Jun 30, 2015
We have audited the accompanying financial statements of International
Data Management Limited ('the Company'), which comprise the balance
sheet as at 30th June 2015, the statement of Profit and Loss and the
Cash Flow Statement for the period then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting 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, wheuier due to fraud or error,
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
Except as matters stated in Emphasis of Matter given below, we
conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free horn material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
Subject to the matters stated in Emphasis of Matter, in our opinion and
to the best of our information and according to the explanations given
to us, the aforesaid financial statements give the information required
by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India,
of the state of affairs of the Company as at 30th June 2015 and loss
and its cash flow for the period ended on that date.
Emphasis of Matter
Without qualifying our report, we draw attention to
i. Though the Company has incurred losses far in excess of paid up
capital and reserves, since the directors are looking for right
opportunity to explore the similar line of business activity, the
directors consider that it is appropriate to prepare the financial
statements on going concern basis [Note 19].
ii. In respect of one inter corporate loan amounting to Rs. 89.10
lacs, no confirmation has been received from the lender company [Note
20].
iii. Note2.1.g regarding deferred tax assets.
Report on Other Legal and Regulatory Requirements
1. As required by Companies (Auditor's Report) Order, 2015 ('the
order') issued by the central government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the annexure, a
statement on the matters specified in paragraphs 3 and i of the order,
to the extent applicable :
2. As required by section 143(3) of the act, we report that:
a. we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. hi our opinion, the aforesaid 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 30th June 2015 and taken on record by tile Board of
Directors, none of the directors is disqualified as on 30th June 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
f. With respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our ¦opinion and to the best of our information and according
to the explanations given to us :
i. The Company does not have any pending litigations which would impact
its financial position except as stated in para 7 (c) of annexure to
Independent Auditor's Report,
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure referred to in our report of even date on the accounts for the
year ended 30th June 2015.
(Referred to in our report of even date)
l.a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of all its
fixed assets.
b) The fixed assets have been physically verified by the Management
during the period at reasonable intervals and no material discrepancies
were noticed.
c) None of the fixed assets have been disposed off during - the period.
2. The Company did not have any stock at the end of the period
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parlies covered in the register maintained
under Section 189 of the Act.
4. hi 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 assets and for the sale of goods and
services.
5. In our opinion, and according to the information and explanations
given to us, the Company has not accepted deposits as per the
directives issued by the Reserve Bank of India under the provisions of
Sections 73 to 76 or any other relevant provisions of die Act and the
rules framed there under.
6. The Central Government has not prescribed maintenance of cost
records under Section 148{1) of the Act, for any of die products of the
Company.
7.(a)According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, income tax, sales tax, cess and other
statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sale
tax, service tax, custom duty and excise duty were outstanding as at
30th June, 2015 for a period exceeding six months from the date they
became payable.
(c) According to the information and explanations given to us, diere
are no dues of, sales tax, income tax, custom duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute
except ESI.
Nature of the Amount Forum where
dues (Rs-) dispute is
pending
ESI 6,76,777/- Joint Director,
Regional Office ESI,
New Delhi.
(d) According to the information and explanation given to us , there
are no dues 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.
8. In our opinion, the accumulated losses of the company are more than
fifty percent of its net worth. The company has incurred cash losses
during the financial period covered by our audit and in the immediately
preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the Company does not have any borrowings from financial
institution, bank or debenture holders.
10. 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,
11. In our opinion and according to the information and explanations
given to us, The company has not raised any term loan during the
period.
12. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For S.D. Chopra & Assosciates
Place : New Delhi Chartered Accountants
Date : August 26, 2015 Firm Registration No. 003789N
S.D. Chopra
Proprietor
Membership No. 082537
Mar 31, 2014
We have audited the accompanying financial statements of International
Data Management Limited, which comprise the Balance Sheet as at 31st
March, 2014 and the statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
2. Management''s responsibility for the financial statements
Management is responsible for the preparation of these financial
statements that gives a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting standards referred to in sub section (3C) of Section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of die financial statements that
give true and fair view and are free from material misstatement,
whether due to fraud or error.
3. Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statement based on our audit . Except as matters stated in paragraph 4
below, 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 the ethical requirements
and plan and perform die audit to obtain reasonable assurance 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 b
y 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.
4. Emphasis of Matter : Without qualifying our report, we draw
attention to
i) Though the Company has incurred losses far in excess of paid up
capital and reserves, since die directors are looking for right
opportunity to explore the similar line of business activity, the
directors consider that it is appropriate to prepare die financial
statements on going concern basis [Note 19].
ii) In respect of one intercorporate loan amounting to Rs. 89.10 lacs,
no confirmation has been received from the lender company [Note 20].
iii) Note 2. l.gregarding deferred tax assets.
5. Opinion
Subject to the matters stated in paragraph 4, in our opinion and to the
best of our information and according to die explanations given to us,
the financial statements give the information required by the Act in
the manner so required and gives a true and fair view in conformity
widi the accounting principles generally accepted in India:
a} in the case of the Balance Sheet, of die state of affairs of the
Company as at31st March, 2014;
b) in the case of the statement of Profit and Loss, of the profitfor
die year ended on that date; and
c) in the case of die Cash Flow Statement, of the cash flow for the
year ended on diat date.
6. Report on other legal and regulatory requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central government of India in terms of sub
section (4A) of Section 227 of the Act, we give in die annexure a
statement on the matters specified in paragraphs 4 and 5 of die Order.
2. As required by Section 227(3) of the Act, we report that
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion proper books of accounts as required by law have been
kept by the company so far as appears from our examination of those
books.
c) The Balance sheet, statement of profit and loss and
cash flow statement dealt with by this report are in agreement with the
books of accounts.
d) In our opinion, the balance sheet, statement of profit and cash flow
statement comply with the accounting standards referred to in sub
section (3C) of Section 211 of the Companies Act, 1956. and
e. On the basis of written representations received from the directors
as on March 31, 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 st March, 2014 from
being appointed as a director in terms of clause (g) of sub section (1)
of Section 274 of (he Companies Act, 19S6
The Annexure referred to in our report to the member of International
Data Management Limited (''the Company'') for the year ended 31, March,
2014 .We report that
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of all its
fixed assets.
b) The fixed assets have been physically verified by die Management
during the year at reasonable intervals and no material discrepancies
were noticed.
c) None of the fixed assets have been disposed off during the year.
2. The Company did not have any stock at the end of the year.
3. a) The Company has not taken any loan secured or unsecured from
companies, firms or other parties listed in me register maintained
under section 301 of me Companies Act, 1956.
b) The Company has not granted any loans secured or unsecured, to
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and assets and for the sale of good and services.
5. According to the information and explanations given to us, the
Company has not entered in any contracts or arrangements during the
year that need to be entered in die register maintained under Section
301 of die Act.
6. The Company has not accepted any fixed deposits from the public.
7. There was no internal audit systems in operation during the year.
However, the Company has internal control procedures which, in our
opinion, are adequate in relation to the size of the Company.
8. The Central Government has not prescribed maintenance of cost
records under Section 209(l)(d) of die Companies Act, 1956, for any of
the products of the Company.
9. a) According to the records of the Company, the Company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, investor education protection
fund, income tax, sales tax, cess and other statutory dues applicable
to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sale
tax, service tax, custom duty and excise duty were outstanding as at
31st March, 2014 for a period exceeding six months from the date they
became payable.
c) According to the information and explanations given to us, there are
no dues of, sales tax, income tax, custom duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute except
ESI
Nature of Forum where dispute
the dues Amount (Rs.) is pending
ESI 6,76,777/- Joint Director Regional
Office ESI, New Delhi.
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company does not have any borrowings from financial
institution, bank or debenture holders.
12. The Company has not granted any loans and advances to any party on
die basis of security by way of pledge of shares, debentures and other
securities.
13. The Company is not a Chit fund, Nidhi or Mutual Benefit Society.
Hence the requirement of item (xiii) of paragraph 4 of the Order is not
applicable to the Company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments.
15. The Company has not given any guarantee for loans taken by others
from Bank or financial institutions.
16. The company has not raised any term loan during the year.
17. Based on our examination and in our opinion the company has not
raised any short term/long term funds during the year.
18. The company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For S. D. Chopra & Associates
Chartered Accountants
Firm Registration No. 003789N
Place: New Delhi S. D. Chopra
Date : 29''h May, 2014 Proprietor
Membership No.82537
Mar 31, 2012
1. We have audited the attached Balance Sheet of International Data
Management Limited as at 31st March, 2012 and also the Profit and Loss
Account and Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management Our responsibility is to express an opinion on
these financial statements based on our audit
2. Except as matters stated in paragraph 3 below, 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 the management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
3. We draw attention to:
i) Though the Company has incurred losses far in excess of paid up
capital and reserves, since the directors are looking for right
opportunity to explore the similar line of business activity, the
directors consider that it is appropriate to prepare the financial
statements on going concern basis [Note 18],
ii) In respect of one inter corporate loan amounting to Rs. 89.10 lacs,
no confirmation has been received from the lender company [Note 19].
iii) Note2.1.h regarding deferred tax assets.
4. As required by the Companies (Auditor's Report) Order, 2003, as
amended by 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 Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
5. Further to our comments in the annexure referred in paragraph 4
above, we report that
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in Section 211 (3C) 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,
none of the directors is disqualified as on 31st March, 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) Subject to the matters stated in paragraph 3 above, 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 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:
a) in the case of the Balance Sheet, of the state of the affairs of the
company as at 31st March, 2012;
b) in the case of the Profit and Loss Account, of the loss 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.
Annexure to the report of the Auditors to the members of International
Data Management Limited on the accounts for the Year ended 31st March,
2012.
{Referred to in paragraph 4 thereof}
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of all its
fixed assets.
b) The fixed assets have been physically verified by the Management
during the year at reasonable intervals and no material discrepancies
were noticed.
c) None of the fixed assets have been disposed off during the year.
2. The Company did not have atiy stock (inventory) at the end of the
year.
3. a) The Company has not taken any loan secured or unsecured from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
b) The Company has not granted any loans secured or unsecured, to
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and assets and for the sale of goods and
services.
5. According to the information and explanations given to us, the
company has not entered in any contracts or arrangements during the
year that need to be entered in the register maintained under Section
301 of the Act.
6. The Company has not accepted any fixed deposits from the public.
7. There was no internal audit systems in operation during the year.
However, the Company has internal control procedures which, in our
opinion, are adequate in relation to the size of the Company.
8. The Central Government has not prescribed maintenance of cost
records under Section 209(l)(d) of the Companies Act, 1956, for any of
the products of the Company.
9. a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, investor education protection
fund, income tax, sales tax, cess and other statutory dues applicable
to it.
b) According to the information and explanations given to Us, no
undisputed amounts payable in respect of income tax, wealth tax, sale
tax, service tax, custom duty and excise duty were outstanding as at
31st March, 2012 for a period exceeding six months from the date they
became payable.
c) According to the information and explanations given to us, there are
no dues of, sales tax, income tax, custom duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute except
ESI.
Nature of Forum where dispute
Amount
the dues (Rs.) is pending
EST 6,76,777/- Joint Director, Regional
Office ESI New Delhi.
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company does not have any borrowings from financial
institution, bank or debenture holders.
12. The Company has not granted any loans and advances to any party on
the basis of security by way of pledge of shares, debentures and other
securities.
13. The Company is not a Chit fund, Nidhi or Mutual Benefit Society.
Hence the requirement of item (xiii) of paragraph 4 of the Order is not
applicable to the company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments.
15. The Company has not given any guarantee for loans taken by others
from Bank or financial institutions.
16. The company has not raised any term loan during the year.
17. Based on our examination and in our opinion the company has not
raised any short term / long term funds during the year.
18. The company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
S.D. Chopra
Proprietor
M. No. 82537
For and on behalf of
Place. Noida S.D. Chopra & Associates
Date : 30 May, 2012 Chartered Accountants
Mar 31, 2011
1. We have audited the attached Balance Sheet of International Data
Management Limited as at 31st March, 2011 and also the Profit and Loss
Account and Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. Except as matters stated in paragraph 3 below, 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 the management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
3. We draw attention to:
i) Though the Company has incurred losses far in excess of paid up
capital and reserves, since the directors are looking for right
opportunity to explore the similar line of business activity, the
directors consider that it is appropriate to prepare the financial
statements on going concern basis [Note 9 of Schedule 8(B)].
ii) In respect of one intercorporate loan amounting to Rs. 89.10 lacs,
no confirmation has been received from the lender company [Note 5 of
Schedule 8(B)].
iii) Note 7 of Schedule 8(B) regarding deferred tax assets.
4. As required by the Companies (Auditor's Report) Order, 2003, as
amended by 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 Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
5. Further to our comments in the annexure referred in paragraph 4
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in Section 211(3C) 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,
none of the directors is disqualified as on 31st March, 2011 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) Subject to the matters stated in paragraph 3 above, 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 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:
a) in the case of the Balance Sheet, of the state of the affairs of the
company as at 31st March, 2011;
b) in the case of the Profit and Loss Account, of the loss 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.
Annexure to the report of the Auditors to the members of International
Data Management Limited on the accounts for the Year ended 31st March,
2011.
{Referred to in paragraph 4 thereof}
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of all its
fixed assets.
b) The fixed assets have been physically verified by the Management
during the year at reasonable intervals and no material discrepancies
were noticed.
c) None of the fixed assets have been disposed off during the year.
2. The Company did not have any stock (inventory) at the end of the
year.
3. a) The Company has not taken any loan secured or unsecured from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
b) The Company has not granted any loans secured or unsecured, to
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and assets and for the sale of goods and
services.
5. According to the information and explanations given to us, the
company has not entered in any contracts or arrangements during the
year that need to be entered in the register maintained under Section
301 of the Act.
6. The Company has not accepted any fixed deposits from the public.
7. There was no internal audit systems in operation during the year.
However, the Company has internal control procedures which, in our
opinion, are adequate in relation to the size of the Company.
8. The Central Government has not prescribed maintenance of cost
records under Section 209(l)(d) of the Companies Act, 1956, for any of
the products of the Company.
9. a) According to the records of the company, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education protection fund,
income tax, sales tax, cess and other statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sale
tax, service tax, custom duty and excise duty were outstanding as at
31st March, 2011 for a period exceeding six months from the date they
became payable.
c) According to the information and explanations given to us, there are
no dues of, sales tax, income tax, custom duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute except
ESI.
Nature of Amount Forum where dispute
the dues (Rs.) is pending
ESI 6,76,777/- Joint Director, Regional
Office ESI New Delhi
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company does not have any borrowings from financial
institution, bank or debenture holders.
12. The Company has not granted any loans and advances to any party on
the basis of security by way of pledge of shares, debentures and other
securities.
13. The Company is not a Chit fund, Nidhi or Mutual Benefit Society.
Hence the requirement of item (xiii) of paragraph 4 of the Order is not
applicable to the company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments.
15. The Company has not given any guarantee for loans taken by others
from Bank or financial institutions.
16. The company has not raised any term loan during the year.
17. Based on our examination and in our opinion the company has not
raised any short term/long term funds during the year.
18. The company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For S. D. Chopra & Associates
Chartered Accountants
S. D. Chopra
Proprietor
Membership No.82537
Place: Noida
Date :26th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of
International Data Management Limited as at 31st March, 2010 and also
the Profit and Loss Account and Cash How Statement for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. Except as matters stated in paragraph 3 below, 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 the management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
3. We draw attention to:
i) Though the Company has incurred losses far in excess of paid up
capital and reserves, since the directors are looking for right
opportunity to explore the similar line of business activity, the
directors consider that it is appropriate to prepare the financial
statements on going concern basis [Note 9 of Schedule 8 (B)].
ii) In respect of one intercorporate loan amounting to Rs. 89.10 lacs,
no confirmation has been received from the lender company |Note 5 of
Schedule 8(B)].
iii) Note 7 of Schedule 8(B) regarding deferred tax assets.
1. As required by the Companies (Auditors Report) Order, 2003, as
amended by Companies(Auditors Report) (Amendment) 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 paragraphs 4 and 5 of the said
Order.
5). Further to our comments in the annexure referred in paragraph 4
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in Section 211(3C) 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,
none of the directors is disqualified as on 31st March, 2010 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) Subject to the matters stated in paragraph 3 above, 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 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:
a) in the case of the Balance Sheet, of the state of the affairs of the
company as at 31st March, 2010;
b) in the case of the Profit and Loss Account, of the loss 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.
Annexure to the report of the Auditors to the members of International
Data Management Limited on the accounts for the Year ended 31st March,
2010.
{Referred to in paragraph 4 thereof}
1. a) The Company has maintained proper records
showing lull particulars, including quantitative detail;, and situation
of all its fixed assets.
b) The fixed assets have been physically verified by the Management
during the year at reasonable intervals and no material discrepancies
were noticed.
c) None of the fixed assets have been disposed off during the year.
2. The Company did not have any stock (inventory) at the end of the
year.
3. a) The Company has not taken any loan secured or unsecured from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
b) The Company has not granted any loans secured or unsecured, to
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and assets and for the sale of goods and
services.
5. According to the information and explanations given to us, the
company has not entered in any contracts or arrangements during the
year that need to be entered in the register maintained under Section
301 of the Act
6. The Company has not accepted any fixed deposits from the public.
7. There was no internal audit systems in operation during the year.
However, the Company has internal control procedures which, in our
opinion, are adequate in relation to the size of the Company.
8. The Central Government has not prescribed maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956, for any of
the products of the Company.
9. a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, investor education protection
fund, income tax, sales tax, eess and other statutory dues applicable
to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sale
tax, service tax, custom duty and excise duty were outstanding as at
31st March, 2010 for a period exceeding six months from the date they
became payable.
c) According to the information and explanations given to us, there are
no dues of, sales tax, income tax, custom duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute except
ESI.
Nature of Amount Forum where dispute
the dues (Rs. In lacs) is pending
ESI 6,76,777/ Joint Director,
Regional Office ESI,
New Delhi.
10. In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year covered by our audit and in the
immethately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company does not have any borrowings from financial
institution, bank or debenture holders.
12. The Company has not granted any loans and advances to any party on
the basis of security by way of pledge of shares, debentures and other
securities.
13. The Company is not a Chit fund, Nidhi or Mutual Benefit Society.
Hence the requirement of item (xiii) of paragraph 4 of the Order is not
applicable to the company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments.
15. The Company has not given any guarantee for loans taken by others
from Bank or financial institutions.
16. The company has not raised any term loan during the year.
17. Based on our examination and in our opinion the company has not
raised any short term / long term funds during the year.
18 The company has not made any preferential allotment of shares to the
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The company has not made any public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit
S.D. Chopra
Proprietor
Membership No. 82537
For and on behalf of
Place: Noida S.D. Chopra & Associates
Date : 24th May, 2010 Chartered Accountants
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