Mar 31, 2014
We have audited the accompanying financial statement of CISTRO TELELINK
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31,2014, and the statement of Profit & Loss and Cash Flow Statement for
the year ended, and the summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statement
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.
Auditors''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 issues by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirement 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 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 fare
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, 2014;
(b) In the case of Profit & Loss Account, 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 for the
year ended on that date. Report on Other Legal and regulatory
Requirements
1. As required by required by the Companies (Auditor''s Report)
Order,2003 ("the Order") issued by 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 paragraph 4 & 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 Account and Cash
Flow Statement dealt with this report are in agreement with the books
of Accounts;
(d) In our opinion, Balance Sheet, Statement of Profit and Loss Account
and Cash Flow Statement comply with the accounting standards referred
to in Sub-Section 3(C) of sec-211 of Companies Act,1956.
(e) On the basis of written representation received from the directors
as on March 31, 2014 and taken on record by by the Board of Directors,
none of the directors is disqualified as on March 31, 2014 from being
appointed as the directors in terms of sec-274(1) (g) 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 of M/s CISTRO TELELINK LTD
1. (a) The company has maintained proper records showing full
particulars including quantitative details and location of all its
fixed assets.
(b) During the year the management has physically verified all the
fixed assets and no material discrepancies have been noticed on such
verification.
(c) During the year, the company has not disposed off substantial part
of its fixed assets.
2. There is no inventory held by company.
3. (a) The company has not granted any loan, secured or unsecured, to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act,1956. As the company has not
granted any loans, secured or unsecured, to the parties listed in the
register maintained under section 301 of the Companies Act, 1956,
paragraphs (iii) (b), (c) and (d) of the order are not applicable.
3. (b) The company has not taken any loan, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act,1956. As the company has not
taken any loans, secured or unsecured, from the parties listed in the
register maintained under section 301 of the Companies Act, 1956,
paragraphs (iii) (f), (g) and (h) of the order are not applicable.
4. 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 with regard to the purchase of inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, no
major weakness has been noticed in the internal controls.
5. As explained to us, during the year, there are no such transaction
made during the year in pursuance of contracts or arrangements that
need to be entered in the register maintained under section 301 of
Companies Act,1956.
6. The company has not accepted deposits from the public and hence the
provisions of Sec-58A & 58AA of the Companies Act,1956, and the rules
framed there under are not applicable. In company''s case no order has
been passed by the Company Law Board.
7. In our opinion and as informed to us, the company has an adequate
internal audit system, commensurate with the size and nature of its
business.
8. The central government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act,1956.
9. (a) According to the information and explanations given to us and
on basis of our examination of the books of accounts, the company has
been generally regular in depositing undisputed statutory dues
including Provident fund, Investor Education and protection fund,
Employee''s state insurance, Income Tax, sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess and other statutory dues during the
year with the appropriate authorities. As at 31.3.2014, there were no
undisputed dues payable except TDS Rs. 69269/- for a period of more
than six months from the date they become payable. (b) According to
the information and explanations given to us , there is no disputed
dues in respect of Provident fund, Investor Education and protection
fund, Employee''s state insurance, Income Tax, sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, cess and other statutory dues.
10. The accumulated losses of the Company are not more than fifty
percent of its net worth. The Company has incurred cash losses during
the financial year covered by our audit or in the immediately preceding
financial year.
11. The Company has neither taken any loans from the banks/financial
institution nor issued debenture, Therefore clause 4(xi) of the order
is not applicable.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund/nidhi/mutual benefit fund/ society.
14. According to the information and explanations given to us, the
Company is not dealing 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 bank
and financial institutions.
16. The company had not taken any term loan during the year.
17. According to information and explanations given to us, no funds
raised on short term basis which have been used for long term
application.
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 during the year.
19. No Security is required to be created since the company has not
issue any debentures.
20. The company has not raised any money by public issues during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For C.P.Jaria & Co
Chartered Accountants
Sd/-
Place :Indore (P.K.Jain)
Date : 29/05/2014 Partner
M.No.112020
F.No.104058W
Mar 31, 2010
1. We have audited the attached Balance sheet of M/s Cistro Telelink
Limited, as at 31st March 2010 and the Profit and Loss Account and the
cash flow statement for the year ended on that date annexed thereto,
These financial statements are the responsibility of the companys
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 free of material misstatement 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 (Auditors Report) order 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we Annex hereto a statement on
the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to 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 purposes 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 such
books.
(iii) The Balance Sheet, Profit and Loss Account and cash flow
statement dealt with by this report are in agreement with the books of
account.
(iv) In our Opinion, the Balance Sheet Profit and Loss Account and cash
flow statement dealt with by this report comply with the applicable
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
(v) In our opinion and based on information and explanations given to
us, the directors are disqualified as on 31st March 2010 from being
appointed as 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 read with the
Significant Accounting Policies and other notes thereon 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;
1. In the case of the Balance Sheet, of the statement of affairs of
the Company as at 31st March 2010; and
2. In the case of the Profit and Loss Account, of the LOSS of the
Company for the year ended on that date; and,
3. In the case of the cash flow statement, of the cash flow of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT ANNEXURE REFERRED TO IN PARAGRAPH 3 OF
OUR AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31st MARCH 2010 OF M/S CISTRO TELELINK LIMITED
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:-
(i) In respect of its fixed assets:
a. The company has generally maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. Since the plot of land has been surrender to MPAKVN, building
materials were reported to have been shifted to other place. Exact
quantity and location details were not given to us.
a The Company has not disposed off any substantial part of its fixed
assets during the year and the going concern status of the Company is
not affected.
(ii) a The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion the frequency
is reasonable.
b. The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
c. On the basis of or examination of stocks records, we are of the
opinion that the records of the stock is fair and proper in accordance
with the normally accepted accounting principles and we have been
informed that no material discrepancies were noticed on physical
verification.
(iii) a. The company has not granted any loans, secured or unsecured,
to companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. As the company has not
granted any loans, secured or unsecured, to parties listed in the
register maintained under Section 301 of the Companies Act, 1956,
paragraphs (iii)(b), (c) and (d) of the Order, are not applicable.
b. The company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. As the company has not
taken any loans, secured or unsecured, from parties listed in the
register maintained under Section 301 of the Companies Act, 1956,
paragraphs (iii)(f) and (g) of the Order, are not applicable.
(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 with the regard to purchase of inventory, fixed assets and
with regard to the sale of the goods. During the course of our random
checking, no major weakness has been noticed in the internal controls.
(v) In respect of transactions covered under Section 301 of the
Companies Act, 1956:
a. in our opinion and according to the information and explanations
given to us, there are no such transactions made during the year in
pursuance of contracts or arrangements that need to be entered in the
register maintained under Section 301 of the Companies Act, 1956,
b In our opinion and according to the information and explanations
given to us, there are no transactions made during the year in
pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the Companies Act, 1956 and exceeding
the value of Rupees Five Lacs in respect of any party during the year.
(vi) The company has not accepted any deposits from the public within
the meaning of sections 58A.58AA or any other relevant provisions of
the Act and the rules framed there under.
(vii) In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
(viii) According to the information and explanations given to us the
Central Government has not prescribed the maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956 in respect of
manufacturing activities of the Company.
(ix) a. According to the information and explanation given to 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
materia! statutory dues applicable to it.
b. According to the information and explanation given to us, no
undisputed amounts payable in respect of the 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 the Company were in arrears as, at 31st March,2010 for a
period of more than six months from the date they became payable,
except for the TDS Rs.69269/-. a On the basis of our examination of
the documents and records, and the information and explanations given
to us, there is no any disputed 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
which have not been deposited with the appropriate authorities
(x) The accumulated losses of the Company are not more than fifty
percent of its net worth. The company has incurred cash losses during
the financial year covered by our audit or in the immediately preceding
financial year.
(xi) The Company has neither taken any loans from the banks/ financial
institution nor issued debenture, Therefore clause 4 (xi) of the order
is not applicable.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures or any other
securities.
(xiii) In our opinion and according to the information and explanation
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund and nidhi*/ mutual benefit
fund/societies.
(xiv) In our opinion and according to the information and explanations
given to us, the Company has not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) The Company has not taken Term Loan. Therefore clause 4(xvi) of
order is not applicable.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that no funds raised on short-term basis which have been
used for long-term application.
(xviii) During the year, 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) The Company has not issued any debentures and we are therefore
not required to comment on this clause.
(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 to
the best of our knowledge and belief, no material fraud on or by the
Company has been noticed or reported during the year.
For S.R. Naredi & Co.,
Chartered Accountants
Sd/-
Place: Indore S.R. Naredi
Date: 03rd September, 2010 Proprietor
Membership No. 72014