Mar 31, 2014
We have audited the accompanying financial statements of CLIO INFOTECH
LIMITED (the Company), which com- prise the Balance Sheet as at March
31, 2014, 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
The Company''s 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
Sep- tember, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accor- dance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementa- tion 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'' 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, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the account- ing 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 aforesaid 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, 2014;
(b) In the case of the Statement of Profit and Loss, of the Profit 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 the Companies (Auditor''s Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of Section
227(4A) 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, 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 Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date -
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situ- ation of fixed assets.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. According to the information and explanation
given to us, no material discrepancies were noticed on such physical
verification.
c) In our opinion, the Company has not disposed of a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the fre- quency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there were no material dis- crepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, taken by the Company
from companies, firms or other parties covered
in the register maintained under Section 301 of the Companies Act,
1956:
a) The Company has taken loans from 1 party. In respect of the said
loans, the maximum amount outstanding at any time during the year was
Rs.18.96 Lac and the year-end balance is 0.46 Lacs (including interest
free loan of Rs.0.46 Lacs at year end).
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans taken by the Company, are not prima facie prejudicial to the
interest of the Company.
c) The aforesaid loans were repayable on demand.
In respect of the loans, secured or unsecured, granted by the Company
to companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956:
a) The Company has given loans to 3 parties. In respect of the said
loans, the maximum amount outstanding at any time during the year was
Rs.4.07 Crore and the year-end balance is 2.88 Crore .
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans given by the Company, are not prima facie prejudicial to the
interest of the Company except in case of one loan where interest was
not charged in which case maximum Loan amount was Rs.3.10Lacs & was
received back during the year.
c) The aforesaid loans were repayable on demand.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursu- ance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts /
arrangements that need to be entered in the Register maintained under
section 301 of the Companies Act, 1956 and exceeding the value of
Rs.5,00,000 in respect of each party.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. Although, the company did not have a formal internal audit system
during the previous year, in our opinion, its internal control
procedures involved reasonable internal checking of its financial and
business transaction.
8. According to information and explanation given to us, provisions of
cost records to be maintained pursuant to the Companies (Cost
Accounting Records) Rules, 2011 as prescribed by the Central Government
under Sec- tion 209(1)(d) of the Companies Act, 1956 are not applicable
to the Company.
9. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Edu- cation and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess, and other material statutory dues
have been generally regularly deposited with the appropriate
authorities. According to the information and explanations given to us
by the manage- ment, no undisputed amounts payable in respect of the
aforesaid dues were outstanding as at March 31, 2014 for a period of
more than six months from the date of becoming payable.
b) According to the information and explanations given to us by the
management, details of dues of Income Tax, Sale Tax, Custom Duty and
Excise Duty which have not been deposited as on March 31, 2014 on
account of disputes are given below:
Name of Nature of the Amt. Period to which Forum where
the Statute Dues in Rs the amount relates dispute is pending
- - - - -
10. The Company has accumulated losses at the end of the financial year
but are not more than 50% of networth. The Company has not incurred
cash losses during the financial year covered by the audit but has
incurred the same in immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, Company has not raised any funds from
financial institutions, banks and debenture holders so the question of
default in their repayment is not applicable.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, deben- tures and other securities.
13. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. The Company has maintain proper records of the transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries. According to the
information provided to us by the Management, all shares, securities,
and other investments have been held by the Company in its own name.
15. According to the information and explanation given to us by the
management, Company has not given any guarantees for loans taken by
others from banks and financial institutions.
16. The Company has not raised any term loans during the year so
question of application of same is not appli- cable.
17. 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 have been used for
long-term investment during the year.
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. According to the information and explanations given to us, the
Company has not issued any secured debentures.
20. The Company has not raised any capital by way of public issues
during the year
21. To the best of our knowledge and according to the information and
explanations given to us, no material fraud on or by the Company has
been noticed or reported during the year.
FOR S. D. MOTTA & ASSOCIATES
Chartered Accountants
Date : 29/05/2014 SANJAY MOTTA
Place : Dombivli Proprietor Mem. No. 107688
Mar 31, 2013
Report on Financial Statement
We have audited the accompanying financial statements of CLIO INFOTECH
LTD., which comprise the Balance Sheet as at 31st March 2013 , the
Statement of Profit and Loss and the 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
The Company''s management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and the cash flows of the company in
accordance with the Ac- counting Standards referred to in Section
211(3C) of the Companies Act 1956, and in accordance with the
accounting principles generally accepted in India. The responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give true and fair view and 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 the
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 the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of 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 state-
ments in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Company''s internal control. An audit also
includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
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 aforesaid 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:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2013.
ii) In the case of the Statement of Profit and Loss, of the loss of the
company for the year ended on that date, and
iii) 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 the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government in terms of Section 227(4A) 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 the 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 this report are in agreement with the books
of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
a) (e) On the basis of the written representations received from the
directors as on 31 st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 st March,
2013 from being appointed as a director in terms of Section 274(l)(g)
of the Act.
The Annexure referred to in paragraph 1 of our Report of even date to
the members of CLIO INFOTECH LTD on the accounts of the Company for the
year ended 31st Mar.''2013 -
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that -
1) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of information available.
2) According to the information and explanations given to us, the fixed
assets have been physically verified by the management at reasonable
interval during the year, which in our opinion is reasonable, having
regard to the size of the Company and nature of the assets. No material
discrepancies were noticed on such physical verification.
3) In our opinion and according to the information and explanations
given to us, no Fixed Assets had been disposed off by the Company
during the year.
4) As explained to us, the inventories have been physically verified by
the management at reasonable intervals during the year. In our opinion,
the frequency of such verification is reasonable having regard to the
size of the Company and the nature of its business.
5) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of the business.
6) The Company has been maintaining proper records of inventory.
However discrepancies noticed on physical verification of stocks, as
compared to book records were not material and have been properly dealt
within the books of accounts.
7) The Company has granted / taken loans, secured or unsecured, to /
from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 19S6 and the terms
and conditions of the said loans are prima facie not prejudicial to the
interest of the Company except to the extent of Interest not charged on
two parties
8) The Company has not taken loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
9) In our opinion and according to the information and explanation
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 inventory and fixed assets and for the
sale of goods & services. During the course of audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system of Company.
10) According to the information and explanations given to us, we are
of the opinion that the particulars of all con- tracts or arrangements
that need to be entered into the register maintained under section 301
of the Companies Act, 1956 have been so entered. In our opinion and
according to the information and explanations given to us, the
transactions made 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 lakhs in respect of any party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
11) In our opinion, and according to the information and explanations
given to us, the provisions of Sections 58 A and 58AA of the Companies
Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with
regard to the deposits accepted from the public are not applicable to
the Company as Company has not accepted any deposits from the public.
12) Company does not have any formal internal audit system but
according to management they have strong internal control commensurate
with the size & nature of its business.
13) The provisions of maintaining cost records pursuant to the Rules
made by the Central Government for the maintenance of cost records
under Section 209 (1) (d) of the Companies Act, 1956 in respect of
certain manufacturing activities are not applicable to the Company.
14) According to the information and explanations given to us by
management, there are no undisputed statutory dues payable in respect
of Investor Education and Protection Fund, Income-tax, Sales-Tax,
Custom Duty, Service Tax etc. which are outstanding as at 31st March''13
for a period of more than six months from the date they became payable.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441A of the Companies Act, 1956,
we are not in a position to comment upon the regularity or otherwise of
the company in depositing the same.
15) Accumulated losses at the end of the financial year are not more
than 50% of Net worth of the Company & Company has incurred cash losses
during the financial year and in immediately preceding financial year
as well.
16) Company has not obtained loan from any financial institution or
bank or debenture holder so question of default does not arise.
17) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Hence the requirements of item (xii) of paragraph 4 of the Order is not
applicable to the company.
18) The company is not a Chit Fund, Nidhi or mutual benefit Society.
Hence the requirements of item (xiii) of para- graph 4 of the Order is
not applicable to the company.
19) As the Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4(xiv) of the Order is not
applicable.
20) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
21) As per information and explanations given to us & from records it
is observed that company has not taken any term loan taken during the
year.
22) According to the information and explanations given to us and on
the examination of records, no funds raised on short-term basis have
been used for long-term investment.
23) According to the information and explanations given to us company
has not made preferential allotment of shares to companies listed in
the register maintained under section 301 of the Companies Act, 1956.
24) The company has not issued any debentures. Hence the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
company.
25) As informed & explained to us & as verified, the Company has not
raised any share capital
26) From the examination of records and according to the information
and explanations given to us, fraud on or by the company has not been
noticed or reported during the year.
For S.D.MOTTA & ASSOCIATES
Chartered Accountants
Sd/-
Place - Mumbai (SANJAY MOTTA)
Date - 29/05/2013 Proprietor
Mar 31, 2012
We have audited the attached Balance Sheet of Clio Infotech Ltd., as at
31st March, 2012 and also the Profit and Loss Account 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.
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.
As required by the Companies (Auditor's 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 enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
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 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 and proper returns adequate for the purpose of our audit
have been re- ceived from the branches not visited by us;
(i) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(ii) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the account- ing standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956;
(iii) On the basis on written representations received from the
directors, as on 31 st 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
(iv) In our opinion and to die best of our information and according to
the explanations given to us, die said accounts give the information
required by die Companies Act, 1956, in die 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, 2012; and
b) in me case of me Profit and Loss Account, of the Loss for the year
ended on that date.
ANNEXURE
STATEMENT REFERRED TO IN PARAGRAPH ABOVE OF OUR REPORT OF EVEN DATE
1) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of information available. According to the information and
explanations given to us, the fixed assets have been physically
verified by the management during the year in a phased periodical
manner which, in our opinion, is reasonable, having regard to the size
of the Company and nature of the assets. No material discrepancies were
noticed on such verification.
2) None of the Fixed Assets have been disposed off during the year.
3) As explained to us, the inventories have been physically verified by
the management at reasonable intervals during the year. In our opinion,
the frequency of such verification is reasonable having regard to the
size of the Company and the nature of its business.
4) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of the business.
5) The Company has maintained proper records of inventory. As explained
to us, there were no material discrepancies noticed on physical
verification of stocks, as compared to book records.
6) The Company has granted / taken loans, secured or unsecured, to /
from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956 and the terms
and conditions of the said loans are prima facie not prejudicial to the
interest of the Company.
7) In our opinion, and according to the information and explanation
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 inventory and fixed assets and for the
sale of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
8) As explained to us there has not been any major transaction during
the year that need to be entered in the register maintained under
section 301 of the Companies Act 1956 and exceeding during the year to
Rs. 5,00,000/- or more in respect of each such party.
9) In our opinion, and according to the information and explanations
given to us, the provisions of Sections 58 A and 58AA of the Companies
Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with
regard to the deposits accepted from the public are not applicable to
the Company as Company has not accepted any'deposits from the public.
10) Although the Company does not have a formal internal audit system,
in our opinion, its internal control procedures involve reasonable
internal checking of its financial transaction.
11) The provisions of maintaining cost records pursuant to the Rules
made by the Central Government for the mainte- nance of cost records
under Section 211 (1) (d) of the Companies Act, 1956 in respect of
certain manufacturing activities are not applicable to the Company.
12) According to the information and explanations given to us, there
are no undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Sales- Tax, Wealth Tax, Custom Duty, Excise Duty, cess
which are outstanding as at 31st March'12 for a period of more than six
months from the date they became payable.
13) The company has been registered on 26th June'1992 i.e. for a period
of more than five years but the provisions of clause (x) of the
paragraph 4 of the Order are not applicable to the Company.
14) According to the information and explanations given to us the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture holder.
15) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, deben- tures and other securities.
Hence the requirements of item (xii) of paragraph 4 of the Order are
not applicable to the company.
16) The company is not a Chit Fund, Nidhi or mutual benefit Society.
Hence the requirements of item (xiii) of para- graph 4 of the Order are
not applicable to the company.
17) The company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The Shares, securities,
debentures and other investments, are held in the name of the company.
18) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
19) As per information and explanations given to us, Company has not
obtained any Term Loan from any Bank or Financial Institutions during
the year under review.
20) According to the information and explanations given to us, no funds
raised on short-term basis have been used for long-term investment.
Similarly, no funds raised on long term basis have been used for
short-term investment.
21) According to the information and explanations given to us no
preferential allotment of shares has been made by the company to
companies, firm or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
22) The company has not issued any debentures. Hence the requirement of
clause (xix) of paragraph 4 of the Order is not applicable to the
company.
23) As explained to us, the Company has not raised any amount by way of
Public Issue of Shares during the year.
24) According to the information and explanations given to us, a fraud
on or by the company has not been noticed or reported during the year.
For S.D.MOTTA & ASSOCIATES
Chartered Accountants
Sd/-
Place-Mumbai (SANJAY MOTTA)
Date-04th Sep'12. Proprietor
Mar 31, 2010
We have audited the attached Balance Sheet of Clio Infotech Ltd., as at
31 March, 2010 and also the Profit and Loss Account 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.
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.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of subsection (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
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 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 and proper returns adequate for the purpose of our audit
have been received from the branches not visited by us;
(i) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(ii) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
(iii) On the basis on written representations received from the
directors, as on 31 March, 2010 and taken on record by the Board of
directors we report that none of the directors is disqualified as on 31
March, 2010 from being appointed as a director in terms of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956
(iv) 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 31 March, 2010; and
b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
ANNEXURE STATEMENT REFERRED TO IN PARAGRAPH ABOVE OFOUR REPORT OFEVEN
DATE
1) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of information available. According to the information and
explanations given to us, the fixed assets have been physically
verified by the management during the year in a phased periodical
mariner which, in our opinion, is reasonable, having regard to the size
of the Company and nature of the assets. No material discrepancies were
noticed on such verification.
2) None of the Fixed Assets have been disposed off during the year.
3) As explained to us, the inventories have been physically verified by
the management at reasonable intervals during the year. In our opinion,
the frequency of such verification is reasonable having regard to the
size of the Company and the nature of its business.
4) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of the business.
5) The Company has maintained proper records of inventory. As explained
to us, there were no material discrepancies noticed on physical
verification of stocks, as compared to book records.
6) The Company has granted / taken loans, secured or unsecured, to /
from companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956 and the terms
and conditions of the said loans are prima facie not prejudicial to the
interest of the Company.
7) In our opinion, and according to the information and explanation
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 inventory and fixed assets and for the
sale of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weaknesses in internal control.
8) As explained to us there has not been any major transaction during
the year that need to be entered in the register maintained under
section 301 of the Companies Act 1956 and exceeding during the year to
Rs. 5,00,000/- or more in respect of each such party.
9) In our opinion, and according to the information and explanations
given to us, the provisions of Sections 58 A and 58AA of the Companies
Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with
regard to the deposits accepted from the public are not applicable to
the Company as Company has not accepted any deposits from the public.
10) Although the Company does not have a formal internal audit system,
in our opinion, its internal control procedures involve reasonable
internal checking of its financial transaction.
11) The provisions of maintaining cost records pursuant to the Rules
made by the Central Government for the maintenance of cost records
under Section 210 (1) (d) of the Companies Act, 1956 in respect of
certain manufacturing activities are not applicable to the Company.
12) According to the information and explanations given to us, there
are no undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Sales-Tax. Wealth Tax, Custom Duty, Excise Duty, cess which
are outstanding as at 31 March 10 for a period of more than six months
from the date they became payable.
13) The company has been registered on 26 June 1992 i.e. for a period
of more than five years but the provisions of clause (x) of the
paragraph 4 of the Order are not applicable to the Company.
14) According to the information and explanations given to us the
company has not defaulted in repayment of dues to a financial
institution or bank or debenture holder.
15) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Hence the requirements of item (xii) of paragraph 4 of the Order are
not applicable to the company.
16) The company is not a Chit Fund, Nidhi or mutual benefit Society.
Hence the requirements of item (xiii) of paragraph 4 of the Order are
not applicable to the company.
17) The company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The Shares, securities,
debentures and other investments, are held in the name of the company.
18) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
19) As per information and explanations given to us, Company has not
obtained any Term Loan from any Bank or Financial Institutions during
the year under review.
20) According to the information and explanations given to us, no funds
raised on short-term basis have been used for long-term investment.
Similarly, no funds raised on long term basis have been used for
short-term investment.
21) According to the information and explanations given to us no
preferential allotment of shares has been made by the company to
companies, firm or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
22) The company has not issued any debentures. Hence the requirement of
clause (xix) of paragraph 4 of the Order is not applicable to the
company.
23) As explained to us, the Company has not raised any amount by way of
Public Issue of Shares during the year.
24) According to the information and explanations given to us, a fraud
on or by the company has not been noticed or reported during the year.
For S.D.MOTTA & ASSOCIATES
Chartered Accountants
Sd/-
Place-Mumbai (SANJAY MOTTA)
Date-27 Aug10. (Proprietor)