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Xelpmoc Design and Tech Ltd.

BSE: 542367 | NSE: XELPMOC |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE01P501012 | SECTOR: Computers - Software

BSE Live

Dec 06, 16:00
370.45 -17.70 (-4.56%)
Volume
AVERAGE VOLUME
5-Day
1,442
10-Day
2,573
30-Day
3,896
1,849
  • Prev. Close

    388.15

  • Open Price

    389.80

  • Bid Price (Qty.)

    371.85 (2)

  • Offer Price (Qty.)

    385.90 (25)

NSE Live

Dec 06, 15:46
371.20 -18.15 (-4.66%)
Volume
AVERAGE VOLUME
5-Day
11,099
10-Day
13,571
30-Day
21,762
24,072
  • Prev. Close

    389.35

  • Open Price

    383.65

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    371.20 (106)

Annual Report

For Year :
2018

Auditor's Report

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Xelpmoc Design And Tech Private Limited (“the Company”), which comprise the Balance Sheet as at 31 March, 2018, and the Statement of Profit and Loss and Statement and the Cash Flow 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 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, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards prescribed under Section 133 of the Act, read with Companies (Accounting Standards) 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 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 standalone financial statements based on our audit.

We have taken into account the provisions oUbe-Ac^the accounting and auditing standards and matters which are required to be included iunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing issued by Institute of Chartered Accountants of India, as 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 misstatements.

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 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 financing reporting and the operating effectiveness of such controls. 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 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, 2018;

(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.

Report on Other Legal and Regulatory Requirements

1. 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 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 March 31, 2018, 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 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, the said opinion is not required in regards to General Circular No 08 / 2017 dated 25th July, 2017 as issued by Ministry of Company Affairs - Government of India.

g) With respect to the other matters to be included in the Auditor s report in accordance with the 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 did not have any pending litigations on reporting date;

ii. The company did not have any long - term contracts including derivatives contract 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.

2. As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”), as amended, 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 paragraphs 3 and 4 of Order.

“Annexure A” to the Independent Auditors’ Report of even date on the financial statements of Xelpmoc Design And Tech Private Limited

Referred to in paragraph 1 under the heading ‘Report on Other Legal & Regulatory Requirement’ of our report of even date to the standalone financial statements of the Company for the year ended March 31, 2018:

1) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

b) According to the information and explanations given to us, the company has formulated a phased programme for physical verification of fixed assets, designed to cover all the items once in three years. In our opinion, the frequency of the verification is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the company do not hold any title deeds of immovable property.

2) The Company is a service company, primarily rendering software services. Accordingly, it does not hold any physical inventories. Accordingly, paragraph 3(ii) of the Order is not applicable to the Company.

3) 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. Accordingly, the provisions of clause 3 (iii) (a), (b) and (c) of the Order are not applicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to us, the company has not advanced loans to directors/ to a company in which the Director is interested to which the provisions of Sec 185 of the Companies Act 2013 apply and hence not commented upon. In our opinion and according to the information and explanations given to us, provisions of section 186 of the Company Act 2013 in respect of loans and advances given, investments made, and guarantees, and securities given have been complied with by the Company.

5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.

6) To the best of our knowledge and as explained to us, the Central Government of India has not specified the maintenance of cost records under sub section (1) of Section 148 of the Companies Act, 2013 for any of the products of the Company.

7) a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, professional tax, labour welfare tax, income-tax, GST, service tax, cess and other material statutory dues have been regular in depositing with ap^oguste authority during the year by the Company. As explained to us, the Company did^Siti^^Qv dues on account of excise and custom duty.

According to the information and explanations given to us, following is the undisputed statutory dues payable as at 31st March, 2018 for a period of more than six months from the date they became payable:

Undisputed Statutory Dues

Amount

ESIC

1,11,162

TOTAL

1,11,162

(b) According to the information and explanations given to us, there are no material dues of income tax or sales tax or service tax or duty of income tax or GST which have not been deposited with the appropriate authorities on account of any dispute.

8) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings from any Banks or Financial Institutions. The Company does not have any loan or borrowings from Government or debenture holders.

9) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable

10) To the best of our knowledge and according to the information and explanations given to us by the management, we have not come across any instance of fraud by the Company or any fraud on the Company by its officers or employees, noticed or reported during the year.

11) In our opinion the provisions of section 197 read with schedule V to the Companies Act, 2013 are not applicable to the Company and hence paragraph 3(xi) of the Order is not applicable.

12) 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.

13) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with section 188 of the Act where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards. The Company is not required to have Audit Committee; accordingly the provisions of section 177 of Act are not applicable to Company.

14) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has made preferential allotment of shares during the year under review.

Based on the audit procedures performed for the purpose of reporting the true and fair view of the standalone financial statements and according to the information and explanations given to us by the management, we report that entire amount of Rs. 7.9 crore raised by the Company through preferential allotment of equity shares during the current year has been spent for the purpose for which the^praweaytfas raised.

15) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

16) In our opinion, 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 clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.

For JHS & Associates LLP

Chartered Accountants

Firm Registration No: 133288W / W100099

Huzeifa Unwala

Partner

Membership No. 105711

Place: Mumbai

Date: 25th June, 2018