Mar 31, 2015
We have audited the accompanying financial statements of Prithvi
Softech Limited, which comprise the Balance Sheet as at March 31, 2015,
and the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for Financial Statements
The Management and Board of Directors of the Company are 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
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of Companies (Accounts) Rules, 2014. This responsibility
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; design,
implementation and maintenance of adequate internal financial controls,
that are 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 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 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 Company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the man- agement, 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss Account, of the
profit of the company for the year ended on that date and
c) in the case of the Cash Flow Statement, of the cash flows of the
company 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 section143 of the Act, we give in the Annexure 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 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 Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the accounting Standards referred to in
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, taken on record by the Board of Directors, none
of the directors are disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,2014:
i. The Company does not have any pending litigations which would
impact its financial position;
ii. The company did not have any long-term contracts, including
derivative contracts and hence, the question of commenting on any
material losses thereon does not arise; iii. The company was not
required to transfer any sum to the Investor Education and Protection
Fund during the year under report.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
The Annexure referred to in paragraph 1 of our Report of even date to
the members of Prithvi Softech Limited on the accounts of the company
for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. a. The company has maintained proper records showing full
particulars including quantitative details and situa tion of fixed
assets.
b. The fixed assets have been physically verified by the management as
per a phased program of verification. In our opinion, the frequency of
such verification is reasonable having regard to the size of the
company and the na ture of its assets. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
2. a. The management, at reasonable intervals, has physically verified
the inventories during the year.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
c. The company has maintained proper records of inventory. We are
informed that no material discrepancies were noticed during physical
verification of inventory.
3. 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.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory and fixed assets and for sale of goods and
services. During the course of our audit, we have not noticed any
continu ing failure to correct any major weakness in the internal
control system.
5. The company has not accepted any deposits from public covered under
Section 73 to 76 of the Companies Act, 2013 and as such the compliances
with the directives of the Reserve Bank of India and provisions of
section 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed thereunder, are not applicable.
6. The Central Government has not prescribed maintenance of cost
records under sub-section (1) of Section 148 of the Companies Act, 2013
in respect of the activities carried on by the company.
7. (a) According to the information and explanations given to us , the
company is regular in depositing undisputed statutory dues, including
Provident Fund, Employees' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Ser vice Tax, Duty of Customs, Duty of Excise, Value Added
Tax and other material statutory dues, as applicable, with the
appropriate authorities ;
(b) According to the information and explanations given to us, the
details of statutory dues which have not been de posited with the
concerned authorities on account of any dispute are given below.
Particulars Financial year
to which the Forum where dispute is Amount
matter pertains pending (in Lakhs)
Income Tax A.Y 1999-2000 Tribunal referred back the INR7.69
matter to Assessing officer
Income Tax A.Y 2000-2001 Tribunal referred back the INR4.46
matter to Assessing officer
(c) The company was not required to transfer any sum to the Investor
Education and Protection Fund during the year under report.
8. The company has no accumulated losses at the end of the financial
year. The company has neither incurred cash losses during the financial
year covered by the audit nor in the immediately preceding financial
year.
9. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
10. The company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
11. The Company has not obtained any term loan during the year.
12. According to the information and explanations given to us, during
the course of audit carried out by us, no fraud on or by the company
has been noticed or reported during the year under report.
For Chandarana & Sanklecha.,
Chartered Accountants
Firm Regd. No : 000557S
Bharat Raj Sanklecha
Proprietor
Membership No. 027539
Place : Chennai
Date :30th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of Prithvi
Softech Limited, Which comprise the Balance Sheet as at March 31, 2014,
and the statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for Financial Statements
The company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in section 211(3C)
of the Companies Act, 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. 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 and 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 and opinion on the effectiveness of the Company''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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
- in the case of the Balance Sheet, of the state of affairs of the
company as at March 31, 2014:
- in the case of the statement of Profit and loss Account, of the
profit of the company for the year ended on that date and
- in the case of the Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
- As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
- As required by section 227 (3) of the Act, we report that:
- 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:
- 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
- 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.
- In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
section 211 (3C) of the Act;
- On the basis of written representations received from the directors
as on March 31, 2014, 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 section 274 (1) (g) of the Act.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
The Annexure referred to in paragraph 1 of the our report of even date
to the members of Prithvi Softech Limited on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. a. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets have been physically verified by the management as
per a phased program of verification. In our opinion, the frequency of
such verification is reasonable having regard to the size of the
company and the nature of its assets. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c Fixed assets disposed of during the year were not substantial, so as
to affect the going concern status of the company.
2. a. The management, at reasonable intervals, has physically verified
the inventories during the year. In our opinion, the frequency of such
verification is reasonable.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation of the size of
the company and the nature of its business.
c. The company has maintained proper records of inventory. We are
informed that no material discrepancies were noticed during physical
verification of inventory.
3. The company has neither granted nor taken any loan, secured or
unsecured, to / from companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Hence, reporting under clause (iii) (a) to (f) of the Order is not
applicable to the company,
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase and sale of inventory and fixed assets. During the course of
our audit, we have not noticed any continuing failure to correct any
major weakness in the internal control system
5. According to the information and explanations given to us, we
report that there are no such transactions made in pursuance of
contract or arrangements referred to in section 301 of the Companies
Act, 1956, exceeding the value of Rupees five lakhs, in respects of any
party during the year.
6. According to the information and explanations given to us, the
company has not accepted any deposit from the public during the year
and as such the compliance with the directives of the Reserve Bank of
India, provisions of Section 58A, Section 58AA, or any other relevant
provisions of the Companies Act, 1956, and the rules framed there under
are not applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956 in respect
of the activities carried on by the company.
9. a. According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues including
Provident Fund, Investor Education & Protection Fund, Employees State
Insurance, Income tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty and any other statutory dues with appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of aforesaid dues were in
arrears, as at 31st March 2014, for a period of more than six months
from the date of becoming payable.
b. According to the information and explanations given to us, the
details of statutory dues which have not been deposited with the
concerned authorities on account of any dispute are given below.
Particulars Financial year to Forum where dispute is Amount
which the matter pending Rs. Lakhs
pertains
Income Tax A.Y 1999-2000 Tribunal referred back to 7.69
the matter to Assessing
officer.
Income Tax A.Y 2000-2001 Tribunal referred back to 4.46
the matter to Assessing
officer
10. The company has no accumulated losses at the end of the financial
year. The company has neither incurred cash losses during the financial
year covered by the audit nor in the immediately preceding financial
year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund, nidhi or mutual benefit
fund/society.
14. The company has maintained proper records of the transactions and
contracts in respects of trading or dealing of shares, securities,
debentures and other investments, wherein timely entries have been made
by the company so far as appears from our examination of those records.
The shares, securities, debentures and other investments have been held
by the company in its own name, except to the extent exemption granted
under Section 49 of the Companies Act 1956.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The company has not obtained any term loan during the year.
17. 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.
18. According to the information and explanations given to us, the
company, during the year under audit, has not made any preferential
allotment of shares to parties & companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debenture during the year.
20. The company has not raised any money by way of public issue during
the year.
21. According to the information and explanations given to us, during
the course of audit carried out by us, no fraud on or by the company
has been noticed by or reported to us during the year under report.
For CHANDARANA & SANKLECHA
Chartered Accountants
Firm Regn. No : 000557S
BHARAT RAJ SANKLECHA
Proprietor
Membership No. : 27539
Place : Chennai
Date : 30/05/2014
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/S PRITHVI SOFTECH
LIMITED, (formerly known as "Octagon Technology Limited") as at 31st
March 2011, the Profit and Loss Account and also the Cash Flow
Statements for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance as to whether the
financial statements are free from 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, issued
by the Central Government of India, as amended by Finance Act, 2004, in
terms of section 227 (4A) of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to in paragraph
(3) 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 purpose 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 purposes of our audit
have been received from the branches not visited by us.
(iii) In our opinion, the Balance sheet and the Profit and Loss Account
dealt with by this report comply with the Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act,1956.
(iv) On the basis of representations received from the Directors of the
Company as at 31st March,2011 and taken on record by the Board of
Directors, we report that no director is disqualified as on 31st March
2011 from being appointed as a director of the company in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,1956
and,
(v) In our opinion and to the best of information and explanations
given to us, the said accounts read together with the company's
accounting policies and the notes thereto, 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 & Loss Account, of the profit of the
company for the year ended on that date, and
c) In the case of the Cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
Referred to in para 3 of the Auditor's Report to the members of M/s.
PRITHVI SOFTECH LIMITED for the year ended 31st March, 2011.
1. a. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets have been physically verified by the management as
per a phased program of verification. In our opinion, the frequency of
such verification is reasonable having regard to the size of the
company and the nature of its assets. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c. Fixed assets disposed of during the year were not substantial, so
as to affect the going concern status of the company.
2. a. The management, at reasonable intervals, has physically
verified the inventories during the year. In our opinion, the frequency
of such verification is reasonable.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
c. The company has maintained proper records of inventory. We are
informed that no material discrepancies were noticed during physical
verification of inventory.
3. The company has neither granted nor taken any loan, secured or
unsecured, to / from companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase and sale of inventory and fixed assets. During the course of
our audit, we have not noticed any continuing failure to correct any
major weakness in the internal control system.
5. According to the information and explanations given to us, we
report that there are no such transactions made in pursuance of
contract or arrangements referred to in section 301 of the Companies
Act, 1956, exceeding the value of Rupees five lakhs,in respect of any
party during the year.
6. According to the information and explanations given to us, the
company has not accepted any deposit from the public during the year
and as such the compliance with the directives of the Reserve Bank of
India, provisions of Section 58A, Section 58AA, or any other relevant
provisions of the Companies Act, 1956, and the rules framed there under
are not applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956 in respect
of the activities carried on by the company.
9. a. According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues including
Provident Fund, Investor Education & Protection Fund, Employees State
Insurance, Income tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and any other statutory dues with appropriate
authorities. According to the information and explanations given to us,
no undisputed amounts payable in respect of aforesaid dues were in
arrears, as at 31st March 2011, for a period of more than six months
from the date of becoming payable.
b. According to the information and explanations given to us, the
details of statutory dues which have not been deposited with the
concerned authorities on account of any dispute are given below.
Particulars Financial year to
which Forum where dispute Amount
the matter pertains is pending Rs. Lakhs
Income Tax A.Y 1999-2000 Tribunal 7.69
Income Tax A.Y 2000-2001 Tribunal 4.46
Income Tax A.Y 2005-2006 Tribunal 12.61
10. The company has no accumulated losses at the end of the financial
year. The company has neither incurred cash losses during the financial
year covered by the audit nor in the immediately preceding financial
year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund, nidhi or mutual benefit
fund/society.
14. The company has maintained proper records of the transactions and
contracts in respects of trading or dealing of shares, securities,
debentures and other investments, wherein timely entries have been made
by the company so far as appears from our examination of those records.
The shares, securities, debentures and other investments have been held
by the company in its own name, except to the extent exemption granted
under Section 49 of the Companies Act 1956.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The company has not obtained any term loan during the year.
17. 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.
18. According to the information and explanations given to us, the
company, during the year under audit, has not made any preferential
allotment of shares to parties & companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debenture during the year.
20. The company has not raised any money by way of public issue during
the year.
21. According to the information and explanations given to us, during
the course of audit carried out by us, no fraud on or by the company
has been noticed by or reported to us during the year under report.
For CHANDARANA & SANKLECHA
Chartered Accountants
Firm Regn.No : 000557S
BHARAT RAJ SANKLECHA
Place : Chennai Proprietor
Date : 01/06/2011 Membership No.027539
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s PRITHVI SOFTECH
LIMITED,(formerly known as "Octagon Technology Limited") as at 31st
March 2010, the Profit and Loss Account and also the Cash Flow
Statements for the year ended on that date annexed thereto. These
financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance as to whether the
financial statements are free from 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, issued
by the Central Government of India, as amended by Finance Act, 2004, in
terms of section
227 (4 A) 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 in paragraph
(3) 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 purpose 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 purposes of our audit
have been received from the branches not visited by us.
iii) In our opinion, the Balance sheet and the Profit and Loss Account
dealt with by this report comply with the Accounting Standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956.
iv) On the basis of representations received from the Directors of the
Company as at 31st March,2010 and taken on record by the Board of
Directors, we report that no director is disqualified as on 31st March
2010 from being appointed as a director of the company in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act, 195
6 and,
v) In our opinion and to the best of information and explanations given
to us, the said accounts read together with the companys accounting
policies and the notes thereto, 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 & Loss Account, of the profit of the
company for the year ended on that date, and
c) In the case of the Cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in para 3 of the Auditors Report to the members of M/S
PRITHVI SOFTECH LIMITED for the year ended 31st March,2010.
1. a. The company has maintained proper records showing full
particulars including quantitative details and situation of fixed assets.
b. The fixed assets have been physically verified by the management as
per a phased program of verification. In our opinion, the frequency of
such verification is reasonable having regard to the size of the
company and the nature of its assets. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c. Fixed assets disposed of during the year were not substantial, so
as to affect the going concern status of the company.
2. a. The management, at reasonable intervals, has physically
verified the inventories
during the year. In our opinion, the frequency of such verification is
reasonable.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation of the size of
the company and the nature of its business.
c. The company has maintained proper records of inventory. We are
informed that no material discrepancies were noticed during physical
verification of inventory.
3. The company has neither granted nor taken any loan, secured or
unsecured, to / from companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase and sale of inventory and fixed assets. During the course of
our audit, we have not noticed any continuing failure to correct any
major weakness in the internal control system.
5. According to the information and explanations given to us, we
report that there are no such transactions made in pursuance of
contract or arrangements referred to in section 301 of the Companies
Act, 1956, exceeding the value of Rupees five lakhs,in respects of any
party during the year.
6. According to the information and explanations given to us, the
company has not accepted any deposit from the public during the year
and as such the compliance with the directives of the Reserve Bank of
India, provisions of Section 5 8 A, Section 58AA, or any other relevant
provisions of the Companies Act, 1956, and the rules framed there under
are not applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1) (d) of the Companies Act, 1956 in respect
of the activities carried on by the company.
9. a. According to the information and explanations given to us, the
company is
regular in depositing undisputed statutory dues including Provident
Fund, Investor Education & Protection Fund, Employees State Insurance,
Income tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
Duty, Cess and any other statutory dues with appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were in
arrears, as at 31st March 2010, for a period of more than six months
from the date of becoming payable.
b. According to the information and explanations given to us, the
details of statutory dues which have not been deposited with the
concerned authorities on account of any dispute are given below.
Particulars Financial
year to which Forum where
dispute Amount
the matter
pertains is pending Rs. Lakhs
Income Tax A.Y 1999 - 2000" Tribunal 7.69
Income Tax A.Y 2000-2001 Tribunal 4.46
10. The company has no accumulated losses at the end of the financial
year. The company has neither incurred cash losses during the financial
year covered by the audit nor in the immediately preceding financial
year.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund, nidhi or mutual benefit
fund/society.
14. The company has maintained proper records of the transactions and
contracts in respects of trading or dealing of shares, securities,
debentures and other investments, wherein timely entries have been made
by the company so far as appears from our examination of those records.
The shares, securities, debentures and other investments have been held
by the company in its own name, except to the extent exemption granted
under Section 49 of the Companies Act 1956.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The company has not obtained any term loan during the year.
17. According to the information and explanations given to us and on
an over all 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.
18. According to the information and explanations given to us, the
company, during the year under audit, has not made any preferential
allotment of shares to parties & companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debenture during the year.
20. The company has not raised any money by way of public issue during
the year.
21. According to the information and explanations given to us, during
the course of audit carried out by us, no fraud on or by the company
has been noticed by or" reported to us during the year under report.
For CHANDARANA & SANKLECHA
Chartered Accountants
FirmRegn.No:000557S
BHARAT RAJ SANKLECHA
Proprietor
Membership No.027539
Place :Chennai
Date : 31/05/2010
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