Mar 31, 2011
1. We have audited the attached Balance Sheet of KAASHYAP TECHNOLOGIES
LIMITED as at March 31, 2011 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company management. Our responsibility is
to express an opinion on these financial statements based on our audit.
2. We have 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 from material misstatement. An audit also
includes examining, on 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. The Financial Statements of Overseas Branch were at United States
of America in the name of Kaashyap Technologies ltd Inc audited by
other auditor whose report has been furnished to us. Our opinion is
based solely report of the other auditors.
4. As required by the Companies (Auditor's Report) Order, 2003 (CARO
2003) issued by the Company Law Board in terms of Section 227(4A) 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 to in paragraph 1
above, we state 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 appears from our examination of such
books.
c. The Balance Sheet and Profit & Loss Account referred to in this
report are in agreement with the books of account.
d. In our opinion, the profit and loss account and the balance sheet
comply with the Accounting Standards referred to in Subsection (3C) of
section 211 of the Companies Act, 1956.
e. As per the information and explanations given to us, none of the
directors of the company are disqualified from being appointed as a
director under clause (g) of sub-Section (1) of Section 274 of the
Companies Act, 1956.
f. In our opinion and according to the explanations given to us, the
said Balance Sheet and the Profit & Loss Account read together with the
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 principle generally accepted in India :
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011 and
b. in the case of the Profit and Loss Account of the Loss of the
Company for the year ended on that date.
c. in the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
For R. Ravindran & Associates
Chartered Accountants
Firm Registration No. 003222S
Sd/-
R. Ravindran
Proprietor
M. No. 023829
Date: May 30, 2011
Place: Chennai
Mar 31, 2010
1. We have audited the attached Balance Sheet of KAASHYAP TECHNOLOGIES
LIMITED as at 31st March 2010 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company management. Our responsibility is
to express an opinion on these financial statements based on our audit.
2. We have 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 from material misstatement. An audit also
includes examining, on 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 (CARO
2003) issued by the Company Law Board in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. "Subject to non-compliance of Accounting Standard 11, The Effects
of Changes in Foreign Exchange Rates" Further to our comments in the
Annexure referred to in paragraph 1 above, we state 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 appears from our examination of such
books.
c. The Balance Sheet and Profit & Loss Account referred to in this
report are in agreement with the books of account.
d. In our opinion, the profit and loss account and the balance sheet
comply with the Accounting Standards referred to in Subsection (3C) of
section 211 of the Companies Act, 1956.
e. As per the information and explanations given to us, none of the
directors of the company are disqualified from being appointed as a
director under clause (g) of sub-Section (1) of Section 274 of the
Companies Act, 1956.
f. In our opinion and according to the explanations given to us, the
said Balance Sheet and the Profit & Loss Account read together with the
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 principle generally accepted in India :
i in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and
ii in the case of the Profit and Loss Account of the Loss of the
Company for the year ended on that date.
iii in the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORÃS REPORT
With reference to the Annexure referred to in Auditorsà Report to the
Members of Kaashyap Technologies Limited on the financial statements
for the year ended 31.03. 2010, we report that:
1. Fixed Assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) According to the information and explanations given to us, the
fixed assets were physically verified by the management in accordance
with the programme of verification, which in our opinion is reasonable
having regard to the size of the company and the nature of its assets.
The discrepancies noticed on physical verification were not material
and have been properly dealt with in the books of accounts.
(C) None of the fixed assets have been revalued during the year.
(d) During the year, the company has not disposed of substantial part
of the Fixed Assets hence the effect of going concern concept does not
arise.
2. Inventory:
The company deals with Software development business. The Company does
not carry inventory of finished good of software except
Work-in-progress as on the balance sheet date.
Work-in-progress is valued at the cumulative cost of expenses incurred
pertaining to the project
3. Loan to/from directors and interested parties
(a) The Company has not granted any secured or unsecured loans during
the year to Companies listed in the Register maintained under Section
301 of the Companies Act, 1956.
(b) The Company has taken any loans from companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
4. Internal Control
In our opinion and according to the information and explanations given
to us, the internal control procedures are adequate 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.
5. Transaction covered by section 301
a) According to the information and explanations given to us, the
transactions that need to be entered into the Register maintained under
section 301 of the Companies Act, 1961 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the company has not made sales and service in pursuance of
contracts or agreements entered in the registers maintained under
section 301 of the Companies Act 1956 and aggregating during the period
to Rs. 500000/- or more made in respect of each party, the prices for
such services and sales are reasonable having regard to the nature of
services rendered.
6. Deposit from Public
The Company has not accepted deposits from public under section 58A of
the Companies Act, 1956 during the year.
7. Internal Audit
The company has an internal audit system with regard to the size and
nature of the business.
8. Cost Accounting Records
The Provision of section 209(1)(d) of the Companies Act, 1956 regarding
maintenance of cost records is not applicable to the company.
9. Statutory Dues
According to the information and explanations given to us, the company
is not regular in depositing undisputed statutory dues with the
appropriate authorities in respect of:
Arrears of outstanding for more than 6 months
Nature of payment Amount
payable ROC fees 87,46,000
TDS Payable 16,83,706
Income tax 1,34,00,000
Fringe Benefit tax 6,72,280
10. Cash Losses
The Company has incurred cash losses in such financial year.
The company has accumulated losses at the end of the financial year are
less than 50% of Networth.
11. Repayment of dues
Due to pending of the dispute with Axis Bank as to the quantum and mode
of settlement, we are unable to express an opinion whether the company
has defaulted on the same.
12. Loans and Advances on the basis of securities
The company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. Applicability of provisions to Chit fund, Nidhi/mutual benefit
fund/societies: 4 (xiii) The company is not a chit fund or a
nidhi/mutual benefit fund/society hence the clause (xiii) of the
Companies (AuditorÃs Report) Order 2003 is not applicable to the
company.
14. Trading in shares, securities debentures and other investments
According to the information and explanations given to us, The Company
has not dealt in trading in shares and other investments during the
year under review.
15. Guarantee given for others
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. Accordingly clause (xv) of the Order is not
applicable.
16. End use of term loans
According to the information and explanations given to us, The Company
has not obtained term loan during the year.
17. Preferential allotment of shares
The company has not made preferential allotment to any person referred
in sec 301 of the companies act. The price at which the allotment is
made is not prejudicial to the interest of the company.
18. Debentures
The company has not issued any debenture during the period covered by
our audit. Accordingly clause 4(xix) of the order is not applicable.
19. End use of public issue proceeds
The company has not raised any funds on public issue hence there is no
need for management disclosure.
20. Reporting of Frauds:
According to the information and explanation given to us, no
significant fraud on or by the company, that causes a material
misstatement to the financial statements, has been noticed or reported
during the year.
For R. Ravindran & Associates
Chartered Accountants
Firm Registration No. 003222S
Sd/-
R. Ravindran
Proprietor
M.No. 023829
Date: September 3, 2010
Place: Chennai
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