Mar 31, 2015
1. We have audited the accompanying financial statements of USG TECH
SOLUTIONS LIMITED ("the company"],which comprise the Balance Sheet as
at 31 March 2015, the Statement of Profit and Loss, 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
2. The Company's Board of Directors is responsible for the matters in
section 134(5] of the Com- panies Act, 2013 ("the Act"] with respect to
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 principles generally
accepted in India, including the Accounting Stan- dards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts]
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
de- tecting the 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 internal financial control, 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
3. 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 mat-
ters 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 un- der
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 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 in-
ternal financial control relevant to the Company's preparation of the
financial statements that give true and fair view 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
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 appro- priate to provide a basis for our
audit opinion on the financial statements.
Opinion
4. 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;
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 for
the year ended on that date; and
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 Gov- ernment of India in terms of Section
143 of the Companies Act, 2013, we give in the annexure a state- ment
on the matters specified in paragraph 3& 4of the order, to the extent
applicable.
2. As required by Section 143 of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, 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 Accounting Standards
specified under section 133 of the Act, read with rule 7 of the com-
panies (Accounts] Rules, 2014.
e. On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as Director in terms of Sec 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 & 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 as at
31st March,2015 on its financial position in its financial statements.
ii. The company does not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Edu- cation and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS REPORT
The annexure referred to in our Independent Auditors Report to the
members of the company, we re- port that:
1. In respect of its fixed assets
a] The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets on the
basis of available information.
b] As explained to us, the management has physically verified the fixed
assets during the year and there is a regular programme of verification
which, in our opinion is reasonable having regard to the size of the
Company and the nature of the assets. No material discrepancies were
noticed on such phys- ical verification.
2. In respect of its Inventory
a] The inventories have been physically verified during the year by the
management though same has not been physically verified by auditor.
b] In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management are reasonable and adequate in rela- tion to
size of the company and nature of the its business.
c] The company has maintained proper records of its inventories. As
explanation given to us, there were no material discrepancies.
3. In respect of the loans, secured or unsecured granted or taken by the
company to / from companies, firms or Other parties covered under the
register maintained under Section 189 of the Companies Act 2013,
according to the information and explanations given to us
a] The Company has not granted any loans, secured or unsecured, from
companies, firms or other par- ties covered under the register
maintained under Section 189 of the Companies Act 2013. Consequent- ly,
the provisions of Clause (iii] (a] and (iii] (b] of Companies
(Auditor's Report] Order, 2015 are not applicable.
b] The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered under the register maintained
under Section 189 of the Companies Act 2013. Consequently, the
provisions of Clause (iii] (a] and (iii] (b] of Companies (Auditor's
Report] Order, 2015 are not ap- plicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of products and services.
During the course of our audit, we have not observed any continuing
failure or weakness in internal control system.
5. In our opinion and according to information and explanations given to
us, the Company has not ac- cepted any Deposits within the provisions of
Sections 73 to 76 or any other relevant provisions of the Companies
Act,2013 from public. Therefore the provision of Companies (Auditor's
Report] Order, 2015 is not ap- plication to the Company.
6. In our opinion and according to information and explanations given to
us, the Central Government has not Prescribed the maintenance of cost
records under Companies Act, 2013.
7. In respect of statutory dues
a] According to the information and explanations given to us the
particulars of undisputed statutory dues of provident fund, employee's
state insurance, income tax and service tax relating to previous year
2014-15 are paid.
b] The Company does not have any disputed dues of sales tax / income
tax / customs / wealth tax / excise duty /cess etc. which have notbeen
deposited
c] According to the information and explanations given to us the amount
which were required to be transferred to the investor education and
protection fund in accordance with the relevant provisions of the
companies Act, 1956 and rules thereunder has been transferred to such
fund within time.
8. The Company does have accumulated losses at the end of the financial
year. The Company has not incurred any losses during the immediately
preceding financial year.
9. According to the information and explanations given to us, the
Company has no dues to any financial institutions, bank or debenture
holders during the year under report.
10. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of
securities by way of pledge of shares, debentures and other securities.
11. According to the information and explanations given to us, the
Company has not given the guaran- tee for loans taken by others from
banks or financial institutions.
12. According to the information and explanations given to us, no
material fraud on or by the Company has been Noticed or reported during
the year under report.
For Udit Aggarwal & Associates
Chartered Accountants
Sd/-
Udit Aggarwal
Proprietor
M.No. 529994
Firm Regn. No. 026161N
Place: Noida
Date: 17/08/2015
Mar 31, 2014
Report on the Financial Statements
1. We have audited the accompanying financial statements of USG Tech
Solutions Limited (the "company"). Which comprise the Balance Sheet as
at 31 st March, 2014, the Statement of Profit and Loss 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
2. 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 flow of the Company
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
3. Our responsibility is to express an opinion on these financial
statement based on our audit. We conducted out, audit in accordance
with the 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
from material misstatement.
4. 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 auditors 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 auditors considers the internal control relevant to
the Company''s preparation and fair presentation of the financial
statements in order to design audi 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 the Management, as well as evaluating
the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014.
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) In the case of the Cash Flow Statement of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. 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 Act, We give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the order
As required by Section 227(3) of the Act, we report that
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of accounts 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, 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, Statement of profit and loss and
the cash flow statement comply with the accounting standards referred
to in sub - Section (3C) of Section 211 Act.
e. On the basis of the written representations received from the
directors as on 31 st March, 2014 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 Act.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of our report of even date
1. In respect of its fixed assets
a) The Company has maintaining proper records showing full particulars,
including quantitative details and situation of the fixed assets on the
basis of available information.
b) As explained to us, the management has physically verified the fixed
assets during the year and there is a regular program of verification
which, in our opinion is reasonable having regard to the size of the
Company and the nature of the assets. No material discrepancies were
noticed on such physical verification.
c) In our opinion, the Company has not disposed off any part of its
Fixed Assets during the year and the going concern status of the
company is not affected.
2. In respect of its Inventory
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management are reasonable and adequate in relation to
size of the company and nature of the its business.
c) The company has maintained proper record of inventories. As
explanation given to us, there were no material discrepancies notices
on such physical verification of the inventories as compared to the
book records.
3. In respect of the loans, secured or unsecured granted or taken by
the company to / from companies, firms or other parties covered under
the register maintained under Section 301 of the Companies Act 1956,
according to the information and explanations given to us
a) The Company has not granted any loans, secured or unsecured, from
companies, firms or other parties covered under the register maintained
under Section 301 of the Companies Act 1956. Consequently, the
requirement of Clause (iii) (f) and (iii) (g) of paragraph 4 of the
Order are not applicable.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered under the register maintained
under Section 301 of the Companies Act 1956. Consequently, the
requirement of Clause (iii) (f) and (iii) (g) of paragraph 4 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 systems commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of products and services.
During the course of our audit, we have not observed any continuing
failure or weakness in internal control system.
5. In our opinion and according to the information and explanations
given to us there are no transactions made pursuant of contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956.
6. In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from public. Therefore
the provision of Clause (vi) of paragraph of the Order is not
application to the company.
7. In our opinion, the Company has internal audit system commensurate
with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the Central Government has not prescribed the maintenance of
cost records under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory dues
a) According to the information and explanations given to us the
particulars of undisputed statutory dues of provident fund, employees
state insurance, income tax and service tax relating to previous year
2013-14 are paid. No dues are pending for the current year.
b) The Company does not have any disputed dues of sales tax / income
tax / customs / wealth tax / excise duty /cess etc. which have not been
deposited except the Income Tax Demand of Rs. 23, 10, 837/- for the
assessment year 2005 - 2006 against which the Company has filed an
appeal with ITAT, although the Income Tax Department has set it off
this liability against the amount of Income tax Refund due for the
A.Y.2010-2011 and earlier years. Therefore, the matter would be
finalized on the order of ITAT.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by audit and the immediately preceding financial
year.
11. According to the information and explanations given to us, the
Company has no dues to any financial institutions, bank or debenture
holders during the year under report.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of
securities by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi / mutual benefit fund /
society and therefore the provisions of special statute under paragraph
(13) of the order are not applicable to the Company.
14. In our opinion and the information and explanations given to us,
the Company is not dealing or trading in shares, securities, debentures
and other investments.
15. According to the information and explanations given to us, the
Company has not given the guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given to us, the
Company has not raised any term loans.
17. According to information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on a short term basis which have
been used for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under report.
20. According to the information and explanations given to us the
Company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the year under report.
For PVR-N & Co.
Chartered Accountants
Sd/-
Place : New Delhi Pradeep Kumar Jindal
Date : 31th May, 2014 Partner
M.No. 82646
Firm Regn. No. 004062N
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompaying financial statements of USG Tech
Solutions Limited (the "company" ). Which comprise the
Balance Sheet as at 31st March, 2013, the Statment of Profit and Loss
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
2. 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 flow of the Company
accoordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act" )
This responsibililty 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
3. Our responsibility is to express an opinion on these financial
statement based on our audit. We conducted out, audit in accordance
with the 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
from material misstatement.
4. 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 auditors judgment, including the
assessment of the risks of material mistatement of the financial
statements, whether dure to fraud or error. In making those risk
assessments, the auditors considers the internal control relevant to
the Company''s preparation and fair presentation of the financial
statements in order to design audi 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 the Management, as well as evaluating
the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. 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 acceepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013.
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) In the case of the Cash Flow Statement of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. 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 Act, We give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the the order.
As required by Section 227(3) of the Act, we report that
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of accounts 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, 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, Statement of profit and loss and
the cash flow statement comply comply with the accounting standards
referred to in sub - Section (3C) of Section 211 Act.
e. On the basis of the written representations received from the
directors as on 31st March, 2013 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 Act.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of our report of even date
1. In respect of its fixed assets
a) The Company has maintaining proper records showing full particulars,
including quantitative details and situation of the fixed assets on the
basis of available information.
b) As explained to us, the management has physically verified the fixed
assets during the year and there is a regular programme of verification
which, in our opinion is reasonable having regard to the size of the
Company and the nature of the assets. No material discrepancies were
noticed on such physical verification.
c) In our opinion, the Company has not disposed off any part of its
Fixed Assets during the year and the going concern status of the
company is not affected.
2. In respect of its Inventory
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management are reasonable and adequate in relation to
size of the company and nature of the its business.
c) The company has maintained proper record of inventories. As
explanation given to us, there were no material discrepancies notices
on such physical verification of the inventories as compared to the
book records.
3. In respect of the loans, secured or unsecured granted or taken by
the company to / from companies, firms or other parties covered under
the register maintained under Section 301 of the Companies Act 1956,
according to the information and explanations given to us
a) The Company has not granted any loans, secured or unsecured, from
companies, firms or other parties covered under the register maintained
under Section 301 of the Companies Act 1956. Consequently, the
requirement of Clause (iii) (f) and (iii) (g) of paragraph 4 of the
Order are not applicable.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered under the register maintained
under Section 301 of the Companies Act 1956. Consequently, the
requirement of Clause (iii) (f) and (iii) (g) of paragraph 4 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 systems commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of products and services.
During the course of our audit, we have not observed any continuing
failure or weakness in internal control system.
5. In our opinion and according to the information and explanations
given to us there are no transactions made pursuant of contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956.
6. In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from public. Therefore
the provision of Clause (vi) of paragraph of the Order is not
application to the company.
7. In our opinion, the Company has internal audit system commensurate
with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the Central Government has not prescribed the maintenance of
cost records under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory dues
a) According to the information and explanations given to us the
particulars of undisputed statutory dues of provident fund, employees
state insurance, income tax and service tax were in arrears as at 31st
March 2013 for a period of more than six months from the date they
became payable and which have not been deposited are for Rs. 3,
02,839/-, the amount relates to Previous years.No dues are pending for
the current year.
b) The Company does not have any disputed dues of sales tax / income
tax / customs / wealth tax / excise duty /cess etc. which have not been
deposited except the Income Tax Demand of Rs. 23, 10, 837/- for the
assessment year 2005 - 2006 against which the Company has filed
an appeal with ITAT, although the Income Ta x Department has set it off
this liability against the amount of Income tax Refund due for the
A.Y.2010-2011 and earlier years. Therefore, the matter would be
finalized on the order of ITAT.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by audit and the immediately preceding financial
year.
11. According to the information and explanations given to us, the
Company has no dues to any financial institutions, bank or debenture
holders during the year under report.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of
securities by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi / mutual benefit fund /
society and therefore the provisions of special statute under paragraph
(13) of the order are not applicable to the Company.
14. In our opinion and the information and explanations given to us,
the Company is not dealing or trading in shares, securities, debentures
and other investments.
15. According to the information and explanations given to us, the
Company has not given the guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given to us, the
Company has not raised any term loans.
17. According to information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on a short term basis which have
been used for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under report.
20. According to the information and explanations given to us the
Company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the year under report.
For PVR-N & Co.
Chartered Accountants
Sd/-
Place : New Delhi Pradeep Kumar Jindal
Date : 29th May, 2013 Partner
M.No. 82646
Firm Regn. No. 004062N
Mar 31, 2012
1. We have audited the attached Balance Sheet of USG Tech Solutions
Limited as at 31st March 2012 and also 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
CompanyÃs 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides the
reasonable basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003, issued
by the Government of India in terms of sub - Section 4A of Section 227
of the Companies Act 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to 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 purpose of our
audit.
b. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
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
Companies act, 1956, in so far as they are applicable to the Company.
e. On the basis of the written representations received from the
directors as on 31st March 2012 and taken on record by the Board of
Directors we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a Director in terms of Clause
(g) of sub Section (1) of Section 274 of the Companies Act 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give in conjunction
with the Schedules annexed therewith, 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 :
1. In the case of balance sheet, of the state of affairs of the
companies as at 31st March 2012.
2. In the case of the profit and loss account of the profit /loss for
the period ended on that date.
3. In the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph 3 of our report of even date
1. In respect of its fixed assets
a) The Company has maintaining proper records showing full particulars,
including quantitative details and situation of the fixed assets on the
basis of available information.
b) As explained to us, the management has physically verified the fixed
assets during the year and there is a regular programme of verification
which, in our opinion is reasonable having regard to the size of the
Company and the nature of the assets. No material discrepancies were
noticed on such physical verification.
c) In our opinion, the Company has not disposed off any part of its
Fixed Assets during the year and the going concern status of the
company is not affected.
2. In respect of its Inventory
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management are reasonable and adequate in relation to
size of the company and nature of the its business.
c) The company has maintained proper record of inventories. As
explanation given to us, there were no material discrepancies notices
on such physical verification of the inventories as compared to the
book records.
3. In respect of the loans, secured or unsecured granted or taken by
the company to/from companies, firms or other parties covered under the
register maintained under Section 301 of the Companies Act 1956,
according to the information and explanations given to us
a) The Company has not granted any loans, secured or unsecured, from
companies, firms or other parties covered under the register maintained
under Section 301 of the Companies Act 1956. Consequently, the
requirement of Clause (iii) (f) and (iii) (g) of paragraph 4 of the
Order are not applicable.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered under the register maintained
under Section 301 of the Companies Act 1956. Consequently, the
requirement of Clause (iii) (f) and (iii) (g) of paragraph 4 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 systems commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and for the sale of products and services.
During the course of our audit, we have not observed any continuing
failure or weakness in internal control system.
5. In our opinion and according to the information and explanations
given to us there are no transactions made pursuant of contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Companies Act, 1956.
6. In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from public. Therefore
the provision of Clause (vi) of paragraph of the Order is not
application to the company.
7. In our opinion, the Company has internal audit system commensurate
with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the Central Government has not prescribed the maintenance of
cost records under Section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory dues
a) According to the information and explanations given to us the
particulars of undisputed statutory dues of provident fund, employees
state insurance, income tax and service tax were in arrears as at 31st
March 2012 for a period of more than six months from the date they
became payable and which have not been deposited are for Rs. 3,
02,839/-, the amount relates to Previous years. No dues are pending for
the current year.
b) The Company does not have any disputed dues of sales tax/income
tax/customs/wealth tax/excise duty/cess etc. which have not been
deposited except the Income Tax Demand of Rs. 23, 10, 837/- for the
assessment year 2005 - 2006 against which the Company has fled an
appeal with ITAT, although the Income Tax Department has set it off
this liability against the amount of Income tax Refund due for the
A.Y.2010-2011 and earlier years. Therefore, the matter would be
finalized on the order of ITAT.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by audit and the immediately preceding financial
year.
11. According to the information and explanations given to us, the
Company has no dues to any financial institutions, bank or debenture
holders during the year under report.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of
securities by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi/mutual benefit fund/society
and therefore the provisions of special statute under paragraph (13) of
the order are not applicable to the Company.
14. In our opinion and the information and explanations given to us,
the Company is not dealing or trading in shares, securities, debentures
and other investments.
15. According to the information and explanations given to us, the
Company has not given the guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given to us, the
Company has not raised any term loans.
17. According to information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on a short term basis which have
been used for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year under report.
20. According to the information and explanations given to us the
Company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the year under report.
For PVR-N & Co.
Chartered Accountants,
Firm Regn. No. 004062N
Sd/-
Pradeep Kumar Jindal
Partner
M.No. 82646
Place : New Delhi
Date : 30th May, 2012
Mar 31, 2011
1. We have audited the attached balance sheet of V & K Softech Limited
as at 31st March 2011 and also the Profit and Loss Account and also 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.
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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides the
reasonable basis for our opinion.
3. We report that:
a. As required by the Companies (Auditors' Report) Order, 2003, issued
by the Government of India in terms of sub - Section 4A of Section 227
of the Companies Act 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above:
b. 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.
c. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
d. 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.
e. 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
Companies act, 1956, in so far as they are applicable to the Company.
f. On the basis of the written representations received from the
directors as on 31st March 2011 and taken on record by the Board of
Directors we report that none of the directors is disqualified as on
31st March 2011 from being appointed as a Director in terms of Clause
(g) of sub Section (1) of Section 274 of the Companies Act 1956.
g. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give in conjunction
with the Schedules annexed therewith, 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 :
1. In the case of balance sheet, of the state of affairs of the
companies as at 31st March 2011.
2. In the case of the profit and loss account of the profit for the
period ended on that date.
3. In the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(V & K Softech Limited) [Referred to in paragraph 3 (a) thereof]
1 a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of the fixed
assets.
b) As explained to us, the management has physically verified the fixed
assets during the year and there is a regular programme of verification
which, in our opinion is reasonable having regard to the size of the
Company and the nature of the assets. No material discrepancies were
noticed.
c) The Company has not disposed off any part of its Fixed Assets during
the year.
2. The Company is engaged in the business of Business Process
Outsourcing (BPO) and development of Software Products. According to
the information and explanations given to us by the management the
Company does not hold any inventory and hence in our opinion paragraph
2 of the order is not applicable.
3. a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained under
Section 301 of the Companies Act 1956.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems 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.
5. In our opinion and according to the information and explanations
given to us there are no contracts or arrangements that need to be
entered into the register maintained under Section 301 of the Companies
Act, 1956.
6. In our opinion and according to information and explanations given
to us, the Company has not accepted deposits from public.
7. The Company is having internal audit system.
8. To the best of our knowledge and belief the Central Government has
not prescribed the maintenance of cost records under Section 209 (1)
(d) of the Companies Act, 1956.
9. a) According to the information and explanations given to us the
particulars of undisputed statutory dues of provident fund, employees
state insurance and income tax were in arrears as at 31st March 2011 for
a period of more than six months from the date they became payable and
which have not been deposited are for Rs. 2,87,194/-, the amount relates
to Previous year 2009-10, No dues for the current year is pending.
b) The Company does not have any disputed dues of sales tax / income
tax / customs / wealth tax / excise duty /cess etc. which have not been
deposited except the Income Tax Demand of Rs. 23, 10, 837/- for the
assessment year 2005 - 2006 against which the Company has filed an
appeal with ITAT, although the Income Tax Department has set off this
liability against the Income tax Refund due for the A.Y.2010-2011.
Therefore, the matter would be finalized on the order of ITAT.
10. The Company has no accumulated losses at the end of the financial
year. The Company has not incurred any cash losses during the financial
year and the immediately preceding financial year.
11. According to the information and explanations given to us the
Company has no dues to any financial institutions, bank or to debenture
holders during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of
securities by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi / mutual benefit fund /
society and therefore the provisions of special statute under paragraph
(13) of the order are not applicable to the Company.
14. In our opinion and the information and explanations given to us
the Company is not dealing or trading in shares, securities, debentures
and other investments.
15. According to the information and explanations given to us the
Company has not given the guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given to us the
Company has not raised any term loans.
17. Based on information and explanations given to us and on an
overall examination of the balance sheet of the Company in our opinion
there are no funds raised on a short term basis which have been used
for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us the
Company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, during
the year no material fraud on or by the Company has been noticed or
reported.
For Venkata Srinivas Associates
Chartered Accountants,
Firm Regn. No.007441S
Sd/-
C. V. M. Srinivas
Prop.
M. No. 202765
Hyderabad, 28th May, 2011
Mar 31, 2010
1. We have audited the attached balance sheet of V & K Softech Limited
as at 31st March 2010 and also the Profit and Loss Account and also 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.
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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides the
reasonable basis for our opinion.
3. We report that :
a. As required by the Companies (Auditors Report) Order, 2003, issued
by the Government of India in terms of sub - Section 4A of Section 227
of the Companies Act 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
b. 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.
c. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
d. 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.
e. 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
Companies act, 1956, in so far as they are applicable to the Company.
f. On the basis of the written representations received from the
directors as on 31st March 2010 and taken on record by the Board of
Directors we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a Director in terms of Clause
(g) of sub Section (1) of Section 274 of the Companies Act 1956.
g. In cur opinion and to the best of our information and according to
the explanations given to us, the said accounts give in conjunction
with the Schedules annexed therewith, 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 :
1. In the case of balance sheet, of the state of affairs of the
companies as at 31st March 2010.
2. In the case of the profit and loss account of the profit for the
period ended on that date.
3. In the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(V & K Softech Limited) [Referred to in paragraph 3 (a) thereof]
1.a) The Company has maintaining proper records showing full particulars,
including quantitative details and situation of the fixed assets.
b) As explained to us, the management has physically verified the fixed
assets during the year and there is a regular programme of verification
which, in our opinion is reasonable having regard to the size of the
Company and the nature of the assets. No material discrepancies were
noticed.
c) The Company has disposed off a substantial part of its Fixed Assets
during the year. According to the information and explanations given to
us the management is under the process of making plans to replace the
fixed assets that have been sold during the year. Hence such disposal,
in our opinion, does not effect the going concern status of the
Company.
2. The Company is engaged in the business of Business Process
Outsourcing (BPO) and development of Software Products. According to
the information and explanations given to us by the management the
Company does not hold any inventory and hence in our opinion paragraph
2 of the order is not applicable.
3. a) The Company has not granted any loans,
secured or unsecured to companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act 1956.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems 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.
5. In our opinion and according to the information and explanations
given to us there are no contracts or arrangements that need to be
entered into the register maintained under Section 301 of the Companies
Act, 1956.
6. In our opinion and according to information and explanations given
to us, the Company has not accepted deposits from public.
7. The Company is having internal audit system.
8. To the best of our knowledge and belief the Central Government has
not prescribed the maintenance of cost records under Section 209 (1)
(d) of the Companies Act, 1956.
9. a) According to the information and explanations
given to us the particulars of undisputed statutory dues of provident
fund, employees state insurance and income tax were in arrears as at
31st March 2010 for a period of more than six months from the date they
became payable and which have not been deposited are as follows :
Name of the statute Nature Amount Period
of dues (Rs.)
ESIC-
Employees contribution ESI 51,005 2009-2010
ESIC-
Employees Contribution ESI 1,47,612 2009-2010
Provident Fund Act
Employees Contribution PF 49,936 2009-2010
Provident Fund Act
Employers Contribution PF 59,992 2009-2010
b) The Company does not have any disputed dues of sales tax / income
tax / customs / wealth tax / excise duty /cess etc. which have not been
deposited except the Income Tax Demand of Rs. 23,10,837/- for the
assessment year 2005 - 2006 against which the Company has failed an
appeal with ITAT.
10. The Company has no accumulated losses at the end of the financial
year. The Company has not incurred any cash losses during the financial
year and the immediately preceding financial year.
11. According to the information and explanations given to us the
Company has no dues to any financial institutions, bank
or to debenture
holders during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of
securities by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi / mutual benefit fund /
society and therefore the provisions of special statute under paragraph
(13) of the order are not applicable to the Company.
14. In our opinion and the information and explanations given to us
the Company is not dealing or trading in shares, securities, debentures
and other investments
15. According to the information and explanations given to us the
Company has not given the guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given to us the
Company has not raised any term loans.
17. Based on information and explanations given to us and on an
overall examination of the balance sheet
of the Company in our opinion there are no funds raised on a short term
basis which have been used for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us the
Company has not issued any debentures during the year under
consideration.
20. According to the information and explanations given to us the
Company has not raised any money by public issues during the year.
21. According to the information and explanations given to us, during
the year no material fraud on or by the Company has been noticed or
reported.
For Venkata Srinivas Associates,
Chartered Accountants,
Sd/-
C. V. M. Srinivas
Prop.
M. No. 202765
Firm Registration No. 007441S
Hyderabad, 29th May, 2010