Mar 31, 2015
We have audited the accompanying financial statements of Indo Pacific
Projects Ltd (Formerly Known as Indo- Pacific Software & Entertainment
Limited), which comprise the Balance Sheet as at March 31, 2015, 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.
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. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's
Judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company's preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(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 Profit and Loss Account, 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 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 chat:
(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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
(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 [and with the returns received from branches not visited by
us;)
(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 March 31, 2015, and 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
As referred to in Paragraph l of our report of Event Date)
(j) a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The management has physically verified all its fixed assets at
reasonable intervals and no material discrepancies were noticed on such
physical verification.
(ii) a) As per the information furnished, the management at reasonable
intervals during the year has physically verified the inventories.
b) In our opinion and accordingly to the information and explanation
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to books record were not material and have been
property dealt with in the books of account.
a) The company has granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 1S9 of the Companies.
b) The receipt of the principal amount and interest wherever applicable
are regular.
The overdue amount is more than rupees one lacs, and reasonable steps
have been
c) taken by the company for recovery of the principal and interest.
(v) in our opinion and according to the information and explanations
given to us, there
are 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. There Is no
continuing failure to correct major weaknesses in internal control
system,
(v) The company has not accepted deposits, there for the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act and the
rules framed there under, are not applicable, no order has been passed
by Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any other tribunal
(vi) The Central Government has not prescribed maintenance of Cost
Records under Section 209(l)(d) of the Companies Act, 1956 in respect
of the Company's product.
(Vii) a) the company regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities and there are no arrears of outstanding statutory dues as
at 31st March 2015 for a period of more than six months from the date
they became payable
b) According to the records of the Company There are no dues of income
tax or S3les tax or wealth tax or service tax or duty of customs or
duty of excise or value added tax or cess
The amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under are not
applicable o company.
The Company does not have accumulated tosses at the end of the
financial year and viii) has not incurred cash losses in the current 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, Bank and the Company
does not have any borrowings by way of debentures.
(x) The company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are not prejudicial to the interest of the company;
(xi) The Company has applied term loan respectively for the purpose for
which the loans were granted.
(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
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For San jay S. Agrawal & Co.
Chartered Accountants
F.R.No. 116200W
Place: Nagpur
Date :26/05/2015
(Dhiraj M. Moryani)
Partner
M.No. 129877
Mar 31, 2014
We have audited the aceompaoyfoll ftrxandil statement! of indo Pacific
Software Entertainment ttd . which comprise the Balance Sheet is it
March 31, 2CM. and the Statement of Pit-fit and Lois and Cam flow
Statement for the year then ended, and a summary at significant
accounting poUtirt and other explanatory information
Management's Responsibility for the nnencW Statements
Management is responsible for the prepaiatlon of these financial
statements that give a true and fair view of the financial position,
financial performance and caih flows of the Company in accordance with
the Accounting Standard! referred to in sub-section <3C] of taction 211
of the Companies Act 1956 the respomibtbty 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 andare free from material misstatement, whether due
to fraud error.
Auditor's Responsibility
Our responsibility If to express an opinion on these financial
statements based on oor audit. We conducted our audit in accordance
with tite Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical forpikcmenti and plan and perform the audit to obtain
reasonable assurance about Whether the financial statements are free
from material misstatHnenit.
An audit PivoIvbs performing procedures to abeam audit tvtdenct about
me amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's tuedment Mchjdtng the assessment of
the risks of materiel misstatement of the financial statements, whether
due to baud or error. In making those risk assessments, the auditor
considers internal control rattvant to the Company's preparation and
fair presentation of the financial statements in order to design audit
piocedms that are appropriate in the rimanstances. 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 trial the audit evidence we Maw obtained H sufficient and
appropriate to provide a bails for OUT audti OfHtwi.
Opinion
In our opinion arid 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 trie manner so requited and give a true and fair
view in conformity with the aeeoirtting principles generally accepted
in India:
la in the cat* of the Balance Sheet, of the State of affairs of the
Company IS at Mauri 31, JOW |b| m them of the Profit and Loss Account,
of trie profit/less for the year ended on that date; end Id In the case
of the Cash Flow Statement, of the cash Bows for the year ended on that
date.
Report on Other Legal and Itegulwory Requirements
1. As required by the Companies (Auditor-! Report] Order, 7001 issued
by the Central Government of India in terms of sub- section |*A) of
section 337 of Use Art. we give fo the Anrwtue a statement on the
miners specified «l paragraphs 4 and 5 of the Ortler.
Z. As required by section 227(3) of the Act, we report that:
[a] we have obtilied al the information and explanations which to trie
best of our knowledge and belief were necessary for the purpose- of our
audit;
(b| in our opinion proper books of it count as requited by law have
been kept by the Company so for as appears from our examination of them
boots land proper returns adequate ftw the purposes of our audit have
been received from branches not visited by us);
Id) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Bow Statement comply with the Accounting Standards referred to
In subsection (3C| of section 711 of the companies Act. 1956,
(e) on the basis of written representations received from the director*
as on March 31, 3014, and taken on record bv the Board of Directors,
none at the direction b disqualified at on March 31. 2014. from being
appointed as a director In terms of danse
AHMEXURE TOAUPfIPH'S RETORT
(As referred tain paragraph 1 of our report of Event Date)
(i) a| The company has general maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The management has physically verified all Its fixed assets at
reasonable intervals and no material discrepances we noticed on such
physical verification,
C) There was no substantial dispersal of fixed assets during the year.
ii) a) As per the Information furnished, the management it reasonable
intervals during the year has physically verified the Inventories.
b| In our opinion and accordingly to the Information and explanation
given to usr procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the sire
of the company and the nature of its business.
c) In oof opinion, the company is maintaining proper records of
inventory The discrepancies noticed on physical verification of
Inventory as compared to bools record were not material and have been
property dealt with in the books of account.
(ill) a) The company has granted unsecured loan to parties that ate
covered In the register maintained under -section 301 ot the Company
Act, 1956. The number ql parties invoked are 11 and the amount involved
is Rs.210T.71 lakhs
The company hod granted interest free loan and the other terms and
conditions of leans granted by the company are prima laoe nit
prejudicial to the Interest of the company
c| The receipt of the principal amount and interest wherever applicable
are regular.
e| The Company has taken loans from companies, firms or other parties
listed In the register maintained under section 101 of the companies
Act 1956- The amount invoked is Rs_ 764.64 lakhs and the number of
parties involved are S.
f) The the rate of Interest and other terns and condition* of loans
laker by the company, secured or unsecured, are prima facie prejudicial
to the interest of the company:
g) The payment of the pone end amount and Interest wherever applicable
are regular.
lv) In our opinion and according to the informal ton and explanations
given to us, there are generally adequate Internal control procedures
commensurate with the size of the company and the nature of Hi business
for purchase of Inventory and or fixed assets and for the sale of goods.
During the course of our audit no major weakness has been noticed In
these Internal controls.
(v) l) According to the information and explanation given to VS, we are
of the opinion that the transactions that need to be entered ip the
register maintained under section 301 of the Companies Act, 1956 have
been so entered
(VII) In our opinion and according to the information and explanation
given tti us the Iransaction; made In pursuance of contracts or
arrangements entered in the Register maintained under Section 301 ol
the companies Ad, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year, have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi| In our opinion and according to the information and explanation
ghren to us, the Company
has not accepted any deposit from the public within the meaning of
Section S8A and 58M of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules. 1975.
(vii) As per the information and explanation given to us, the Company
has an internal audit system commensurate to the we of the Company and
the nature of its business
(viii) The Central Government has not prescribed maintenance of Cost
Records under section 709(1 |(d) of the Companies Ad, 1956 In respect
of the Company's product
(X) a) According to the information and explanation given to us and
the records examined by us, the company is regular in depositing
undisputed statutory dues including Employees State Insurance, Income
Tax, Service Tax and any other statutory dues wherever applicable with
the appropriate authorities. According to the Information and
explanation give to us, no undisputed arrears of statutory dues were
outstanding as at 31* March, 2013 for a period of more than six months
from the date they became payable
XI) Accord mg to the records of the Comps ny there are no statutory
dues, which are outstanding on account of any dispute at the end of the
year.
(] The Company does not have accumulated losses at the end of the
financial year and has not incurred cash tosses in the current or in the
immeefiatety preceding financial year.
(xl) According to the records of the Company examined by us and the
information and explanation given to os, the Company has not defaulted
in repayment of dues to any Financial Institution, Bank and the Company
does not have any borrowings by way of debentures.
(jail The company has not granted any loans and advances on the basil of
security by way of pledge of Shares, Debentures and other Securities
The provtiwil of any special statute applicable to chit funds/
nidhl/mutuil benefits funds/society do not apply to the company.
(xiv) in our opinsm, the Company is not a dealer or trader In Stares,
Securities, Debentures and other Investments.
(XXI) Acwtdlng to the mformitiofi and eaplanatons given to us by the
mamagement the Company has not given arty guarantee for loans taken by
Others from tanks Or Financial Institutions Ml The Company u regular hi
ne-paynnent o# Principal amount of term loan and interest due thereon
(xvii) The Company has run made any allotment of equity Share on
preferential basis to body corporate.
(xix) The Companr has not bated any debentures.
(ti| The Company has not raised any money by pubic issues during the
year
XI) During the course of our mamm jt ton of the books and records of the
company, timed ouR accordant* with the general accepted auditing Piddles
In India, and according ID the Information arid explanations given to
us, we have neither come accross any insuance of fraud On Cr by the
company, noticed or reported during the year, nor have we been Informed
of such cate by the management
For SANIki S. AtiRflWJU 6 CO
Chartered Accountants
frn no 11620w
Place ; Nagpur
Dated: 3O/05/2014
[Dhiraj M. Moryan]
Partner
M. No, 129877
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/S. INDO PACIFIC
SOFTWARE & ENTERTAINMENT LTD., as at 31 March 2012 and its Profit and
Loss Account 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 a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by Companies (Auditor''s Report) Order, 2004 issued by the
Central Government of India in terms of Sub- section (4A)of the Section
227 (4A) of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paras 4 and 5 of the said orders.
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 the examination of
such books.
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the Books of Account of the company.
d) In our opinion the Balance Sheet and Profit & Loss Account dealt
with by this report comply with 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, 2012 and taken on record by the Board of Directors,
we report that none of the Director 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 statements of Account 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 on 31st March, 2012 and:
II. In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date.
ANNEXURE TO AUDITOR''S REPORT (As referred to in Paragraph 1 of our
report of Event Date)
(i) a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The management has physically verified all its fixed assets at
reasonable intervals and no material discrepancies were noticed on such
physical verification.
c) There was no substantial disposal of fixed assets during the year.
(ii) a) As per the information furnished, the management at reasonable
intervals during the year has physically verified the inventories.
b) In our opinion and accordingly to the information and explanation
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to books record were not material and have been
property dealt with in the books of account.
(iii) a) The company had not granted unsecured loan to parties that are
covered in the register maintained under section 301 of the Company
Act, 1956.
b) The company had granted Interest free loan and the other terms and
conditions of loans given by the company are prima facie prejudicial to
the interest of the company -NA
c) Whether receipt of the principal amount and interest wherever
applicable are also regular. -NA
d) The overdue amount is more than rupees one lacs, and the company has
not called for repayment, hence clause is not applicable
e) The Company has taken loans from companies, firms or other parties
listed in the register maintained under section 301 of the companies
Act 1956. The amount involved is Rs. 12.45 crores.
f) The company had taken Interest free loan and the other terms and
conditions of loans taken by the company are prima facie prejudicial to
the interest of the company
g) The payment of the principal amount and interest wherever applicable
are regular.
(iv) In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the company and the nature of its
business for purchase of inventory and or fixed assets and for the sale
of goods. During the course of our audit no major weakness has been
noticed in these internal controls.
(v) a) According to the information and explanation given to u, we are
of the opinion that the transactions that need to be entered in 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 explanation
given to us the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year, have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) As per the information and explanation given to us, the Company
has an internal audit system commensurate to the size of the Company
and the nature of its business.
(viii) The Central Government has not prescribed maintenance of Cost
Records under Section 209(1 )(d) of the Companies Act, 1956 in respect
of the Company''s product.
(ix) a) According to the information and explanation given to us and
the records examined by us, the company is regular in depositing
undisputed statutory dues including Employees State Insurance, Income
Tax, Service Tax and any other statutory dues wherever applicable with
the appropriate authorities. According to the information and
explanation give to us, no undisputed arrears of statutory dues were
outstanding as at 31st March, 2012 for a period of more than six months
from the date they became payable.
b) According to the records of the Company there are no statutory dues,
which are outstanding on account of any dispute at the end of the year.
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses in the current 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 repayment of dues to any Financial Institution, Bank and the Company
does not have any borrowings by way of debentures.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of Shares, Debentures and other
Securities.
(xiii) The provisions of any special statute applicable to chit funds/
nidhi/mutual benefits funds/society do not apply to the company.
(xiv) In our opinion, the Company is not a dealer or trader in Shares,
Securities, Debentures and other Investments.
(xv) According to the information and explanations given to us by the
management, the Company has not given any guarantee for loans taken by
others from banks or Financial Institutions.
(xvi) The Company is regular in re-payment of Principal amount of term
loan and interest due thereon.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any allotment of equity Share on
preferential basis to body corporate.
(xix) The Company has not issued any debentures.
(xx) The Company has not raised any money by public issues 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, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For SANJAY S. AGRAWAL & CO.
Chartered Accountants
Place : Nagpur F.R NO.116200W
Dated : 30/05/2012 Sd/-
(Dhiraj M. Moryani)
Partner
M. No. 129877
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/S. INDO-PACIFIC
SOFTWARE & ENTERTAINMENT LTD., as at 31st MARCH, 2011 and it's Profit
& Loss Account 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 the 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 a reasonable
basis for our opinion.
3. As required by the Companies (Auditors) Report Order, 2003 as
amended by companies Auditors Report Order, 2004 issued by the Central
Government of India in terms of sub-section (4A) of the section 227 of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paras 4 and 5 of the said orders.
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 it appears from the examination of
such books;
c) The Balance Sheet and the Profit and Loss Account dealt with by this
report are in agreement with the Books of Accounts of the company.
d) In our opinion, the Balance Sheet and the Profit & Loss Account
dealt with by this report comply with Accounting Standards referred to
in Sub-Section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of 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 Director 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;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said statement of account 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 31st March, 2011 and
II) In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
(As referred to in Paragraph 1 of our report of Event Date)
(I) a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The management has physically verified all its fixed assets at
reasonable intervals and no material discrepancies were noticed on such
physical verification.
c) There was no substantial disposal of fixed assets during the year.
(ii) a) As per the information furnished, the management at reasonable
intervals during the year has physically verified the inventories.
b) In our opinion and according to the information and explanation
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
(iii) In our opinion and according to the information and explanations
given to us, the company has granted interest free unsecured loans to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. The terms and conditions
in the said respect are not primafaice prejudicial to the interest of
the Company.
(iv) In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the company and the nature of its
business for purchase of inventory and or fixed assets and for the sale
of goods. During the course of our audit no major weakness has been
noticed in these internal controls.
(v) a) According to the information and explanation given to us, we are
of the opinion that the transactions that need to be entered in 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 explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year, have been made at prices which
are reasonable, having regard to the prevailing market prices at the
relevant time.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) As per the information and explanation given to us, the Company
has an internal audit system commensurate to the size of the Company
and the nature of its business.
(viii) The Central Government has not prescribed maintenance of Cost
Records under Section 209(1) (d) of the Companies Act, 1956 in respect
of the Company's product.
(ix) a) According to the information and explanation given to us and
the records examined by us, the company is
regular in depositing undisputed statutory dues including Employees
State Insurance, Income Tax, Service Tax and any other statutory dues
wherever applicable with the appropriate authorities. According to the
information and explanation given to us, no undisputed arrears of
statutory dues were outstanding as at 31 March, 2011 for a period of
more than six months from the date they became payable.
b) According to the records of the Company there are no statutory dues,
which are outstanding on account of any dispute at the end of the year.
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses in the current 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 repayment of dues to any Financial Institution, Bank and the Company
does not have any borrowings by way of debentures.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of Shares, Debentures and other
Securities.
(xiii) The provisions of any special statute applicable to chit funds/
nidhi/ mutual benefits funds/ society do not apply to the company.
(xiv) In our opinion, the Company is not a dealer or trader in Shares,
Securities, Debentures and other Investments.
(xv) According to the information and explanations given to us by the
management, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions.
(xvi) The Company is regular in re-payment of Principal amount of term
loan and interest due thereon.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any allotment of equity Share on
preferential basis to body corporate.
(xix) The Company has not issued any debentures.
(xx) The Company has not raised any money by public issues 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, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
PLACE: NAGPUR For M/s. Sanjay S. Agrawal & Co.,
DATE: 31/05/2011. Chartered Accountants
DHIRAJ M. MORYANI
PARTNER M. No.: 129877
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/S.INDO-PACIFIC
SOFTWARE & ENTERTAINMENT LTD., as at 31st MARCH, 2010 and its Profit &
Loss Account 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 a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report), order 2003 as
Amended by Companies (Auditors Report) Order, 2004 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 para 4 and 5 of the said orders.
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 the examination of
such Books;
c) The Balance Sheet and the Profit and Loss Account dealt with by this
report are in agreement with the Books of Accounts of the Company;
d) In our opinion the Balance Sheet and the Profit & Loss Account dealt
with by this report comply with Accounting Standards referred to in
Sub-Section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of 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 Director 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;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said statement of 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;
I) In the case of the Balance Sheet, of the State of Affairs of the
Company as on 31st March, 2010 and
II) In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(I) a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The management has physically verified all its fixed assets at
reasonable intervals and no material discrepancies were noticed on such
physical verification.
c) There was no substantial disposal of fixed assets during the year.
(ii) a) As per the information furnished, the management at reasonable
intervals during the year has physically verified the inventories.
b) In our opinion and according to the information and explanation
given to us, pr ocedures of physic al verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
(iii) In our opinion and according to the information and explanations
given to us, the company has granted interest free unsecured loans to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. The terms and conditions
in the said respect are not prima-faice prejudicial to the interest of
the Company.
(iv) In our opinion and according to the information and explanations
given to us, there are generally adequate
internal control procedures commensurate with the size of the company
and the nature of its business for purchase of inventory and or fixed
assets and for the sale of goods. During the course of our audit no
major weakness has been noticed in these internal controls.
(v) a) According to the information and explanation given to us, we are
of the opinion that the transactions that need to be entered in 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 explanation given to us, the transactions made in pursuance of
contracts or arrangements entered in the Register maintained under
Section 301 of the Companies Act, 1956 and exceeding the value of
rupees five lacs in respect of any party during the year, have been
made at prices which are reasonable, having regard to the prevailing
market prices at the relevant time.
(vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
(vii) As per the information and explanation given to us, the Company
has an internal audit system commensurate to the size of the Company
and the nature of its business.
(viii) The Central Government has not prescribed maintenance of Cost
Records under Section 209(1) (d) of the Companies Act, 1956 in respect
of the Companys product.
(ix) a) According to the information and explanation given to us and
the records examined by us, the company is regular in depositing
undisputed statutory dues including Employees State Insurance, Income
Tax, Service Tax and any other statutory dues wherever applicable with
the appropriate authorities. According to the information and
explanation given to us, no undisputed arrears of statutory dues were
outstanding as at 31st March, 2010 for a period of more than six months
from the date they became payable.
b) According to the records of the Company there are no statutory dues,
which are outstanding on account of any dispute at the end of the year.
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses in the current 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 repayment of dues to any Financial Institution, Bank and the Company
does not have any borrowings by way of debentures.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of Shares, Debentures and other
Securities.
(xiii) The provisions of any special statute applicable to chit funds/
nidhi/ mutual benefits funds/ society do not apply to the company.
(xiv) In our opinion, the Company is not a dealer or trader in Shares,
Securities, Debentures and other Investments.
(xv) According to the information and explanations given to us by the
management, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions.
(xvi) The Company is regular in re-payment of Principal amount of term
loan and interest due thereon.
(xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any allotment of equity Share on
preferential basis to body corporate.
(xix) The Company has not issued any debentures.
(xx) The Company has not raised any money by public issues 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, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
PLACE: NAGPUR For M/s. Sanjay S. Agrawal & Co.,
DATE: 31/05/2010. Chartered Accountants
DHIRAJ M. MORYANI
PARTNER
M. No.: 129877
Mar 31, 2009
1. We have audited the attached Balance Sheet of M/S. INDO PACIFIC
SOFTWARE & ENTERTAINMENT LTD., as at 31st MARCH, 2009 and its Profit &
Loss Account 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 management, as well as evaluating the overall financial statement
presentation. We believe that our Audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by companies (Auditors Report) order,2004 issued by the Central
Government of India in terms of sub-section (4A) of the section 227 of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in Para 4 and 5 of the said orders.
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 the examination of
such books.
c) The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the Books of Accounts of the company.
d) In our opinion the Balance Sheet and Profit and Loss Account dealt
with by this report comply with Accounting Standards referred to in
Sub-Section (3C) of Section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the Directors,
as on 31st March, 2009 and taken on record by the Board of Directors we
report that none of the Director is disqualified as on 31st March, 2009
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 statement of 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;
g. In the case of the Balance Sheet of the State of affairs of the
Company as on 31st March, 2009 and
h. In the case of the Profit and Loss Account of the Profit of the
Company for the year ended on that date
ANNEXURE TO THE AUDITORS REPORT
I) a) The company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The management has physically verified all its fixed assets at
reasonable intervals and no material discrepancies were noticed on such
physical verification.
c) There was no substantial disposal of fixed assets during the year.
ii) a) As per the information furnished, the management at reasonable
intervals during the year has physically verified the inventories.
b) In our opinion and according to the information and explanation
given to us, procedures of physical verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
c) In our opinion, the company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to book record were not material and have been
properly dealt with in the books of account.
ii) In our opinion and according to the information and explanations
given to us, the company has granted interest free unsecured loans to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. The terms and conditions
in the said respect are not prima-faice prejudicial to the interest of
the Company.
iv) In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the company and the nature of its
business for purchase of inventory and or fixed assets and for the sale
of goods. During the course of our audit no major weakness has been
noticed in these internal controls.
v) a) According to the information and explanation given to us, we are
of the opinion that the transactions that need to be entered in 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, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year, have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
vi) In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposit from the public
within the meaning of Section 58A and 58AA of the lonpanies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975.
vii) As per the information and explanation given to us, the Company
has an internal audit system commensurate to the size of the Company
and the nature of its business.
viii) The Central Government has not prescribed maintenance of Cost
Records under Section 209(1) (d) of the Companies Act, 1956 in respect
of the Companys product.
ix) a) According to the information and explanation given to us and the
records examined by us, the company is regular in depositing undisputed
statutory dues including Employees State Insurance, Income Tax, Service
Tax and any other statutory dues wherever applicable with the
appropriate authorities. According to the information and explanations
given to us, no undisputed arrears of statutory dues were outstanding
as at 31" March, 2009 for a period of more than six months from the
date they became payable.
b) According to the records of the Company there are no statutory dues,
which are outstanding on account of any dispute at the end of the year.
x) The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses in the current 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 repayment of dues to any Financial Institution, Bank and the Company
does not have any borrowings by way of debentures.
xii) The company has not granted any loans and advances on the basis of
security by way of pledge of Shares, Debentures and other Securities.
xiii) The provisions of any special statute applicable to chit funds/
nidhi/ mutual benefits funds/ society do not apply to the company.
xiv) In our opinion, the Company is not a dealer or trader in Shares,
Securities, Debentures and other Investments.
xv) According to the information and explanations given to us by the
management, the Company has not given any guarantee for loans taken by
others from banks or Financial Institutions.
xvi) The Company is regular in re-payment of Principal amount of term
loan and interest due thereon.
xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment.
xviii) The Company has not made any allotment of equity Shares on
preferential basis to body corporate.
xix) The Company has not issued any debentures.
xx) The Company has not raised any money by public issues 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, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
Place: Nagpur For Agrawal & Moryani,
Dated: 30-06-2009 Chartered Accountants, Nagpur,
Dhiraj M. Moryani
Partner
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