Annual Report 2016-17

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Annual Report 2016-17

Annexure “B” to the Independent Auditors’ Report

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of

even date)

Re: Persistent Systems Limited (the “Company”)

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and

situation of oxed assets;

(b) There is a regular programme of veriocation which, in our opinion, is reasonable having regards to the size of

the Company and the nature of its assets. No material discrepancies were noticed on such veriocation.

examination of the registered documents provided to us, we report that, the title deeds, comprising all the

immovable properties of land and buildings which are freehold, are held in the name of the Company as at the

balance sheet date.

(ii) Considering the nature of the Company, the provisions of clause 3 (ii) of the Order pertaining to the physical

veriocation of inventory is not applicable to the Company.

(iii) During the year the Company has not granted any loans, secured or unsecured to companies, orms or other parties

covered in the register maintained under section 189 of the Companies Act, 2013.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the

provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and

providing guarantees and securities, as applicable.

(v) According to the information and explanations given to us, the Company has not accepted any deposit from public.

(vi) To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost

records under sub-section (l) of section 148 of the Companies Act, 2013 for the software services rendered by the

Company.

(vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, employees’ state

insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax cess and any

other statutory dues with the appropriate authorities and there is no arrears of outstanding statutory dues as

at the last day of the onancial year concerned for a period of more than six months from the date they became

payable.

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance,

Income-tax, Sales Tax, Service Tax, Value Added Tax, cess and other material statutory dues in arrears as at

March 31, 2017 for a period of more than six months from the date they became payable.

have not been deposited as on March 31, 2017 on account of disputes are given below:

In Mn.

Name of Statute

Nature

of Dues

Forum where

Dispute is Pending

Period to which

the Amount

Relates

Amt.

involved

Amt.

unpaid

Maharashtra Value

Added Tax Act, 2002

Sales Tax Joint Commissioner

(Appeals) – VAT

FY 2010-11

3.01

Central Sales Tax

Act, 1956

Sales Tax Joint Commissioner

(Appeals) –

FY 2009-10

6.54

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in

the repayment of loans from the government. The Company has not taken any loans or borrowings from banks and

onancial institutions and has not issued debentures during the year.

(ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments)

or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.