M/S.RAMCO SYSTEMS WZ-LLC DUBAI INTERNET CITY, DUBAI - (U.A.E.) I for the YEAR ENDED I 31 MARCH 2016 I I I I T I I : F\ I CONTENTS L;
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ll l l l ¡ ¡ FINANCIAL STATEMENTS OF I M/S.RAMCO SYSTEMS WZ-LLC DUBAI INTERNET CITY, DUBAI - (U.A.E.) I FOR THE YEAR ENDED I 31 MARCH 2016 I I I I t I I : f\ I CONTENTS l; : I. COMPANY INFORMATION : 2. OFFICE BEARERS : 3, DIRECTORS'REPORT I 4. AUDITORS'REPORT I 5. BALANCE SHEET I 6. PROFIT AND LOSS ACCOUNT I 7. STATEMENT OF CASH FLOWS : 8. STATEMENT OF CHANGES IN EQUITY I STATEMENTS g. SCF{EDULE OF NOTES TO THE FINANCIAL I **tt I t l I t t t I I COMPANY INFORMATION I I Name & Address of the ComPanv I lvfls. Ramco SYstems FZ-LLC P. O. Box 500189 Dubai Intemet CitY, Dubai (U.A'E') I Tel: 04-3685394 I Location: Dubai Intemet City, Dubai (U'A'E') I Bankers to the ComPanv I 2.1 Citibank Dubai Branch P. O. Box 749,Dubai (U.A.E') ¡ 2.2 El-Nilein Bank I Abu Dhabi Branch P. O. Box 46013, Abu Dhabi (U'A'E') t 2.3 Mashreq Bank Dubai Internet CitY Branch t P. O. Box 500287, Dubai(U.A.E') I 3. Auditors tdbctsloiry Il{/s. SALIM RAJKOTWALA I Chartered Accountants P, O, Box 40972, t Dubai (U.A.E.) Tel: 04 -2368945 l Fax: 04 -2368944 t A memberfirm of MGI Worldwide l I I f" I I OFFICE BEARERS I Directors l. Mr. Venketrama Raja P.R. Raja : P. O. Box 500189 Dubai Internet City, Dubai (U'A'E') I Tel:04'3685394 I Mr. RamamurthY RaviKula Chandran P, O. Box 500189 I Dubai Intemet CitY, Dubai (U.A'E') I Tel: 04 - 3685394 Mr. Venkataramanan Harikrishnan l P. O. Box 500189 Dubai Internet City, Dubai (U'A'E') l Tel: 04-3685394 I I t I I t I t t ramco I I company for the The Directors are pleased to present herewith the report of the Board of Directors of the I year ended 31 March 2016' I Financial Results The net profit for the year after all expenses is AED Retained profits brought forward from previous year AED AED I And the net surplus canied forward is I Dividend of any The company has a net surplus of AED 16,252,333. The Directors do not recommend distribution position' I dividend during the year but to retain the profits in the company to consolidate its financial Auditors I Dubai The Board of Directors recommend re-appointing M/s.Salim Rajkotwala Chartered Accountants, I (u.A.E.), as Auditors to the company for the year to end on 3 1 March 201 7' I On behalf of the Board of Directors I ß't--t- L- Mr. Ramamurthy Ravi Kula Chandran I Director Director I Mr. Venkata anan Harikrish t Director Dated: 4May 2016 Ramco Systems FZ-LLC PO Box No: 5O0189 I Dubai Internet City, Dubai, United Arab Emirates' t www.ramco.com t I I Snrtu Relror\øALA I CHARTERED ACCOUNTANT.S AUDITORS'REPORT I TO THE SHêREHOLDER OF M/s. RAMCO ÞYSTEMS FZ-LLC I DUBAI INTERNET CITY- IU.A.E.) I Report on the Fínancíal Statements F7-LLC, DUBAI ¡ We have audited the accompanying financial statements of l\{/s. RAMCO SYSTEMS INTERNET CITY, U.A.E., which comprise the balance sheet as of 31st March 2016, and the related profit and loss account, and cash flow statement for the year then ended, and a summary of significant I accounting policies and other explanatory notes set out on Pages 3 to l5' Management's Respo nsíbílity for th e Fínønciøl Statements I Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial I statements that are free from material misstatements, whether due to fraud or error; selecting and applying in the circumstances' I appropriate accounting policies; and making accounting estimates that are reasonable A uditors' Re sp onsìbílíty rWe Our responsibility is to express an opinion on these financial statements based on our audit. conducted I our audit in accordance with International Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether I the frnancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the frnancial statements. The procedures selected depend on our judgment, including the assessment of risks of a material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for t the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting principles used and reasonableness of accounting I estimates made by management, as well as evaluating the overall presentation of the financial statements. rwe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our I opinion. I <f Contd...[2J P.O.Box 409'Ì2,Dubai- U.A.E. Tel. :+971 42368945, Fax:+971 42368944 I E-mail : [email protected], Vy'eb : www.mgisalim.com I A member of MGI World I I Sertu Ra,tror\ØALA CHARTERED ACCOUNTANTS I Page2 I Auditors' Report (Contd'..) M/s. Ramco Systems FZ-LLC, Dubai t Opinion t In our opinion, the financial statements present fairly, in all material respects, the financial position of tws. RAMCO SYSTEMS FZ-LLC,DUBAI INTERNET CITY, U.A.E., as of 3lst March 2016,and its financial performance and its cash flows for the year then ended in accordance with International T Financial Reporting Standards. I Report on Other Regulatory Møtters and that these We also confirm that in our opinion proper books of account have been kept by the company, and financial statements are in agreement with the books of account. We have obtained all the information t and belief no breach explanations we required for the purpose of our audit, and to the best of our knowledge of the Free Zone Regulations and applicable laws has occurred during the year which would have had a : material effect on the company's business or financial position' l : DUBAI 1gl\4AY2Û1û I Registration No. 805 T l I I l I I I A member of MGI rVorld I I Page -3 RAMCO SYSTEMS FZ.LLC I P. O. BOX 5OOT89. DUBAI INTERNET CITY. DUBAI ru.A.E.) BALANCE SHEET AS AT 31 MARCH 2016 I IN UAE DIRHAMS I Notes 31.03.2016 31.03.2015 I ASSETS Non-current assets Properfy and equipment 24,665 15,592 I Total non-current assets 24,665 15,592 Current assets (ú Accounts receivable and prepayments 42,338,537 23,625,373 'Ér t fit Bank balances l0g,g0g 2g6,g7g v) € Total current assets 42,447,446 23,912,191 cl I -o = Total assets t-.¡ J2frzJrr J1927J83 I û SHAREHOLDERS' F'UNDS AND LIABILITIES l (ú Shareholdersr funds o o o Share capital 50,000 50,000 Retained earnings €(.) 16,252,333 9,960,670 t F C) li Total Shareholders' funds 16,302,333 9,910,670 ¡(d (-) Liabilities c! t (t Non-current liabilities Ê o 'av Employees' terminal benefits 159,3 15 106,508 I ú Loan from a related party 3,064,678 E Total non-cunent Iiabilities 3,223,993 106,509 cn v) Current liabilities I Accounts payable and accruals 9 6,303,894 , 3,952,121 Amounts due to related parties t0 76,641,891 , 9,958,484 : Total cunent liabilities 22,945,785 13,910,605 I Total liabilities 26,169,778 14,017,173 Total Shareholders' funds and liabilities 42,472,111 23,927,793 l Annexed Schedule of Notes forms an integral part of these financial statements, I For RAMCO SYSTEMS ,rtlf /7 ( \r_I I DIRECTOR DIRECTO DI t AUDITORS'REPORT . PAGE I &2 l I I Page -4 ¡ RAMCO SYSTEMS FZ.LLC P. O. BOX 500189. DUBAI INTERNET CITY. DUBAI ru.4.8.) PROFIT AND LOSS ACCOUNT F'OR THE YEAR ENDED 31 MARCH 2016 I IN UAE DIRHAMS I I Current Previous I Notes Year Year -É(l .F Income I (d 40,292,562 30,539,001 V) Revenue ll d Less: Cost of sales l2 29,310,240 20,285,712 : -o¿ l-] I Gross profit 10,982,322 10,253,289 Ø : (ú Operatins Exoenses oO Sales & marketing expenses l50,l5l 159,289 .o : () Interest & bank charges 136,001 67,514 (l)k ¡< Exchange loss 25,418 l3 2,730,382 2,033,246 O Administration & selling expenses : (! Depreciation 6,680 5,708 (Ë È Bad debts written off 1,542,027 o 'a}¿ 4,590,659 2,265,757 : & cd Operating profit 6,391,663 7,987,532 (t) : Other operating income 25,167 I NET PROFIT FORTHE YEAR 6,391,663 g,ol2,699 t Annexed Schedule of Notes forms an integral part of these financial statements. l FoT RAMCO SYSTEMS I tu- fuu\.- DIRECTOR DIRECTOR ¡ AUDITORS' REPORT - PAGE I &2 : : Page -5 FZ-LLC ¡ RAMCO SYSTEMS P. O. BOX 500189. DUBAI INTERNET CITY. DUBAI IU.A.E.) I IN UAE DIRHAMS I I Current Previous Notes year Year t CASH FLOWS FROM OPERATTNG ACTIVITIES Net profit for the year 6,391,663 8,012,699 '?Cd t (d Adjustments for: U) Depreciation 6,680 5,708 € (d Operating profit before working capital changes 6,398,343 8,018,407 t -o â I and prepayments (18,713,224) (13,629,945) Ø (Increase) in accounts receivable É payable 2,351,773 1,425,330 t (€ Increase in accounts and accruals Increase in amounts due to related parties 4,373,533 o) .6,683,407 o 52,807 69,279 o Increase in employees' terminal benefits : !() Net cash (used in)/received from operating activities (A) (3,226,894) 196,604 k (.) l< CÚ O CASH FLOWS FROM INVESTING ACTIVITIES cd : Payment for purchase of property & equipment (15,753) (6,999) B o (15,753) (6,999) .F& Net cash (used in) investing activities (B) t ú CASH FLOWS FROM FINANCING ACTIVITIES cd U) 3,064,678 : Loan from a related party Net cash received from financing activities (c) 3,064,678 t Net (decrease)/increase in cash and cash equivalents (A+B+C) (r71,969> 189,605 Cash and cash equivalents - beginning ofthe year 286,878 97,273 I 108,909 286,878 I Cash and cash equivalents - end of the year l5 I For RAMCO SYSTEMS FZ-LLC t t t : Page -6 : RAMCO SYSTEMS FZLLC P.