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Auditor Report of CAT Technologies Ltd.

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of CAT TECHNOLOGIES LIMITED which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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 financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 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 control relevant to the Company’s preparation and fair presentation of the financial statements 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 management, 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 March 31, 2013;

(b) in the case of the Profit and Loss Account, of the profit/ loss for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are In agreement with the books of account.

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection(3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act,1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure to the Auditors’ Report

(Referred to in paragraph 3 of our report of even date)

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

(b) As per the programme designed by the company all tangible fixed assets have been physically verified by the management at reasonable intervals, and no material discrepancies have been noticed in respect of those assets, which have been physically verified.

(c) The Company has not disposed off substantial part of its fixed asset during the year.

(ii) (a) Due to the nature of Company’s business of development of Computer Software and exports, the Company does not maintain inventories. Consequently, provisions of clause 4(ii) of Companies (Auditor’s Report) Order, 2003 are not applicable in relation to its activities.

(iii) (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clauses 3(b) to 3(d) of para 4 of the order are not applicable to the Company for the year.

(b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clauses 3(f) and 3 (g) of para 4 of the order are not applicable to the Company for the year.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and in respect of sale of Computer Software and related services. During the course of our audit, no major weakness has been noticed in the internal controls.

(v) Based on the examination of the books of account and related records and according to the information and explanations provided to us, we are of the opinion that the company has maintained the contracts or arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposits from the public, within the meaning of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

(vii) The Company has no Internal Audit System

(viii) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the Company.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees’ state insurance, income-tax, sales-tax, wealth-tax, , customs duty, excise duty, cess and other material statutory dues applicable to it except Service Tax amount of Rs.22,71,974/- for the period 2006-2011 as management is of the opinion that Service Tax is not applicable to the company, hence Service Tax was not paid. On receipt of the demand notice the Company has paid Rs.22,71,974/- on 20.03.2013 and the case is pending with Settlement Commission, Chennai for final settlement.

(b) According to the information and explanations given to us, there are no arrears of undisputed statutory dues payable in respect of provident fund, employees’ state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, cess and other undisputed statutory dues were outstanding, as at 31st March,2013 for a period of more that six months from the date they became payable.

(x) The company does not have any accumulated losses nor has incurred any cash losses during the current year and the immediately preceding financial year.

(xi) Based on the examination of the books of account and related records and according to the information and explanations provided to us, the Company has not defaulted in repayment of its dues to the banks. During the year company has not taken any loans from financial institutions nor has it issued any debentures.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by the way of pledge of shares, debenture and other securities.

(xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society to which the provisions of special statute relating to Chit Funds are applicable

(xiv) In our opinion and according to the information and explanations given to us the Company is not dealing in shares, securities and debentures and other investments.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanations given to us and the records of the Company examined by us, the Company has not obtained any term loans during the year.

(xvii) According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have prima facie, not been utilized for long term investment Vice Versa.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has not issued any debentures during the period covered by our report. .

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us and on the basis of the audit procedures applied by us and to the best of our knowledge and belief, no fraud on or by the Company has been noticed or reported during the year.

For Suresh Gupta .Y & Co.,

Firm Regn No: 009012S

Chartered Accountant

Sd/-

Y.Suresh Gupta

Proprietor

Membership No.209738

place: Hyderabad

Date: 30th May, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/S CAT TECHNOLOGIES LIMITED, as at 31st March 2012 and Statement of Profit and Loss of and also the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework and are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 issued by Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments referred to in Para 3 above, we report that:

i. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

ii. 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;

iii. the Balance Sheet and Statement of Profit and Loss Account dealt with by this report is in agreement with the books of account;

iv. in our opinion, the Balance Sheet and Statement of Profit and Loss dealt with by this report comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956;

v. on the basis of review of written representations received from the directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

vi. in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956; 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 March 31st, 2012;

b. in the case of Statement of Profit and Loss, of the Loss of the company for the year ended on that date and

c. In the case of Cash Flow Statement, of the cash flows for the period ended on that date.

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph 3 of our report of even date)

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

(b) As per the programme designed by the company all tangible fixed assets have been physically verified by the management at reasonable intervals, and no material discrepancies have been noticed in respect of those assets, which have been physically verified.

(c) The Company has not disposed off substantial part of its fixed asset during the year.

(ii) (a) Due to the nature of Company''s business of development of Computer Software and exports, the Company does not maintain inventories. Consequently, provisions of clause 4(ii) of Companies (Auditor''s Report) Order, 2003 are not applicable in relation to its activities.

(iii) (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clauses 3(b) to 3(d) of para 4 of the order are not applicable to the Company for the year.

(b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, clauses 3(f) and 3 (g) of para 4 of the order are not applicable to the Company for the year.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of fixed assets and in respect of sale of Computer Software and related services. During the course of our audit, no major weakness has been noticed in the internal controls.

(v) Based on the examination of the books of account and related records and according to the information and explanations provided to us, we are of the opinion that the company has maintained the contracts or arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposits from the public, within the meaning of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

(vii) The Company has no Internal Audit System

(viii) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for the Company.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, there are no arrears of undisputed statutory dues payable in respect of provident fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, cess and other undisputed statutory dues were outstanding, as at 31st March,2012 for a period of more that six months from the date they became payable.

(x) The company does not have any accumulated losses nor has incurred any cash losses during the current year and the immediately preceding financial year.

(xi) Based on the examination of the books of account and related records and according to the information and explanations provided to us, the Company has not defaulted in repayment of its dues to the banks. During the year company has not taken any loans from financial institutions nor has it issued any debentures.

(xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by the way of pledge of shares, debenture and other securities.

(xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/mutual benefit fund/society to which the provisions of special statute relating to Chit Funds are applicable

(xiv) In our opinion and according to the information and explanations given to us the Company is not dealing in shares, securities and debentures and other investments.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) According to the information and explanations given to us and the records of the Company examined by us, the Company has not obtained any term loans during the year.

(xvii) According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have prima facie, not been utilized for long term investment.

(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

(xix) According to the information and explanations given to us, the Company has not issued any debentures during the period covered by our report. .

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanations given to us and on the basis of the audit procedures applied by us and to the best of our knowledge and belief, no fraud on or by the Company has been noticed or reported during the year.

For and on behalf of

Ramu & Ravi,

FRN No. 006610S

Chartered Accountant

KVR Murthy

Partner

Membership No. 200021

Place: Hyderabad.

Date: 29th August, 2012


Mar 31, 2010

I have audited the Balance Sheet of M/S. CAT TECHNOLOGIES LIMITED as at 31st March, 2010 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These Financial Statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these Financial Statements based on my audit.

I have conducted the audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes, examination, on test basis, evidence supporting the amounts and the disclosures in the Financial Statements. An audit also includes assessing the Accounting Principles used and significant estimates made by management, as well as evaluating the overall Financial Statement presentation. I believe that my audit provides a responsible basis for my opinion.

As required by the Companies (Auditor''s Report) Order, 2003 issued by the central Government in terms of section 227 (4A) of the Companies Act, 1956, I give in Annexure a statement on the matters specified in Paragraphs 4 and 5 said order.

In my opinion, the Balance Sheet and Profit & Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Company, 1956 in so far as they apply to Company.

Further to my comments given in the Annexure referred to in paragraph 3 above, I report that:

I have obtained all the information and explanations, which to the best of my / our knowledge and belief were necessary for the purpose of my audit.

In my opinion, proper books of accounts as required by Law have been kept by the Company so far as it appears from my examination of those books.

The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

In my openion and based on information and explanations given to me, none of the directors are disqualified as on 31st March 2010 from being appointed as directors in terms of clause (g) of subsection (1) of section 274 of Companies Act, 1956.

In my opinion and to the best of my information and according to the explanations given to me, the said Balance Sheet together with the notes thereon, give the information required under the Companies Act, 1956 in the manner so required and give a true and fair view.

In the case of Balance Sheet, state of affairs of the Company as at 31st March 2010, and In case of Profit and Loss Account Profit/Loss for the year ended on 31.03.2010

In case of Cash Flow Statement, Cash flows for the year ended on 31.03.2010.

Annexure to the Auditors'' Report

(referred to in paragraph (3) of our Report of even date to the members of CAT Technologies Limited for the year ended 31/03/2010.)

1. 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) I am informed that most of the fixed assets of the company have been physically verified by the management during the year which, in my opinion is reasonable having regard to the size of the company and the nature of assets and that no material discrepancies have been noticed on such verification.

c) None of the Fixed assets are disposed off during the year.

2. The Clause relating to physical verification and maintenance of proper records in respect of finished goods, stores, spare parts and raw material is not applicable since the Company is engaged in service industry.

3. a) The company has granted loans during the year to its subsidiary companies, firms and listed in the register maintained under section 301 of the Companies Act, 1956. The year end balances of such loans granted is Rs.43,52,67,226/- and the outstanding as on 31st March 2010 is Rs.67,35,38,563/- (including opening balance of Rs.23,82,71,337/-).

b) The Company has not taken any unsecured loans during the year and the outstanding balance as on 31st March 2010 is Rs.21,31,420/- which was taken from four parties listed in the Register maintained under section 301 of the Companies Act, 1956.

c) There is no stipulation regarding the payment/recovery of interest on unsecured loans taken/advances given. Other terms and conditions in this respect are prima- facie not prejudicial to the interest of the Company.

d) There are no specific stipulations regarding the repayment of the Loan and Interest amount in respect of the unsecured loan taken. However as per the information and explanations provided to us, the repayment of the loan has been made promptly as and when demanded. During the year, the Company has not paid any amount as interest to the parties covered in the register maintained under section 301 of the Act.

e) As per the information and explanations provided to us, there are no amounts overdue as on 31st March, 2010 in respect of unsecured loans taken.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the rendering of services. During the course of our audit no major weakness has been noticed in the internal controls.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts of arrangements entered in the register maintained under section 301 have been made at prices which are reasonable having regard to prevailing mark prices at the relevant time.

6. The Company has not accepted any deposits from the public with in the meaning of section 58A and 58M of the Companies Act, 1956 and the rules framed there under.

7. The Company has no internal audit system.

8. The Company is engaged in service industry and hence the clause regarding the maintenance of Cost Records is not applicable.

9. According to the records, the Company is regular in depositing the dues except with few delays with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and there are no statutory dues which have remained outstanding as at 31 March, 2010 for a period of more than six months.

10. The company was registered for a period of more than five years. The company has not incurred cash losses during the year and at the end of the immediately preceding financial year.

11. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to banks. There were no dues to financial institutions or debenture holders during the year.

12. Based on the examination of our records and the information and explanations given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Clause (xiii) of the MAOCAROorder is not applicable to the Company as the Company is not a chit fund company of nidhi /mutual benefit fund/society.

14. In our opinion, the Company is not dealing in / or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

16. According to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained.

17. Based on the examination of documents and records made available and on the basis of information and explanations given to us, the Company has not raised any funds for short term and long term investments.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956.

19. No debentures have been issued by the Company during the year.

20. The Company has raised money from public through GDR issue. During the financial year the Company has successfully completed allotment of 15,95,333 GDR''s Represented by 4,78,59,990 Equity shares of Rs.10/- each on 6.11.2009.

21. Based on the audit procedures performed and information and explanations given by management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

Sd/-

Place: HYDERABAD. (B.SRINIVAS RAO)

Date: 26.04.2010 CHARTERED ACCOUNTANT

Membership No. 201378

 
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