Home  »  Company  »  Powersoft Global Sol  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Powersoft Global Solutions Ltd.

Mar 31, 2010

We have audited the attached balance sheet of Powersoft Global Solutions Limited ("the Company") as at 31 March 2010, the profit and loss account and the cash flow statement of the Company for the period 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 the 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, as amended, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the Act), 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;

(iii) the Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account;

(iv) 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;

(v) on the basis of the 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 director is disqualified in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

(vi) the Company has not made provision for Gratuity as required by Accounting Standard (AS) – 15 "Employee Benefits";

(vii) we are not able to express our opinion in respect of diminution in value of investments, if any as referred to in Note 14 of schedule M –

"Significant Accounting Policies and Notes to the Accounts".

(viii) in our opinion and to the best of our information and according to the explanations given to us, subject to the effect on the financial statements of the matter referred to above, the financial statements 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;

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

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

Annexure to the Auditors report

Annexure referred to in our report to the members of Powersoft Global Solutions Limited ("the Company") for the period ended 31 March 2010. We report that:

(I) a. The Company has not maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b. As explained to us, fixed assets have not been physically verified by the Management this period and as such discrepancy, if any, could not be ascertained.

c. During the period, the Company has not disposed of substantial part of the assets. According to the information and explanations given to us, we are of the opinion that no transaction has been effected involving disposal of assets so as to affect the going concern status of the Company.

(ii) As explained to us, the Company does not hold any inventories and, hence, the question of physical verification, procedures followed for verifications and discrepancies thereof does not arise.

(iii) The Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties covered in theregister maintained under Section 301 of the Companies Act, 1956 (the Act).

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures whichcommensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and for the sale of goodsand services. The accounting infrastructure needs to be strengthened. We are informed that the Management is taking steps to correct such weaknesses in internal control procedures after the period end.

(v) In our opinion and according to the information and explanations given 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.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 framed thereunder apply.

(vii) The Company does not have an internal audit system. In our opinion, the Company needs to have internal audit system having regards to the size and nature of its business.

(viii) The maintenance of cost records under section 209(1) (d) of the Companies Act, 1956, is not applicable to the Company.

(ix) (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 or accrued in the books of accounts in respect of undisputed statutory dues including Provident Fund, Employees State Insurance and other material statutory dues have been regularly deposited by the Company with the appropriate authorities. As explained to us, the company did not have any dues on account of Wealth Tax, Customs Duty, Excise Duty, Cess and Investor Education and Protection Fund. According to the information and explanations given to us, there were undisputed amounts payable in respect of Sales tax and Service tax as at 31 March 2010 for a period of more than six months from the date they became payable. The company is not registered under the Sales tax laws.The Company is yet to file its Income-tax return for the Assessment Year 2008-2009.

(b) According to the information and explanations given to us, there are no dues in respect of Sales tax, Service tax, Customs duty and Excise duty which have not been deposited on account of any dispute.

(x) The Company does not have any accumulated losses at the end of the financial period and has not incurred cash losses in the financial period and in the immediately preceding financial year.

(xi) As per the records of the Company 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 or debenture holders.

(xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund / nidhi / mutual benefit fund / society.

(xiv) According to the information and explanation given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

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

(xvi) In our opinion, during the period, the Company has not taken any fresh term loans.

(xvii) Based on the information and explanation given to us and on an overall examination of the Balance Sheet as at 31 March 2010 of the Company, in our opinion, the Company has not raised any fund on short term basis during the period.

(xviii) The Company has not made any preferential allotment of shares to companies or firms or parties covered in the register maintained under Section 301 of the Act.

(xix) The Company did not issue any debentures during the year.

(xx) The Company has not raised any money by public issues.

(xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of the audit.

for H. C. Gulecha & Co. Firm Regn. No. 001012S

Chartered Accountants

H. C. Gulecha

Proprietor

Membership No.: 026034

Place: Bangalore

Date: 31 May 2010


Jun 30, 2001

We have audited the attached Balance Sheet of Powersoft Global Solutions Limited as at 30th June 2001 and the Profit and Loss Account for the period ended on that date annexed thereto and report as follows:

1. 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;

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

3. The said Balance Sheet and Profit and Loss Account are in agreement with the Books of Accounts.

4. In our opinion and to the best of our information, the Balance Sheet and Profit and Loss Account complies with the mandatory Accounting Standards referred to in Section 211 (3C)of the Companies Act, 1956.

5. As per the information and explanations given to us, none of the directors of the Company are disqualified from being appointed as a Director in terms of clause (g) of subsection (1 ) of section 274 of the Companies Act, 1956.

6. We report that, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes appearing thereon, give the information re-quired by the Companies Act, 1956, in the manner so required and give a true and fair view :

i. in the case of Balance Sheet, of the state of affairs of the Company as at 30th June 2001 and

ii. in the case of the Profit and Loss account, of the loss of the Company for the period ended on that date.

7. As required by the Manufacturing and Other Companies (Auditors Report) Order 1988, dated 7th September 1988 issued by the Company Law Board under section 227 (4A) of the Companies Act, 1956, in terms of para 4 & 5 of the Order and on the basis of the information and expla-nations given to us, we report to the extent they are applicable to the Company during the year under review.

7.01 The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. According to the information and explanation given to us the fixed assets have been physically verified by the management during the year in a periodical phased manner, which in our opinion is reasonable having regard to the size of the Company and the nature of the assets. According to the information and explanations given to us, no discrep-ancies were noticed on such verification.

7.02 None of the fixed assets have been revalued during the year.

7.03 The inventory of the Company includes only software rights and semifinished software packages and hence the question of physical verification does not arise.

7.04 in our opinion and according to the information and explanations given to us, the valuation of inventories is fair and proper, in accordance with normaly accepted accounting principles and is on the same basis as in the preceding year.

7.05 According to the information given to us, the terms and conditions of the unsecured loans taken from parties listed in the register maintained under section 301 of the Companies Act, 1956 are prima facie not prejudicial to the interests of the Company. In terms of sub section (6) of Section 370 (1-B) of the Companies Act, 1956, provisions of this section are not applicable to the Company on or after 31 st October 1998.

7.06 The Company has not given any loans to companies, firms or other parties as listed in the register maintained u/s 301. In terms of sub section (6) of Section 370 (1-B) of the Companies Act, 1956, provisions of this section are not applicable to the Company on or after 31 st October 1998.

7.07 The parties (including employees) to whom interest free advances, which are in the nature of loans have been given by the Company are repaying the principal amounts as stipulated.

7.08 in our opinion and according to the Information and explanations given to us, there are adequate internal control procedures commensu-rate with the size of the Company and the nature of its business with regard to the purchase of software and for the sale of software pack- ages and services.

7.09 In our opinion and according to the explanations given to us, in the absence of the similar transactions of purchase of software from other parties, we are not able to verify whether transactions of purchase of software 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. 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to the prevailing market price for such software.

7.10 According to the information and explanation given to us, the Company has not accepted any deposits during the year under review from the public.

7.11 According to the information and explanation given to us, the Company does not have an internal audit system, commensurate with the size of the Company and nature of the business.

7.12 As explained to us, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the Company.

7.13 According to the information furnished to us, the provisions of Employees Provident Fund Act and Employees State insurance Act are not applicable to the Company during the period under review.

7.14 According to the records of the Company there were no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty outstanding as at the year end for a period of more than six months form the date they become payable.

7.15 According to the Information and explanation given to us and based on the records examined by us, no personal expenses of Directors or employees have been charged to Revenue Account other than those payable under contractual obligation or in accordance with generally accepted business practice.

7.16 In our opinion the Company is not a sick industrial Company within the meaning of clause (O) of Section (1) of the section 3 of the Sick Industrial Companies (Special Provision) Act, 1985.

7.17 In respect of service activities, the Company has a reasonable system, which provides for reasonable allocation of man-hours consumed to the relative jobs commensurate with its size and nature of its business.

7.18 The Company has a reasonable system of allocating man hours uti-lised to the relative jobs commensurate with the size of the Company and the nature of its business.

7.19 In our opinion there is a reasonable system of authorization at proper levels and adequate system of internal controls commensurate with the size of the Company and the nature of its business, on allo-cation of man-hours to jobs.

For Ishwar and Gopal, Chartered Accountants,

K.V. Gopalakrishnayya, Partner Bangalore,


Mar 31, 2000

We have audited the attached Balance Sheet of Powersoft Global Solutions Limited (formerly known as Bhandari Food Flavours Limited) as at 31st March 2000 and the Profit and Loss Account for the year ended on that date and report that :

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

2. In our opinion, proper books of accounts as required by Law have been kept by the company so far it appears from our examination of the books of the company.

3. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the Books of Accounts of the company.

4. In our opinion, the Profit and Loss Account and Balance Sheet dealt with by this report are in compliance with the accounting standards referred to in Section 211 (3c) in so far as they are applicable to the company.

5. Attention is invited to the note no. 2 of Schedule 10 to the accounts relating to non availability of confirmation of balance for sundry debtors, loans and advances and sundry creditors.

The effect of the same on revenue and reserves has not been ascertained.

6. In our opinion and to the best of our information and according to the explana- tions given to us, the said accounts, read with other notes give the information requirred by the Companies Act, 1956, and give a true and fair view :

i. In the case of the Balance Sheet, of the State of affairs of the Company as at 31st March 2000.

ii. In the case of profit and Loss Account, of the loss for the year ended on that date.

As required by the Manufacturing and other companies (Audit Report) order 1988, is- sued by the Company Law Board, in terms of Section 227 (4A) of the Companies Act, 1956, on the basis of such examination of the books of accounts and records of the company as were considered appropriate and on the basis of information and expla- nations given to us during the course of our audit, we report on the matters specified in Para 4 & 5 of the order to the extent they are applicable to the company.

1. The Company has generally maintained records showing full particulars including quantitative details and situation of fixed assets. The company has a programme of physically verifying all fixed assets during the year which according to us is reasonable. The said Fixed Assets have been accordingly verified by the management. No material discrepancies have been noticed on such verification.

2. None of the fixed assets have been revalued during the year.

3. As explained to us, the stock of finished goods have been physically verified during the year by the managment at reasonable intervals during the year.

4. In our opinion an according to the information and explanations given to us, the procedure of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business

5. As explained to us, there were no material discrepancies between physical stocks and book stocks.

6. The company does not possess any inventory as at the end of the year.

7. As per the information furnieshed, the company has in the normal course of its business taken interest free, unsecured loans from a party listed in the register main- tained under section 301 of the Companies Act, 1956. The rate of interest and other terms are prima facie not prejudicial to the interests of the company. We have been informed that there is no company under the same managment as defined in sec- tion 370 (1B) of the Companies Act, 1 956.

8. As per the information furnished, the company has not granted loans to com- panies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

9. The parties to whom loans or advances in the nature of loans have been given, are generally repaying the installments and interest wherever applicable, as stiupulated except advances amounting to Rs. 225.25 Lakhs for which provision has been made in the books.

10. In our opinion and according to the information given to us, the internal con- trol procedures needs to be improved to make it commensurate with size of the company and nature of its business with regard to the purchase of goods, plant & machinery, equipment and other assets and for sale of goods.

11. In our opinion and according to the explanations given to us, the company has not entered into any transactions of purchase of goods and materials and sale of goods, material and services made in purchase of contnracts or arrangements en- tered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to be Rs. 50,000/- or more in respect of each party.

12. As explained to us, there were no unserviceable or damaged goods in posses- sion of the company as at the end of the year.

13. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits to which the provisions of Section 58 A of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975, apply.

14. The obsolete stock possessed by the company was sold as scrap during the year for which proper records are maintained. There are no by products.

15. The company does not have an internal audit system during the year under re- view commensurate with its size and nature of business.

16. As explained to us, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for arty of the products of the Company.

17. As per the records of the company and as per the information and explanation given to us, the provisions of Employees Provident Fund Act and Employees State In- surance Act are not applicable to the company for the year under review.

18. As per the records of the company, there were no undisputed amounts payable in respect of Income Tax, Wealth tax. Sales tax, Excise duty and Customs Duty out- standing as at the year end for a period of more than six months from the date they became payable.

19. As per the records of the company and the information and explanations given to us, no personal expenses have been charged to the revenue account other than expenses under contractual obligations and / or generally accepted business prac- tices.

20. The Company Is not a Sick Industrial Company within the meaning of Clause (0) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985.

21. In respect of trading goods, there were no damaged goods in posession of the company.

In respcet of service activities.

22. The company has a reasonable system of allocating manhours utilised to the relative jobs, commensurate with the size of the company and the nature of its busi- ness.

23. There is a reasonable system of authorisation at proper levels and an internal control system commensurate with the size of the company and the nature of its business on allocation of labour to jobs.

For Ishwar and Gopal Chartered Accountants,

K.V. Gopalakrishnayya Partner

Bangalore. 29th April 2000

Find IFSC