Home  »  Company  »  Trigyn Technolog  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Trigyn Technologies Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Trigyn Technologies Limited ("the Company") which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's 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 the 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 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 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 suffcient 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 in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its Profit and its cash fows for the year ended on that date.

Emphasis of matter

We draw attention to Note no. 36 to financial statements regarding balances with wound up subsidiaries in previous year and pending approval and permission required to be obtained from RBI under FEMA.

(As fully described in the notes.)

Our opinion is not qualified in respect of above matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order"), as issued by Central Government of India in terms of sub section (11) of section 143 of Companies Act, 2013 we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 ;

e. On the basis of written representations received from the directors as on 31st March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015, from being appointed as a director in terms of sub section (2) of section 164 of the Companies Act, 2013, and

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. There were no pending litigation which would impact the financial positions of the Company.

ii. As represented by the company, there are no foreseeable material losses in respect of long-term contracts as discussed in Note no. 40. The company does not have any derivative contracts;

iii. As represented by the company, there are no amounts required to be transferred to Investor Education and Protection Fund by the Company.

Annexure to the Auditors' Report

[Referred to in paragraph pertaining to "Report on Other Legal and Regulatory Requirement" of our Report of even date to the members of Trigyn Technologies Limited on the financial statements

for the year ended 31st March, 2015]

1. a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

b) Fixed Assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion, the frequency of verification is reasonable.

2. The Company did not hold any inventories during the financial year. Thus the provision of sub clause (a), (b) and (c) of clause 3 (ii) of the Order are not applicable.

3. The Company has granted interest free unsecured loans to companies covered in the register maintained under Section 189 of the Companies Act, 2013.The number of parties is seven and the amount outstanding as at the end of the year is Rs. 21.52 crores .

a) There are no stipulations as to the repayment of loan.

b) The provision for doubtful recovery of entire loan has been made in the books of account.

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, for the purchase of IT product/software license, fxed asset and for sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

5. According to information and explanation given to us, the Company has not accepted any deposits from the public, within the meaning of Sections 73 to 76 of Companies Act 2013 and the rules framed there under.

6. The Central Government has not prescribed maintenance of cost records under Section148 of the Companies Act 2013.

7. a) According to the information and explanations given to us and records of the Company examined by us, in our

opinion, the Company is generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and any other material statutory dues as applicable with the appropriate authorities. There is no undisputed statutory dues payable for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income tax, wealth tax, service tax, as at 31st March 2015, which has not been deposited on account of dispute except for following dues under Income Tax Act, 1961:

Sr.No. Nature of dues Amount (Rs.) Period to Forum where the dispute which the is pending amount relates

1 Income tax demand 2,30,51,971 A.Y. 2005-06 Income Tax Appellate Tribunal (ITAT)

2 Income tax demand 1,22,63,314 A.Y. 2006-07 Income Tax Appellate Tribunal (ITAT)

3 Income tax demand 12,25,47,027 A.Y. 2007-08 Income Tax Appellate Tribunal (ITAT)

4 Income tax demand 2,41,82,246 A.Y. 2008-09 Income Tax Appellate Tribunal (ITAT)

5 Income tax demand 6,22,88,645 A.Y. 2009-10 Commissioner of Income Tax [CIT (Appeal)]

6 Income tax demand 3,26,69,990 A.Y. 2010-11 Assistant Commissioner of Income Tax {ACIT)

7 Income tax demand 2,48,25,672 A.Y. 2011-12 Commissioner of Income Tax [CIT (Appeal)]

8 Income tax demand 2,23,03,892 A.Y. 2012-13 Rectification fled against Claims for adjust ment of carried forward losses

9 Income tax demand 87,520 A.Y. 2014-15 Company is in process of fling rectif cation 10 Consolidated TDS demand as per 21,63,850 Various Years ITO TDS – Rectification Traces inclusive of interest and fled/ to be fled. penalty

c) According to the information and explanations given to us and records of the Company examined by us, in our opinion, there are no amounts payable to investor education and protection fund in accordance with the relevant provisions of Companies Act, 1956 (1 of 1956) and rules there under.

8. The Company is in existence for more than 5 years. The Company has not incurred cash losses in the current financial year as well as in immediate preceding financial year. However the Company has accumulated losses exceeding fifty percent of its net worth at the end of the financial year. The accounts are prepared on going concern basis as explained in Note 38 to financial statement.

9. On the basis of information and explanation given to us by the management, the Company has not taken any loans from any financial institution or bank or debenture holders during the financial year. Therefore provision of clause 3 (ix) is not applicable.

10. The Company has not given any guarantee for loans taken by others from banks or financial institutions but has given performance guarantee on behalf of its subsidiary in US. The terms and condition whereof are not prejudicial to interest of the company.

11. The Company has not availed any term loan from banks and financial institutions and hence clause 3 (xi) of the order is not applicable.

12. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the company, either noticed or reported during the year, nor have been informed of any such case by the management.

For Ford, Rhodes, Parks & Co.

Chartered Accountants

ICAI Firm Registration No.102860W

B.S.S. Shetty

Place: Mumbai Partner

Date : 25th May 2015 Membership No.6031


Mar 31, 2014

We have audited the accompanying financial statements of Trigyn Technologies Limited ("the Company") which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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, but not for the purpose of expressing an opinion on the effectiveness of the entities internal control. 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:

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 Statement of Profit and Loss, 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.

Emphasis of Matter

We draw attention to

(a) Note No 34 to financial statements regarding wound up subsidiaries and subsidiaries under liquidated and under distribution of assets of subsidiary wound up during the year. (As fully described in the notes.)

Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 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:

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, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

iv. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

v. on the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 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 Auditors'' Report

[Referred to in paragraph pertaining to "Report on Other Legal and Regulatory Requirement" of our Report of even date to the members of Trigyn Technologies Limited on the financial statements for the year ended 31st March, 2014]

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation

of all the fixed assets, except for certain items of fixed assets purchased in the earlier years, for which the records are being updated.

(b) During the year the company has carried out physical verification of fixed assets.

(c) During the year, the Company has not disposed off any substantial part of fixed assets so as to affect the going concern assumption.

2. The Company did not hold any inventories during the financial year. Thus the provisions of sub clause (a), (b) and (c) of clause 4 (ii) of the Order are not applicable.

3. (a) The company has granted interest free unsecured loans to companies covered in the register maintained under

Section 301 of the Companies Act, 1956. The number of parties is six and the amount outstanding as at the end of the year is Rs. 227,384,119/-. (P.Y. Rs. 235,078,494/- and the number of parties was six). These loans have been provided as doubtful of recovery to the extent of Rs. 227,913,052/- (P.Y. Rs. 228,939,443/- and the number of parties was six)

(b) There are no stipulations as to the repayment of the loan.

(c) The Company has not taken loans, secured or unsecured from companies, firms and other parties covered under the register maintained under Section 301 of the Companies Act, 1956. Thus the provisions of sub clause (f) and (g) of clause 4 (iii) of the Order are 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, for the purchase of fixed asset and for sale of services. During the course of our audit, no major weakness has been noticed in the internal control system.

5. According to the information and explanations provided by the management, during the year, there are no contracts or arrangements referred to in Section 301 of the Act that need to be entered into the register required to be maintained under the Section.

6. The Company has not accepted any deposits from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

7. The Company has appointed independent Chartered Accountant to carry out the internal audit of the company. In our opinion, the Company''s internal audit system is commensurate with its size and nature of its business.

8. The Central Government has not prescribed maintenance of cost records for the Company.

9. (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, service tax, custom duty, cess and other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, service tax, custom duty, cess and other statutory dues were outstanding at the year-end for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us by management and the records of the Company examined by us, the particulars of dues of income tax as on 31st March, 2014 which have not been deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (Rs. )

Income tax Act, 1961 Income tax demand 23,051,971

Income tax Act, 1961 Income tax demand 12,263,314

Income tax Act, 1961 Income tax demand 122,547,027

Income tax Act, 1961 Income tax demand 19,718,246

Income tax Act, 1961 Income tax demand 62,288,645

Income tax Act, 1961 Income tax demand 18,810,020

Name of the statute Period to which Forum where the the amount relates dispute is pending

Income tax Act, 1961 A.Y. 2005-06 ITAT

Income tax Act, 1961 A.Y. 2006-07 ITAT

Income tax Act, 1961 A.Y. 2007-08 ITAT

Income tax Act, 1961 A.Y. 2008-09 ITAT

Income tax Act, 1961 A.Y. 2009-10 CIT (Appeal)

Income tax Act, 1961 A.Y. 2010-11 Assistant CIT

10. The Company has accumulated losses exceeding fifty percent of its net worth at the end of the financial year. The Company has not incurred any cash losses in the current financial year as well as in immediate preceding financial year.

11. On the basis of information and explanation given to us by the management, the Company has not taken any loans from any financial institution or bank or debenture holders during the financial year.

12. Based on our examination of the records and information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of clause 4 (xiii) of Order are not applicable as the Company is not a chit fund Company or nidhi/ mutual benefit fund/society.

14. The Company has not dealt or traded in shares, securities, debentures or other investments during the year. Hence provisions of clause 4(xiv) of the Order are not applicable.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions. Therefore, the provisions of clause 4 (xv) of the Order are not applicable to the Company.

16. The Company has not availed any term loan from banks and financial institutions and hence clause (xvi) of paragraph

4 of the order is not applicable.

17. According to the information and explanations given to us and overall examination of the balance sheet, we report that no funds raised on short term basis have been used for long term investments.

18. The company has not made any preferential allotment of shares to the companies, firms or parties that are covered under the register maintained under the provisions of Section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures and therefore paragraph 4 (xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issue during the year and therefore Clause 4 (xx) of the Order is not applicable.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India for the purpose of reporting the true and fair view of the Financial statements and as per the information and explanation given by the management we report that, we have neither come across any instance of fraud on or by the company, either noticed or reported during the year, nor have been informed of any such case by the management.

For Ford, Rhodes, Parks & Co.

Chartered Accountants Firm Registration No.102860W

B. S. S. Shetty Place: Mumbai Partner Date: 23rd May, 2014 Membership No. 6031


Mar 31, 2013

Report on the Financial Statements for the year ended 31st March, 2013

We have audited the accompanying financial statements of Trigyn Technologies Limited ("the Company") which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards 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 control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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:

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2013;

ii. in the case of the Statement of Profit and Loss, of the 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.

Emphasis of Matter

We draw attention to Note 30 to the Financial Statements regarding the approval of managerial remuneration by the shareholders.

Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 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:

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, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

iv. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and

v. on the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 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 AUDITORS'' REPORT

[Referred to in paragraph pertaining to "Report on Other Legal and Regulatory Requirement" of our Report of even date to the members of Trigyn Technologies Limited on the financial statements for the year ended 31s1 March, 2013]

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of all the fixed assets, except for certain items of fixed assets purchased in the earlier years, for which the records are being updated.

(b) During the year the company has carried out physical verification of fixed assets.

(c) During the year, the Company has not disposed off any substantial part of fixed assets so as to affect the going concern assumption.

2. The Company did not hold any inventories during the financial year. Thus the provisions of sub clause (a), (b) and (c) of clause 4 (ii) of the Order are not applicable.

3. (a) The company has granted interest free unsecured loans to companies covered in the register maintained under Section 301 of the Companies Act, 1956. The number of parties is six and the amount outstanding as at the end of the year is Rs. 235,078,494/-. (P.Y. Rs. 232,885,104/-and the number of parties was six). These loans have been provided as doubtful of recovery to the extent of Rs. 228,939,443/- (P.Y. Rs. 227,640,448/- and the number of parties was six)

(b) There are no stipulations as to the repayment of the loan.

(c) The Company has not taken loans, secured or unsecured from companies, firms and other parties covered under the register maintained under Section 301 of the Companies Act, 1956. Thus the provisions of sub clause (f) and (g) of clause 4 (iii) of the Order are 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, for the purchase of fixed asset and for sale of services. During the course of our audit, no major weakness has been noticed in the internal control system.

5. According to the information and explanations provided by the management, during the year, there are no contracts or arrangements referred to in Section 301 of the Act that need to be entered into the register required to be maintained under the Section.

6. The Company has not accepted any deposits from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956.

7. The Company has appointed independent Chartered Accountant to carry out the internal audit of the company. In our opinion, the Company internal audit system is commensurate with its size and nature of its business.

8. The Central Government has not prescribed maintenance of cost records for the Company.

9. (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, service tax, custom duty, cess and other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, service tax, custom duty, cess and other statutory dues were outstanding at the year-end for a period of more than six months from the date they became payable.

10. The Company has accumulated losses exceeding fifty percent of its net worth at the end of the financial year. The Company has not incurred any cash losses in the current financial year as well as in immediate preceding financial year.

11. On the basis of information and explanation given to us by the management, the Company has not taken any loans from any financial institution or bank or debenture holders during the financial year.

12. Based on our examination of the records and information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of clause 4 (xiii) of Order are not applicable as the Company is not a chit fund Company or nidhi/ mutual benefit fund/society.

14. The Company has not dealt or traded in shares, securities, debentures or other investments during the year. Hence provisions of clause 4(xiv) of the Order are not applicable.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions. Therefore, the provisions of clause 4 (xv) of the Order are not applicable to the Company.

16. The Company has not availed any term loan from banks and financial institutions and hence clause (xvi) of paragraph 4 of the order is not applicable.

17. According to the information and explanations given to us and overall examination of the balance sheet, we report that no funds raised on short term basis have been used for long term investments.

18. The company has not made any preferential allotment of shares to the companies, firms or parties that are covered under the register maintained under the provisions of Section 301 of the Act.

19. The Company has not issued any debentures and therefore paragraph 4 (xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issue during the year and therefore paragraph 4 (xx) of the Order is not applicable

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India for the purpose of reporting the true and fair view of the Financial statements and as per the information and explanation given by the management we report that, we have neither come across any instance of fraud on or by the company, either noticed or reported during the year, nor have been informed of any such case by the management.

For Ford, Rhodes, Parks & Co.

Chartered Accountants

Firm Registration No.102860W

B. S. S. Shetty

Place: Mumbai Partner

Date: 28th May, 2013 Membership No. 6031


Mar 31, 2012

1. We have audited the attached Balance Sheet of Trigyn Technologies Limited (the "Company") as at March 31, 2012, and the related Statement of Profit and Loss and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. 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 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 (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 (together the "Order"), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of 'The Companies Act, 1956' of India (the 'Act') and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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, 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, Statement of Profit and Loss 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 representations received from the directors, as on March 31, 2012 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give, in the prescribed manner, the information required by the Act, 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 March 31, 2012;

(ii) in the case of the Statement of Profit and Loss, 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 Auditors' Report

Referred to in paragraph 3 of the Auditors' Report of even date to the members of Trigyn Technologies Limited on the financial statements as of and for the year ended March 31, 2012

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets, except for certain items of fixed assets purchased in earlier years, in respect of which the records are being updated.

(b) The fixed assets of the Company have not been physically verified by the management during the year.

(c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year.

2. The Company did not held any inventories during the year. Accordingly, the provisions of paragraph 4 (ii) (a), (b) and

(c) of the said Order are not applicable.

3. (a) The Company has granted interest free unsecured loans, to companies covered in the register maintained under Section 301 of the Act. The maximum amount involved during the year and the year-end balance of such loans aggregated to Rs. 232,885,104 and Rs. 232,885,104, respectively. These loans have been already provided as doubtful of recovery to the extent of Rs. 227,640,448.

(b) The terms of repayment of the said loans are not stipulated. Hence, we have no comment on regularity of repayment of principal amounts.

(c) The Company has not taken any loans, secured or unsecured, from companies, firms and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of paragraph 4(iii)(f) and 4(iii)(g) of the Order, are not applicable

4. In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. According to the information and explanations given to us, during the year there have been no contracts or arrangements referred to in Section 301 of the Act to be entered in the register required to be maintained under that Section. Accordingly, the question of commenting on transactions made in pursuance of such contracts or arrangements does not arise.

6. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.

7. In our opinion, the Company needs to strengthen its internal audit system to make it commensurate with the size of the Company and the nature of its business.

8. The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for any of the products of the Company.

9. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees' state insurance, investor education and protection fund, income tax, wealth tax, service tax and other material statutory dues, as applicable, with the appropriate authorities. As explained to us, the provisions of sales tax, customs duty and excise duty are not applicable to the Company.

(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of income tax as at March 31, 2012 which have not been deposited on account of a dispute are as follows

Name of the Nature of dues Amount Period to which the Forum where the dispute is statute (Rs.) amount relates pending

Income tax Act Income tax 122,547,027 Assessment year Income Tax Appellate 1961 demand 2007 - 2008 Tribunal

Income tax Act Income tax 19,718,246 Assessment year Additional Commissioner of 1961 demand 2008 - 2009 Income Tax

Income tax Act Income tax 18,810,020 Assessment year Assistant Commissioner of 1961 demand 2010 - 2011 Income Tax

10. In our opinion and according to the information and explanations given to us, the Company's accumulated losses exceed fifty of its net worth at the end of the financial year under reporting. The Company has neither incurred cash losses in the financial year under report nor in the immediately preceding financial year.

11. According to the records of the Company examined by us and the information and explanations given to us, the Company has not taken loans from any financial institution or bank or debenture holders as at the balance sheet date.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/ societies are not applicable to the Company.

14. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.

15. In our opinion, and 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 during the year.

16. The Company has not obtained any term loans.

17. On the basis of an overall examination of the balance sheet of the Company, in our opinion, and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment.

18. The Company has made preferential allotment of shares to promoter company covered in the register maintained under Section 301 of the Act during the year. In our opinion, and according to the information and explanations given to us, the price at which such shares have been issued is not prejudicial to the interest of the Company.

19. The Company has not issued any debentures during the year; and does not have any debentures outstanding as at the year end.

20. The Company has not raised any money by public issues during the year.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For Price Waterhouse

Chartered Accountants

Firm Registration Number: 012754N

Vilas Y. Rane

Mumbai Partner

Date: August 27, 2012 Membership Number: 33220

 
Subscribe now to get personal finance updates in your inbox!