicable to
the Company.

 

 

 

 

 

 

 

 

 

For Prakash S. Jain &: Co. Chartered Accountants FRN. 002423C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dated: May 03,2018
Place : Indore

 

 

 

 

 

 

 

 

 

 

 

 

 

 


CA. Gaurav Thepadia (Partner) M.No.405326

 

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the
Companies Act,
2013('the Act1
We have audited the internal financial controls over financial reporting of lnfoBeans
Technologies Limited (Formerly Known as InfoBeansSystems India Private Limited)('the Company1 as
of 31stMarch 2018 in conjunction with our audit of the Standalone FinancialStatements of the
Company for theyear ended on that date.
Management's Responsibility for Internal Financial Controls
The Board of Directors of the company 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 ('ICAJI). 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
the 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.
Auditors1 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 1Guidance Note1

 

 

 

 

 

 

 

 

 

 


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 were 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 reportingincluded 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 auditors1 judgment, including the
assessment of the risks of materialmisstatement of thestandalone financialstatements, whether due
to fraud or error.
We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis
for our audit opinion on the Company1s internal financial controls system over financial reporting.
Meaning oflnternal Financial Controls over Financial Reporting
A company1s 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 the Management and directors of the Company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorize dacquisition, use, or
disposition of the Company's assets that could have a material effect on the financial statements.
Limitations oflnternal 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, 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 31March 2018,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 oflndia.