Mar 31, 2017
Report on the Standalone Indian Accounting Standards (âInd ASâ)Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Polaris Consulting & Services Limited (âthe Companyâ), which comprise the Balance Sheet as at 31 March 2017, the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information (herein after referred to asâstandalone Ind AS financial statementsâ).
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Ind AS prescribed under Section 133 of the Act read with relevant rules issued thereunder.
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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone Ind AS 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.
We conducted our audit of the standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the Auditorsâ judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS 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 standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 including the Ind AS, of the financial position of the Company as at 31 March 2017, and its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Other matters
The comparative financial information of the Company for the year ended 31 March 2016 and the transition date opening balance sheet as at 1 April 2015 included in these standalone Ind AS financial statements, are based on the previously issued statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report for the year ended 31 March 2016 and 31 March 2015 dated 12May 2016 and 30 April 2015 respectively expressed an unmodified opinion on those standalone financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditorsâ Report) Order, 2016 (âthe Orderâ), issued by the Central Government of India in terms of section 143(11) of the Act, we enclose in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the said Order.
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, the Statement of Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) in our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act read with relevant rules made thereunder.
e) on the basis of the written representations received from the directors as on 31 March 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2017 from being appointed as a director in terms of Section 164(2) of the Act.
f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
g) with respect to the other matters to be included in the auditorâs 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 has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements - Refer Note 32to the standalone Ind AS financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts. The Company did not have any long-term derivative contracts as at the year-end;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and
iv. the Company did not have any holdings or dealings in Specified Bank notes during the period from 8 November 2016 to 30 December 2016. Refer note 11C of the standalone Ind AS financial statements.
Annexure - A to the Independent Auditorsâ Report
The Annexure referred to in Independent Auditorsâ Report to the members of the Company on the standalone Ind AS financial statements of Polaris Consulting & Services Limited for the year ended 31 March 2017. We report that:
(i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased manner over a period of three years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us, and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) The Company is a service company, primarily rendering software services. Accordingly, as at 31 March 2017, it does not hold any physical inventories. Thus, paragraph 3(ii) of the Order is not applicable to the Company.
(iii) In our opinion and according to the information and explanation given to us, the Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly, paragraph 3(iii) of the said Order is not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 186 of the Act with respect to the investments made. The Company has not granted any loans or provided any guarantee or security to the parties covered under Section 185 and 186 of the Act. Accordingly, to that extent paragraph 3(iv) of the Order is not applicable.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act for any of the services rendered by the Company.
(vii) a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, employeesâ state insurance, income tax, sales tax, value added tax, service tax, duty of customs, cess and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of duty of excise.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employeesâ state insurance, income tax, sales tax, value added tax, service tax, duty of customs, cess and other material statutory dues were in arrears as at 31 March 2017 for a period of more than six months from the date they become payable.
b) According to the information and explanations given to us, there are no dues of income tax, sales tax, value added tax, service tax and duty of customs which have not been deposited with the appropriate authorities on account of any disputes other than the following dues:
Name of the statute |
Nature of dues |
Amount disputed (INR in Lakhs)2 |
Period to which the amount relates (Assessment year) |
Forum where dispute is pending |
Income tax Act, 1961 |
Income tax |
5,806.86 |
2001-10 |
High court |
Income tax Act, 1961 |
Income tax |
5,714.33 |
2005-12 |
Appellate Tribunal |
Income tax Act, 1961 |
Income tax |
4,918.81 |
2010-14 |
Commissioner of Income Tax |
Tamil Nadu General Sales Act , 1959 |
Sales tax |
207.97 |
2004-05 |
Madras High Court |
Central Sales Tax Act, 1956 |
Central Sales tax3 |
42.40 |
2006-08 |
Andhra High Court |
The Finance Act, 1994 |
Service tax** |
79.95 |
2006-13 |
CESTAT |
The Finance Act, 1994 |
Service tax** |
100.55 |
2004-06 |
Madras High Court |
*Does not include interest and penalty.
**The Company has also deposited a sum of INR 46.54 lakhs under protest.
(viii) The Company does not have any loans or borrowings from any financial institution, banks, government or debenture holders during the year. Accordingly, paragraph 3(viii) of the Order is not applicable.
(ix) According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, reporting under paragraph 3 (ix) of the Order is not applicable.
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals as per provisions of Section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the standalone Ind AS financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly paragraph 3 (xiv) of the Order is not applicable.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) According to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
for B S R & Co. LLP
Chartered Accountants
ICAI Firm registration number: 101248W/W-100022
S Sethuraman
Partner
Membership Number: 203491
Place: Chennai
Date: 15 May 2017
Mar 31, 2016
We have audited the accompanying financial statements of Polaris
Consulting & Services Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2016, the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with accounting 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 includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of 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 the design, implementation and
maintenance of adequate internal financial control that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
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. We conducted our
audit in accordance with the Standards on Auditing, issued by the
Institute of Chartered Accountants of India, as 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 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 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. 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 on the financial statements
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 of the state of affairs of the Company as at March 31, 2016, its
profit and its cash flows for the year ended on that date
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s report) Order, 2016 ("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 1 a
statement on the matters specified in paragraphs 3 and 4 of the Order.
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
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 it 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 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 written representations received from the directors
as on March 31, 2016, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2016, from being
appointed as a director in terms of section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls
over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate Report in "Annexure 2" to this
report.
(g) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 20 to the
financial statements
II. The Company did not have any long-term contracts
including derivative contracts for which there were any material
foreseeable losses;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure 1 referred to in paragraph 1 under the heading "Report on
other legal and regulatory requirements" of our report of even date
Re: Polaris Consulting & Services Limited (''the Company'')
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(i) (b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
(i) (c) Based on our audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and
according to information and explanations given by the management, the
title deeds of immovable properties are held in the name of the
Company.
(ii) (a) The Company''s business does not involve inventories and,
accordingly, the requirements under paragraph 4(ii) of the Order are
not applicable to the Company.
(iii) (a) According to the information and explanations given to us,
the Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. Accordingly, the
provisions of clause 3(iii)(a), (b) and (c) of the Order are not
applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations
given to us, provisions of Section 186 of the Companies Act, 2013 in
respect of investments made have been complied with by the Company and
provisions with respect to section 185 of the Companies Act, 2013 does
not apply to such investments made by the Company. The Company did not
have any loans, guarantees and securities granted in respect of which
provisions of section 185 and 186 of the Companies Act 2013 are
applicable and hence not commented upon
(v) The Company has not accepted any deposits from the public.
(vi) To the best of our knowledge and as explained, the Central
Government has not specified the maintenance of cost records under
clause 148(1) of the Companies Act, 2013, for the services of the
Company.
(vii) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees'' state insurance, income-tax, wealth-tax, service tax,
customs duty, value added tax, cess and other material statutory dues
applicable to it. The provisions relating to sales-tax and excise duty
are not applicable to the Company.
(vii) (b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income-tax,
service tax, sales-tax, value added tax, cess and other material
statutory dues were outstanding, at the year end, for a period of more
than six months from the date they became payable.
(vii) (c) According to the records of the Company, the dues outstanding
of income-tax, value added tax on account of any dispute, are as
follows:
Name of the Nature of
dues Amount Period to which Forum where the
statute demanded the amount
relates dispute is
pending
(Rs.in
Lakhs)* (Assesment
years)
Income Tax
Act, Income
tax 5,806.86 2001-10 High Court
1961
Income Tax
Act, Income
tax 5,714.33 2005-12 Appellate
tribunal
1961
Income Tax
Act, Income
tax 136.47 2010-11 Commissioner
of Income tax
appeals
1961
Tamil Nadu
General Sales tax 519.93 2004-05 High court
Sales tax
Act, 1959
Central
Sales Tax Central
sales tax** 42.40 2006-08 High court
Act, 1956
*Does not include interest
**The Company has also deposited a sum of Rs. 21.20 Lakhs under protest
(viii) Based on our audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and
according to the information and explanations given by the management,
the Company did not have any outstanding dues with financial
institution or banks or government during the year.
(ix) Based on our audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and
according to the information and explanations given by the management,
the Company has not raised any money way of initial public offer /
further public offer / debt instruments and term loans hence, reporting
under clause (ix) is not applicable to the Company and hence not
commented upon.
(x) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and
according to the information and explanations given by the management,
we report that no fraud on or by the officers and employees of the
Company has been noticed or reported during the year.
(xi) Based on our audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and
according to the information and explanations given by the management,
we report that the managerial remuneration has been paid / provided in
accordance with the requisite approvals mandated by the provisions of
section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our opinion, the Company is not a nidhi company. Therefore,
the provisions of clause 3(xii) of the order are not applicable to the
Company and hence not commented upon.
(xiii) Based on our audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and
according to the information and explanations given by the management,
transactions with the related parties are in compliance with section
177 and 188 of Companies Act, 2013 where applicable and the details
have been disclosed in the notes to the financial statements, as
required by the applicable accounting standards
(xiv) According to the information and explanations given to us and on
an overall examination of the balance sheet, the company has not made
any preferential allotment or private placement of shares or fully or
partly convertible debentures during the year under review and hence
not commented upon
(xv) Based on our audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and
according to the information and explanations given by the management,
the Company has not entered into any non-cash transactions with
directors or persons connected with him, as prescribed under Section
192 of the Companies Act, 2013
(xvi) According to the information and explanations given to us, the
provisions of section 45-1A of the Reserve Bank of India Act, 1934 are
not applicable to the Company.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Bharath N S
Place of Signature: Chennai Partner
Date: May 12, 2016 Membership Number: 210934
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of Polaris
Consulting & Services Limited (Formerly known as "Polaris Financial
Technology Limited") ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with accounting 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 of 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 the design, implementation and
maintenance of adequate internal financial control that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
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 there under. We conducted our
audit in accordance with the Standards on Auditing, issued by the
Institute of Chartered Accountants of India, as 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 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 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 effectiveness of such
controls. An audit also includes evaluating the appropriateness of
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
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 of the state of affairs of the Company as at March 31, 2015, its
profit, and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s report) Order, 2015 ("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 1 a
statement on the matters specified in paragraphs 3 and 4 of the Order.
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
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 it 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 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 written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164 (2) of the Act;
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 22 to the
financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There has been no delay in transferring amounts to the Investor
Education and Protection Fund by the Company.
Annexure referred to under paragraph 1 of the Report on Other Legal and
Regulatory Requirements of the Auditors'' Report
Re: Polaris Consulting & Services Limited (''the Company'')
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
(ii) The Company''s business does not involve inventories and,
accordingly, the requirements under paragraph 4(ii) of the Order are
not applicable to the Company.
(iii) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013. Accordingly, the provisions of clause
3(iii)(a) and (b) of the Order are not applicable to the Company and
hence not commented upon.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for rendering of services. The activities
of the Company do not involve purchase of inventory and the sale of
goods. During the course of our audit, we have not observed any major
weakness or continuing failure to correct any major weakness in the
internal control system of the Company in respect of these areas.
(v) The Company has not accepted any deposits from the public.
(vi) To the best of our knowledge and as explained, the Company is not
in the business of sale of any goods. Therefore, in our opinion, the
provisions of clause 3(vi) of the Order are not applicable to the
Company.
(vii) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees'' state insurance, income-tax, wealth-tax, service tax,
customs duty, value added tax, cess and other material statutory dues
applicable to it. The provisions relating to sales-tax and excise duty
are not applicable to the Company.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employees''
state insurance, income-tax, wealth-tax, service tax, customs duty,
value added tax, cess and other material statutory dues were
outstanding, at the year end, for a period of more than six months from
the date they became payable.
(c) According to the records of the Company, no dues of value added
tax, wealth tax, custom duty are outstanding on account of any dispute.
Dues outstanding of income-tax, sales-tax, service tax and cess on
account of any dispute, are as follows:
Period to
Amount which the Forum where
Name of the Nature of (Rs.in amount dispute is pending
statute dues Lakhs)* relates
Income Tax Income tax 5,976.46 2001-09 High Court
Act, 1961
Income Tax Income tax 612.86 2002-05 Appellate Tribunal
Act, 1961
Commissioner of
Income Tax Income tax 136.47 2009-10 Income tax appeals
Act, 1961
Tamil Nadu Sales tax 519.93 2004-05 High Court
General
Sales tax
Act, 1959
Central Sales Central sales 64.78 2008-10 Appellate
Tax Act,1956 tax** Commissioner
Central Sales Central sales
Tax Act,1956 tax*** 42.40 2006-08 High Court
Finance Act, Service tax**** 201.10 2004-06 CESTAT
1994
*Does not include interest.
**The Company has also deposited a sum of Rs. 6.71 Lakhs under protest.
***The Company has also deposited a sum of Rs. 21.20 Lakhs under
protest.
****The Company has also deposited a sum of Rs.68.28 Lakhs under
protest.
(d) According to the information and explanations given to us, the
amount required to be transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act,
1956 (1 of 1956) and rules made thereunder has been transferred to such
fund within time.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year.
(ix) Based on our audit procedures and as per the information and
explanations given by the management, the Company did not have any
outstanding dues in respect of a financial institution or bank during
the year.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W
per Bharath N S
Partner
Membership No. 210934
Chennai
April 30, 2015
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of Polaris
Financial Technology Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
accounting principles generally accepted in India, including the
Accounting Standards notified under the Companies Act, 1956, read with
General Circular 8/2014 dated 4th April 2014 issued by the Ministry of
Corporate Affairs. 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 but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. 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 Companies Act,1956 ("the Act") in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 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 and proper returns adequate for the purposes of our audit have
been received from branches not visited by us.
(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account and with the returns received from branches not visited by us.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards notified
under the Companies Act, 1956, read with General Circular 8/2014 dated
4th April 2014 issued by the Ministry of Corporate Affairs;
(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 March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure referred to in our report of even date
Re: Polaris Financial Technology Limited (''the Company'')
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) All fixed assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) There was no substantial disposal of fixed assets during the year.
ii) The Company''s business does not involve inventories and,
accordingly, the requirements under paragraph 4(ii) of the Order are
not applicable to the Company.
iii) a) The Company has granted loan to a Company covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs 100.00 Lakhs and the
year-end balance of loans granted to such parties was nil.
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
c) In respect of loans granted, repayment of the principal amount as
stipulated and payment of interest has been regular.
d) There is no overdue amount of loans granted to companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956.
e) According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly the provisions of clause
4(iii) (e) to (g) of the Order are not applicable to Company and hence
not commented upon.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for rendering of services. During the
course of our audit, we have not observed any major weakness or
continuing failure to correct any major weakness in the internal
control system of the Company in respect of these areas. The activities
of the Company do not include purchase of inventory and sale of goods.
v) a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Companies Act, 1956 that
need to be entered into the register maintained under section 301 have
been so entered.
b) In our opinion and according to the information and explanations
given to us and the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees five Lakhs have entered
into during the financial year, at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
vi) The Company has not accepted any deposits from the public.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
ix) a) Undisputed statutory dues including provident fund, investor
education and protection fund, employees'' state insurance, income-tax,
sales-tax, wealth-tax, service tax, cess and other material statutory
dues have generally been regularly deposited with the appropriate
authorities though there has been a slight delay in few cases of
Provident fund & Employee State insurance. The provisions relating to
excise duty and customs duty are not applicable to the Company.
b) According to the information and explanations given to us, there are
no undisputed dues in respect of provident fund, investor education and
protection fund, employees'' state insurance, income-tax, wealth-tax,
service tax, sales-tax, cess and other statutory dues which were
outstanding, at the year end for a period of more than six months from
the date they became payable.
c) According to the records of the Company, no dues outstanding of
provident fund, wealth tax and cess on account of any dispute. Dues
outstanding of income-tax, sales-tax, service tax and cess on account
of any dispute, are as follows:
Amount
Nature of
Name of the statute (Rs in
dues Lakhs)*
Income Tax Act, 1961 Income tax 3,154.36
Income Tax Act, 1961 Income tax 413.45
Income Tax Act, 1961 Income tax 641.95
Income Tax Act,1961 Income Tax 3021.51
Income Tax Act,1961 Income Tax 136.47
Tamil Nadu General Sales tax 519.93
Sales Tax Act, 1959
Central Sales Tax Act, Central sales 55.62
1956 tax***
Central Sales Tax Act, Central sales 42.40
1956 tax***
Central Sales Tax Act, Central sales 9.16
1956 tax
Finance Act, 1994 Service tax** 201.10
Period to
Name of the statute which the Forum where dispute
is
amount pending
relates
Income Tax Act, 1961 2001-06 High Court
Income Tax Act, 1961 2007-08 High Court
Income Tax Act, 1961 2006-07 Assessing Officer
Income Tax Act,1961 2008-09 High Court
Income Tax Act,1961 2009-10 Commissioner of Income
Tax Appeals
Tamil Nadu General 2004-05 High Court
Sales Tax Act, 1959
Central Sales Tax Act, 2008-09 Appellate Commissioner
1956
Central Sales Tax Act, 2006-08 High Court
1956
Central Sales Tax Act, 2009-10 Appellate Commissioner
1956
Finance Act, 1994 2004-05 CESTAT
*Does not include interest
**The Company has also deposited a sum of Rs 68.28 Lakhs under protest.
*** The Company has also deposited a sum of Rs.26.76 Lakhs under
protest.
x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a bank. The Company
has no dues in respect of a financial institution and has not issued
any debentures during the year.
xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii), are not applicable to the Company.
xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv), are not applicable to the Company.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi) The Company did not have any term loans outstanding during the
year.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix) The Company did not have any outstanding debentures during the
year.
xx) During the year, the Company has not raised any money by way of
public issue and accordingly the provisions of clause 4(xx) of the
Order are not applicable to the Company
xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
Firm Registration Number: 101049W
per Subramanian Suresh
Partner
Membership No.: 083673
Place: Chennai
Date: April 30, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Polaris
Financial Technology Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
accounting principles generally accepted in India, including 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.
Basis for Qualified Opinion
Attention is drawn to Note 12(III) (c) to the financial statements
regarding investments and advances aggregating Rs. 90.30 Crores in Iden
Trust Inc a subsidiary of the Company. Pursuant to an order received
from the Committee of Foreign Investment in the United States, the
Board of directors have decided to sell its investment and is in the
process of finalizing a prospective buyer and completing the
transaction. Pending disposal of the investment and in the absence of
the estimated realizable value, we are unable to comment on carrying
value of such investments and advances in the books of the Company and
the consequential adjustments thereof that maybe required to the
accompanying financial statements.
Qualified opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the possible effects of the matter
described in the Basis for Qualified Opinion paragraph, the financial
statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date;
and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 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) Except for the matter described in the Basis for Qualified Opinion
paragraph, in our opinion, the Balance Sheet, Statement of Profit and
Loss, and Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956;
(e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure referred to in our report of even date
Re: Polaris Financial Technology Limited (''the Company'')
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) All fixed assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) There was no substantial disposal of fixed assets during the year.
ii) The Company''s business does not involve inventories and,
accordingly, the requirements under paragraph 4(ii) of the Order are
not applicable to the Company.
iii) a) The Company has granted loan to a Company covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs 75 Lakhs and the
year-end balance of loans granted to such party was nil.
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
c) In respect of loans granted, repayment of the principal amount and
interest is as stipulated.
d) There is no overdue amount of loans granted to companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956.
e) According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly the provisions of clause
4(iii) (e) to (g) of the Order are not applicable to Company and hence
not commented upon.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for rendering of services. During the
course of our audit, we have not observed any major weakness or
continuing failure to correct any major weakness in the internal
control system of the Company in respect of these areas. The activities
of the Company do not include purchase of inventory and sale of goods.
v) a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Companies Act, 1956 that
need to be entered into the register maintained under section 301 have
been so entered.
b) In our opinion and according to the information and explanations
given to us and after considering the unique and specialised nature of
the items involved, the transactions made in pursuance of such
contracts or arrangements and exceeding the value of Rupees five Lakhs
have entered into during the financial year, at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
vi) The Company has not accepted any deposits from the public.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
ix) a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insurance,
income-tax, sales-tax, wealth-tax, service tax, cess and other material
statutory dues applicable to it. The provisions relating to excise duty
and customs duty are not applicable to the Company.
b) According to the information and explanations given to us, there are
no undisputed dues in respect of provident fund, investor education and
protection fund, employees'' state insurance, income-tax, wealth-tax,
service tax, sales-tax, cess and other statutory dues which were
outstanding, at the year end for a period of more than six months from
the date they became payable.
c) According to the records of the Company, there are no dues
outstanding of provident fund, wealth tax and cess on account of any
dispute. Dues outstanding of income-tax, sales-tax, service tax and
cess on account of any dispute, are as follows:
x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a bank. The Company
has no dues in respect of a financial institution and has not issued
any debentures during the year.
xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xiii) 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 Order, are not applicable to the Company.
xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order, are not applicable to the
Company.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi) The Company did not have any term loans outstanding during the
year.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix) The Company did not have any outstanding debentures during the
year.
xx) During the year, the Company has not raised any money by way of
public issue and accordingly the provisions of clause 4(xx) of the
Order are not applicable to the Company
xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
Firm Registration Number: 101049W
per Subramanian Suresh
Partner
Membership No.: 083673
Place: Chennai
Date: April 27, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Polaris Financial
Technology Limited ('the Company') as at March 31, 2012 and also the
Statement of profit and loss and the cash flow statement for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
Incorporated in these financial statements is the return of the
Business Process Outsourcing division, of a subsidiary, which was
demerged into the Company with effect from October 1, 2011 and has been
audited by a branch auditor.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (as
amended) 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.
4. Further to our comments in the Annexure referred to above, we
report that:
i. 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;
ii. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books and proper returns adequate for the purpose of our audit
have been received from the branch not visited by us. The Branch
Auditor's Reports have been forwarded to us and appropriately dealt
with;
iii. 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;
iv. In our opinion, the balance sheet, statement of profit and loss
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;
v. On the basis of the written representations received from the
directors, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956; and
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of the balance sheet, of the state of affairs of the
Company as at March 31, 2012;
b) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure referred to in paragraph [3] of our report of even date
Re: Polaris Financial Technology Limited ('the Company')
i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
ii) Due to the nature of business, the Company has no inventories and
accordingly the provisions of Clause 4(ii) of the Companies (Auditor's
Report) Order 2003 (as amended) are not applicable to the Company.
iii) (a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly the provisions of clause
4(iii)(a) to (d) of the Companies (Auditor's Report) Order 2003 (as
amended) are not applicable to Company and hence not commented upon.
(b) According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956. Accordingly the provisions of clause
4(iii)(e) to (g) of the Companies (Auditor's Report) Order 2003 (as
amended) are not applicable to Company and hence not commented upon.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for rendering of services. During the
course of our audit, we have not observed any major weakness or
continuing failure to correct any major weakness in the internal
control system of the Company in respect of these areas. The activities
of the Company do not include purchase of inventory and sale of goods.
v) (a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Companies Act, 1956 that
need to be entered into the register maintained under section 301 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees five Lacs have entered
into during the financial year, at prices which are reasonable having
regard to the prevailing market prices at the relevant time after
considering the unique and specialized nature of the items involved.
vi) The Company has not accepted any deposits from the public.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees' state insurance,
income-tax, sales-tax, wealth-tax, service tax, cess and other material
statutory dues applicable to it. The provisions relating to excise duty
and customs duty are not applicable to the Company.
(b) According to the information and explanations given to us, there
are no undisputed dues in respect of provident fund, investor education
and protection fund, employees' state insurance, income-tax,
wealth-tax, service tax, sales-tax, cess and other statutory dues which
were outstanding, at the year end for a period of more than six months
from the date they became payable.
(c) According to the records of the Company, there are no dues
outstanding of wealth tax and cess on account of any dispute. Dues
outstanding of income-tax, sales-tax, service tax and cess on account
of any dispute, are as follows:
Amount Period to
which Forum where
Name of the
statute Nature of dues (Rs in the amount dispute is
pending
Lacs)* relates
Income Tax
Act 1961 Income tax 3,201.92 2000-03,
05-07 High Court
Income Tax
Act 1961 Income tax 594.38 2003-05 Income Tax
Appellate Tribunal
Income Tax
Act 1961 Income tax 6,694.03 2007-08 Dispute resolution
panel (DRP)
Tamil Nadu
General Sales Sales tax 520.00 2004-05 High Court
tax Act 1959
Central Sales
Tax Act 1956 Central sales
tax 55.62 2008-09 Appellate
Commissioner
Central Sales
Tax Act 1956 Central sales tax 42.40 2006-08 High Court
Finance Act
1944 Service tax** 132.82 2004-05 CESTAT
*Does not include interest and penalties.
**The Company has also deposited a sum of Rs 68.28 Lacs under protest.
x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a bank. The Company
has no dues in respect of a financial institution and has not issued
any debentures during the year.
xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xiii) 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 (as amended)
are not applicable to the Company.
xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 (as amended) are not applicable to the Company.
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi) The Company did not have any term loans outstanding during the
year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix) The Company did not have any outstanding debentures during the
year.
xx) During the year, the Company has not raised any money by way of
public issue and accordingly the provisions of clause 4(xx) of the
Companies (Auditors' report) Order (as amended) are not applicable to
the Company.
xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For S.R. BATLIBOI & ASSOCIATES
Chartered Accountants
Firm registration number: 101049W
per Subramanian Suresh
Partner
Membership No.: 083673
Place: Chennai
Date: October 12, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Polaris Software Lab
Limited (the Company) as at March 31, 2011 and also the Profit and
Loss account and the cash flow statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (as
amended) 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.
4. Further to our comments in the Annexure referred to above, we
report that:
i. 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;
ii. 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;
iii. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
iv. 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 sub-section (3C) of section 211 of the
Companies Act, 1956;
v. On the basis of the written representations received from the
directors, as on March 31, 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of the balance sheet, of the state of affairs of the
Company as at March 31, 2011;
b) in the case of the profit and loss account, of the profit for the
year ended on that date; and
c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure referred to in paragraph 3 of our report of even date
Re: Polaris Software Lab Limited (the Company)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) Due to the nature of business, the Company has no inventories and
accordingly the provisions of Clause 4(ii) of the Companies (Auditors
Report) Order 2003 (as amended) are not applicable to the Company.
(iii) (a) The Company has granted loan to one company covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs.160.50 Lacs and the
year- end balance of loans granted to such parties was Rs.160.50 Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
(c) In respect of loans granted, repayment of the principal amount is
as stipulated and payment of interest have been regular.
(d) There is no overdue amount of loans granted to companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956.
(e) As informed, the Company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. During the
course of our audit, no major weakness has been noticed in the internal
control system in respect of these areas. During the course of our
audit, we have not observed any continuing failure to correct major
weakness in internal control system of the company. The activities of
the Company do not include purchase and sale of goods.
(v) (a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act that need to be
entered into the register maintained under section 301 have been so
entered.
(b) In respect of transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees five lakhs entered into during
the financial year, at prices which are reasonable having regard to the
prevailing market prices at the relevant time after considering the
unique and specialized nature of the items involved.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
(ix) (a) Undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Cess and other material statutory dues have generally been
regularly deposited with the appropriate authorities though there has
been a slight delay in a few cases in deposit of provident fund and
employees state insurance dues. The provisions relating to excise duty
and customs duty are not applicable to the Company.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441 A of the Companies Act, 1956,
we are not in a position to comment upon the regularity or otherwise of
the company in depositing the same.
(b) According to the information and explanations given to us, there
are no undisputed dues in respect of Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Wealth
Tax, Service Tax, Sales Tax, Cess and other material statutory dues
which were outstanding, at the year end for a period of more than six
months from the date they became payable.
(c) According to the records of the Company, there are no dues
outstanding of wealth tax and Cess on account of any dispute. Dues
outstanding of income-tax, sales-tax, service tax and Cess on account
of any dispute, are as follows:
Name of the statute Nature of Amount Period to which
dues (RS. the amount
in Lacs) relates
Income Income Tax Act 1961 Income Tax 118.21 2000-01
Income Income Tax Act 1961 Income Tax 507.49 2001-02
Income Income Tax Act 1961 Income Tax 864.44 2003-04
Income Income Tax Act 1961 Income Tax 97.25 2004-05
Tamil Nadu General Sales Tax 520.00 2004-05
Sales tax Act, 1959
Central Sales Tax Act, Central 55.62 2008-09
1956 sales tax
Central Sales Tax Act, Central 12.55 2006-07
1956 sales tax
Central Sales Tax Act, Central 29.85 2007-08
1956 sales tax
Service Finance Act, 1994 Service tax* 132.82 2004-05
Name of the statute Forum where dispute is pending
Income Tax Act 1961 High Court
Income Tax Act 1961 High Court
Income Tax Act 1961 Income Tax Appellate Tribunal
Income Tax Act 1961 Income Tax Appellate Tribunal
Tamil Nadu General High Court
Sales tax Act, 1959
Central Sales Tax Act, Appellate Commissioner
1956
Central Sales Tax Act, High Court
1956
Central Sales Tax Act, High Court
1956
Finance Act, 1994 CESTAT
* The Company has also deposited a sum of Rs.68.28 Lacs under protest.
(x) The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a bank. The Company
has no dues in respect of a financial institution and has not issued
any debenture during the year.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) 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 (as amended)
are not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The Company did not have any term loans outstanding during the
year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) During the year, the Company has not raised any money by way of
public issue and accordingly the provisions of clause 4(xx) of the
Companies (Auditors report) Order, 2003 (as amended) are not
applicable to the Company.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For S.R. BATLIBOI & ASSOCIATES
Firm registration number: 101049W
Chartered Accountants
per S Balasubrahmanyam
Partner
Membership No.: 053315
Place: Chennai
Date : April 28, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Polaris Software Lab
Limited (Ãthe CompanyÃ) as at March 31, 2010 and also the Profit and
Loss account and the cash flow statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the CompanyÃs management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (AuditorÃs Report) Order, 2003 (as
amended) 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.
4. Further to our comments in the Annexure referred to above, we
report that:
i. 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;
ii. 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;
iii. The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account ;
iv. 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 sub- section (3C) of section 211 of the
Companies Act, 1956;
v. On the basis of the written representations received from the
directors, as on March 31, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the balance sheet, of the state of affairs of the
Company as at March 31, 2010;
b) in the case of the profit and loss account, of the profit for the
year ended on that date and
c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure referred to in paragraph 3 of our report of even date Re:
Polaris Software Lab Limited (Ãthe CompanyÃ)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) Due to the nature of business, the Company has no inventories and
accordingly the provisions of clause 4(ii) of the Companies (AuditorÃs
Report) Order, 2003 (as amended) are not applicable to the Company.
(iii) (a) The Company has granted loans to five companies covered in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs.2,363.90 Lacs and
the year-end balance of loans granted to such companies was Rs.254.26
Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
(c) In respect of loans granted, repayment of the principal amount is
as stipulated and payment of interest have been regular.
(d) There is no overdue amount more than rupees one lakh of loan
granted to companies listed in the register maintained under section
301 of the Companies Act, 1956.
(e) As informed, the Company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956 and
accordingly the provisions of clause 4(iii)(f) and (g) of the Companies
(AuditorÃs Report) Order, 2003 (as amended) are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. During the
course of our audit, no major weakness has been noticed in the internal
control system in respect of these areas. The activities of the Company
do not involve purchase of inventory and the sale of goods.
(v) (a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act that need to be
entered into the register maintained under section 301 have been so
entered. (b) In our opinion and according to the information and
explanations given to us, the transactions made in pursuance of such
contracts or arrangements exceeding value of Rupees five lakhs have
been entered into during the financial year at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
(vi) The Company has not accepted any deposits from the public.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
(ix) (a) Undisputed statutory dues including provident fund, investor
education and protection fund, income-tax, sales-tax, wealth-tax,
service tax and cess and other material statutory dues applicable to it
have generally been regularly deposited with the appropriate
authorities though there are slight delays in payment of dues of
employees state insurance. The provisions relating to excise duty and
customs duty are not applicable to the Company.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441A of the Companies Act, 1956,
we are not in a position to comment upon the regularity or otherwise of
the company in depositing the same.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employeesà state insurance, income-tax,
wealth-tax, service tax, sales-tax, cess and other undisputed statutory
dues were outstanding, at the year end, for a period of more than six
months from the date they became payable.
(c) According to the records of the Company, there are no dues
outstanding of wealth- tax and cess on account of any dispute. Dues
outstanding of income-tax, sales-tax and service tax on account of any
dispute, are as follows:
Name of the Nature of Amount Period to which
statute dues (Rs. In Lacs) the amount relates
Income Tax Financial Year 2000-01,
Income Tax 118.21
Act, 1961 (Assessment Year 2001-02)
Income Tax Financial Year 2001-02,
Income Tax 507.49
Act, 1961 (Assessment Year 2002-03)
Income Tax Financial year 2003-04
Income Tax 864.44
Act, 1961 (Assessment Year 2004-05)
Income Tax Financial year 2004-05
Income Tax 97.25
Act, 1961 (Assessment Year 2005-06)
Tamil Nadu
Financial year
General Sales Sales Tax 520.00
2004-05
Tax Act, 1959
Central Sales Central Sales Financial year
12.55
tax Act, 1956 Tax 2006- 07
Central Sales Central Sales Financial year
29.85
tax Act, 1956 Tax 2007- 08
Finance Service Financial year
132.82
Act 1994 Tax* 2004-05
Name of the Statue Forum where
dispute is pending
Income Tax
Act, 1961 High Court
Income Tax
Act, 1961 High Court
Income Tax
Act, 1961 Commissioner of
Income Tax (Appeals)
Income Tax
Act, 1961 Commissioner of
Income Tax (Appeals)
Tamil Nadu
General Sales
Tax Act, 1959 High Court
Central Sales
tax Act, 1956 High Court
Central Sales
tax Act, 1956 High Court
Finance
Act 1994 Customs, excise &
service tax
appellate tribunal
*The Company has also deposited a sum of Rs.68.28 Lacs under protest
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to banks. The Company
has no dues in respect of a financial institution and has not issued
any debentures during the year.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) 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 (AuditorÃs Report) Order, 2003 (as amended)
are not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (AuditorÃs Report) Order,
2003 (as amended) are not applicable to the Company.
(xv) 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.
(xvi) The Company did not have any term loans outstanding during the
year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) During the year the Company has not raised any money by way of
public issue and accordingly the provisions of clause 4 (xx) of the
Companies (AuditorÃs Report) Order 2003 (as amended) are not applicable
to the Company.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For S.R. BATLIBOI & ASSOCIATES
Firm Registration No.: 101049W
Chartered Accountants
per S. Balasubrahmanyam
Partner
Membership No.: 053315
Chennai
April 21, 2010