Mar 31, 2014
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Sylph
Technologies 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
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) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 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.
AUDITORS'' 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 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:
(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 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, 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.
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, 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the 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.
(Referred to in paragraph 1 of our report of even date on the accounts
for the year ended 31st March 2014 of Sylph Technologies Limited.)
I. In the respect of Fixed Assets :
* The Company is maintaining fixed Asset register showing full
particulars, including quantitative details and situation of Fixed
Assets.
* The management has physically verified the fixed assets
* The Company has not disposed off any of its fixed assets during the
year.
II Inventory :
During the year company does not maintain any Inventory.
III a. The company has granted unsecured loans to three companies
covered in the register maintained under
section 301 of the Companies Act, 1956. The maximum amount involving
during the year is Rs. 375.20/- lacs and the year end balance of loans
given to such parties is Nil.
b. According to the information and explanation given to us, we are of
the opinion that the rate of interest & terms and conditions of loan
given by the company to parties cover under section 301 of the
companies act, 1956 are prima facie not prejudicial to the interest of
the company.
c. No stipulation has been made for the repayment of loans given by
the company to the parties cover under section 301 of the companies
act, 1956.
d. There is Nil overdue amount of loans granted to companies listed in
the register maintained under section 301 of the companies act,1956.
e. The company has taken unsecured loan from one party covered in the
register maintained under section 301 of the companies act, 1956. The
maximum amount involved during the year is Rs. 145.70/- lacs and the
year end balance of loan taken from such party were Rs. 145.70/- lacs.
f. In our opinion and according to information & explanations given to
us, the loan taken by company is interest free & other terms &
conditions of loan taken by the company, are not prima facie
prejudicial to the interest of the company.
g. No stipulation has been made for the repayment of loans taken by
the company covered in the register maintained under section 301 of
Companies Act, 1956; therefore we are unable to comment on regularity
of repayment of loan & interest thereon on
IV In our opinion and according to information & explanations given to
us, there is adequate internal control system commensurate with the
size of the company & nature of its business with regard to the
purchase of inventory & fixed assets & for the sale of goods. Further
on the basis of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, we have neither come across nor have been informed
of any instances of major weaknesses in the internal control system.
V a. Based on audit procedures applied by us, to the best of our
knowledge & belief and according to the information & explanations
given to us. We are of the opinion that the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register required to be maintained under that section.
b. In our opinion and according to information & explanations given to
us, transactions made in pursuance of contracts or arrangement entered
in the register maintained under section 301 of the Companies Act, 1956
have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time where such market prices
are available.
VII In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
VIII As informed to us and in our opinion the maintenance of cost
records has not been prescribed by the Central Government U/s 209(1)(d)
of the Companies Act, 1956 for any product of the company.
IX a. According to the records of the company examined by us and the
information & explanations given to us, in our opinion the company is,
generally regular in depositing with appropriate authorities undisputed
statutory dues including Provident Fund, Investors Education &
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
service tax Excise Duty, Wealth Tax, Custom Duty, cess and other
statutory dues applicable to it. No undisputed amount payable as at
31st March 2014 for a year of more than 6 month from the date
they became payable.
b. According to records of the company examined by us and the
information & explanations given to us, there are no statutory dues
which have not been deposited on account of dispute.
X The accumulated losses of company are not more than 50% of its net
worth as at 31.03.2014. The company has not incurred any cash losses in
the current year and in the immediately preceding financial year.
XI Based on our audit procedure & on the basis of information &
explanations given by the management, we are of the opinion that the
company has not defaulted in payment of dues to the financial
institution or bank during the year. The company does not have any
borrowing by way of debentures.
XII The Company has not granted any loans & advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII In our opinion and according to the information & explanations
given to us, the company is not a chit fund and nidhi / mutual benefit
fund / society. Therefore, provisions of this clause is not applicable
to the company.
XIV Based on our examination of records and the information &
explanations given to us, the company has maintained proper records of
the transactions & contracts in respect of dealing & trading in shares,
securities, debentures and other investments and timely entries have
been made. All the investments have been held by the company in its own
name.
XV According to the information & explanations given to us, the company
has not given any guarantee for loans taken by others from the banks
and financial institutions during the year.
XVI According to the records of the company, examined by us and the
information & explanations given to us, the company has not raised term
loans during the year.
XVII According to the information & explanations given to us and on the
basis of an overall examination of balance sheet of the company, in our
opinion no funds raised by company on short term basis, have been used
for long term investments.
XVIII During the year company has not made any preferential allotment
of shares to parties and companies covered under register maintained
under Section 301 of the Companies Act, 1956.
XIX As explained to us, during the year covered by our audit, the
company has not issued any debentures.
XX The company has not raised any money through public issue during the
year.
XXI According to the information & explanation given to us, no fraud on
or by the company has been noticed or reported during the course of our
audit.
For M/s M.S. DAHIYA & CO.
CHARTERED ACCOUNTANTS
FRN 013855C
Harsh Firoda
Place : Indore (Partner)
Date : 17/05/2014 M. No. 409391
Mar 31, 2013
We have audited the accompanying financial statements of Sylph
Technologies limited (Âthe company), which comprise the Balance
Sheet as at March 31, 2013, and the Statement of Profit and Loss and
Cash Flow Statement fo r the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management is responsible fo r the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (Âthe ActÂ). 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
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 su ficient and
appropriate to provide a basis fo r 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:
a) in the case of the Balance Sheet, of the state of a fairs of the
Company as at March 31, 2013;
b) in the case of the Profit and Loss Account, of the profit fo r the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows fo r the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 (Âthe
OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary fo r the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so fa r 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
ofaccount.
d) 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.
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.
A NNEXUR E TO THE A UDITOR S'' R EPORT
(Referred to in paragraph 1 of our report of even date on the accounts
fo r the year ended 31st
March 2013 of Sylp h Technolo gie s Lim ited.
I. In the respect of Fixed Assets :
-The Company is maintaining fixed Asset register showing full
particulars, including quantitative details and situation of Fixed
Assets.
- The management has physically verified the fixed assets
- The Company has not disposed o f any of its fixed assets during the
year.
II Inventory :
During the year company does not maintain any Inventory.
III a. The company has not granted any loan secured or unsecured to
companies, firms or other
parties covered in the register maintained under section 301 of the
Companies Act, 1956. Hence clause (a,b,c and d) is not applicable to
the company.
b. The company has not taken any unsecured loan from parties covered
in the register maintained under section 301.hence clause (e,f and g)
is not applicable to the company.
IV In our opinion and according to information & explanations given to
us, there is adequate internal control system commensurate with the
size of the company & nature of its business with regard to the
purchase of inventory & fixed assets & fo r the sale of goods. Further
on the basis of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, we have neither come across nor have been informed
of any instances of major weaknesses in the internal control system.
V a. Based on audit procedures applied by us, to the best of our
knowledge & belief and according to the information & explanations
given to us. We are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in
the register required to be maintained under that section.
b. In our opinion and according to information & explanations given to
us, transactions made in pursuance of contracts or arrangement entered
in the register maintained under section 301 of the Companies Act, 1956
have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time where such market prices
are available.
VI In our opinion and according to the information & explanations given
to us, the company has not accepted deposit from public, within the
meaning of provisions of section 58A & 58AA of Companies Act, 1956 &
Rules framed there under.
VII In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
VIII As informed to us and in our opinion the maintenance of cost
records has not been prescribed by the Central Government U/s 209(1)(d)
of the Companies Act, 1956 fo r any product of the company.
IX a. According to the records of the company examined by us and the
information & explanations
given to us, in our opinion the company is, generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investors Education & Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, service tax Excise
Duty, Wealth Tax, Custom Duty, cess and other statutory dues applicable
to it. No undisputed amount payable as at 31st March 2013 fo r a year
of more than 6 month from the date they became payable.
b. According to records of the company examined by us and the
information & explanations given to us, there are no statutory dues
which have not been deposited on account of dispute.
X The Company does not have accumulated losses at the end of the
financial year and it has not incurred any cash losses in the current
year and immediately preceding financial year.
XI Based on our audit procedure & on the basis of information &
explanations given by the management, we are of the opinion that the
company has not defaulted in payment of dues to the financial
institution or bank during the year. The company does not have any
borrowing by way of debentures.
XII The company has not granted any loans & advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII In our opinion and according to the information & explanations
given to us, the company is not a chit fund and nidhi / mutual benefit
fund / society. Therefore, provisions of this clause is not applicable
to the company.
XIV Based on our examination of records and the information &
explanations given to us, the company has maintained proper records of
the transactions & contracts in respect of dealing & trading in shares,
securities, debentures and other investments and timely entries have
been made. All the investments have been held by the company in its own
name.
XV According to the information & explanations given to us, the company
has not given any guarantee fo r loans taken by others from the banks
and financial institutions during the year.
XVI According to the records of the company, examined by us and the
information & explanations given to us, the company has not raised term
loans during the year.
XVII According to the information & explanations given to us and on the
basis of an overall examination of balance sheet of the company, in our
opinion no funds raised by company on short term basis, have been used
fo r long term investments.
XVIII During the year company has converted 1395800 convertible
warrants into equal number of fully paid equity shares of Rs.10/- each
on preferential basis to parties and companies covered in the register
maintained under Section 301 of the Companies Act, 1956.
XIX As explained to us, during the year covered by our audit, the
company has not issued any debentures.
XX The company has not raised any money through public issue during the
year.
XXI According to the information & explanation given to us, no fraud on
or by the company has been noticed or reported during the course of our
audit.
For M /s M.S. DAHIYA & CO.
CHARTERED ACCOUNTANTS
Harsh Firoda
Place : Indore
(Partner)
Date : 27th April'' 2013
M. No. 409391
FRN 013855C
Mar 31, 2012
We have audited the attached Balance Sheet of Sylph Technologies
limited as at 31st March 2012 and also the Profit and Loss Account and
the Cash Flow Statement for the period ended on that date annexed there
to. 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 standards on auditing
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit
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.
1. As required by the Companies (Auditors' Report) Order, 2003 as
amended by the Companies (Auditor's Report) Amendment Order, 2004
issued by the Central Government of India in terms of section 227 (4A)
of the Companies Act, 1956, we give in the annexure, a statement on the
matters specified in the paragraph 4 & 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above, 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 the
books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement have been prepared in compliance with the Accounting
standards referred to in sub-section 3C of section 211 of the Companies
Act, 1956, to the extent applicable and mandatory in nature.
(e) In our opinion and on the basis of information obtained and taken
on record by the Board of Directors, we report that none of the
directors of the company is disqualified as on 31.03.2012 from being
appointed as the director of the company in terms of clause (g) of
subsection (1) of section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other 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 the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012.
(b) In the case of the Profit and Loss Account, of the LOSS for the
Period ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the period ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 of our report of even date on the accounts
for the period ended 31st March 2012 of Sylph Technologies Limited.
I. In the respect of Fixed Assets :
During the year company does not maintain any fixed asset.
II. Inventory :
During the year company does not maintain any Inventory.
III a. The company has not granted any loan secured or unsecured to
companies,firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Hence clause (a,b,c and
d) is not applicable to the company.
b. The company has not taken any unsecured loan from parties covered in
the register maintained under section 301.hence clause (e,f and g) is
not applicable to the company.
IV. In our opinion and according to information & explanations given to
us, there is adequate internal control system commensurate with the
size of the company & nature of its business with regard to the
purchase of inventory & fixed assets & for the sale of goods. Further
on the basis of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, we have neither come across nor have been informed
of any instances of major weaknesses in the internal control system.
V a. Based on audit procedures applied by us, to the best of our
knowledge & belief and according
to the information & explanations given to us. We are of the opinion
that the particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required to be
maintained under that section.
b. In our opinion and according to information & explanations given to
us, transactions made in pursuance of contracts or arrangement entered
in the register maintained under section 301 of the Companies Act, 1956
have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time where such market prices
are available.
VI In our opinion and according to the information & explanations given
to us, the company has not accepted deposit from public, within the
meaning of provisions of section 58A & 58AA of Companies Act, 1956 &
Rules framed there under.
VII In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
VIII As informed to us and in our opinion the maintenance of cost
records has not been prescribed by the Central Government U/s 209(1)(d)
of the Companies Act, 1956 for any product of the company.
IX a. According to the records of the company examined by us and the
information & explanations
given to us, in our opinion the company is, generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investors Education & Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, service tax Excise
Duty, Wealth Tax, Custom Duty, cess and other statutory dues applicable
to it. No undisputed amount payable as at 31st March 2012 for a period
of more than 6 month from the date they became payable.
b. According to records of the company examined by us and the
information & explanations given to us, there are no statutory dues
which have not been deposited on account of dispute.
X The Company does not have accumulated losses at the end of the
financial year and it has not incurred any cash losses in the current
year and immediately preceding financial year.
XI Based on our audit procedure & on the basis of information &
explanations given by the management, we are of the opinion that the
company has not defaulted in payment of dues to the financial
institution or bank during the year. The company does not have any
borrowing by way of debentures.
XII The company has not granted any loans & advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII In our opinion and according to the information & explanations
given to us, the company is not a chit fund and nidhi / mutual benefit
fund / society. Therefore, provisions of this clause is not applicable
to the company.
XIV Based on our examination of records and the information &
explanations given to us, the company has maintained proper records of
the transactions & contracts in respect of dealing & trading in shares,
securities, debentures and other investments and timely entries have
been made. All the investments have been held by the company in its own
name.
XV According to the information & explanations given to us, the company
has not given any guarantee for loans taken by others from the banks
and financial institutions during the year.
XVI According to the records of the company, examined by us and the
information & explanations given to us, the company has not raised term
loans during the year.
XVII According to the information & explanations given to us and on the
basis of an overall examination of balance sheet of the company, in our
opinion no funds raised by company on short term basis, have been used
for long term investments.
XVIII During the year company has converted 1839200 convertible
warrants into equal number of fully paid equity shares of Rs.10/- each
(Out of these 235000 number of share at a premium of Rs. 2.6/- per
share) on preferential basis to parties and companies covered in the
register maintained under Section 301 of the Companies Act, 1956.
XIX As explained to us, during the period covered by our audit, the
company has not issued any debentures.
XX The company has not raised any money through public issue during the
year.
XXI According to the information & explanation given to us, no fraud on
or by the company has been noticed or reported during the course of our
audit.
For M/s M.S. DAHIYA & CO.
CHARTERED ACCOUNTANTS
Harsh Firoda
Place : Indore (Partner)
Date : 31st July, 2012 M. No. 409391
Jun 30, 2011
1. We have audited the attached Balance Sheet of SLYPH TECHNOLOGIES
LIMITED at the year ended 30th JUNE 2011 and relative profit and loss
account and the cash flow statement for the year ended on that date and
signed by us under reference to this report. These financial statements
are the responsibilities of the Company's Management; our
responsibilities are 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 amount 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 the reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) order 2003 issued by
the Central Government in term of sub-section (4A)of Section 227 of the
Companies Act, 1956, we enclose in the annexure a statement of the
matters specified in paragraph 4 & 5 of the said order.
4. Further to our comments in the annexure referred to above, we
report that :-
a. We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit,
b. In our opinion proper books of accounts as required by law have
been kept by the company so far it appears our examinations of those
books,
c. The Balance Sheet & Profit &Loss Account and Cash flow statement
dealt with by this report are in agreement with the books of accounts,
d. In our opinion Balance Sheet & Profit & Loss Account & Cash Flow
Statement dealt with by this report comply in all material respects
with the applicable Accounting Standard issued by The Institute of
Chartered Accountants of India referred to in Sub-Section (3C) of
Section 211 of the Companies Act, 1956,
e. On the basis of written representation received from the directors,
and taken on record by the Board of Directors, we record that none of
the directors is prima facie disqualified as on 30th June, 2011 from
being appointed as director in terms of clause (g) of Section 274 (1)
of the Companies Act, 1956,
f. In our opinion and to the best of our information and according to
the explanation given to us, the aforesaid financial statement read
with the significant accounting policies and notes to the accounts give
the information required by The Companies Act, 1956 in the manner so
required and give true & fair view in conformity with the accounting
principles generally accepted in India:-
i. in case of Balance Sheet, of the state of affairs of the Company as
at 30th June 2011,
ii. in case of profit & Loss Account, of the Loss for the year ended
30th June 2011.
Annexure to the Auditors Report
[Referred to in paragraph (3) of our report of even date]
On the basis of such checks as considered appropriate and in terms of
the information / explanations given to us, we state as under:-
i. In the respect of Fixed Assets :
a. Company has Maintained proper records showing full particulars
including quantitative details & situation of fixed Assets,
b. All the Assets of the Company have been physically verified by the
management at the end of the year & we are informed no discrepancies
between book records and the physical inventories have been noticed,
c. During the year the Company has disposed Fixed Assets (computers)
and it will not affect company as going concern.
ii. Inventory :
a. The inventory has been physically verified during the year by the
Management. In our opinion, the frequency of verification is
reasonable,
b. The procedure of physical verification of inventories followed by
the Management is reasonable & adequate in relation to the size of the
Company and the nature of its business,
c. On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory, the discrepancies noticed on verification between the
physical stocks and the book records were not material.
iii. a. According to the information and explanation given to us, the
company has not granted any loans secured or unsecured to Companies,
firm of others parties covered in the register maintained under Section
301 of the Companies Act, 1956, The Company has taken unsecured loan
from person covered in the Register maintained u/s 301 of the Companies
Act, 1956.
b. In view of what has been stated above, clause (iii)(b) regarding
terms and conditions of such loans, clause (iii)(c) regarding payment
of principal amount and interest and clause (iii)(d) regarding stems
for recovery of overdue amount of Para 4 of the order are not adverse
to the Company for the year,
c. Not Applicable,
d. Not Applicable,
e. The Company has taken a loan from the person covered in the
register maintained under Section 301 of the Companies Act, 1956. The
balance of such loan amounted to ' .43,21,000,
f. In our opinion, the rate of interest and other terms and conditions
of which the loan has been taken from the person listed in the register
maintained under Section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company,
g. In the case of loan taken from the person listed in the register
maintained under Section 301, the company has been regular in the
repayment of the interest as stipulated. The terms of arrangement do
not stipulate any repayment schedule and payment of interest.
iv. According to the information & explanation given to us, there are
adequate internal control procedures commensurate with the size of the
Company and the nature of its business for the purchase of inventory
and fixed assets & for sale of goods. And we have neither come across
nor have been informed of any continuing failure to correct weaknesses
in the aforesaid internal control procedure.
v. Based on the audit procedure applied by us and according to
information & explanation provided by the Management, we are of the
opinion that the company has not entered into any transaction during
the year except details given in para (iii) (e) above, which need to be
entered into the register maintained under Section 301 of the Companies
Act, 1956.
In view of what has been stated above, clause (v) (b) regarding
reasonability of price of such transaction is not applicable.
vi. During the year under review, the Company has not accepted any
deposits from public.
vii. In our opinion, the Companies have an internal audit system
commensurate with the size and nature of its business.
viii. Cost audit rules are not applicable to company as per Section
209(1) (d) of the Companies Act, 1956.
ix. a. According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including Income Tax and other statutory dues. According to the
information and explanation given to us, amount payable in respected of
income tax is outstanding, as at 30th June 2011 for a period of more
than six month from the date they became payable.
b. According to the records of the Company, there are no dues of
income tax which have not been deposited on account of any dispute.
x. The Company does not have accumulated losses and has not incurred
cash losses during the financial year covered by our audit, but the
company has accumulated losses and has incurred cash losses during the
immediately preceding financial year.
xi. Based on our audit procedure and on the basis of information and
explanation given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial institution
or bank.
xii. According to the information and explanation given to us, the
Company has not granted any loans or advances on the basis of
securities by the way of pledge of share, debenture or other
securities.
xiii. The provision of special statute applicable to Chit Fund, Nidhi
or Mutual Benefits Fund/ Securities are not applicable to the company.
xiv. The Company has maintained proper records of the transactions &
contracts and has made timely entries in the records. The Company has
held shares, securities, in its own name except to the extent of
exemption granted u/s 49 of the Act.
xv. According to the information and explanation given to us and
records made available to us. The company has not given any guarantee
for loans to others.
xvi. The Company has not raised any term loans till date. xvii.
According to the information and explanation given to us and on as over
all examination of the Balance Sheet and Cash flow statement of the
Company ,we report that no funds raised on short term basis have been
used for long investment by the Company.
xviii. The Company has made preferential allotment of the warrants to
the parties and companies covered in the register maintained under
section 301of the Companies Act, 1956
xix. During the period covered by our audit report, the Company has
not issued any debenture's requiring report under this clause.
xx. The company has not raised any money by way public issue during
the year and hence the question of disclosure and verification of end
use of such money does not arise.
xxi. Based upon the audit procedure performed and information and
explanation 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 M/s M.S. DAHIYA & CO.
CHARTERED ACCOUNTANTS
Place : Indore Harsh Firoda
Date : October 31, 2011 (Partner)
Jun 30, 2010
1. We have audited the attached Balance Sheet of SLYPH TECHNOLOGIES
LIMITED at the year ended 30th JUNE 2010 and relative profit and loss
account and the cash flow statement for the year ended on that date and
signed by us under reference to this report. These financial statements
are the responsibilities of the Companys Management; our
responsibilities are 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 amount 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 the reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) order 2003 issued by
the Central Government in term of sub-section (4A) of Section 227 of
the Companies Act, 1956, we enclose in the annexure a statement of the
matters specified in paragraph 4 & 5 of the said order.
4. Further to our comments in the annexure referred to above, we
report that :-
a. We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit,
b. In our opinion proper books of accounts as required by law have
been kept by the company so far it appears our examinations of those
books,
c. The Balance Sheet & Profit & Loss Account and Cash flow statement
dealt with by this report are in agreement with the books of accounts,
d. In our opinion Balance Sheet & Profit & Loss Account & Cash Flow
Statement dealt with by this report comply in all material respects
with the applicable Accounting Standard issued by The Institute of
Chartered Accountants of India referred to in Sub-Section (3C) of
Section 211 of the Companies Act, 1956,
e. On the basis of written representation received from the directors,
and taken on record by the Board of Directors, we record that none of
the directors is prima facie disqualified as on 30* June, 2010 from
being appointed as director in terms of clause (g) of Section 274 (1)
of the Companies Act, 1956,
f. In our opinion and to the best of our information and according to
the explanation given to us, the aforesaid financial statement read
with the significant accounting policies and notes to the accounts give
the information required by The Companies Act, 1956 in the manner so
required and give true & fair view in conformity with the accounting
principles generally accepted in India :-
i. in case of Balance Sheet, of the state of affairs of the Company as
at 30th June 2010,
ii. in case of profit & Loss Account, of the Profit for the year ended
30th June 2010.
Annexure to the Auditors Report
To the Members of
Sylph Technologies Limited
[Referred to in paragraph (3) of our report of even date]
The Companies (Auditors Report) Order, 2003 (the order) was issued in
June 2003 and came into force on 1st July, 2003. On the basis of such
checks as considered appropriate and in terms of the information /
explanations given to us, we state as under:-
i. In the respect of Fixed Assets :
a. Company has Maintained proper records showing full particulars
including quantitative details & situation of fixed Assets,
b. All the Assets of the Company have been physically verified by the
management at the end of the year & we are informed no discrepancies
between book records and the physical inventories have been noticed,
c. During the year the Company has not disposed off any substantial
part of Fixed Assets.
ii. Inventory :
a. The inventory has been physically verified during the year by the
Management. In our opinion, the. frequency of verification is
reasonable,
b. The procedure of physical verification of inventories followed by
the Management is reasonable & adequate in relation to the size of the
Company and the nature of its business,
c. On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory, the discrepancies noticed on verification between the
physical stocks and the book records were not material.
iii. a. According to the information and explanation given to us, the
company has not granted any loans secured or unsecured to Companies,
firm of others parties covered in the register maintained under Section
301 of the Companies Act, 1956, The Company has taken unsecured loan
from person covered in the Register maintained u/s 301 of the Companies
Act, 1956.
b. In view of what has been stated above, clause (iii)(b) regarding
terms and conditions of such loans, clause (iii)(c) regarding payment
of principal amount and interest and clause (iii)(d) regarding stems
for recovery of overdue amount of Para 4 of the order are not adverse
to the Company for the year,
c. Not Applicable,
d. Not Applicable,
e. The Company has taken a loan from the person covered in the
register maintained under Section 301 of the Companies Act, 1956. The
balance of such loan amounted to Rs. 43,21,000,
f. In our opinion, the rate of interest and other terms and conditions
of which the loan has been taken from the person listed in the register
maintained under Section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the Company,
g. In the case of loan taken from the person listed in the register
maintained under Section 301, the company has been regular in the
repayment of the interest as stipulated. The terms of arrangement do
not stipulate any repayment schedule and payment of interest.
iv. According to the information & explanation given to us, there are
adequate internal control procedures commensurate with the size of the
Company and the nature of its business for the purchase of inventory
and fixed assets & for sale of goods. And we have neither come across
nor have been informed of any continuing failure to correct weaknesses
in the aforesaid internal control procedure.
v. Based on the audit procedure applied by us and according to
information & explanation provided by the Management, we are of the
opinion that the company has not entered into any transaction during
the year except details given in para (iii) (e) above, which need to be
entered into the register maintained under Section 301 of the Companies
Act, 1956.
In view of what has been stated above, clause (v) (b) regarding
reasonability of price of such transaction is not applicable.
vi. During the year under review, the Company has not accepted any
deposits from public.
vii. In our opinion, the Companies have an internal audit system
commensurate with the size and nature tof its business.
viii. Cost audit rules are not applicable to company as per Section
209(1) (d) of the Companies Act, 1956.
ix. a. According to the records of the Company, the Company is regular
in depositing with appropriate authorities undisputed statutory dues
including Income Tax and other statutory dues. According to the
information and explanation given to us, amount payable in respected of
income tax is outstanding, as at 30th June 2010 for a period of more
than six month from the date they became payable.
b. According to the records of the Company, there are no dues of
income tax which have not been deposited on account of any dispute.
x. The Company does not have accumulated losses and has not incurred
cash losses during the financial year covered by our audit, but the
company has accumulated losses and has incurred cash losses during the
immediately preceding financial year.
xi. Based on our audit procedure and on the basis of information and
explanation given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial institution
or bank.
xii. According to the information and explanation given to us, the
Company has not granted any loans or advances on the basis of
securities by the way of pledge of share, debenture or other
securities.
xiii. The provision of special statute applicable to Chit Fund, Nidhi
or Mutual Benefits Fund/ Securities are not applicable to the company.
xiv. The Company has maintained proper records of the transactions &
contracts and has made timely entries in the records. The Company has
held shares, securities, in its own name except to the extent of
exemption granted u/s 49 of the Act.
xv. According to the information and explanation given to us and
records made available to us. The company has not given any guarantee
for loans to others.
xvi. The Company has not raised any term loans till date.
xvii. According to the information and explanation given to us and on
as over all examination of the Balance Sheet and Cash flow statement of
the Company, we report that no funds raised on short term basis have
been used for long investment by the Company.
xviii. The Company has made preferential allotment of the warrants to
the parties and companies covered in the register maintained under
section 301 of the Companies Act, 1956
xix. During the period covered by our audit report, the Company has
not issued any debentures requiring report under this clause.
xx. The company has not raised any money by way public issue during
the year and hence the question of disclosure and verification of end
use of such money does not arise.
xxi. Based upon the audit procedure performed and information and
explanation 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 M/s M.S. DAHIYA & CO.
CHARTERED ACCOUNTANTS
Place : Indore Harsh Firoda
Date : August 16,2010 (Partner)