Mar 31, 2014
We have audited the accompanying financial statements of NETLINK
SOLUTIONS (INDIA) LIMITED ( "the company") which comprises the
Balance Sheet as at 31st March 2014, and the statement of Profit
& Loss Account and Cash Flow Statement for the year then ended,
and a summary of significant accounting policies and other
explanatory information.
ManagementÂs Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956("the Act"). This
responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
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 31st March, 2014;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on the date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on the date.
Report on Other Legal & Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 (Âthe
OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
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 2014 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the company.
The Annexure referred to in paragraph 1 of the our report of even date
to the Members of NETLINK SOLUTIONS (INDIA) LIMITED, on the accounts of
the company for the year ended 31st March, 2014
1. In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantita- tive details and situation of its fixed assets;
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals, no material discrepancies were
notice on such verifications
(c) In our opinion and according to the information and explanations
given to us, no fixed assets has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) The physical verification of the inventory has been conducted
at reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are rea- sonable & adequate in relation to the size of
the company & the nature of its business.
(c) The company is maintaining proper records of inventory & no
material discrepancies were noticed on physical verification.
3. According to the information and explanations given to us and on
the basis of our examination of books of accounts, the company has not
granted or taken any loans, secured or unsecured to / from the
companies, firms or other parties listed in the register maintained
under section 301 the Companies Act, 1956. Consequently the provisions
of the clause iii(b), iii(c), iii(d), iii(f) & iii(g) of the order are
not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are gener- ally adequate internal control procedure
commensurate with the size of the company and the nature of its
business for the purchase of Inventories and fixed assets and payment
for ex- penses and for sale of goods and services. During the course of
our audit, no major instance of continuing failure to correct any
weakness in the internal control has been noticed.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transactions that needed to be
entered into register have been so entered.
(b) In our opinion and according to the information and explanation
given to us, in respect of transactions made in pursuance of the
contracts or arrangements entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 and exceeding the
value of Rs. 5 lakhs in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. The Company has not accepted any deposits from the public covered
Under Section 58 (A) and 58(AA) of the Companies Act, 1956.
7. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. As per information and explanations given by the Management,
Central Government has not prescribed maintenance of cost records under
Section 209(1) (d) of the companies Act, 1956 for any of the activities
of the company.
9. Statutory and other dues:
(a) According to the records, information & explanation given to us,
undisputed statutory dues including provident fund, investor education
protection fund, employees'' state insurance, income-tax, sales tax,
wealth-tax, service-tax, custom duty, excise duty, cess and other
material statutory dues, wherever applicable, have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amount payable
in respect of aforesaid dues were outstanding as at the end of the year
for a period of more than six months from the date becoming payable.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service
Tax, Excise Duty and Cess outstanding on account of dispute.
10. The Company is not having any accumulated losses at the end of the
financial year & not incurred cash losses in the said financial year &
incurred cash losses in immediately preceding the said financial year;
11. The company has not taken any loan from financial institution or
Bank, hence clause of default in repayment of dues to the said parties
is not applicable.
12. In our opinion and according to the information & explanation
given to us, no loans and ad- vances have been granted by the company
on the basis of security by way of pledge of shares, debentures and
other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund / society. Therefore, the provisions of this clause of the
Companies (Auditor''s Report) Order, 2003 ( as amended) are not
applicable to the Company.
14. In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing in shares and other
investments and timely entries have been made there in. Further the
investments specified are held in their own name.
15. 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.
16. The Company has not raised any term loans during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, the company
has not used the funds borrowed on short term basis for long-term
investment and vice versa.
18. During the year Company has not made any preferential allotment of
shares to 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 years, nor
did it have any outstanding debentures at the beginning of the year.
20. The Company has not raised any money through a public issue during
the year.
21. Best on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the year, nor we have been informed
of such case by the Management.
FOR K. U. KOTHARI & CO.
CHARTERED ACCOUNTANTS
F.R.No. 105310W
PRAKASH CHECHANI
(PARTNER)
M.No. 104203
PLACE : MUMBAI
DATED : 30/05/2014
Mar 31, 2013
We have audited the accompanying financial statements of NETLINK
SOLUTIONS (INDIA) LIMITED ( "the company") which comprises the Balance
Sheet as at 31st March 2013, and the statement of Profit & Loss Account
and Cash Flow Statement forthe 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 6f the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
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 31st March, 2013;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on the date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on the date.
Report on Other Legal & Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
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 2013 and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March, 2013 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the company.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
The Annexure referred to in paragraph 1 of the our report of even date
to the Members of NETLINK SOLUTIONS (INDIA) LIMITED, on the accounts of
the company for the year ended 31st March, 2013
1. In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its fixed assets;
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals, no material discrepancies were
notice on such verifications
(c) In our opinion and according to the information and explanations
given to us, no fixed assets has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) The physical verification of the inventory has been conducted
at reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable & adequate in relation to the size of the
company & the nature of its business.
(c) The company is maintaining proper records of inventory & no
material discrepancies were noticed on physical verification.
3. According to the information and explanations given to us and on
the basis of our examination of books of accounts, the company has not
granted or taken any loans, secured or unsecured to / from the
companies, firms or other parties listed in the register maintained
under section 301 the Companies Act, 1956. Consequently the provisions
of the clause iii(b), iii(c), iii(d), iii(f) & iii(g) of the order are
not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedure
commensurate with the size of the company and the nature of its
business for the purchase of Inventories and fixed assets and payment
for expenses and for sale of goods and services. During the course of
our audit, no major instance of continuing failure to correct any
weakness in the internal control has been noticed.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transactions that needed to be
entered into register have been so entered.
(b) In our opinion and according to the information and explanation
given to us, in respect of transactions made in pursuance of the
contracts or arrangements entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 and exceeding the
value of Rs. 5 lakhs in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. The Company has not accepted any deposits from the public covered
Under Section 58 (A) and 58(AA) of the Companies Act, 1956.
7. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. As per information and explanations given by the Management,
Central Government has not prescribed maintenance of cost records under
Section 209(1) (d) of the companies Act, 1956 for any of the activities
of the company.
9. Statutory and other dues:
(a) According to the records, information & explanation given to us,
undisputed statutory dues including provident fund, investor education
protection fund, employees'' state insurance, income-tax, sales tax,
wealth-tax, service-tax, custom duty, excise duty, cess and other
material statutory djjes, wherever applicable, have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amount payable
in respect of aforesaid dues were outstanding as at the end of the year
for a period of more than six months from the date becoming payable.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service
Tax, Excise Duty and Cess outstanding on account of dispute.
10. The Company is not having any accumulated losses at the end of the
financial year & not incurred cash losses in the said financial year &
incurred cash losses in immediately preceding the said financial year;
11. The company has not taken any loan from financial institution or
Bank, hence clause of default in repayment of dues to the said parties
is not applicable.
12. In our opinion and according to the information & explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund / society. Therefore, the provisions of this clause of the
Companies (Auditor''s Report) Order, 2003 ( as amended) are not
applicable to the Company.
14. In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing in shares and other
investments and timely entries have been made there in. Further the
investments specified are held in their own name.
15. 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.
16. The Company has not raised any term loans during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, the company
has not used the funds borrowed on short term basis for long-term
investment and vice versa.
18. During the year Company has not made any preferential allotment of
shares to 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 years, nor
did it have any outstanding debentures at the beginning of the year.
20. The Company has not raised any money through a public issue during
the year.
21. Best on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the year, nor we have been informed
of such case by the Management.
FOR K. U. KOTHARI & CO.
CHARTERED ACCOUNTANTS
F.R.No. 105310W
PRAKASH CHECHANI
(PARTNER)
PLACE: MUMBAI M.No. 104203
DATED: 30.05.2013
Mar 31, 2012
We have audited the attached Balance Sheet of NETLINK SOLUTIONS (INDIA)
LIMITED (formerly Known as VGR Construction Ltd.) as at 31st March
2012, the annexed Profit & Loss Account for the year ended on that date
and the Cash Flow Statement for the year ended on that date, which we
have signed under reference to this Report. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan & perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit 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 the 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.
As required by the Companies (Auditor's Report) Order, 2003, issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraph 4 & 5 of the said Order, to the
extent applicable.
Further to our comments in the Annexure referred to above, we report
that;
a) We have obtained all the information and explanation, which to the
best of our knowledge and the 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, Profit & 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 & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956, to the extent applicable.
e) On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on 31st March, 2012 from being
appointed as a director in terms of clause (g) of 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 accounts read together with the
Notes thereon gives the information required by the Companies Act, 1956
in the manner, so required and give a true & fair view in conformity
with the accounting principles generally accepted in India:
I. In the case of Balance Sheet, of the state of the affairs of the
Company as at 31st March 2012;
II. In the case of Profit & Loss Account, of the Profit for the year
ended on that date; and
III. In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date;
Annexure referred to the Auditor's Report to the Shareholders of
NETLINK SOLUTIONS (INDIA) LIMITED on the accounts for the year ended
31st March, 2012.
1. In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) The fixed assets were physically verified by the management during
the year in accordance with a program of verification, which in our
opinion provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
(c) The company has not disposed off substantial parts of fixed assets
during the year.
2. (a) The physical verification of the inventory has been conducted
at reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable & adequate in relation to the size of the
company & the nature of its business.
(c) The company is maintaining proper records of inventory & no
material discrepancies were noticed on physical verification.
3. The company has neither granted nor taken any loans, secured or
unsecured, to or from the companies, firms or other parties covered in
the register maintained under section 301 the Companies Act, 1956:-
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of Computer Hardware and Software,
Consumables, Plant & Machinery, Equipment and other assets. The
activities of the company do not involve sale of goods.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transactions that needed to be
entered into register have been so entered.
(b) In our opinion and according to the information and explanation
given to us, in respect of transactions made in pursuance of the
contracts or arrangements entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 and exceeding the
value of Rs. 5 lakhs in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58 (A) and 58(AA) of the Companies Act, 1956
and the rules made there under would apply.
7. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. We are informed that Central Government has not prescribed
maintenance of cost records under Section 209(1) (d) of the companies
Act, 1956 for any of the activities of the company.
9. Statutory and other dues :
(a) According to the records, information & explanation given to us,
undisputed statutory dues including provident fund, investor education
protection fund, employees' state insurance, income-tax, sales tax,
wealth-tax, service-tax, custom duty, excise duty, cess and other
material statutory dues, wherever applicable, have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amount payable
in respect of aforesaid dues were outstanding as at the end of the year
for a period of more than six months from the date becoming payable.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service
Tax, Excise duty and Cess outstanding on account of dispute.
10. The Company is not having any accumulated losses at the end of the
financial Year. The company has not incurred cash losses in the said
financial year and in the financial year immediately preceding the said
financial year;
11. Based on our audit procedure and in the information & explanation
given to us we are of the opinion that the company has not defaulted in
repayment of dues to financial institutions and banks. The company has
no debenture holders.
12. In our opinion and according to the information & explanation
given to us, no Loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14. In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing in shares and other
investments and timely entries have been made there in. Further the
company in its own name has held such securities.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any loan during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, the company
has not used the funds borrowed on short term basis for long-term
investment and vice versa.
18. During the year Company has not made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issue any debentures during the years, nor did
it have any outstanding debentures at the beginning of the year.
20. The Company has not raised any money through a public issue during
the year.
21. In our opinion and according to the information and explanation
given to us no fraud on or by the company has been noticed or reported
during the year that caused the financial statement to be materially
misstated.
For K. U. KOTHARI & CO.
Chartered Accountant
Prakash Chechani
(Partner)
Place : Mumbai
Dated : 25.05.2012
Mar 31, 2011
We have audited the attached Balance Sheet of NETLINK SOLUTIONS (INDIA)
LIMITED (formerly Known as VGR Construction Ltd.) as at 31st March
2011, the annexed Profit & Loss Account for the year ended on that date
and the Cash Flow Statement for the year ended on that date, which we
have signed under reference to this Report. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan & perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements An audit 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 the 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.
As required by the Companies (Auditor's Report) Order, 2003, issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the annexure a statement
on the matters specified in paragraph 4 & 5 of the said Order, to the
extent applicable.
Further to our comments in the Annexure referred to above, we report
that;
a) We have obtained all the information and explanation, which to the
best of our knowledge and the 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, Profit & 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 & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956, to the extent applicable.
e) On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on 31s1 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 accounts read together with the
Notes thereon gives the information required by the Companies Act, 1956
in the manner, so required and give a true & fair view in conformity
with the accounting principles generally accepted in India:
I. In the case of Balance Sheet, of the state of the affairs of the
Company as at 31st March 2011;
II. In the case of Profit & Loss Account, of the Profit for the year
ended on that date; and
III. In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date;
Annexure referred to the Auditor's Report to the Shareholders of
NETLINK SOLUTIONS (INDIA) LIMITED on the accounts for the year ended
31st March, 2011.
1. In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) The fixed assets were physically verified by the management during
the year in accordance with a program of verification, which in our
opinion provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
(c) The company has not disposed off substantial parts of fixed assets
during the year.
2. (a) The physical verification of the inventory has been conducted
at reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable & adequate in relation to the size of the
company & the nature of its business.
(c) The company is maintaining proper records of inventory & no
material discrepancies were noticed on physical verification.
3. The company has neither granted nor taken any loans, secured or
unsecured, to or from the companies, firms or other parties covered in
the register maintained under section 301 the Companies Act, 1956:-
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of Computer Hardware and Software,
Consumables, Plant & Machinery, Equipment and other assets. The
activities of the company do not involve sale of goods.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transactions that needed to be
entered into register have been so entered.
(b) In our opinion and according to the information and explanation
given to us, in respect of transactions made in pursuance of the
contracts or arrangements entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 and exceeding the
value of Rs. 5 lakhs in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58 (A) and 58(AA) of the Companies Act, 1956
and the rules made there under would apply.
7. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. We are informed that Central Government has not prescribed
maintenance of cost records under Section 209(1) (d) of the companies
Act, 1956 for any of the activities of the company.
9. Statutory and other dues :
(a) According to the records, information & explanation given to us,
undisputed statutory dues including provident fund, investor education
protection fund, employees' state insurance, income-tax, sales tax,
wealth-tax, service-tax, custom duty, excise duty, cess and other
material statutory dues, wherever applicable, have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amount payable
in respect of aforesaid dues were outstanding as at the end of the year
for a period of more than six months from the date becoming payable.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service
Tax, Excise Duty and Cess outstanding on account of dispute.
10. The Company is not having any accumulated losses at the end of the
financial Year. The company has incurred cash losses in the said
financial year but not incurred cash losses in the financial year
immediately preceding the said financial year;
11. Based on our audit procedure and in the information & explanation
given to us we are of the opinion that the company has not defaulted in
repayment of dues to financial institutions and banks. The company has
no debenture holders.
12. In our opinion and according to the information & explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund / society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
14. In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing in shares and other
investments and timely entries have been made there in. Further the
company in its own name has held such securities.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any loan during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, the company
has not used the funds borrowed on short term basis for long-term
investment and vice versa.
18. During the year Company has not made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issue any debentures during the years, nor did
it have any outstanding debentures at the beginning of the year.
20. The Company has not raised any money through a public issue during
the year.
21. In our opinion and according to the information and explanation
given to us no fraud on or by the company has been noticed or reported
during the year that caused the financial statement to be materially
misstated.
For K. U. KOTHARI & CO.
Chartered Accountant
Prakash Chechani
(Partner)
Place : Mumbai
Dated : 3rd May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of NETLINK SOLUTIONS (INDIA)
LIMITED (formerly Known as VGR Construction Ltd.) as at 31st March
2010, the annexed Profit & Loss Account for the year ended on that date
and the Cash Flow Statement for the year ended on that date, which we
have signed under reference to this Report. These financial statements
are the responsibility of the Companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan & perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit 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 the 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.
As required by the Companies (Auditors Report) Order, 2003, issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the annexure a statement
on the matters specified in paragraph 4 & 5 of the said Order, to the
extent applicable.
Further to our comments in the Annexure referred to above, we report
that;
a) We have obtained all the information and explanation, which to the
best of our knowledge and the 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, Profit & 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 & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956, to the extent applicable.
e) On the basis of written representations received from the directors
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on 31s1 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 accounts read together with the
Notes thereon gives the information required by the Companies Act, 1956
in the manner, so required and give a true & fair view in conformity
with the accounting principles generally accepted in India:
I. In the case of Balance Sheet, of the state of the affairs of the
Company as at 31st March 2010;
II. In the case of Profit & Loss Account, of the Profit for the year
ended on that date; and
III. In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date;
Annexure referred to the Auditors Report to the Shareholders of
NETLINK SOLUTIONS (INDIA) LIMITED on the accounts for the year ended
31st March, 2010.
1. In respect of its Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) The fixed assets were physically verified by the management during
the year in accordance with a program of verification, which in our
opinion provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
(c) The company has not disposed off substantial parts of fixed assets
during the year.
2. (a) The physical verification of the inventory has been conducted
at reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable & adequate in relation to the size of the
company & the nature of its business.
(c) The company is maintaining proper records of inventory & no
material discrepancies were noticed on physical verification.
3. The company has neither granted nor taken any loans, secured or
unsecured, to or from the companies, firms or other parties covered in
the register maintained under section 301 the Companies Act, 1956:-
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of Computer Hardware and Software,
Consumables, Plant & Machinery, Equipment and other assets. The
activities of the company do not involve sale of goods.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956.
(a) To the best of our knowledge and belief and according to the
information and explanation given to us, transactions that needed to be
entered into register have been so entered.
(b) In our opinion and according to the information and explanation
given to us, in respect of transactions made in pursuance of the
contracts or arrangements entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956 and exceeding the
value of Rs. 5 lakhs in respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. The Company has not accepted any deposits from the public to which
the provisions of Section 58 (A) and 58(AA) of the Companies Act, 1956
and the rules made there under would apply.
7. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
8. We are informed that Central Government has not prescribed
maintenance of cost records under Section 209(1)
(d) of the companies Act, 1956 for any of the activities of the
company.
9. Statutory and other dues :
(a) According to the records, information & explanation given to us,
undisputed statutory dues including provident fund, investor education
protection fund, employees state insurance, income-tax, sales tax,
wealth- tax, service-tax, custom duty, excise duty, cess and other
material statutory dues, wherever applicable, have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amount payable
in respect of aforesaid dues were outstanding as at the end of the year
for a period of more than six months from the date becoming payable.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service
Tax, Excise Duty and Cess outstanding on account of dispute.
10. The Company is not having any accumulated losses at the end of the
financial Year. The company has incurred cash losses in the said
financial year but not incurred cash losses in the financial year
immediately preceding the said financial year;
11. Based on our audit procedure and in the information & explanation
given to us we are of the opinion that the company has not defaulted in
repayment of dues to financial institutions and banks. The company has
no debenture holders.
12. In our opinion and according to the information & explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund /society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14. In our opinion, the company has maintained proper records of the
transactions and contracts relating to dealing in shares and other
investments and timely entries have been made there in. Further the
company in its own name has held such securities-.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any loan during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the Company, the company
has not used the funds borrowed on short term basis for long-term
investment and vice versa.
18. During the year Company has not made any preferential allotment of
shares to parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956.
19. The Company has not issue any debentures during the years, nor did
it have any outstanding debentures at the beginning of the year.
20. The Company has not raised any money through a public issue during
the year.
21. In our opinion and according to the information and explanation
given to us no fraud on or by the company has been noticed or reported
during the year that caused the financial statement to be materially
misstated.
For K. U. KOTHARI & CO.
Chartered Accountant
Place : Mumbai Prakash Chechani
Dated : 17.05.2010 (Partner)
Mar 31, 2003
We have audited the attached Balance Sheet of Netlink Solutions (India)
Limited as at 31 st March, 2003, the annexed Profit and Loss Account
for the year ended on that date and the Cash Flow Statement for the
year ended on that date, which we have signed under reference to this
report. These financial statements are the responsibility of the
Companys manage- ment. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. 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 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 of our opinion.
1. As required by the Manufacturing and Other Companies (Auditors
Report) Order, 1988, issued by the Company Law Board in terms of
Section 227(4A) of the Companies Act, 1956, and on the basis of such
check as we considered appropriate and according to the information and
explanation given to us, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2. Further to our comments in the Annexure referred to in paragraph 1
above :
a. We have obtain 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 the
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 account.
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report have been prepared in
compliance with the applicable Accounting Standards referred to in
Section 211(3C) of the Companies Act, 1956.
e. On the basis of our review of the written representations received
from the Directors and taken on record by Board of Directors, we report
that, none of the Directors of the company is disqualified as on 31st
March. 2003 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 accounts read with the notes
thereon give the information required by the Companies Act, 1956 in the
manne- 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, 2003;
ii) in the case of the Profit and Loss Account of the profit for the
year ended on that date, and
iii) in the case of the Cash Flow statement of the cash Flows for the
year ended on that date.
Annexure to the Auditors Report
(Referred to in paragraph (2) of our report to the shareholders of
Netlink Solutions (India) Limited on the accounts for the year ended
31st March, 2003.)
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of the fixed assets. We
are informed that the fixed assets have been verified by the management
during the year. In our opinion the frequency of verification is
reasonable. No material discrepancies were noticed on such
verification.
2. None of the Fixed Assets have been revalued during the year.
3. The company does not have any stock in trade, hence clauses (iii),
(iv), (v) & (vi) of para 4A of the said order are not applicable.
4. The Company has not taken any loan, secured or unsecured, from the
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956 and from the companies
under the same management within the meaning of Section 370(1 B) of the
Companies Act, 1956.
5. The Company has not granted any loan, secured or unsecured, to the
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956 and to the companies under
the same management within the meaning of Section 370(1B) of the
Companies Act, 1956.
6. The Company has not given any loan or advances in the nature of
loan during the year.
7. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of computer hardware and software,
Consumables, Plant and machinery, equipment and other assets. The
activities of the company do not involve sale of goods.
8. The company has not made any purchase or sale of more than Rs.
50,000/- in pursuance of a contracts or arrangements entered in the
register maintained under Section 301 of the Companies Act.
9. The Company does not generate any unserviceable or damaged stores,
raw material or finished goods.
10. The Company has not accepted any deposits to which the provisions
of Section 58A of the Companies Act, 1956 and the rules made thereunder
would apply.
11. The company is not required to maintain the records for the sale &
disposal of by products & scraps since the same is not generated during
the year
12. In our opinion, the internal audit system of the company
commensurates with the size and nature of its business.
13. We are informed that Central Government has not prescribed
maintenance of cost records under Section 209(1 )(d) of the Companies
Act, 1956 for the company.
14. The company is not liable to contribute towards Provident Fund &
State insurance as the Provisions of the said Act is not applicable to
the company.
15. According to the information & explanation given to us there were
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, custom duty & Excise duty, which were outstanding as at the
last date of the financial year for a period of more than six months
from the date they become payable.
16. No personal expenses have been charged to the revenue account of
the company.
17. The company is not a sick industrial company within the meaning of
clause (o) of sub section (1) of section 3 of the Sick Industrial
Companies (Special Provision) Act, 1985.
In respect of service activities, the company, commensurate with the
size and the nature of its business, has a reasonable system of :
18. Allocating man - hours utilized to each project; and
19. Authorization and Control over the allocation of labour Costs to
each project.
For MAHADEV DESAI ASSOCIATES
Chartered Accountants
MAHADEV T. DESAI
Proprietor
Mumbai
Dated : 30th June, 2003