Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying standalone financial statements of ACE
SOFTWARE EXPORTS LIMITED ("the Company"), which comprises the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss and the
Cash Flow Statement for the year ended on that date, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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; design, implementation
and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We have 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 internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, 2015;
(b) in the case of the Statement of Profit and Loss, of the profits 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 Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further report that:
A. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
B. In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
C. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts;
D. In our opinion, the aforesaid standalone financial statements comply
with the applicable Accounting Standards specified under 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 under sub-section (2) of Section 164 of
the Act.
F. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us, we report as under:
I. The Company does not have any pending litigations which would impact
its financial position.
II. The Company did not have any long-term contracts including
derivative contracts for which there requires commenting on any
material foreseeable losses.
III. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
(Referred to in Paragraph 1 under the head "Report on other legal and
regulatory requirements" of our report of even date), on the basis of
such checks as we have considered appropriate and according to the
information and explanations given to us during the course of our
audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets are physically verified by the Management
according to a phased programme designed to cover all the items over a
period of two years which, in our opinion, is reasonable having regard
to the size of the Company and the nature of its assets. Pursuant to
the programme, a portion of the fixed assets have been physically
verified by the Management during the year and no material
discrepancies have been noticed on such verification.
(ii) The Company's nature of operation is such that the inventories
cannot be physically verified. Accordingly Clause 3(ii) of the Order is
not applicable.
(iii) The company has granted loan to six LLPs wholly owned
subsidiaries covered in the register maintained under Sec 189 of the
Companies Act, 2013. Maximum amount involved during the year was Rs.
60,000.
(iv) 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 with regard
to purchases of inventory and fixed assets and for sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal controls.
(v) The Company has not accepted any deposits from the Public covered
under Section 73 to 76 of the Companies Act, 2013.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Companies Act, 2013 in respect of
goods manufactured by the Company. According to the information and
explanations given to me, The Companies (Cost Records & Audit)
amendment Rules, 2014 is not applicable to the company.
(vii) In respect of statutory dues;
(a) According to the information and explanations given to us, the
Company is regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, ESIC, Income Tax,
Wealth Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty,
Excise Duty, Cess and other material statutory dues.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, ESIC, Income
Tax, Wealth Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty,
Excise Duty and Cess were in arrears, as at 31st March, 2015 for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, the
amount required to be transferred to the Investor Education and
protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made thereunder has been transferred to
such fund within the proscribed time.
(viii) In our opinion and according to the information and explanations
given to us, the company has no accumulated losses and has not incurred
cash losses during the financial year under audit or in the immediately
preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions and banks.
(x) In our opinion, and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from banks or financial institutions. Accordingly, clause 3(x)
of the Order is not applicable.
(xi) In our opinion and according to the information and explanations
given to us and on an overall examination, the company has not raised
any term loan during the year. Accordingly, paragraph 3(xi) of the
Order is not applicable to the Company.
(xii) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For Kalaria & Sampat,
Chartered Accountants
[Firm's Registration No.104570W]
Atul M. Kalaria
Partner
Membership No.41432
Rajkot, Dated 29th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of ACE SOFTWARE
EXPORTS LIMITED ("the Company"), which comprises the Balance Sheet as
at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year the ended on that date, 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 interna 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profits 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, 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.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, 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 comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on 31st 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 INDEPENDENT AUDITORS'' REPORT (Referred to in Paragraph
1 under the head "Report on other legal and regulatory requirements" of
our report of even date) To , The Members,
ACE SOFTWARE EXPORTS LIMITED
Referred to in paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but 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 its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off substantial part
of fixed assets and the going concern status of the company is not
affected.
(ii) The Company''s nature of operation is such that the inventories
cannot be physically verified. Accordingly Clause 4(ii) of the Order is
not applicable.
(iii) The company has granted loan to one company covered in the
register maintained under Sec 301 of the Companies Act, 1956. Maximum
amount involved during the year was Rs. 60,000.
(iv) 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 with regard
to, fixed assets and with regard to the sale services. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls system.
(v) In respect of transactions covered under Section 301 of the
Companies Act, 1956;
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
(vi) The company has not accepted any deposits from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed the maintenance of
cost
records under Section 209(1)(d) of the Companies Act, 1956 for any of
the services rendered by the company. Accordingly clause 4(viii) of
the Order is not applicable.
(ix) In respect of statutory dues;
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees''
state insurance, income tax, wealth tax, and other material statutory
dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, value added tax, service tax, customs duty, excise duty and cess
were in arrears, as at 31st March, 2014 for a period of more than six
months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues in respect of income tax, wealth tax, sales tax, value
added tax, service tax, customs duty, excise duty and cess that have
not been deposited with the appropriate authorities on account of any
dispute.
(x) In our opinion and according to the information and explanations
given to us, the company has no accumulated losses and has not incurred
cash losses during the financial year under audit or in the immediately
preceding financial year. (xi) In our opinion and according to the
information and explanations given to us, the Company has not defaulted
in repayment of dues to a bank.
(xii) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, Clause 4(xii) of the Order is not applicable. (xiii) In
our opinion, the company is not a Chit Fund or a Nidhi /Mutual benefit
fund/ society. Accordingly, Clause 4(xiii) of the Order is not
applicable.
(xiv) In our opinion and according to the information and explanations
given to us, the company has maintained proper records and contracts
with respect to its investment and timely entries have been made
therein. All investments are held by the company in its own name.
(xv) The company has not given any guarantee for loans taken by others
from banks or financial institutions. Accordingly clause (xv) of the
Order is not applicable.
(xvi) The Company has not obtained any term loans. Accordingly, clause
4(xvi) of the Order is not applicable. (xvii) In our opinion and
according to the information and explanations given to us and on
overall examination of Financial Statement of the company, we report
that no funds raised on short term basis have been used for long term
purposes.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act. Accordingly, Clause 4(xviii) of the Order is not
applicable.
(xix) The company has not issued any debentures. Accordingly, Clause
4(xix) of the Order is not applicable. (xx) The company has not raised
any money by public issues during the year. Accordingly the Clause
4(xx) of the Order is not applicable.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Kalaria & Sampat,
Chartered Accountants
[Firm''s Registration No.104570W]
Atul M. Kalaria
Partner
Rajkot, Dated 30th May 2014 Membership No.41432
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of ACE SOFTWARE
EXPORTS LIMITED ("the Company"), which comprises the Balance Sheet as
at 31st Match, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year the ended on that date, 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. Auditors'' Responsibility
Our responsibility is to express an opinion oh these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet,, of the state of affairs of the
Company as at 31" March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profits 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, 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.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, 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 comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the directors
as on 31* March, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31" 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.
Statement on the Companies (Auditor''s Report) Order, 2003
To,
The Members,
ACE SOFTWARE EXPORTS LIMITED
Referred to in paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but 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 its assets. No material discrepancies were noticed on
such verification.
(c), During the year, the company has not disposed off substantial part
of fixed assets and the going concern status of the company is not
affected.
(ii) The Company''s nature of operation is such that the inventories
cannot be physically verified. Accordingly Clause 4(ii) of the Order is
not applicable.
(iii) The company has granted loan to one company covered in the
register maintained under Sec 301 of the Companies Act, 1956. Maximum
amount involved during the year was Rs. 4,38,950 .
(iv) 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 with regard
to, fixed assets and with regard to the sale services. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls system.
(v) In respect of transactions covered under Section 301 of the
Companies Act, 1956;
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
(vi) The company has not accepted any deposits from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed the maintenance of
cost records under Section 209(1 )(d) of the Companies Act, 1956 for
any of the services rendered by the company. Accordingly clause 4(viii)
of the Order is not applicable.
(ix) In respect of statutory dues;
(a) The company is regular in depositing with appropnate authorities
undisputed statutory dues including provident fund, employees'' state
insurance, income tax, wealth tax, and other material statutory dues
applicable to it
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, value added tax, service tax, customs duty, excise duty and cess
were in arrears, as at 31st March; 2013 for a period of more than six
months from the date they became payable.
(c) According to the information And explanations given to us, there
are no dues in respect of income tax, wealth tax, sales tax, value
added tax, service tax, customs duty, excise duty and cess that have
not been deposited with the appropriate authorities on account of any
dispute.
(x) In our opinion and according to the information and
explanations given to us, the company has no accumulated losses and has
not incurred cash losses during the financial year under audit or in
the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
bank.
(xii) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, Clause 4(xii) of the Order is not applicable.
(xiii) In our opinion, the company is not a Chit Fund or a Nidhi
/Mutual benefit fund/ society. Accordingly, Clause 4(xiii) of the
Order is not applicable.
(xiv) In our opinion and according to the information and explanations
given to us, the company has maintained proper records and contracts
with respect to its investment and timely entries have been made
therein. All investments are held by the company in its own name.
(xv) The company has not given any guarantee for loans taken by others
from banks or financial institutions. Accordingly clause (xv) of the
Order is not applicable.
(xvi) The Company has not obtained any term loans. Accordingly, clause
4(xvi) of the Order is not applicable.
(xvii) In our opinion and according to the information and explanations
given to us and on overall examination of Financial Statement of the
company, we report that no funds raised on short term basis have been
used for long term purposes.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act. Accordingly, Clause 4(xviii) of the Order is not
applicable.
(xix) The company has not issued any debentures. Accordingly, Clause
4(xix) of the Order is not applicable,.
(xx) The company has not raised any money by public issues during the
year. Accordingly the- Clause 4(xx) of the Order is not applicable.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit
For Kalaria & Sampat,
Chartered Accountants
[Firm''s Registration N0.104570W]
Atul M. Kalaria
Partner
Rajkot. Dated 29th May 2013 Membership No.41432
Mar 31, 2010
We have audited the attached Balance Sheet of ACE SOFTWARE EXPORTS
LIMITED, as at 31st March 2010, and also the Profit & Loss Account and
the Cash Flow Statement for the.year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order
Further to our comments in the Annexure referred to above, we report
that
(i) We have obtained all the information and explanations, which
to the best of our knowledge and belief were necessary for the purpose
of our audit;
(ii) In our opinion, proper books of account as required
by law have been kept by the company so far as appears from our
examination of those books.
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, Profit & 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;
(v) On the basis of written representations received from the
Directors, as on 31st March, 2010, and taken on records by the Board of
Directors, we report that none of the Director is disqualified as on
31" 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;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(a)In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
(b)ln the case of the Profit & Loss Account, of the Loss for the year
ended on that date, and
(c)ln the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
To,
The Members,
ACE SOFTWARE EXPORTS LIMITED
Referred to in paragraph 3 of our report of even date,
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the
management during the year but 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 its assets. No material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off substantial part
of fixed assets and the going concern status of the company is not
affected.
(ii) The Companys nature of operation is such that the inventories
cannot be physically verified. Accordingly Clause 4(ii) of the Order is
not applicable.
(iii) In our opinion and according to the information
and explanations given to us, the company has granted unsecured loans
to the companies covered in the register maintained under section 301
of the Companies Act,1956 aggregating Rs. 96.98 lacs which have been
fully repaid during the year under review.
(iv) 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 with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods & services. During the course of our audit, we have not observed
any continuing failure to correct major weakness in internal controls
system.
(v) In our opinion, and according to the information and explanations
given to us, there are no contracts or arrangements that need to be
entered in the register in pursuance of section 301 of the Companies
Act, 1956.
(vi) The company has not accepted any deposits from the public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed the maintenance of
cost records under Section 209(1 )(d) of the Companies Act, 1956 for
any of the services rendered by the company. Accordingly clause 4(viii)
bf the Order is not applicable.
(ix) In respect of statutory dues;
(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees state
insurance, income tax, sales tax, value added tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, value added tax, service tax, customs duty, excise duty and cess
were in arrears, as at 31st March, 2010 for a period of more than six
months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues in respect of income tax, wealth tax, sales tax, value
added tax, service tax, customs duty, excise duty and cess that have
not been deposited with the appropriate authorities on account of any
dispute
(x) In our opinion, the company has no accumulated losses. The company
has incurred cash losses amounting to Rs. 10,78,767 during the
financial year covered by our audit however there were no cash loses in
the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution and bank. The Company has not borrowed any sums
through any debentures.
(xii) In our opinion and according to the information and explanations
given to us, no loans and advances have been granted on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, Clause 4(xii) of the Order is not applicable.
(xiii) In our opinion, the company is not a Chit Fund or a Nidhi
/Mutual benefit fund/ society. Accordingly, Clause 4(xiii) of the Order
is not applicable.
(xiv) In our opinion and according to the information and explanations
given to us, the shares, securities, debentures and other investments
dealt or traded by the company, proper records are maintained in
respect of transactions and contracts and timely entries have been made
therein.
(xv) The company has not given any guarantee for loans taken by others
from banks or financial institutions. Accordingly clause (xv) of the
Order is not applicable.
(xvi) The Company has not obtained any term loans. Accordingly, clause
4(xvi) of the Order is not applicable.
(xvii) In our opinion and according to the information and explanations
given to us, we report that no funds raised on short term basis have
been used for long term purposes.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the. Act. Accordingly, Clause 4(xviii) of the Order is not
applicable.
(xix) The company has not issued any debentures. Accordingly, Clause
4(xix) of the Order is not applicable.
(xx) The company has not raised any money by public issues during the
year. Accordingly the Clause 4(xx) of the Order is not applicable.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Kalaria & Sampat,
Chartered Accountants
[Firms Registration No.104570W]
Brijen N. Sampat
Rajkot, Dated 29th May 2010 Partner
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