Mar 31, 2015
We have audited the accompanying financial statements of PFL Infotech
Limited as at 31st March 2015 which comprise the Balance Sheet as at
31st March 2015, Profit and Loss Statement for the year ended on that
date and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements:
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone 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 principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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 Standalone
Financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 the 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, 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 on the standalone
financial statements.
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 31st 2015
b) in the case of the Profit and Loss Statement, of the Profit for the
year ended on that date;
Report on Other Legal and Regulatory Requirements :
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of sub-
section (11) of Section 143 of the Act, based on the comments in the
auditors' reports of the company, we give in the Annexure a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.
2. As required by section 143(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 and the Profit and Loss statement dealt with by
this Report are in agreement with the books of account.
(d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards referred to in section 133 of the Companies Act,
2013, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Companies
Act, 2013.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Auditors' Report
of PFL Infotech Limited ("The Company") on the financial statement of
the company for the year ended 31st March, 2015.
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) As explained to us, the Company has only Computers in its fixed
assets and they have been physically verified by the management, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
2) The Company does not have any manufacturing and trading activity and
is primarily having investment income only in the current and previous
financial years. Accordingly, it does not hold any physical
inventories. Thus, paragraph 3(ii) of the Order is not applicable
3) According to the information and explanations given to us, the
Company has not granted / taken any loans, secured or unsecured, to /
from Companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013 ('the Act').
Thus paragraph 3(iii) of the Order is 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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
5) According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the Company.
6) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
7) In respect of statutory dues
a) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of employees' state
insurance and duty of excise.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
8) The Company has no accumulated losses as at the end of the year and
the Company has not incurred any cash losses during current year
covered by audit and the immediately preceding financial year.
9) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
10) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
11) In our opinion and according to the information and explanations
given to us, no term loans were taken during the year.
12) In our opinion and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the
Company has been noticed or reported during the year.
For Y. Raghuram & Co.,
Chartered Accountants.,
(FRN : 009415S)
Sd/-
Place of Signature : Hyderabad (Y. Raghu Ram)
Date : 29-05-2015
Partner
(Memb No. 022678
Mar 31, 2014
We have audited the attached Balance Sheet of PFL Infotech Limited as
at 31st March 2014 and the Statement of Profit & Loss for the period
ended on that date annexed thereto 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 and
financial performance 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 controls 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, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date;
(c) in the case of Cash Flow Statement, of the Cash Flow for the year
ending 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 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.
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 and the Statement of Profit and Loss dealt with
by this Report are in agreement with the books of account.
(d) in our opinion, the Balance Sheet and the Statement of Profit and
Loss 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, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDIT REPORT
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of PFL Infotech Limited on the accounts of the company
for the year ended 31st March, 2014.
1) In respect of its fixed assets
a) As the company has disposed off the fixed assets, maintenance of
fixed assets register and conducting of physical verification at
regular intervals in not applicable.
b) We report that the Company has not charged any depreciation during
the year.
2) In respect of its inventories we were explained that the company
does not have any inventories hence the verification of inventories or
question of discrepancies does not arise.
3) According to the information and explanations given to us, the
Company has not granted/taken any loans, secured or unsecured, to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
5) In our opinion and according to the information and explanations
given to us, the transactions of purchase of goods and materials made
in pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the Companies Act, 1956 and aggregating
during the year to Rs.500,000/- or more in respect of each party, have
been made at prices which are reasonable having regard to the
prevailing market prices for such goods, materials or services or the
prices at which transactions for similar goods, materials or services
have been made with other parities.
6) In our opinion and according to the information and explanations
given to us, Company has not accepted any deposits from the public
within the meaning of the provisions of Sections 58A and 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.
7) In our opinion, the Company does not have an internal audit system.
8) The maintenance of cost records under section 209(1 )(d) of the Act
has not been prescribed by the Central Government of the products of
the company.
9) In respect of statutory dues
a) According to the records of the Company and as per the information
and explanations given to us, the Company is not deducting Provident
Fund and ESI from the remuneration of employees.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding, as at 31 March 2014
for a period of more than six months from the date they became payable
10) The Company has no accumulated losses as at the end of the year The
Company has incurred no cash losses during current year.
11) The company has not granted any loans & advances on the basis of
security, by way of pledge of shares, debentures & other securities.
12) The Company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
13) In our opinion the Company is not dealing in or trading in shares,
securities, debentures & other investments. Therefore, the provisions
of clause 4(xiv) of the Companies (Auditor''s Report) Order 2003 are not
applicable to the Company.
14) In our opinion, the Company has not given any guarantee for loan
taken by others from banks or financial institutions.
15) According to the Cash Flow Statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa.
16) 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.
17) The Company has not issued any debentures during the year.
18) The Company has not raised any money through public issue during
the year.
19) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
20) In our opinion and to the best of our information and explanations
given to us, the following points of Companies (Auditor''s Report)
Order, 2003 are not applicable to this company.
* Clause No: 14 as the Company does not have dues to the Financial
Institutions.
* Clause No: 16 as the Company does not have any term loans.
For Y. Raghuram & Co.,
Chartered Accountants.,
(FRN : 009415S)
Sd/-
Place: Hyderabad (Y. Raghu Ram)
Date : 30-05-2014 Partner
(Memb No. 022678)
Mar 31, 2013
We have audited the attached Balance Sheet of PFL Infotech Limited as
at 31st March 2013 and the Statement of Profit & Loss for the period
ended on that date annexed thereto 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 and
financial performance 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 controls 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 Statement of Profit and Loss, of the profit for
the year ended on that date;
(c) in the case of Cash Flow Statement, of the Cash Flow for the year
ending 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 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.
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 and the Statement of Profit and Loss dealt with
by this Report are in agreement with the books of account.
(d) in our opinion, the Balance Sheet and the Statement of Profit and
Loss 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.
ANNEXURE TO THE AUDIT REPORT (PFLINFOTECH LIMITED)
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of PFL Infotech Limited on the accounts of the company
for the year ended 31st March, 2013.
1) In respect of its fixed assets
a) As the company has disposed off the fixed assets, maintenance of
fixed assets register and conducting of physical verification at
regular intervals in not applicable.
b) We report that the Company has not charged any depreciation during
the year.
2) In respect of its inventories we were explained that the company
does not have any inventories hence the verification of inventories or
question of discrepancies does not arise.
3) According to the information and explanations given to us, the
Company has not granted/taken any loans, secured or unsecured, to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
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 purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
5) In our opinion and according to the information and explanations
given to us, the transactions of purchase of goods and materials made
in pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the Companies Act, 1956 and aggregating
during the year to Rs.500,000/- or more in respect of each party, have
been made at prices which are reasonable having regard to the
prevailing market prices for such goods, materials or services or the
prices at which transactions for similar goods, materials or services
have been made with other parities.
6) In our opinion and according to the information and explanations
given to us, Company has not accepted any deposits from the public
within the meaning of the provisions of Sections 58A and 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.
7) In our opinion, the Company does not have an internal audit system.
8) The maintenance of cost records under section 209(l)(d) of the Act
has not been prescribed by the Central Government of the products of
the company.
9) In respect of statutory dues
a) According to the records of the Company and as per the information
and explanations given to us, the Company is not deducting Provident
Fund and ESI from the remuneration of employees.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding, as at 31 March 2013
for a period of more than six months from the date they became payable
10) The Company has accumulated losses of Rs 6.54 Lakhs as at the end
of the year The Company has incurred no cash losses during current
year.
11) The company has not granted any loans & advances on the basis of
security, by way of pledge of shares, debentures & other securities.
12) The Company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
13) In our opinion the Company is not dealing in or trading in shares,
securities, debentures & other investments. Therefore, the provisions
of clause 4(xiv) of the Companies (Auditor''s Report) Order 2003 are not
applicable to the Company.
14) In our opinion, the Company has not given any guarantee for loan
taken by others from banks or financial institutions.
15) According to the Cash Flow Statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on shortterm basis have, prima facie, not been used
during the year for long term investment and vice versa.
16) 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.
17) The Company has not issued any debentures during the year.
18) The Company has not raised any money through public issue during
the year.
19) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
20) In our opinion and to the best of our information and explanations
given to us, the following points of Companies (Auditor''s Report)
Order, 2003 are not applicable to this company.
1. Clause No: 14 as the Company does not have dues to the Financial
Institutions.
2. Clause No: 16 as the Company does not have any term loans.
For Y. Raghuram & Co
Chartered Accountants
(FRN 009415S)
Sd/-
Y Raghuram
Place of Signature: Hyderabad Partner
Date: 31st May 2013 (Memb No: 022678)
Mar 31, 2012
1. We have audited the attached Balance Sheet of PFL INFOTECH LIMITED
as at 31st March 2012 and the Statement of Profit & Loss and the
Statement of Cash Flow 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 misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosure 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 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.
4. Further to our comments in the annexure referred to in paragraph 1
above, we state that:
(a) We have obtained all the information and explanations, which in the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, the company has kept proper books of account as
required by law so far as appears from our examination of such books.
(c) The Balance Sheet referred to in this report is in agreement with
the books of account.
(d) In our opinion the Balance Sheet complies with the mandatory
accounting standards referred to in Section 211(3C) of the Companies
Act, 1956.
(e) As per the information and explanation provided to us, none of the
directors are disqualified from being appointed as directors under
section 274 (1) (g) 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 Balance Sheet read together with
the notes and schedules annexed therewith give the information required
by the Companies Act, 1956 in the manner so required and give a true
and fair view:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as on 31st March 2012.
(ii) In the case of the Profit and Loss Account, of the Profit for the
year ending on 31st March 2012. .
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ending on that date.
ANNEXURE TQ THE AUDIT REPORT
(PFL INFOTECH LIMITED)
Referred to in paragraph 3of our report of even date.
1) In respect of its fixed assets
a) As the company has disposed off the fixed assets, maintenance of
fixed assets register and conducting of physical verification at
regular intervals in not applicable.
b) We report that the Company has not charged any depreciation during
the year till the date of sale of assets.
2) In respect of its inventories we were explained that the company
does not have any inventories hence the verification of inventories or
question of discrepancies does not arise.
3) According to the information and explanations given to us, the
Company has not granted/taken any loans, secured or unsecured, to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4) In our opinion and according to the information and explanations
given to us, internal control procedures need to be strengthened,
considering the size of the company and the nature of its business with
regard to purchase of inventory and for the sale of goods. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls with regard to purchase
of inventory, fixed assets and for the sale of goods.
5) In our opinion and according to the information and explanations
given to us, the Company has not entered into transactions of purchase
of goods and materials made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and aggregating during the year to Rs. 500,000/- or more in
respect of each party.
6) In our opinion and according to the information and explanations
given to us, Company has not accepted any deposits from the public with
in the meaning of the provisions of Sections 58A and 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.
7) In our opinion, the Company does not have an internal audit system.
8) The maintenance of cost records under section 209( l)(d) of the Act
has not been prescribed by the Central Government of the products of
the company.
9) In respect of statutory dues
a) According to the records of the Company and as per the information
and explanations given to us, the Company is not deducting Provident
Fund and ESI from the remuneration of employees.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding, as at 31 March 2012
for a period of more than six months from the date they became payable
10) The Company has accumulated losses of Rs 5.17 Crores as at the end
of the year The Company has incurred no cash losses during current
year.
11) The company has not granted any loans & advances on the basis of
security, by way of pledge of shares, debentures & other securities.
12) The Company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
13) In our opinion the Company is not dealing in or trading in shares,
securities, debentures & other investments, other than as an investor.
Therefore, the provisions of clause 4{xiv) of the Companies (Auditor''s
Report) Order 2003 are not applicable to the Company.
14) According to the information and explanations given by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to financial institutions and banks.
15) In our opinion, the Company has not given any guarantee for loan
taken by others from banks or financial institutions.
16) In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans during the year.
17) According to the Cash Flow Statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa.
18) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money through public issue during
the year.
21) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For Y. Raghuram & Co
Chartered Accountants
(FRN 009415S)
Sd/-
Place: Hyderabad Y Raghuram
Date: 25.08.2012 Partner
(Memb No: 022678)
Mar 31, 2011
1. We have audited the attached Balance Sheet of PFL INFOTECH LIMITED
as at 31st March 2011. 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 misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosure 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
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.
4 Further to our comments in the annexure referred to in paragraph 1
above and Note No. 1 and 2 of the notes attached to final accounts, we
state that:
(a) We have obtained all the information and explanations, which in the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, the company has kept proper books of account as
required by law so far as appears from our examination of such books.
(c) The Balance Sheet referred to in this report is in agreement with
the books of account.
(d) In our opinion the Balance Sheet complies with the mandatory
accounting standards referred to in Section 211(3C) of the Companies
Act, 1956.
(e) As per the information and explanation provided to us, none of the
directors are disqualified from being appointed as directors under
section 274 (1) (g) 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 Balance Sheet read together with
the notes and schedules annexed therewith give the information required
by the Companies Act, 1956 in the manner so required and give a true
and fair view:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as on 31st March 2011.
(ii) In the case of the Profit and Loss Account, of the Loss for the
year ending on 31st March 2011.
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ending on that date.
ANNEXURE TO THE AUDIT REPORT (PFL INFOTECH LIMITED)
Referred to in paragraph 3of our report of even date.
1) In respect of its fixed assets
a) During the financial year ending March 2011, the company has
disposed off substantial part of its fixed assets worth Rs. 8.34 Crores
(Book value) other than computers as scrap basing on the decision taken
in the Board of Directors meeting held on 14th August 2011 pursuant to
the permission accorded to them vide the special resolution passed at
the Extra Ordinary General Meeting held on 21st March 2001. The loss
arising on the transaction was charged to the Profit and Loss Account.
We further report that the going concern concept as far as the
pursuance of main objects of the Company, viz., Poultry business is
affected and in our opinion, the company will not be in a position to
continue its poultry operations in the foreseeable future.
b) As the company has disposed off the fixed assets, maintenance of
fixed assets register and conducting of physical verification at
regular intervals in not applicable.
c) We report that the Company has not charged any depreciation during
the year till the date of sale of assets.
2) In respect of its inventories we were explained that the company
does not have any inventories hence the verification of inventories or
question of discrepancies does not arise.
3) In our opinion and according to the information and explanations
given to us, internal control procedures need to be strengthened,
considering the size of the company and the nature of its business with
regard to purchase of inventory and for the sale of goods. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls with regard to purchase
of inventory, fixed assets and for the sale of goods.
4) In our opinion and according to the information and explanations
given to us, the Company has not entered into transactions of purchase
of goods and materials made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and aggregating during the year to Rs. 500,000/- or more in
respect of each party.
5) In our opinion and according to the information and explanations
given to us, Company has not accepted any deposits from the public with
in the meaning of the provisions of Sections 58A and 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.
6) In our opinion, the Company does not have an internal audit system.
7) The maintenance of cost records under section 209(l)(d) of the Act
has not been prescribed by the Central Government of the products of
the company.
In respect of statutory dues
a) According to the records of the Company and as per the information
and explanations given to us, the Company is not deducting Provident
Fund and ESI from the remuneration of employees.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding, as at 31 March 2011
for a period of more than six months from the date they became payable
8) The Company has accumulated losses as at the end of the year
amounting to Rs 8.20 Crores arising on account of loss on sale of fixed
assets and the Company has also incurred cash losses amounting to Rs
7.94 Crores during current year. There were no accumulated losses
brought forward from the immediately preceding financial year.
9) The company has not granted any loans & advances on the basis of
security, by way of pledge of shares, debentures & other securities.
10) The Company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
11) In our opinion the Company is not dealing in or trading in shares,
securities, debentures & other investments, other than as an investor.
Therefore, the provisions of clause 4(xiv) of the Companies (Auditor's
Report) Order 2003 are not applicable to the Company.
12) According to the information and explanations given by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to financial institutions and banks.
13) In our opinion, the Company has not given any guarantee for loan
taken by others from banks or financial institutions.
14) In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans during the year.
15) According to the Cash Flow Statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa.
16) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
17) The Company has not issued any debentures during the year.
18) The Company has not raised any money through public issue during
the year.
To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For Y. Raghuram & Co
Chartered Accountants
(FRN 009415S)
Sd/-
Y. RAGHURAM
Partner
Place : Hyderabad
Date : 03.09.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of PFL INFOTECH LIMITED
as at 31st March 2010. 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 disclosure 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 enclose in the Annexure 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 paragraph 1
above and Note No. 1 and 2 of the notes attached to final accounts, we
state that:
(a)We have obtained all the information and explanations, which in the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, the company has kept proper books of account as
required by law so far as appears from our examination of such books.
(c) The Balance Sheet referred to in this report is in agreement with
the books of account.
(d) In our opinion the Balance Sheet complies with the mandatory
accounting standards referred to in Section 211(3C) of the Companies
Act, 1956.
(e) As per the information and explanation provided to us, none of the
directors are disqualified from being appointed as directors under
section 274 (1) (g) 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 Balance Sheet read together with
the notes and schedules annexed therewith give the information required
by the Companies Act, 1956 in the manner so required and give a true
and fair view:
(i) In the case of the Balance Sheet, of the state of affairs of
the Company as on 31st March 2010.
(ii) In the case of the Profit and Loss Account, of the Profit for the
year ending on 31st March 2010.
(iii) In the case of Cash Flow Statement, of the Cash Flow for the year
ending on that date.
ANNEXURE TO THE AUDIT REPORT (PFL INFOTECH LIMITED) Referred to in
paragraph 3of 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 situation of fixed assets.
b) The fixed assets have been physically verified during the year by
the management at regular intervals and no material discrepancies were
noticed on such verification.
c) The Company is not consistent in the charging of the depreciation as
no depreciation is charged on Plant and Machinery and Building during
the year. In the last financial year, the depreciation was charged for
3 months as per the notes to the accounts. The profit would have been
lower by Rs 9,72,655 if the previous years method is adopted.
2) In respect of its inventories we were explained that the company
does not have any inventories hence the verification of inventories or
question of dis- crepancies does not arise.
3) According to the information and explanations given to us, the
Company has paid an amount of Rs 48,00,000 to Mr P Amresh Kumar towards
advance for purchase of land and the terms and conditions of such
transaction are not prejudicial to the interests of the Company.
4) In our opinion and according to the information and explanations
given to us, internal control procedures need to be strengthened,
considering the size of the company and the nature of its business with
regard to purchase of inven- tory and for the sale of goods. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal con- trols with regard to purchase
of inventory, fixed assets and for the sale of goods.
5) In our opinion and according to the information and explanations
given to us, the Company has not entered into transactions of purchase
of goods and materials made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 and ag- gregating during the year to Rs. 500,000/- or more in
respect of each party.
6) In our opinion and according to the information and explanations
given to us, Company has not accepted any deposits from the public with
in the meaning of the provisions of Sections 58A and 58AA of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.
7) In our opinion, the Company does not have an internal audit system.
8) The maintenance of cost records under section 209(1)(d) of the Act,
has not been prescribed by the Central Government of the products of
the company.
9) In respect of statutory dues
a) According to the records of the Company and as per the information
and explanations given to us, the Company is not deducting Provident
Fund and ESI from the remuneration of employees.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding, as at 31 March 2010
for a period of more than six months from the date they became payable
10) The Company has no accumulated losses as at the end of the year and
the Company has not incurred any cash losses during current and the
immedi- ately preceding financial year.
11) The company has not granted any loans & advances on the basis of
security, by way of pledge of shares, debentures & other securities.
12) The Company is not a chit fund or a nidhi mutual benefit
fund/society. There- fore, the provisions of clause 4(xiii) of the
Companies (Auditors Report) Or- der, 2003 are not applicable to the
Company.
13) In our opinion the Company is not dealing in or trading in shares,
securities, debentures & other investments. Therefore, the provisions
of clause 4(xiv) of the Companies (Auditors Report) Order 2003 are not
applicable to the Com- pany.
14) According to the information and explanations given by the
management, we are of the opinion that the Company has not defaulted in
repayment of dues to financial institutions and banks.
15) In our opinion, the Company has not given any guarantee for loan
taken by others from banks or financial institutions.
16) In our opinion and according to the information and explanations
given to us, the Company has not taken any term loans during the year.
17) According to the Cash Row Statement and other records examined by
us and the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa.
18) The Company has made preferential allotment of 11,50,000 equity
shares during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money through public issue during
the year.
21) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For Y. Raghuram & Co
Chartered Accountants
Sd/-
Y. RAGHURAM
Partner