Mar 31, 2015
We have audited the accompanying financial statements of Sofcom System
Limited which comprise the Balance Sheet as at March 31st, 2015,
Statement of Profit and Loss and the Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for 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 standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, 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 and the rules made thereunder including the accounting and
auditing standards and matters which are required to be included in the
audit report. We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act and the applicable
authoritative pronouuncement 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 the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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 , give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2015;
(b) in the case of Statement of Profit and Loss, of the Profit for the
year ended 31st March, 2015, and;
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended 31st March, 2015.
AUDITOR'S REPORT CONTD..
Report on other Legal and Regulatory Requirements
1 As required by the Companies (Auditor's Report) Order, 2015 issued by
the Central Government of India in terms of sub-section (11) of section
143 of the Act, we give in the Annexure- 'A' statement on the matters
specified in paragraphs 3 and 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
purposes of our audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(c) The Balance Sheet, the Statement of Profit and Loss, and the 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 the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified 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:
(1) 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 for which there were any material foreseeable
losses.
(iii) there were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 1 of our report of even date)
To The Members of Sofcom
Systems Limited
Jaipur
(i) In respect of its fixed assets:
a) In our opinion and according to the information and explanation give
to us, proper records of fixed assets showing full particulars including
quantitative details and location of fixed assets are being maintained
by the company.
b) All the fixed assets have not been physically verified by the
management during the year but there is regular program of verification
of fixed assets, which in our opinion is reasonable, having regard to
the size of the Company and nature of its assets. No material
discrepancies were noticed on such physical verification.
(ii) In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to information and explanation given to
us, the procedures of physical verification of the Company are
reasonable and adequate having regard to the size of the Company and
nature of its business.
c) In our opinion and according to the information and explanation
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on such verification between physical stocks
and book records were not material and have been properly dealt with in
the books of accounts.
iii. The company has not granted any loans, secured or unsecured, to any
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
iv. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and also for the
sale of goods and services. During the course of our audit we have not
observed any continuing failure to correct major weaknesses in internal
controls.
v. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit in contravention
of section 73 to section 76 or any other relevant provision of the
Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014.
As informed to us, no order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any other
Court or tribunal.
vi. The Central Government has not prescribed maintenance of cost
records u/s. 148(1) of the Companies Act, 2013 for the product of the
company.
vii. a. The Company is generally regular in depositing undisputed
statutory dues including provident fund, investor education protection
fund, employees' state insurance, income tax, sales tax, wealth tax,
custom duty, service tax, excise duty, cess and other material
statutory dues with appropriate authorities, wherever applicable to it
and there are no arrear at the end of the year.
b. As per records of the Company and in accordance with the
information and explanation given to us, there are no dues of sales
tax, income tax, custom duty, wealth tax, excise duty and cess which
have not been deposited on account of any dispute
c. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company in accordance
with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules made thereunder within time.
ANNEXURE TO THE AUDITORS' REPORT CONTD..
viii. The Company has accumulated losses at the end of the financial
year which is not more than 50% of its Net worth. The Company has not
incurred any cash loss in the current financial year or in the
immediately preceding financial year.
ix. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks . The Company has not taken any loans from financial institutions
and debenture holders.
x. According to the information and explanation given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions.
xi. To the best of our knowledge and belief and according to the
information and explanation given to us the loan taken during the year
has been applied for the purpose for which it was raised .
xii. In our opinion, on the basis of audit conducted by us and in
accordance with the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For R.MOHNOT & CO.
FIRM REGISTRATION NO.: 001654C
CHARTERED ACCOUNTANTS
Jaipur (NARENDER MITTAL)
PARTNER
May 30, 2015 M. No : 72715
Mar 31, 2014
We have audited the accompanying financial statements of SOFCOM SYSTEMS
LIMITED which comprise the Balance Sheet as at March 31, 2014, and the
Statement of Profit and Loss for the year 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 notified under the Companies
Act, 1956 ("the Act") (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs) 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 an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
Report on other Legal and Regulatory Requirements
(i) in the case of balance sheet, of the state of affairs of the
company as at 31st March, 2014, and
(ii) in the case of statement of profit and loss, of the Profit for the
year ended 31st March, 2014.
(iii) In the case of Cash Flow Statement of the cash flows for the year
ended on 31st March, 2014.
REPORT ON OTHER LEGAL & REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we enclose in the Annexure A statement on the
matters specified in paragraphs 4 and 5 of the said 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 maintained by the company, so far as appears from our examination
of those books ;
(c) the Balance Sheet and Statement of Profit and Loss 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 notified
under the Act (which continue to be applicable in respect of Section
133 of the Companies Act, 2013 in terms of General Circular 15/2013
dated 13th September, 2013 of the Ministry of Corporate Affairs).
(e) on the basis of written representations received from the directors
and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2014,being appointed as a director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph 1 of our report of even date)
To The Members of
Sofcom Systems Limited
Jaipur
i. a) As informed by the management, the company has maintained proper
records of fixed assets showing full particulars including quantitative
details and location of fixed assets.
ii. a) As explained to us, the fixed assets have been physically
verified by the management during the year at regular intervals,
which in our opinion is reasonable, having regard to the size of the
company and nature of its assets. No material discrepancies were notice
on such physical verification.
b) The company has not disposed of any fixed assets during the year.
Accordingly, the going concern status of the company, on account of
disposal of fixed assets, is not affected.
iii. The company does not have any inventories.
iv. According to the information and explanation given to us, the
Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956 during
the year.
iv. In our opinion and according to the information and explanation
give to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory , fixed assets and for the sale of
goods and services. During the course of our audit we have not observed
any continuing failure to correct major weaknesses in internal
controls.
v. a) According to the information and explanations given to us, we
are of the opinion that the particulars of all contracts or
arrangements that need to entered into the register maintained under
section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rupees Five lac in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit in contravention
of section 58A and 58AA and any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.
vii. In view of no major business activity, no internal audit was done
during the year.
viii. The Central Government has not prescribed maintenance of cost
records u/s. 209(1)(d) of the Companies Act, 1956 for the product of
the company.
ix. a. The company is regular in depositing undisputed statutory dues
including provident fund, Investor education and Protection Fund,
employees'' state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty cess and other statutory dues with
appropriate authorities, wherever applicable to it.
b. According to the information and explanations given to us, as at
31st March, 2014, no undisputed amounts payable in respect of income
tax, wealth tax, service tax, sales tax, custom duty, excise duty and
cess were in arrears for a period exceeding six months from the date
they became payable.
c. As per records of the company and in accordance with the
information and explanation given to us, there are no dues of sales
tax, income tax, custom duty, wealth tax, service tax, excise duty
and cess which have not been deposited on account of any dispute.
x. The accumulated losses of the company are not more than 50% of the
Net Worth of the company at the end of this financial year. The company
has not incurred cash losses in the current financial year and in the
immediately preceding financial year.
xi. In our opinion and according to the information and explanations
given to us, the company has not taken any loan from the Banks,
Financial Institutions and Debenture Holders.
xii. The company has not granted any loans and/or 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 are not applicable to the
company.
xiv. In our opinion and according to the information and explanations
given to us, the company has maintained proper records of transactions
and contracts on respect of investments made by it and timely entries
have been made therein. The investments are held by the company in its
own name.
xv. According to the information and explanation given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions.
xvi. In our opinion, the company has not taken any term loan 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 the no funds raised on short-term basis have been used for
long-term investments.
xviii. During the year, the company has not made any preferential
allotment of shares to the parties and companies covered in the
register maintained under section 301 of the Companies Act, 1956.
xix. During the year, the company has not issued any debentures.
xx. During the year, the company has not raised any money by way of
public issue.
xxi. In our opinion, on the basis of audit conducted by us and in
accordance with the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
Place: Jaipur
Date: May 28, 2014 For R.MOHNOT & CO.
FIRM REGISTRATION NO.: 001654C
CHARTERED ACCOUNTANTS
(NARENDER MITTAL)
PARTNER
M.No:72715
Mar 31, 2013
We have audited the accompanying financial statements of SOFCOM SYSTEMS
LIMITED which comprise the Balance Sheet as at March 31st 2013, and the
Statement of Profit and Loss for the year and cash flow statement for
the year then ended, and a summary of significant accounting oolicies
and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub -section (3C) of section 211 of the
Companies Act, 1956. 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.
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
reasonab!e 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 ;udgment. 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.
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:
(i) in the case of balance sheet, of the state of affairs of the
company as at 31st March, 2013, and
(ii) in the case of statement of profit and loss, of the Profit for the
year ended 31st March, 2013.
(iii) In the case of Cash Flow Statement of the cash flows for the year
ended on 31st March, 2011
1 As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub -section (4A) of
section 227 of the Act, we enclose in the Annexure statement on the
matters specified 4 and 5 of the said order.
2 As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanotions 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 maintained by the company, so far as appears from our examination
of those books;
(c) the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books ofaccount;
(d) in our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act,
(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.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR''S REPORT
i. a) As informed by the management, the Company has maintained proper
records of fixed assets snowing full particulars including quantitative
details and location of fixed assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year at regular intervals, which in our
opinion is reasonable, having regard to the size of the company and
nature of its assets. No material discrepancies were notice on such
physical verification.
c) The company has not disposed of any fixed assets during the year.
Accordingly, the going concern status of the company, on account of
disposal of fixed assets, is not affected.
ii. The company does not have any inventories.
iii. a. The company has granted interest free unsecured loan, to one
party listed in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.6,00,000/- and the year end bolance of such loans was Rs. NIL/-. As
the loans are interest free and no repayment terms are stipulated, sub
cause (b),(c) and (d) are not applicable.
b. The Company has not taken any loan, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. In view of it. sub
-clauses (e) to (g) are not applicable.
iv. In our opinion and according to the information and explanation
give to us, there are adequate interna control procedures commensurate
with the size of the company and nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in infernal controls.
v. According to the information and explanations given to us. we are of
the opinion that company has not entered into any transactions that are
needed to be entered in the register rnaintoined under Section 301 of
the Companies Act. 1956. Accordingly, sub -clause (o) is not
applicable.
vi. In our opinion and according lo the information and explanations
given to us, the ccmpony nes not accepted any deposit in contravention
of section 58A and 58AA ond any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.
vii. In view of no major business activity, no internal audit was done
during the year.
viii. The Central Government has not prescribed maintenance of cost
records u/s. 209(1)(d) of the Companies Act, 1956 for the product of
the company.
ix. a. The company is regular in depositing undisputed statutory dues
including provident fund, :nvestor education and Protection Fund,
employees'' slate insurance, income tax, sales tax, wealth lux, service
tax, custom duty. excise duly cess and other statutory dues with
appropriate authorities, wherever applicable to it.
b. According to the information and explanations given to us. as at
31st March, 2013, no undisputed amounts payable in respect of income
tax, wealth tax, service fax, sales fox. custom duly, excise duty and
cess were in arrears for a period exceeding six months from the date
they became payable.
c. As per records of the Company and in occordunce with the information
and explanation given to us. _. there ore no dues of sales tax, income
tax, custom duty, wealth tax, service tax, excise duty and cess which
hove not been deposited on account of any dispute.
FOR R.MOHNOT & CO.
FIRM REGISTRATION NO.: 001654C
CHARTERED ACCOUNTANTS
Jaipur (Narendra Mittal)
August 2, 2013 PARTNER
M.No.72715
Mar 31, 2012
Audited the attached Balance Sheet of SOFCOM SYSTEMS LIMITED as at 31st
March, 2012 and also the I of Profit & Loss and the Cash Flow Statement
for the year ended on that date annexed thereto . These tatements are
the responsibility of the Company's management. Our responsibility is
to express an'opinion noncial statements based on our audit.
rcted our audit in accordance with auditing standards generally
accepted in India. Those Standards of we plan and perform the audit to
obtain reasonable assurance about whether the financial statements
material mis-stotemenl. An audit includes examining, on a lest basis,
evidence supporting the amounts sures in the financial statements. An
audit also includes assessing the accounting principles used and
estimates made by management, os well as evaluating the overall
financial statement presentation. We our audit provides-a reasonable
basis for our opinion.
jircd by the Companies (Auditors' Report] Order, 2003 issued by the
Central .Government in terms of sub . (4A) of section 227 of the
Companies Act, 1956. we enclose in the annexure a statement on the
matters 2d therein.
to our comments in the annexure (1) referred to above, we report that:
have obtained all the information and explanations which to the best of
our knowledge and belief, re necessary for the purpose of our audit;
our opinion, proper books of account os required by the law hove been
kept by the company so far as pears from our examination of those
books;
Balance Sheet, the Statement ot Profit & Loss and Cash Flow Statement
dealt with by this report are in element with the books of account;
our opinion, the Balance Sheet and Statement of Profit & Loss dealt with
by this report comply with ounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act. 1956;
the basis of written representations received from the directors ond
taken on record by the board of tors, we report that os on 31 st March,
2012. none of the director is disqualified from being appointed os
ector in terms of clause (g) of sub-section (1) of section 274 of Ihe
Companies Act. 1956:
for opinion and to the best of our information and according to the
explanations given to us, the said Dunls read together with accounting
policies and the notes thereon give the information required by
Companies Act. 1956 in the manner so required and give a true and fair
view in conformity with the sunting principles generally accepted in
India :
in the case of Balance Sheet, of the stale of affairs of the company as
al 31 st March, 2012. and i the case of Statement of Profit and Loss.
of the Loss tor the year ended on 31 st March, 2012. p the case of
Cosh Flow Statemenl of the cash flows for the year ended on 31 st
March. 2012.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in Paragraph 3 of our report of even date)
To The Members of SofcoWi Systems Limited Jaipur
i. a) As informed by the management, the company has maintained proper
records of fixed assets showing full particulars including quantitative
details and location of fixed assets.
b) As explained to us, the fixed assets have been physically verified by
the management during the year at regular intervals, which in our
opinion Is reasonable, having regard to the size of the company and
nature of its assets. No material discrepancies were notice on such
physical verification.
c) The company has not disposed of any fixed assets during the year.
Accordingly, the going- concern status of the company, on account of
disposal of fixed assets, is not affected.
ii. The company docs not have any inventories.
iii. a. The company has granted interest free unsecured loons, lo two
party listed in the register maintained under section 301 of the
Companies Act. 1956. The maximum amount involved during the year was i
Rs.50.35.250/- and the year end balance of such loans was Rs.
6,00,000/-. As the loons ore interest free and no repayment terms arc
stipulated, sub clause (b),(c) and (d) ore not applicable.
b. The Company has not token any loon, secured or unsecured, from
companies, firms or other parties i listed in the register maintained
under section 301 of the Companies Act. 1956. In view of it,
sub-clouses (e) lo (g) are not applicable.
iv. In out opinion and according to the intormofion and explanation
give lo us, there ore adequate internal control procedures commensurate
with the size ot the company and nature of its business with regard to
purchase of inventory . fixed assets and for the sale of goods and
services. During the course of our audit we hove not observed any
continuing failure to correct major weaknesses in interna! controls.
v. According to the information and explanations given to us, we are
of the opinion that company has not entered into any transactions that
are needed to be entered in the register maintained under Section 301
of the Companies Act, 1956. Accordingly, sub-clause (b) is not
applicable.
vi. In our opinion and according to the information and explanations
given lo us. the company has not accepted any deposit in contravention
of section 58A and 58AA and any other relevant provisions ot the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975.
vii. In view of no major business activity, no infernal audit was done
during the year.
viii. The Central Government has not prescribed maintenance of cos!
records u/s. 209(1 )(d) of the Companies Act, 1956 for the producf of
the company.
ix. a. The company is generally regular in depositing undisputed
statutory dues including provident fund. Investor education and
Protection Fund, employees' stale insurance, income tax. sales lax,
wealth lax, 1 service lax. custom duty, excise duty cess and other
statutory dues with appropriate authorities, wherever applicable lo it.
b. According to the information and explanations given lo us. as ot 31
si March. 2012, no undisputed amounts payable in respect of income tax,
wealth fax. service lax, sales tax. custom duty, excise duly and cess
were in arrears for a period exceeding six months from Hie dale they
became payable.
c. As per records of the company and In accordance with the
information and explanation given lo us, there arc no dues of sales
lax. income tax, custom duty, wealth lax. service tax. excise duly and
cess which hove not been deposited on account of any dispute.
x. The accumulated losses ol the company are not more than 50% of the
Net Worth of the company at the end of tills financial year. The
company has not incurred cash losses in the current financial year .
and in the immediately preceding financial year.
xi. In our opinion and according to the information and explanations
given to us, the company has not taken any loan from the Banks.
Financial Institutions and Debenture Holders.
xii. The company has not granted any loans and/or advances on the
basis of security by way of pledge of shores, debentures and other
securities.
xiii. In our opinion, the company is not a chit fund or a nidhi/muluol
benefit fund/society. Therefore, the provisions of clause -4 (xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to the
company.
xiv. In our opinion and according to the information and explanations
given to us. the company has maintained proper records of transactions
and contracts on respect of investments mode by it and timely entries
have been made therein. The investments are held by Ihe company in its
own name.
xv. According to the information and explanation given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions.
xvi. In our opinion, the company has not taken any term loan during the
year.
xvii. According to the information and explanations given to us and on
an overall examination of the-balance Sheet of Ihe company, we report
that the no funds raised on short-term basis have been used for
long-term investments.
xviii. During the year, the company has not made any preferential
allotment of shares to the parlies and companies covered in the
register maintained under section 301 ot the Companies Acl. 1956.
xix. During the year. Ihe company has not Issued apy debentures.
xx. During the year. Ihe company has not raised any money by v/oy ol
public issue.
xxi. In our opinion, on the basis of audit conducted by us and in
accordance with Ihe information and explanations given to us. no fraud
on or by the company has been noticed or reported during Ihe course of
our audit.
For R.MOHNOT & CO.
FIRM REGISTRATION NO.: 001654C
CHARTERED ACCOUNTANTS
Jaipur
August 14. 2012 ( NARENTIER MATIL)
PARTNER
M. No : 72715
Mar 31, 2011
We have audited the attached Balance Sheet of SOFCOM SYSTEMS LIMITED as
at 31st March, 2011 and also the Profit & Loss Account and the Cosh
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.
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 mis-statement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing Ihe 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
OW opinion.
1. As required by the Companies (Auditors'' Report) Order, 2003 issued
by the Central Government in terms of sub section (4A) of section 227
of the Companies Act, 1956, we enclose in the c.!nnexure a statement on
the matters specified therein.
2. Further to our comments in the annexure (1) 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 purpose of our
audit:
(ii) In our opinion, proper books of account as required by the law
have been kept by the company so far as appears from our examination of
those books:
(iii) The Balance Sheet, the Profit & Loss Account and Cash Row
Statement dealt with by this report are in agreement with the books of
account:
(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with Accounting Standards referred to in sub
-section (3C) of section 211 of the Companies Act, 1956:
(v) On the basis of written representations received from the directors
and taken on record by the board of directors, we report that as on
31st March, 2011, none of the director is disqualified 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 read together with
accounting policies and the notes thereon give the information required
by the Companies Act, 1956 in the manner so required and give a true
and fair view in conformity with the accounting principles generally
accepted In India : a. In the case of Balance Sheet, of the state of
affairs of the company as at 31st March, 2011, and
b. In the case of Profit and Loss account, of the Loss for the year
ended on 31st March, 2011.
c. In the case of Cash How Statement of the cash flows far the year
ended on 31st March. 2011.
ANNEXURE TO THE AUDITOR''S REPORT
i. AS informed by the management. the company has mointained proper
records of fixed assets showing full particulars including quantitative
details end location of fixed assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year at regular intervals. which in our
opinion is reasonable, having regard to the size Of the company and
nature of its assets. No material discrepancies were notice on such
physical verification.
c) The company has not disposed of any fixed assets during the year.
Accordingly, the going concern status of the company, on account of
disposal of fixed assets, is not affected.
ii The company does not hove any inventories.
iii a. the company has granted interest -free unsecured loan, repayable
on demand. to One party covered in the register maintained under
section 30 lot the Companies Act, 1956. The maximum amount involved
during the Year was R5.45.92.253/- and the year end balance was Rs.
44,35,250/e As the loan Is granted interest tree and repayable on
demand, sub -clause (b),(c) and (d) are not applicable.
b. the company has taken interest -tree unsecured loan, repayable on
demand, from One party covered in the register maintained under section
301o1 the Companiei Act, 1956. the maximum amount involved during the
year was Rs.14,71.203/- and the year end balance was Rs.86203/.. As the
loan taken is interest free and repayable oredemsend, sub -clause (f)
and (g) are not applicable.
iv. In our opinion and according to the information and explanation
give to us, there are adequate internal control procedures commensurate
with the size of the company and nature of its business with regard to
purchose of inventory, fixed assets and tor the sale of goods and
services. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in internal controls.
v. According to the information and explanations given to us, we are of
the opinion that company has not entered into any transactions that ore
needed to be entered in the moister maintained under Section 301 of the
Companies Act, 1956. Accordingly, sub -clause (b) iS not applicable.
Vi. In our opinion and according to the information and explanations
given to v5, the company has not accepted any deposit in contravention
of section 58A and 58AA and any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance at Deposits) Rules,
1975.
Vii. In view of no mejor business activity, no internal audit was done
during the year.
viii. the Central Government tics not prescribed maintenance of cost
records u/s. 2090)(d) of the Companies Act, 1956 tor the product of the
company.
Ix. a. The company is generally regular in depositing undisputed
statutory dues including provident fund, Investor education and
Protection fundemployees° slate insurance, income lox, sales lox,
wealth laY s, service fax, custom duly, excise duty cess and other
statutory dues with appropriate authorities, wherever applicable to it.
b. According to the information and explanations given to us, as at
31st March, 2011, no undisputed amounts payable in respect of income
lax, wealth fox, service lax, sates tax, custom duty, excise duty and
cess Were in arrears fOr a period exceeding six months from the dale
they become payable.
C. As per records of the company arid In accordance with the
information and explanation given to us, there are no dues of sales
tox, income tax, custom duty, wealth tax. service tax, excise duty and
cess not been deposited on account of any dispute.
x. The accumulated losses of the company are not mote than 50% of the
Net Worth of the company at the end of this financial year. The company
has not incurred cash losses in the current financial year , and in the
immediately preceding financial year.
xi. In our opinion and accordina to the information and explanations
given to us. the company has not taken any loan from the Banks. There
is no dues towards Financial Institutions and Debenture Holders.
xii. The company has not granted any loans and/or advances on the
basis of security by way of pledge of shores, debentures and other
securities.
xiii. In our opinion, the company is not a chit fund or a nidhl/mulual
benefit fund/society. Therefore, the provisions of clause 21(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
xiv. In our opinion and according to Information and explanation given
to us, the Company is no! dealing or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xv. According to the information and explanation given lo us, Inc
company has not given guarantees for loans token by others frorn banks
or financial institutions.
xvi. In our opinion, the company has not taken any term loon 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 the no funds raised on short-term basis have been used for
long-term investments.
xviii. During the year, the company has not made any preferential
allotment of shores to the parties and companies covered in the
register maintained under section 301 of the Companies Act. 1956.
xix. During the year, the company has not issued any debentures.
xx. During the year, the company has not raised any money by way of
public issue.
xxi. In our opinion, on the basis of audit conducted by us and in
accordance with the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
ovr audit.
FOR R.MOHNOT & CO.
FIRM REGISTRATION NO.: 001654C
CHARTERED ACCOUNTANTS
Jaipur (Narendra Mittal)
August 5th 2011 PARTNER
M.No.72715
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article