Mar 31, 2012
1. We have audited the attached Balance Sheet of the DOTCOM GLOBAL LIMITED as on 31st March 2012 and the related Profit and Loss Account of the 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 free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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 the Central Government in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure 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 in above paragraph, 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 purposes 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 and the Profit and Loss Account dealt with by the report are in agreement with the books of account;
d) In our opinion, the Balance Sheet and the Profit and Loss Account comply with mandatory Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956,
e) On The basis of Written representation received from the directors of the company, and taken on record by the Board of Director''s we report that the none of the director''s is disqualified as at 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;
f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with Statement of Accounting Policies and the Notes to Accounts in Schedule, 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 31st March 2012;
b. In the case of the Profit and Loss Account, of the Profit for the period ended on that date,
Statement referred to in paragraph 3 of the Auditors'' Report of even date to the
Statutory Auditors of DOTCOM GLOBAL LIMITED on the accounts for the year ended 31st March, 2012.
On the basis of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under:
1(a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
1(b) As per information & explanations given to us, management at reasonable intervals has physically verified the fixed assets and we were informed that no material discrepancies were noticed on such verification as compared with the records of fixed assets.
1(c) No fixed asset was disposed off by the Company during the period.
2(a) As per the information and explanations given to us, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable.
2(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of tie Company and the nature of its business.
2(c) In our opinion, the Company is maintaining proper records of inventory and the discrepancies noticed on physical verification of the same were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account.
3(a) As per the information and explanations given to us, the Company has not granted unsecured loans to a Company covered in the register maintained under section 301 of the Companies Act, 1956.Therefore Clause 3(b), 3(c) & 3(d) of Paragraph 4 of the order are not applicable for the current year;
3(e) 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 Companies Act, 1956.
3(f) In view of clause (iii)(e) above, the clauses (iii)(f) and (iii)(g) are not applicable.
4 In our opinion and according to information and explanation given to us during the course of our audit, there is adequate internal control procedure commensurate with the size of the Company and the nature of the business, for the purchase of inventory and fixed assets and for sale of goods.
5(a) In our opinion and as explained to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section;
5(b) In our opinion and as explained to us, transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.
6 In our opinion and as explained to us, the Company has complied with the provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and rules made there under for the deposits accepted from the public.
7 In our opinion, the company has an internal audit system commensurate with the size and nature of its business.
8 As informed to us, the Central Government has not prescribed the maintenance of cost records by the Company under section 209(1) (d) of the Companies Act, 1956.
9(a) According to the information and explanations given to us and the
records examined by us, the Company is 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, custom duty, excise-duty, cess and other statutory dues and there are no undisputed statutory dues outstanding as at 31st March 2005, for a period of more than six months from the date they became payable;
9(b) According to the records of the Company, there are no dues of Income
Tax, Sales tax, wealth-tax, service tax, custom duty, excise duty, cess that has not been charged to the Profit and Loss account, on account of disputes.
10 The Company has not been registered for more than five years accordingly clause 10 of paragraph 4 of order is not applicable for current year;
11 Based on the information and explanations given to us, the Company has not defaulted in repayment of any dues to bank.
12 Based on our examination of the 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 The Company is not a chit fund, nidhi, mutual benefit fund or a society.
14 During the year, the Company does not have any in transactions in respect of dealing and trading in shares, securities, debentures and other investments. The Company does not have any investments in shares debentures or other securities.
15 According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from bank or financial institutions.
16 According to the information and explanations given to us, term loans raised have been applied for the purpose for which they were obtained.
17 On an overall examination of the balance sheet of the Company and according to the information and explanations given to us, no funds have been raised by the Company on short term basis which have been used for long term investments
18 The Company has not made any preferential allotment of shares during the year.
19 During the year covered by our audit report the Company has not issued any secured debentures.
20 The Company has not raised any money by public issues during the year covered by our report.
21 As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year for the Company.
For Mulraj D. Gala
Date: 03-09-2012 Sd/-
(Mulraj D. Gala)
M. No. 41206