Mar 31, 2015
1. We have audited the accompany financial statements of Indo-City
Infotech Limited (the 'Company'), which comprise the Balance Sheet as
at March 31,2015, 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, which we have
signed under reference to this report.
Management's Responsibility for the Standalone Financial Statements
2. 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
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. We have taken into account the provisions of the Act and the Rules
made there under including the accounting standards and matters which
are required to be included in the audit report.
5. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit fo obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
6. An audit involves performing procedures fo obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes valuating 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.
7. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
Opinion
8. In our opinion, and to the best of our information and according to
the explanations given to us, the accompanying 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, of the state of
affairs of the Company as at March 31, 2015, and its profit and its
cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by 'the Companies (Auditor's Report) Order, 2015',
issued by the Central Government of India in terms of sub-section (11)
of section 143 of the Act (hereinafter referred to as the "Order"), and
on the basis of such checks of the books and records of the Company as
we considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
10. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the accompanying financial statements comply with
the Accounting Standards specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors as on March 31,2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our knowledge and belief
and according to the information and explanations given to us:
(i) The Company does not have any pending litigations as at March
31,2015 which would impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts as at March 31, 2015.
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company during the
year ended March 31, 2015.
Annexure to Independent Auditors' Report
Referred to in paragraph 9 of the Independent Auditors' Report of even
date to the members of Indo-City Infotech Limited on the financial
statements as of and for the year ended March 31, 2015.
i. (a) The Company is maintaining 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 2 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 has been physically verified
by the Management during the year and no material discrepancies have
been noticed on such verification.
ii. The Company has inventory of shares, as such the same has been
verified from De-Mat statement by the Management during the year.
Therefore, the provisions of Clause 3(ii) of the said Order are not
applicable to the Company.
iii. (a) The Company has granted unsecured loan, to one enterprises
covered in the register maintained under Section 189 of the Companies
Act.
(b) In respect of the aforesaid loans, the parties are repaying the
principal amounts, as stipulated, and are also regular in payment of
interest as applicable.
(c) In respect of the aforesaid loans, there is no overdue amount more
than Rupees One Lakh.
iv. In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across, nor have been
informed of, any continuing failure to correct major weaknesses in the
aforesaid internal control system.
v. The Company has not accepted any deposits from the public within
the meaning of Sections 73, 74, 75 and 76 of the Act and the rules
framed there under to the extent notified.
vi. The Central Government of India has not specified the maintenance
of cost records under sub-section (1) of Section 148 of the Act for any
of the products of the Company.
vii. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is regular in depositing the undisputed statutory dues, including
provident fund, employees' state insurance, income-tax, sales-tax,
wealth-tax, duty of customs, duty of excise, value added tax, cess and
any other material statutory dues, as applicable, with the appropriate
authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of sales-tax,
wealth-tax, duty of customs, duty of excise, value added tax and cess
which have not been deposited on account of any dispute.
(c) According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, there were no
amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company in accordance with the provisions of
the Companies Act, 1956 and the rules made there under.
viii. The Company has no accumulated losses as at the end of the
financial year and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
ix. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
x. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
Accordingly, the provisions of Clause 3(x) of the Order are not
applicable to the Company.
xi. The Company has not raised any term loans. Accordingly, the
provisions of Clause 3(xi) of the Order are not applicable to the
Company.
xii. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For S. K. Patodia & Associates
Chartered Accountants
Firm Registration Number: 112723W
Arun Poddar
Place: Mumbai Partner
Date: May 29, 2015 Membership Number: 134572
Mar 31, 2014
1. We have audited the accompanying financial statement of Indo-City
Infotech Limited ( the "Company"), which comprise the Balance Sheet as
at March 31, 2014 and the statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information, which we have
signed under reference to this report.
Management''s Responsibility for the Financial Statements
2. The Company''s Management is responsible for the preparation of
theses financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with Accounting Standards referred to sub-section (3C) of
section 211 of the Companies Act, 1956 of India (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 misstatements whether due to fraud or error.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on theses financial
statements based on our audit. We conducted our audit in accordance
with Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement.
4. 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 judgement, 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 consider 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.
5. We believe that 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 accompanying 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.
(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 :
7. As required by the Companies (Auditors Report) Order, 2003 and
amendments by the "the Companies ( Auditor''s Report) (Amendment) Order,
2004'', issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act ( hereinafter referred to as
the "Order") , and on the basis of such checks of the books and records
of the Company as we considered appropriate and according to the
information and explanations given to us, we give in the Annexure a
statement on the matter specified in paragraphs 4 and 5 of the Order.
8. 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 as it appears from our examination of those
books.
c) The said Balance Sheet, Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet, Profit and Loss
Account and Cash Flow Statement dealt with by this report comply with
the Accounting Standards referred to in the sub-section (3C) of section
211 of the Act.
e) On the basis of written representations received from the directors
as on 31st March, 2014 and taken on record by the Board, we report that
none of the directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report
Referred to in paragraph 7 of the Independent Auditors'' Report of even
dated of the members of Indo-City Infotech Limited on the financial
statement of and for the year ended March, 2014.
(i) a) The Company is maintaining proper records showing full
particulars, including quantitative details and situations of fixed
assets.
b) The fixed assets have been physically verified by the management in
according to a phased programme designed to cover all the items over a
period of three 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, apportion of the fixed assets has been
physically verified by the Management during the year and no material
discrepancies have been noticed on such verification.
c) In our opinion, and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year.
(ii) The Company is in the business of rendering service, and
consequently, does not hold any inventory. Therefore, the provisions of
Clause 4(ii) of the said Order are not applicable to the company
(iii) a) The Company has granted unsecured loans to one Company and
three other parties covered in the register maintained under Section
301 of the Act. The maximum amount involved during the year and the
year Âend balance of such loans aggregated to Rs.16,00,000 and Rs.
13,00,000 respectively.
b) In our opinion, the rate of interest and other terms and conditions
for such loans are not prima facie prejudicial to the interests of the
company.
c) In respect of the aforesaid loans, the parties are repaying the
principal amount and are also regular in payment of interest as
applicable.
d) In respect of the aforesaid loans, there is no overdue amount more
than Rupees One Lakh.
e) The Company has not taken any loans, secured or unsecured, from
companies, firm or other parties covered in the register maintained
under Section 301 of the Act. Therefore, the provisions of Clause 4
(iii) (f) and (g)] of said order are not applicable to the Company.
(iv) In our opinion, and according to the information and explanation
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of fixed assets and for the sale of services. The Company''s
operation do not involve purchase of inventory and sale of goods.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanations given to
us , we have neither come across , nor have been informed of, any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
(v) a) According to the information and explanations given to us, we
are of the opinion that the particulars of all contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion, and according to the information and explanations
given to us, in respect of the transactions made in pursuance to such
contracts and arrangements and exceeding Rs. 5 lakhs in respect of each
party during the year , no comparable market prices are available as
the related goods are considered to be of proprietary nature.
(vi) The Company has not accepted any deposits from the public within
the meaning of Sections of 58A and 58AA of the Act and the rules framed
there under.
(vii) In our opinion, The Company does not have any formal internal
audit system during the year.
(viii) The Central Government of India has not prescribed for
maintenance of cost records under clause (d) of sub-section (1) of
Section 209 of the Act for any of the products of the Company.
(ix) a) Accordingly to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues in respect
of profession tax, though there has been a slight delay in few cases,,
and is regular in depositing undisputed statutory dues, including
provident fund, investor education and protection fund, employees state
insurance, income tax, wealth tax, service - tax , customs duty, excise
duty and other material statutory dues, as applicable, with the
appropriate authorities. In respect of profession fax of Rs. 6,650/-
outstanding as at March, 31, 2014 for a period of more than six months
form the date they become payable, has been paid subsequently.
b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income -
tax, sales tax, wealth- tax service tax, custom duty and excise duty
which have not been deposited on account of any dispute.
(x) The company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the financial year
ended on that date or in the immediately preceding financial year. .
(xi) According to the records of the company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayments of dues to any banks as at the balance sheet date. The
Company does not have any borrowings from any financial institution nor
has it issued any debentures as at the balance sheet date.
(xii) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
Therefore, the provisions of Clause 4(xii) of the Order are not
applicable to the Company.
(xiii) As the provisions of any Special Statute applicable to Chit
Fund/ Nidhi / Mutual Benefit Fund/ Societies are not applicable to the
company, the provisions of Clause 4(xiii) of the Order are not
applicable to the Company.
(xiv) In our opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures and other investments during the year and timely
entries have been made therein. Further, such securities have been held
by the Company in its own name or are in the process of transfer in its
name, except to the extent of the exemption granted under section 49 of
the Act.
(xv) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
Accordingly, the provisions of Clause 4(xv) of the Order are not
applicable to the Company.
(xvi) The Company has not raised any term loans. Accordingly, the
provisions of Clause 4(xvi) of the Order are not applicable to the
Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis haven been used for
long-term investment.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act during the year. Accordingly, the provisions of
Clause 4(xviii) of the Order are not applicable to the Company.
(xix) The Company has not issued any debentures during the year and
does not have any debentures outstanding as at the beginning of the
year and at the year end. Accordingly, the provisions of Clause 4(xix)
of the Order are not applicable to the Company.
(xx) The Company has not raised any money by way of public issue during
the year. Accordingly, the provisions of Clause 4(xx) of the Order are
not applicable to the Company.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of any such case by the Management.
For S.K. PATODIA & ASSOCIATES
Chartered Accountants
Arun Poddar
Partner
M.No. 134572
Place : Mumbai
Date : 30th May, 2014
Mar 31, 2012
We have audited the attached Balance Sheet of Indo-City Infotech
Limited as at 31st March, 2012, the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date, annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1 We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto issued by the Central Government of India in terms
of Section 227(4A) of the Companies Act, 1956, we annex hereto a
statement on the matters specified in the paragraphs 4 and 5 of the
said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 as it appears from our examination of those
books.
c) The said Balance Sheet, Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet, Profit and Loss
Account and Cash Flow Statement comply with the Accounting Standards
referred to in Section 211 (3C) ofthe Companies Act, 1956,
exceptAccounting Standard 15 (AS-15) relating to Accounting of Employee
Benefits as referred to in Note no. 4 of "Other Notes" to financial
statements.
e) On the basis of written representations received from the directors
as on 31st March, 2012 and taken on record by the Board, 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 subsection (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, read together with
notes appearing thereon, 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:
i) In the case ofthe Balance Sheet, ofthe state of affairs ofthe
Company as at 31s1 March, 2012,
ii) In the case ofthe Statement of Profit and Loss, ofthe Profit ofthe
Company for the year ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure referred to in Paragraph 2 of the Auditors Report to the
members of Indo-City Infotech Limited for the year ended 31st March
2012.
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
(i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situations of fixed
assets.
b) All the assets have been physically verified by the management in
accordance with a phased programme of verification, which in our
opinion is reasonable, considering the size of the company and the
nature of business. The frequency of verification is reasonable and no
material discrepancies have been noticed on such physical verification.
c) No major asset has been disposed off during the year.
(ii) a) During the year the company has not conducted any trading
business. The management has not conducted any physical verification of
inventory as there is no stock of inventory.
b) The procedures of physical verification of inventory followed by the
Company are reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) a) The Company has granted unsecured loans to three parties
covered in the register maintained under Section 301 of the Companies
Act, 1956 on call basis. The maximum amount involved during the year
was Rs. 8.00 lacs and the year end balance of the loans granted to such
persons is Rs. 8.14 lacs.
b) In our opinion and according to information and explanation given to
us, the rate of interest and other terms and conditions for such loans
are not prima facie prejudicial to the interests of the company.
c) In respect of loans granted, repayment of the principal amount is as
stipulated and payment of interest is also generally regular.
d) According to the information provided to us, the Company has taken
reasonable steps for recovery of the said loans.
e) The Company has taken unsecured loans from three parties covered in
the register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount involved during the year was Rs. 7.30
lacs and the year end balance of the loans granted to such persons is
Nil.
f) In our opinion and according to information and explanation given to
us, the rate of interest and other terms and conditions for such loans
are not prima facie prejudicial to the interests of the company.
g) In respect of loans taken, payment of the principal amount is as
stipulated and payment of interest is also generally regular.
(iv) In our opinion and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
systems.
(v) a) Based on the audit procedures performed by us, we are of the
opinion that particulars of contracts or arrangements referred to in
Section 301 of the Act have been entered in the register required to be
maintained in that section.
b) 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 public deposit.
(vii) In our opinion and according to the information and explanation
given to us, the company has an adequate internal audit system
commensurate with size and nature of its business.
(viii) The Central Government has not prescribed for maintenance of
cost records under Section 209(1) (d) of the Companies Act, 1956 for
the Company.
(ix) a) Accordingly to the records of the Company, the undisputed
statutory dues including Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty and Excise Duty, Cess have been regularly deposited
with the appropriate authorities. There are no undisputed amount
payable in respect of such statutory dues which have remained
outstanding as at 31st March, 2012 for a period more than six months
from the date they became payable.
b) There are no amount in respect of any disputed income tax, sales
tax, wealth tax, service tax, custom duty, excise duty and cess. .
(x) The company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current as well as
previous year.
(xi) The Company has not defaulted in repayment of its dues to banks
and financial institutions.
(xii) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
(xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/ Societies are not applicable to the
company.
(xiv) In respect of dealing in shares, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities and other investments have been held by
the.company in its own name.
(xv) The company has not given any guarantee for loans taken by others
from banks and financial institutions.
(xvi) The Company had taken Term Loan of Rs. 14.00 lacs from The Bharat
co-op Bank (Mumbai) Ltd. against Hypothecation of Fixed Deposit
Receipts of Bharat Co-op. Bank Ltd which has been repaid during the
year.
(xvii) On an overall examination of the balance sheet of the Company,
we report that the no funds raised on short-term basis have been used
for long term investments.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by way of public issue during
the year.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, we have neither come across any instance
of material fraud on or by the Company, noticed or reported during the
year.
For S. K. Patodia & Associates
Chartered Accountants
Firm Reg. No.:112723W
Place : Mumbai Arun Poddar
Date : 30th May, 2012 Partner
Membership No.: 134572
Mar 31, 2010
We have audited the attached Balance Sheet of Indo-City Infotech
Limited as at 31st March, 2010, the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date, annexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1 We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto issued by the Central Government of India in terms
of Section 227(4A) of the Companies Act, 1956, we annex hereto a
statement on the matters specified in the paragraphs 4 and 5 of the
said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 as it appears from our examination of those
books.
c) The said Balance Sheet, Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet, Profit and Loss
Account and Cash Flow Statement comply with the Accounting Standards
referred to in Section 211 (3C) of the Companies Act, 1956, except
Accounting Standard 15 (AS-15) relating to Accounting of Employee
Benefits as referred to in Note no. II(A) in Schedule "I".
e) On the basis of written representations received from the directors
as on 31 st March, 2010 and taken on record by the Board, 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 subsection (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, read together with
notes appearing thereon, 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:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2010,
ii) In the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to Auditors Report
Annexure referred to in Paragraph 2 of the Auditors Report to the
members of Indo-City Infotech Limited for the year ended 31st March
2010.
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and According to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
(i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situations of fixed
assets.
b) All the assets have been physically verified by the management in
accordance with a phased programme of verification, which in our
opinion is reasonable, considering the size of the company and the
nature of business. The frequency of verification is reasonable and no
material discrepancies have been noticed on such physical verification.
c) No major asset has been disposed off during the year.
(ii) a) The management has conducted physical verification of inventory
at reasonable intervals during the year.
b) The procedure of physical verification of inventory followed by the
Company are reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) a) The company has granted unsecured loans to six parties covered
in the register maintained under section 301 of the Companies Act, 1956
on call basis. The maximum amount involved during the year was Rs.
131.43 Lacs and and the year end balance of the loans granted to such
persons is Rs.110.02 lacs.
b) In our opinion and according to information and explanation given to
us, the rate of interest and other terms and conditions for such loans
are not prima facie prejudicial to the interests of the company
c) In respect of loans granted, repayment of the principal amount is as
stipulated and payment of interest is also general regular.
d) According to the information provided to us, the Company has taken
reasonable steps for recovery of the said loans.
e) The company has not taken any loan from any party covered in the
register maintained under Section 301 of the Companies Act, 1956.
f) In view of our comments in para (iii) (e) above, clause (iii) (f)
and (g) of the said Order is not applicable to the company.
(iv) In our opinion and according to the information and explanation
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
systems.
(v) a) Based on the audit procedure performed by us, we are of the
opinion that particulars of contracts or arrangements referred to in
Section 301 of the Act have been entered in the register required to be
maintained in that section.
b) The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable haying regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any public deposit.
(vii) In our opinion and according to the information and explanation
given to us, the company has an adequate internal audit system
commensurate with size and nature of its business.
(viii) The Central Government has not prescribed for maintenance of
cost records under Section 209(1) (d) of the Companies Act, 1956 for
the Company.
(ix) (a) Accordingly to the records of the Company, the undisputed
statutory dues including Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty and Excise Duty, Cess have been regularly deposited
with the appropriate authorities. There are no undisputed amount
payable in respect of such statutory dues which have remained
outstanding as at 31st March, 2010 for a period more than six months
from the date they became payable.
(b) There are no amount in respect of any disputed income tax, sales
tax, wealth tax, service tax, custom duty, excise duty and cess.
(x) The company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current as well as
previous year.
(xi) The Company has not defaulted in repayment of its dues to banks
and financial institutions.
(xii) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
(xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/ Societies are not applicable to the
company.
(xiv) In respect of dealing in shares, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities and other investments have been held by the
company in its own name.
(xv) The company has not given any guarantee for loans taken by others
from banks and financial institutions.
(xvi) The Company has not taken any Term Loan during the year.
(xvii) On an overall examination of the balance sheet of the Company,
we report that the no funds raised on short- term basis have been used
for long term investments.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Act.
(xix) The Company has not issued any debentures during the year.
(xx) The Company has not raised any money by way of public issue during
the year.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, we have neither come across any instance
of material fraud on or by the Company, noticed or reported during the
year.
For S. K. Patodia & Associates
Chartered Accountants
Firm Reg. No.:112723W
Sunil Patodia
Partner
Mem. No: 045489
Place : Mumbai.
Date : 28lh May, 2010
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