Mar 31, 2015
We have audited the accompanying financial statements of Prism
Informatics Ltd., which comprise the Balance Sheet as at March 31,
2015, the Statement of Profit and Loss & Cash Flow Statement for the
year then ended, and a summary of the 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 and presentation 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 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 responsible 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
misstatements, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these 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 thereunder.
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 misstatements.
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 financial
statements.
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, except in case of Receivable balances of Rs.
1,86,36,855 and Unsecured Loan of Rs. 1,50,00,000from All State Finance
& Leasing Ltd and Loan from Directors and entities in which director
have interest of Rs. 2,73,40,302 which are subject to confirmation and
reconciliation (if any), Unbilled revenue Rs. 17,44,061 which has been
as certified by the management, 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 31,2015;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date.
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by 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, we give in the Annexure a
statement on the matters specified in the paragraph 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 sought and 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 it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss and 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 Cash Flow Statement comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on March 31,2015 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
Act.
(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 has disclosed the impact of pending litigations on its
financial position in its financial statements.
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 amount which were required to be transferred to the
Investor Education and Protection Fund by the Company.
(g) Without qualifying our report, we draw attention to Note no. 1.1 to
the financial statements indicating that the Company's subsidiaries
namely, Prism Software Consultancy DMCC (earlier known as Prism
Software Consultancy JLT), Prism Infoglobal, Prism INC and Prism PTE,
have been incurring losses from the operations resulting in substantial
erosion of capital as on the balance sheet date. In the opinion of the
management these conditions indicate the existence of material
uncertainty that may cast significant doubt about the subsidiary's
ability to continue as a going concern.
Prism Informatics Ltd.
Annexure to the Auditor's Report for the financial year ended 31st
March, 2015.
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has not carried out any physical verification of its
fixed assets.
ii. The Company is a service sector company, primarily rendering IT
consulting, software implementation and software development services.
Accordingly, it does not hold any physical inventories. Thus, paragraph
3(ii) of the Order is not applicable to the Company.
iii. The company has granted loans to two body corporate covered in the
register maintained under Section 189 of the Companies Act, 2013 ("the
Act").
(a) In case of the loans granted to the body corporate in the register
maintained under Section 189 of the Act, the terms of repayment the
arrangements have not been defined.
(b) Refer note no 27D for the provision for doubtful principal and
interest amount Rs 14,12,05,425 granted to Associate enterprise
Idhasoft Limited and Rs. 96,68,258 granted to subsidiary Prism Software
Consultancy DMCC (earlier known as Prism Software Consultancy JLT)
iv In our opinion and according to the information and explanations
given to us, the company has adequate Internal Control System
commensurate with the size of the company and nature of its business
with regard to purchase of fixed assets and sale of services. However,
the internal control in respect of service income &fixed assets needs
to be strengthened.
v. The Company has not accepted any deposits from the public.
vi. As per the information and explanations provided by management, 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.
vii. (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 Income tax, TDS, Service Tax, Value Added Tax,
Profession tax, Provident fund and other material statutory dues have
been generally regularly deposited during the year by the company with
the appropriate authorities expect specified in following annexure
which are outstanding as at the last day of financial year for more
than six months from the date it become payable:
Name of Statute Nature of Dues Total
Outstanding
Liability
as on 31st
March 2015
Finance Act, 1994 Service Tax Payable 1,04,71,965
Income Tax Act, 1961 TDS Payable 7670781
MVAT Act, 2002 VAT / CST Payable 85065
PF Act, Provident Fund Payable 12,88,139
PT Professional Tax Payable 35,552
Local Body Tax LBT 1,46,803
Name of Statute Outstanding Others
for More than
6 Months from
the date they
become Payable
Finance Act, 1994 8485358 19,86,607
Income Tax Act, 1961 70,49,524 6,21,257
MVAT Act, 2002 - 85065
PF Act - 12,88,139
PT - 35,552
Local Body Tax 1,44,403 2,400
(b) According to the information and explanations given to us, there
are no material dues of Income Tax, Service Tax, Value Added Tax or any
other statutory due which have not been deposited with the appropriate
authorities on account of any dispute.
viii. The company does not have accumulated losses at the end of the
financial year however the Company has not incurred cash losses in the
current financial year and in the immediately preceding financial year.
ix. In the opinion and according to the information and explanation
give to us, the company has availed loan, the outstanding balance as on
31st March 2015 of which is Rs. 1.5 crore which was due for repayment.
However the company has requested for extension for the same.
x. In our opinion and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
the others from banks or financial institutions.
xi. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For E. A. PATIL & ASSOCIATES
Chartered Accountants
(Firm Registration No. 117371W)
CA.E.A.Patil
Partner
Membership No. 031979
Mumbai,
August 13,2015
Mar 31, 2014
We have audited the accompanying Balance Sheet of Prism Informatics
Limited (''the Company'') as at 31st March 2014, the Profit and Loss
Account and the Cash Flow Statement for the year ended 31st March, 2014
and a summary of the 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 Accounting Standards referred to in Section 211 (3C) of
the Companies Act, 1956 (the "Act") and in accordance with the
accounting principles general accepted in India. 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
misstatements, 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 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 of
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 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 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, except in case of receivable balances of
Rs.7,66,47,135 and unsecured loan of Rs.1,00,00,000from All state
Finance & Leasing Ltd which are subject to confirmation and
reconciliation (if any), unbilled revenue Rs 1,11,77,817/- which has
been as certified by the management, 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, 2014
ii. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
"Order") 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 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, the Statement of Profit and Loss Account 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
Account and Cash Flow Statement dealt with by this report comply with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Act;
e. On the basis of written representation received from the directors
of the Company, as on31st March, 2014 and taken on record by the Board
of Directors, we report that none of the directors are disqualified as
at 31st March, 2014 from being appointed as a director in terms of
clause (g) of sub-section (1) of Section 274 of the Act,
f. Without qualifying our report, we draw attention to Note no.1.1 to
the financial statements indicates the Company''s 100% subsidiary Prism
Inc has been incurring losses from the operations and sale of its
subsidiary Company TLC Technologies INC Company, in which Prism Inc
held 51% holding, resulting in substantial erosion of capital of Prism
Inc. as on the balance sheet date. In the opinion of the management
these conditions indicate the existence of material uncertainty that
may cast significant doubt about the subsidiary''s ability to continue
as a going concern. Hence the carrying amount of investment
Rs.2,56,23,329 has been impaired while receivables from the TLC
Technologies Rs 1,68,16,560 has been provided as doubtful debt and the
said impairment and doubtful debts is considered in the exceptional /
Extraordinary items.
Annexure to the Auditors'' Report for the year ended March 31st, 2014.
(Referred to in our report of even date)
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation, of fixed assets.
b) The Company has a regular program of physical verification of its
fixed assets, by which all fixed assets are verified in a phased manner
over a period of three years. For the current financial year, physical
verification for the fixed assets is yet to be carried out by the
company.
The Company is a service sector company, primarily rendering IT
consulting, software implementation and software development services.
Accordingly, it does not hold any physical inventories. Thus, paragraph
4(ii) of the Order is not applicable.
a. In our opinion, the rate of interest and other terms and conditions
on which the loan has been granted to the body corporate, amounting to
Rs. 11,73,72,310, listed in the registered maintained under Section 301
of the Act are not, prima facie, prejudicial to the interest of the
company.
b. The Company has taken unsecured loans, payable on demand,
aggregating to Rs. 1,38,20,302 from the companies, firms or parties
covered in the register maintained under Section 301 of the Actare not,
prima facie, prejudicial to the interest of the company.
In our opinion and according to the information and explanations given
to us, the company is in process of implementation of internal control
system commensurate with the size of the company and nature of its
business with regard to purchase of fixed assets and with regard to
sale goods &services. In our opinion, the internal control in respect
of service income needs to be strengthened.
a) 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.
b) In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in(a) above and exceeding the value of Rs. 5
lakh with any party during the year have been made at priceswhich are
reasonable having regard to the prevailing market prices at the
relevant time
The Company has not accepted any deposits from the public.
vii. The company does not have internal audit system commensurate with
its size & nature of its business.
viii. As per the information and explanations provided by the
management, the Central Government has not prescribed the maintenance
of cost records under Section 209(1)(d) of the Act, for any of the
services rendered by 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/accrued in the books of account in respect of undisputed
statutory dues including Income tax, TDS, Service tax, Profession Tax
and other material statutory dues have been generally regularly
deposited during the year by the Company with the appropriate
authorities except for the sum specified in below table which were
outstanding as at the last day of financial year concerned. The said
sum are outstanding for more than six months from the date it become
payable and are yet to be paid:
Name of Statute Nature of Dues Period for which Amount
mount pertains in INR
Tax deducted at
source 2013-14 1,57,32,922
Income Tax Act, 1961 Interest on
delayed Payment 2013-14 16,05,249
Interest on
delayed Payment 2012-13 32,84,173
Service Tax Jan 13 to Mar 14 13,15,775
Finance Act, 1994 Interest on
delayed Payment Jan 13 to Mar 14 66,497
*Service Tax Till Dec 12 57,40,765
VAT 2013-14 7,21,703
Maharashtra Value Interest on VAT 2013-14 19778
added Tax Act,2002
CST 2013-14 3,01,687
Interest on CST 2013-14 5,383
LBT 2013-14 94,541
Local Body Tax
Interest on LBT 2013-14 11,602
*Application were made under Voluntary compliance Encouragement Scheme
(VCES) for payment of Service Tax and Paid 50% amount of Service Tax,
and balance amount is payable before June 30, 2014.
b) We have been informed by the management, that there are no dues of
sales tax/ income tax/ custom tax/ wealth tax/ excise duty/cess have
been deposited on account of dispute.
x. The Company does not have accumulated losses at the end of the
financial year, however the accumulated loss do not exceed the more
than fifty percent of its net worth hence the clause is not applicable.
xi. In our opinion and according to the information and explanations
given to us, the company has availed loan of Rs 1 crore which was due
for repayment in the month of 6th March 2014, however the Company has
requested for extension of the same.
xii. The Company has not granted 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 andexplanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
xiv. According to the information and explanations given to us,the
Company is not dealing in or trading in shares,securities, debentures
and other investments.
xv. According to the information and explanation provided by the
management, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
xvi. The Company did not have any term loans outstanding during the
year.
xvii. According to the information and explanations given to us, and
on an overall examination of the balance sheet of the Company, we are
of the opinion that the funds raised on short-term basis have not been
used for long term investment.
xviii. The Company has allotted 30,000 Non Cumulative Compulsorily
Convertible Preference Shares of Rs. 100/- each on preferential basis
to Dr. Ramesh Subramaniam, Director of the Company and necessary entry
of same is made in Statutory Register maintained under Section 301 of
Companies Act, 1956.
xix. The company has not created security or charge against the issue
of debentures.
xx. The Company has not raised any money by public issue during the
year.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For M/s. E.A.Patil& Associates
Chartered Accountants
Firm Registration No. 117371W
CA. E. A. Patil
Partner
Membership No. 031979
Date:. 27th May, 2014
Mar 31, 2013
We have audited the accompanying Balance Sheet of Prism Informatics
Limited (''the Company'') as at 31 March 2013, the Profit and Loss
Account as at 31 March 2013 and the Cash Flow Statement for the year
ended and a summary of the 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 Accounting Standards referred to in Section 211 (3C) of
the Companies Act, 1956 (the "Act") and in accordance with the
accounting principles generally accepted in India. 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
misstatements, 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 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 of
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 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 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, except in case of receivable balances of
Rs.9,60,43,942 and unsecured loan of Rs.6,02,57,535 from Megh Leasing &
Finance Ltd. which are subject to confirmation and reconciliation (if
any), unbilled revenue Rs59,58,968 which has been as certified by the
management, 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 31 March, 2013;
ii. in the case of the Profit and Loss Account, of the profit forthe
year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
"Order") 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 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, the Statement of Profit and Loss Account 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
Account and Cash Flow Statement dealt with by this report comply with
the Accounting Standards referred to in sub-section(3C) of Section 211
of the Act;
e. On the basis of written representation received from the directors
of the Company, as on 31st March, 2013 and taken on record by the Board
of Directors, we report that none of the directors are disqualified as
at 31 st March, 2013 from being appointed as a director in terms of
clause(g) of sub-section (1) of Section 274 of the Act,
f. Without qualifying our report, we draw attention to Note no. 1.1 to
the financial statements indicates the Company''s 100% subsidiary Prism
Informatics Pte Ltd at Singapore and its step down subsidiary Prism
Informatics (Thailand) has been incurring losses from the operations
resulting in substantial erosion of capital as on the balance sheet
date. In the opinion of the management these conditions indicate the
existence of material uncertainty that may cast significant doubt about
the subsidiary''s ability to continue as a going concern. Hence the
investment Rs.3,12,97,902, loans Rs.30,97,325 and receivables Rs.
2,17,17,672 have been provided for.
1 a) The Company has maintained proper records showing full
particulars, including quantitative details and situation, of fixed
assets.
b) The Company has a regular program of physical verification of its
fixed assets, by which all fixed assets are verified in a phased manner
over a period of three years. For the current financial year, physical
verification for the fixed assets is yet to be carried out by the
company.
2. The Company is a service company, primarily rendering IT
consulting, software implementation and software development services.
Accordingly, it does not hold any physical inventories. Thus, paragraph
4(ii) of the Order is not applicable.
3. In our opinion, the rate of interest and other terms and conditions
on which the loan has been granted to the body corporate listed in the
registered maintained under Section 301 of the Act are not, prima
facie, prejudicial to the interest of the company.
However, in case of Prism Informatics Pet, Singapore the Company has
granted unsecured loans to body corporate covered under register
maintained under section 301 of the Companies Act 1956 (the Act)
Rs.38,07,251 (Prev.Yr. Rs.35,80,955).
During the year, the loan has been provided for, since the investment
in the subsidiary has been considered doubtful due to material
uncertainty that may cast significant doubt about the subsidiary''s
ability to continue as a going concern.
The Company has not taken loans, secured or unsecured from the
companies, firms or 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, the company is in process of implementation of internal
control system commensurate with the size of the company and nature of
its business with regard to purchase of fixed assets and with regard to
sale goods &services. In our opinion, the internal control in respect
of service income needs to be strengthened.
5. a) 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.
b) In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs. 5
lakh with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time
6. The Company has not accepted any deposits from the public.
7. The company does nothave internal audit system.
8. As per the information and explanations provided by the management,
the Central Government has not prescribed the maintenance of cost
records under Section 209(1) (d) of the Act, for any of the services
rendered by the Company.
9. 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 Income tax, TDS, Service tax, Profession Tax
and other material statutory dues have been generally regularly
deposited during the year by the Company with the appropriate
authorities except for the specified in following annexure which were
outstanding as at the last day of the financial year concerned for the
period for more than six months from the date it became payable, which
are yet to be paid:
10. We have been informed by the management, that there are no dues of
sales tax/ income tax/ custom tax/ wealth tax/ excise duty/ cess have
been deposited on account of dispute.
11. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
12. The Company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year on account of
default.
13. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
14. 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.
15. According to the information and explanations given to us, the
Company is not dealing in or trading in shares, securities, debentures
and other investments.
16. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
17. The Company did not have any term loans outstanding during the
year.
18. 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 the funds raised on short-term basis have not been
used for long term investment.
19 The Company has made preferential allotment of shares to companies/
firms/ parties covered in the register maintained under Section 301 of
the Companies Act, 1956 to the following:
Sr Name of the Party Mature of No.of shares
No Shares issued
1 SaurabhDani Equity Shares 1245312
2 BhumanDani Equity Shares 12500
3 BankimDani Equity Shares 32812
4 Secure Matrix Equity Shares 28125
Pvt.Ltd
As per information and explanations given to us, the price at which
shares have been issued is not prejudicial to the interest of the
company.
20. The company has not issued any debentures during the year.
21. The Company has not raised any money by public issue during the
year.
22. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
ForM/s. E.A.Patil & Associates
Chartered Accountants
Firm Registration No. 117371W
CA. E. A. Patil
Partner
Membership No. 031979
Date: 30th May 2013.
Vashi, Navi Mumbai
Mar 31, 2012
We have audited the attached Balance Sheet of Prism Informatics Limited
('the Company') as at 31 March 2012, the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
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('the
Order') 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:
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, Profit and Loss Account 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, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section(3C) of Section 211 of the Act
except in case of Goodwill of Rs,l 7,472,307 which is subject to
impairment test;
e. On the basis of written representation received from the directors
of the Company, as on 31st March, 2012 and taken on record by the Board
of Directors, we report that none of the directors are 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 Act, and
f. 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 Act in the manner so required and give a true and fair
view except in case of unbilled revenue Rs 11,833,734/- which has been
as certified by the management, 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 31 March, 2012;
ii. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows
for the year ended on that date.
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation, of fixed
assets.
b) The Company has a regular program of physical verification of its
fixed assets, by which all fixed assets are verified in a phased
manner over a period of three years. For the current financial year,
physical verification for the fixed assets is yet to be carried out. In
our opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and the nature of its assets.
2. The Company is a service company, primarily rendering IT
consulting, software implementation and software development services.
Accordingly, it does not hold any physical inventories. Thus, paragraph
4(ii) of the Order is not applicable.
3. a) The Company has not granted loans secured or unsecured to
companies, firms or other parties covered under registered maintained
under section 301 of the Companies Act 1 956 (the Act). Accordingly,
the provisions of sub clause (b) to(d)of clause (iii) of paragraph 4 of
the order are not applicable.
b) The Company has not taken any loans, secured or unsecured from the
companies, firms or parties covered in the register maintained under
Section 301 of the Act. Accordingly, the provisions of sub clause (f)
to (g) of clause (iii) of paragraph 4 of the order are not applicable.
4. In our opinion and according to the information and explanations
given to us, the company is in process of implementation of internal
control system commensurate with the size of the company and nature of
its business with regard to purchase of fixed assets and with regard to
sale goods & services.
5. a) 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.
b) In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in(a) above and exceeding the value of Rs. 5
lakh with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time
6. The Company has not accepted any deposits from the public.
7. The company does not have internal audit system.
8. As per the information and explanations provided by the management,
the Central Government has not prescribed the maintenance of cost
records under Section 209(1)(d) of the Act, for any of the services
rendered by the Company.
9. 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 Income tax, TDS, Service tax, Profession Tax
and other material statutory dues have been generally regularly
deposited during the year by the Company with the appropriate
authorities except for the specified in following annexure which were
outstanding as at the last day of the financial year concerned for the
period more than six months from the date it become payable, which are
yet to be paid:
Name of the Statute Nature of the Dues Amount in Rs. Period to Which
the amount
pertains
Tax Deposited at
Source 54,178 2011-12
Income Tax Act,
1961
Interest on Delayed
Payment 6,098 2011-12
1994 Service Tax 419,753 2011-12
Interest on Delayed
Payment 36,846 2011-12
Maharashtra Value
Added 1,158150 2011-12
Tax Act, 2002 VAT
10. We have been informed by the management, that there are no dues of
sales tax/ income tax/ custom tax/ wealth tax/ excise duty/ cess have
been deposited on account of dispute.
11. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
12. The Company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year on account of
default.
13. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
14. 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.
15. According to the information and explanations given to us, the
Company is not dealing in or trading in shares, securities, debentures
and other investments.
16. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
17. The Company did not have any term loans outstanding during the
year.
18. 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 the funds raised on short-term basis have not been
used for long term investment.
19. The Company has made any preferential allotment of shares to
companies/ firms/ parties covered in the register maintained under
Section 301 of the Companies Act,l956 to the following:
Sr. Name of the Party Nature of shares No. of preference shares
issued
No.
01 Saurabh Dani 8% 233,715
Non-cumulative
convertible Preference
Shares Series III
And as per information and explanations given to us, the price at which
shares have been issued is not prejudicial to the interest of the
company.
20. The debentures are Compulsorily Convertible Debentures (CCD)
outstanding at the end of the year Rs. Nil (previous year
Rs.28,224,200). No security has been created for these debentures.
21. The Company has not raised any money by public issue during the
year.
22. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For M/s. E.A.Patil &Associates
Chartered Accountants
Firm Registration No. 11 7371W CA.E.A.
Patil Partner
Membership No. 031979
Date: 30th May 2012.
Vashi, Navi Mumbai
Mar 31, 2011
We have audited the attached Balance Sheet of Prism Informatics Limited
(the Company) as at 31 March 2011, the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 (the
Order) 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:
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, Profit and Loss Account 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, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act;
e. On the basis of written representation received from the directors
of the Company, as on 31st March, 2011 and taken on record by the Board
of Directors, we report that none of the directors are disqualified as
at 31st March, 2011 from being appointed as a director in terms of
clause (g) of sub-section (1) of Section 274 of the Act, and
f. 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 Act in the manner so required and give a true and fair
view except in case of receivable balances which are subject to
confirmation and reconciliation (if any), unbilled revenue Rs.28,47,723
/- which has been as certified by the management, 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 31 March, 2011;
ii. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors Report for the year ended March 31st , 2011.
(Referred to in our report of even date)
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation, of fixed
assets.
b) The Company has a regular program of physical verification of its
fixed assets, by which all fixed assets are verified in a phased manner
over a period of three years. For the current financial year, physical
verification for the fixed assets is yet to be carried out. In our
opinion, this periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets.
c) Following fixed assets have been disposed off during the year.
Sr.
No Particulars of the asset Amount
1 Computer Equipment 502,940/-
2 Furniture 623,511/-
3 Office Equipment 508,454/-
Total Rs. 16,34,455/-
2. The Company is a service company, primarily rendering IT
consulting, software implementation and software development services.
Accordingly, it does not hold any physical inventories. Thus, paragraph
4(ii) of the Order is not applicable.
3. The Company has granted loans to body corporate covered under
registered maintained under section 301 of the Companies Act 1956 (the
Act) Rs. 1,63,742,000/- (previous year Rs nil) as unsecured loans. The
maximum amount outstanding during the year Rs 115,237,930/- (previous
year Rs Nil) and year end balance Rs. 107,974,041/- (previous year Rs
Nil).
Loan to these body corporate are repayable within two years, there is
no specific repayment schedule indicated in the loan agreement. During
the year these body corporate have repaid Rs. 68,461,960/- In our
opinion, the rate of interest and other terms and conditions on which
the loan has been granted to the body corporate listed in the
registered maintained under Section 301 of the Act are not, prima
facie, prejudicial to the interest of the company.
The Company has not taken loans, secured or unsecured from the
companies, firms or 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, the company is in process of implementation of internal
control system commensurate with the size of the company and nature of
its business with regard to purchase of fixed assets and with regard to
sale goods & services. In our opinion, the internal control in respect
of service income needs to be strengthened.
5. a) 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.
b) In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs. 5
lakh with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. The Company has not accepted any deposits from the public.
7. The Company does not have internal audit system.
8. As per the information and explanations provided by the management,
the Central Government has not prescribed the maintenance of cost
records under Section 209(1)(d) of the Act, for any of the services
rendered by the Company.
9. 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 Income tax, TDS, Service tax, Profession Tax
and other material statutory dues have been generally regularly
deposited during the year by the Company with the appropriate
authorities.
10. We have been informed by the management, that there are no dues of
sales tax/ income tax/ custom tax/ wealth tax/ excise duty/ cess have
been deposited on account of dispute.
11. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
12. The Company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year on account of
default.
13. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
14. 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.
15. According to the information and explanations given to us, the
Company is not dealing in or trading in shares, securities, debentures
and other investments.
16. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
17. The Company did not have any term loans outstanding during the
year.
18. 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 the funds raised on short-term basis have not been
used for long term investment.
19. The Company has not made any preferential allotment of shares to
companies/ firms/ parties covered in the register maintained under
Section 301 of the Companies Act, 1956.
20. The debentures are Compulsorily Convertible Debentures (CCD)
outstanding at the end of the year Rs. 2,82,24,200/- (previous year Rs
Nil). No security has been created for these debentures.
21. The Company has not raised any money by public issue during the
year.
22. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For M/s. E.A.Patil & Associates
Chartered Accountants
Firm Registration No.117371W
CA. E. A. Patil
Partner
Membership No. 031979
Date: 30th May 2011
Vashi, Navi Mumbai
Prism Informatics Limited
Mar 31, 2010
We have audited the attached Balance Sheet of Prism Informatics Limited
(the Company) as at 31 March 2010, the Profit and Loss Accountand the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companys
management Our responsibility is to express an opinion on these
financial statements based on our audit.
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 basisfor
our opinion.
As required by the Companies (Auditors Report) Order, 2003 (the
Order) 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
paragraphs4and 5 of the said Order.
Further to our comments in the Annexure referred to above, we
reportthat:
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, Profit and Loss Account 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, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act;
e. on the basis of written representation received from the directors
of the Company, as on 31st March, 2010 and taken on record by the Board
of Directors, we reportthat none of the directors are disqualified as
at 31st March, 2010from being appointed as a director in terms of
clause (g) of sub-section (1) of Section 274 of the Act, and
f. 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 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 31 March, 2010;
ii. in the case of the Profit and Loss Account, of the profitforthe
year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cashflows for the
yearended on that date.
Annexure to the Auditors Report (Referred to in our report of even date)
1. a) The Company has maintained proper records showing full particulars,
including quantitative details and situation, of fixed assets.
b) The Company has a regular programme of physical verification of its
fixed assets, by which all fixed assets are verified in a phased manner
over a period of three years. During the current year, as part of a
cyclical plan, the Company has carried out physical verification of
certain fixed assets and no material discrepancies were noticed upon
such verification. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets.
c) Fixed assets disposed off during the year were not substantial and,
therefore, do not affect the going concern assumption.
2. The Company is a service company, primarily rendering IT consulting
and software development services. Accordingly it does not hold any
physical inventories. Thus, paragraph 4(ii) of the Order is not
applicable.
3. The Company has neither granted nor 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, the company is in process of implementation of internal
control system commensurate with the size of the company and nature of
its business with regard to purchase of fixed assets and with regard to
sale goods & services.
The activities of the Company do not involve purchase of inventory and
there are no sale of goods during the year.
5. a) 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 underthatsection.
b) In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rs. 5
lakh with any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal auditsystem
commensurate with the size and nature of its business.
8. As per the information and explanations provided by the management,
the Central Government has not prescribed the maintenance of cost
records under Section 209{l)(d) of the Act, for any of the services
rendered by theCompany.
9. 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 Income tax, TDS, Service tax, Profession Tax
and other material statutory dues have been generally regularly
deposited during the year by the Company with the appropriate
authorities except as mentioned below:
Sr.no.Parties Amount Payable
as on 31.03.2010
1 Preference Dividend Tax 208,132
2 Equity Dividend Tax 104,637
3 Profession Tax 39,745
4 Tax deducted at source 916,883
Total 1,269,397
10. The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses i n the
currentfinancial year and in the immediately preceding financial year.
11. The Company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year.
12. The Company has not granted loans and advances on the basis of
security byway of pledge of shares, debentures andothersecurities.
13. In our opinion and accordingto the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund/society.
14. According to the information and explanations given to us, the
Company is not dealing in or trading in shares, securities, debentures
and other investments except in case of the following transaction
entered into by the company:
Opening Bal as Additions
during Sales during Closing
bal as
Sr.no Particulars on 01.04.2009 the year the year on 31.03
.2010
1 Sahara Limited 996,939 82,100 1,079,039 -
Total 996,939 82/100 1,079,039 -
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company did not have any term loans outstandingduringthe year.
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 the funds raised on short-term basis have not been
used for long term investment.
18. The Company has not made any preferential allotment of shares to
companies/firms/parties covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. The Company did not haveany outstanding debentures during the year.
(refer to note 6 of notes to accounts)
20. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported duringthe
course of our audit.
For M/s. E. A.Patil & Associates
Chartered Accountants
CA.E.A.Patil
Partner
Membership No. 031979
Date: 31.05.2010
Vashi, NaviMumbai
Mar 31, 2009
1. We have audited the attached Balance Sheet of PRISM INFORMATICS
LIMITED as at March 31, 2009, and. also the Profit and Loss Account and
the Cash Flow Statement of the company for the year ended on that date,
annexed thereto. These financial statement 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 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.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) 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, to the
extent applicable.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
i. We have obtained alt the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
ii. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
iv. In our opinion, the Balance Sheet, Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub section (3C) of section 211 of
the Act, 1956.
5. On the basis of written representations from all the directors as
on March 31,2009 and taken on record by the Board of Directors, we
report that none of the directors of the company is disqualified as on
March 31, 2009 from being appointed as director in terms of clause (g)
of sub section (1) of section 274 of the Companies Act. 1956.
6. In our opinion and to the best 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 March31,2009
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date., and
c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
For, P.B. TIKAIT & CO.
Chartered Accountants
(P. B. TIKAIT)
Proprietor
M.No.37998
MUMBAI, MAY 28,2009