Auditor Report of Panth Infinity Ltd.
Mar 31, 2018
INDEPENDENT AUDITOR''S REPORT
To the Members of Panth Infinity Limited (Formerly known as Synergy Bizcon Limited)
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying Standalone Ind AS financial statements of Panth Infinity Limited ("the company"), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Ind As 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 Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with relevant rules issued there under.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s responsibility
Our responsibility is to express an opinion on these Standalone Ind AS financial statements based on our audit.
In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of 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 standalone Ind AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the Standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2018, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Other Matters
The comparative financial information of the Company for the year ended 31st March 2017 and the transition date opening balance sheet as at 1st April 2016 included in these Ind AS financial statements, are based on the previously issued statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006, audited by the predecessor auditor, whose report for the year ended 31st March, 2017 and 31st March, 2016 dated 29 May, 2017 and 29 May, 2016 respectively expressed an unmodified opinion on those financial statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.
Our opinion is not modified in respect of above said matter. Report on Other Legal and Regulatory Requirements
1. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account;
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the India Accounting Standards prescribed under section 133 of the Act.
e) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in " Annexure A".
g) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations as at 31st March 2018, which would impact its financial position.
ii. The Company does 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.
iv. The Company has provided requisite disclosures in the standalone Ind AS financial statements. Based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management.
2. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India, in terms of sub-section (11) of Section 143 of the Act, we give in "Annexure B" hereto, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
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For A Biyani & CO. |
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Chartered Accountants |
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Registration No. : 140489W |
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Ashutosh Biyani |
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Place: Surat |
Proprietor |
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Date: 30/05/2018 |
Membership No. 165017 |
Annexure "A" To The Independent Auditor''s Report Of Even Date On The Standalone Ind As Financial Statements Of Panth Infinity Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of PANTH INFINITY LIMITED ("the Company") as of March 31, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing issued by the Institute of Chartered Accountants of India and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
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For A Biyani & CO. |
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Chartered Accountants |
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Registration No. : 140489W |
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Ashutosh Biyani |
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Place: Surat |
Proprietor |
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Date: 30/05/2018 |
Membership No. 165017 |
"Annexure B" to the Independent Auditors'' Report
(Referred to in our report of even date to the members of PANTH INFINITY LIMITED as at and for the year ended 31st March, 2018).
i) In respect of its Fixed Assets:
a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.
b) As explained to us, the Company has physically verified assets, in accordance with a phased program of verification, 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 as compared with the available records.
c) According to the information and explanations given to us and on the basis of our examination, the title deeds of immovable properties are held in the name of the Company.
d) In our opinion, the physical verification of inventory has been conducted at reasonable intervals by the management during the year. No discrepancies were noticed on such physical verification. In respect of materials lying with outside parties confirmations have been obtained.
e) The company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in register maintained under section 189 of the Act and hence sub-clause (a), (b) and (c) of clause iii of Para 3 of the Order are not applicable.
f) In respect of loans, investment, guarantees and security the Company has complied with provision of section 185 and 186 of the Act.
g) The company has not accepted any deposit from public and hence clause (v) of Para 3 of the order is not applicable.
h) According to the information and explanations given to us, Central Government has not prescribed maintenance of cost records under sub-Section (1) of Section 148 of the Act in respect of activities carried on by the Company. Therefore, the provisions of clause (vi) of paragraph 3 of the Order are not applicable to the Company.
i) a) The company is regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales-Tax, Service Tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with appropriate authorities, where applicable. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March, 2018 for a period of more than six months from the date they became payable.
j) According to the records of the company, there are no dues outstanding of income-tax, sales-tax, service tax, duty of customs, duty of excise and value added tax on account of any dispute.
k) The company has not defaulted in repayment of any dues to a financial institution, bank, and government. The company has not borrowed any amount by way of debentures.
1) The company has not raised any money by way of Initial public offer or further Public offer (Including debt instruments). Moneys raised by way of Term Loan were applied for the purpose for which the loan was obtained.
ii) On the basis of our examination and according to the information and explanations given to us, no fraud by the company or any fraud on the company by its officers/employees has been noticed or reported during the year.
iii) According to the information and explanations given by the management, the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013
iv) The company is not a nidhi Company and accordingly the information and explanations given to us, provisions of Nidhi Rules, 2014 are not applicable to the company.
v) On the basis of our examination and according to the information and explanations given to us, we report that all the transaction with the related parties are in compliance with Section 177 and Section 188 of the Act, and the details have been disclosed in the Financial statements in Note no. 30(E)as required by the applicable accounting standards.
vi) The company has not made any preferential allotment/ private placement of share or fully or partly paid convertible debentures during the year and accordingly provisions of clause (xiv) of Para 3 of the Order are not applicable.
vii) According to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him.
viii) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and accordingly, provisions of clause (xvi) of Para 3 of the Order are not applicable.
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For A Biyani & CO. |
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Chartered Accountants |
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Registration No. : 140489W |
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Ashutosh Biyani |
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Place: Surat |
Proprietor |
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Date: 30/05/2018 |
Membership No. 165017 |
Mar 31, 2016
INDEPENDENT AUDITORâS REPORT
To the Members of SYNERGY BIZCON LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of SYNERGY BIZCON LIMITED (âthe Companyâ) which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these (Standalone) 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs 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 Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the 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, of the state of affairs of the Company as at 31st March, 2016, and its Profit and its Cash Flow for the year ended on the date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.
b. In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet, 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 (Standalone) financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
g. With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company 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.
Referred to in paragraph 1 under the heading âReport on Other Legal & Regulatory Requirementâ of our report of even date to the Financial Statements of the Company for the year ended 31st March, 2016:
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, 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.
(c) The title deeds of immovable properties are held in the name of the Company.
2) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The Company has maintained proper records of its Inventories and no material discrepancies were noticed on physical verification.
3) The Company has not granted any loans, secured or unsecured to Companies, Firms, Limited Liability Partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at 31st March, 2016 for a year of more than six months from the date on when they become payable.
(b) According to the information and explanation given to us, there are no dues of Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax outstanding on account of any dispute.
8) As the Company does not have any loans or borrowings from any Financial Institution or Bank or Government, nor has it issued any debentures, as at the balance sheet date the provisions of Clause 3(viii) of the Order are not applicable to the Company.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of Initial Public Offer or Further Public Offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has not been paid or provided in financial statements by the Company during the year.
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable Accounting Standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanations given by the management, the Company has not entered into any non-cash transactions with Directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
We have audited the internal financial controls over financial reporting of Synergy Bizcon Limited (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the standalone Financial Statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on, âthe internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of Indiaâ. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on, âthe internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of Indiaâ.
For Rajesh Shantilal Jain & Co.
Chartered Accountants
Firmâs Registration No. 012940C
CA. Rajesh S. Jain
Place: Indore Proprietor
Date: 29.05.2016 M. No. 071697
Mar 31, 2015
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of
Synergy Bizcon Limited (Formerly known as "Synergy Infrastructures
Limited") ("the Company"), which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss, the Cash Flow Statement
for the period then ended, and a summary of the significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with 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, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We have conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the period
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 (Âthe
Order') issued by the Central Government of India in terms of sub
section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 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 as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. There was no pending litigations which could impact financial
position in its financial statements;
ii. The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(The Annexure referred to in paragraph 1 under "Report on other Legal
and Regulatory Requirements" Section of our report of even Date)
In terms of the information and explanations given to us and books and
records examined by us in the normal course of audit and to the best of
our knowledge we state that:
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. All the fixed assets have been physically verified by the
management during the period, which in our opinion is reasonable having
regard to the size of the company and the nature of its assets. As per
information and explanations given to us, no material discrepancies
were noticed.
2. a. The inventories have been physical verified during the period
under consideration by the management. In our opinion, the frequency of
verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the company & nature of its business.
c. The company has maintained proper records of inventory. As per the
information and explanation given to us, no material discrepancies were
noticed on physical verification.
3. a. The Company had not granted any secured or unsecured loan to
any Companies,firms or other parties covered in register maintained
under Section 189 of the Companies Act, 2013. Hence sub clause (b) to
(c) is not applicable to the company.
4. In our opinion and according to information and explanation given
to us there are adequate internal control systems commensurate with the
size of the company and nature of its business for the purchase of
inventory, fixed assets and for the sale of goods. During the course of
our audit we have not observed any continuing failure to correct major
weakness in internal control system.
5. According to information and explanations given to us, the company
has not accepted any deposits from public during the period in
accordance with provision of sections 73 to 76 of the Companies Act,
2013 and the rules made there under hence clause not applicable to the
Company.
6. We are informed that the Central Government has not prescribed
maintenance of cost records U/s 148(1) of the Companies Act, 2013 for
the products traded and other activities carried by the Company.
7. a. According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the period
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of employees' state
insurance and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31st
March, 2015 for a period of more than six months 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 dues of sales tax,
income tax, custom duty, entry tax, wealth tax, service tax, excise
duty and cess which have not been deposited on account of any dispute.
c. According to the information and explanations given to us the
Company does not have any amount outstanding which required to be
transferred to the investor education and protection fund in accordance
with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules made there under.
8. The Company has accumulated losses of Rs. 9.17 lacs at the end of
the financial year and incurred cash losses of Rs. 4.47lacs in the
current period and Rs. 123.56 lacs in immediately preceding financial
period and accumulated losses does not exceed 50% net worth of the
company.
9. The Company has not taken any borrowings from banks, financial
institutions or by way of debentures. Accordingly, the provisions of
clause 3(9) of the Order are not applicable to the Company.
10. According to the information and explanations given to us and the
records of the Company examined by us, the Company has not given any
guarantees for loans taken by others from banks or financial
institutions. Accordingly, the provisions of clause 3(10) of the Order
are not applicable to the Company.
11. The Company has not taken any term loans during the period.
Accordingly the provisions of clause 3(11) of the Order are not
applicable to the Company.
12. During the course of our examination of books & records of the
company carried out in accordance with the generally accepted auditing
practice in India, we have neither come across any instance of fraud on
or by company, noticed or reported during the period, nor we have been
informed of such case by the management.
For Rajesh Shantilal Jain & Co.
Chartered Accountants
Firm's Registration No.: 012940C
CA. Rajesh K. Jain
Place: Indore Proprietor
Date: 30.05.2015 M. No. 071697
Jun 30, 2014
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of SYNERGY BIZCON
LIMITED (the Company), which comprise the Balance Sheet as at June
30th, 2014, the Statement of Profit and Loss and Cash Flow Statement
for the period 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 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 June 30th, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the period ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the period ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. The company is private limited and 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 and 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 June 30th, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on June 30th, 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 accounts for
the period ended 30th June, 2014 of Synergy Bizcon Ltd.)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the fixed assets have been physically verified by the
management during the period. No material discrepancies were noticed on
such verification.
(c) According to the information and explanations given to us, the
company has not disposed off any substantial part of fixed assets
during the period.
(ii) In Respect of Stock:
(a) The Company has carried out physical verification at reasonable
interval commensurate to its size and nature of business and no
discrepancy has been found.
(b) In our opinion and according to the explanation given to us, the
procedure of physical verification of the inventories followed by the
management is reasonable and adequate in relation to the size of
Company and nature of business.
(c) The Company is maintaining proper records of inventory. As
explained to us, there is no material discrepancies noticed on physical
verification of inventories as compared to the book records.
(iii) (a) The Company has not granted loans in the ordinary course of
business to Company/parties listed in the register maintained under
Section 301 of the Companies Act, 1956.
(b) Since no loans have been given by the Company the clause (iii)(b)
is not applicable to the Company.
(c) Since no loans have been given by the Company the clause (iii)(c)
is not applicable to the Company.
(d) Since no loans have been given by the Company the clause (iii)(d)
is not applicable to the Company.
(e) The Company has not taken unsecured loan from any parties covered
in the register maintained under section 301 of the companies act,
1956.
(f) Since no loans have been given by the company the clause (iii) (f)
& (g) is not applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, the internal control systems for the purchases of fixed
assets and for sale of goods are commensurate with the size of the
company and the nature of its business. 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,
there are no contracts or arrangements referred to in section 301 of
the Act.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions aggregating during the period
above Rs.500, 000/- or more in respect of each party.
(vi) According to the information and explanations given to us the
company has not accepted any deposits under section 58A, 58AA or any
other relevant provisions of the Companies Act, 1956.
(vii) The Company has internal audit system commensurate with the size
of the company and nature of its business.
(viii) To the best of our knowledge the Central Government has not
prescribed the maintenance of cost records by the company under section
209 (1)(d) of the Companies Act, 1956.
(ix) According to the information & explanation given to us and records
of the company examined by us:
(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 Income Tax, Sales Tax cess and other statutory
dues applicable to it. No undisputed amount payable as at 30th June
2014 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 has accumulated loss of Rs.4.09 Lacs at the end of the
financial period but does not exceed 50% of net worth of the company.
Company has incurred cash loss of Rs. 123.71 Lacs in the current period
but no loss in immediately preceding financial year.
(xi) According to the information and explanations given to us, company
has not taken any loan from bank or financial institution or debenture
holders, hence given clause not applicable to company.
(xii) According to the information and explanations given to us the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause (4 (xiii) of
the Companies (Auditors'' Report) Order, 2003 are not applicable to the
company.
(xiv) Based on our examination of record and the information &
explanations given to us, the company is dealing in shares during the
year and in our opinion proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
All the securities & shares are 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 period.
(xvi) 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.
(xvii) According to the information and explanations given to us, and
on an overall examination of the balance sheet of the company, we
report that no short-term funds have been used for long-term purposes.
(xviii) The company has not made any preferential allotment of shares
to the parties and companies covered in the register maintained under
the section 301 of the companies act, 1956.
(xix) According to the information and explanations given to us, during
the period covered by our audit report the company has not issued
debentures.
(xx) According to the information and explanations given to us, during
the period covered by our audit report the company has not raised any
money by public issues
(xxi) According to the information and explanations given to us, no
fraud has been committed by or against the company during the period
under audit.
For RAJESH SHANTILAL JAIN & CO.
Chartered Accountants
FRN.012940C
Place: Indore Dr. R.K.S. Jain
Date : 28-08-2014 Proprietor
M No.071697
Sep 30, 2013
We have audited the accompanying financial statements of Synergy Bizcon
Limited (formerly known as Synergy Infrastructures Limited), which
comprise the Balance Sheet as at March 31,2013, and the Statement of
Profit and Loss and Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory
information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 . 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 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
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.
(Referred to in paragraph 1 of our report of even date on the accounts
for the year ended 30th September 2013 of Synergy Bizcon Limited
(formerly known as Synergy Infrastructures Limited)
i. In the respect of fixed assets :
During the year company does not maintain any fixed asset.
ii. (a) The inventory of the company has been physically verified by
the management during the year. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable & adequate, in relation to
the size of the company & nature of its business.
(c) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper record of inventory and as
explain to us, the discrepancies notice on physical verification of
inventory, as compare to book records were not material and have been
properly dealt with in the books of accounts.
iii. According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms and other parties covered in the register
maintained under Section 301 of the Companies Act, 1956. Hence clause
"a,b,c,d,e,f and g" is not applicable to the company.
iv. In our opinion and according to information & explanations given
to us, there are adequate internal control procedures 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 and
services. 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 across nor have
been informed of any instances of major weakness in the aforesaid
internal control procedures.
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. According to the information & explanations given to us, the
company has not accepted deposit from public which attracts the
directives issued by the Reserve Bank of India and the provisions of
section 58A & 58AA & rules framed there under. No order has been passed
by the Company Law Board for the same.
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
30th September 2013 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 dues of sales tax,
income tax, custom duty, entry tax, wealth tax, excise duty and Cess
which have not been deposited on account of any dispute.
x. The company does not have accumulated losses & the company has not
incurred any cash losses during the financial year covered by our
audit.
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 bank during the
year.
xii. The company has not granted any loans & advances on the basis of
security by way of pledge of shares, debenture and other securities.
xiii. In our opinion and according to the information & explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / society.
xiv. Based on our examination of record and the information &
explanations given to us, the company has dealt / traded in share and
other securities during the year.
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, company does not have any term
loan.
xvii. According to the information & explanations given to us and on
the basis of an overall examination of the balance sheet of the
company, we report that no fund raised by the company on short term
basis used for long term uses.
xviii. During the year company has not made preferential allotment to
parties covered under Section 301 of the Companies Act, 1956.
xix. According to the information and explanations given to us, during
the period covered by our audit report, the Company has not issued any
debentures.
xx. The company has not raised any money through public issue during
the year.
xxi. During the course of our examination of books & records of the
company carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instances of fraud
on or by the company, noticed or reported during the year, nor have we
been informed of such cases by management.
For & Behalf of Rajesh Shantilal Jain & Co.
CHARTERED ACCOUNTANTS
(Firm Registration No. 012940C)
Dr. R.K.S. Jain
Place: Indore (Proprietor)
Dated: 29-11-2013 (Membership No. 071697)
Sep 30, 2012
Report on the Financial Statements
We have audited the accompanying financial statements of Synergy
Infrastructure Limited , which comprise the Balance Sheet as at 30st
September, 2012, the Statement of Profit and Loss for the period ended
, Cash Flow Statement as at 30st September 2012 and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statement 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 .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 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 statement. An audit involves performing procedure to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedure selected depends 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 procedure 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 evidences 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
explanation given to us, the financial statements give the information
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 case of the Balance Sheet, of the state of affairs of the
Company as at 30th September,2012;
(b) In case of the Profit & Loss Account, of the profit for the year
ended on that date;
(c) In case of Cash Flow Statement of the Company as at 30th September,
2012
Report on other Legal and Regulatory Requirement
1. As required by Companies (Auditor'' Report) Order,2003 ("the Order")
issued by the Central Government of India in terms of sub - section
(4A) of section 227 of the Act, we give in the Annexure a statement on
the matter specified in paragraph 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtain all information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with books of
account.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3c) of section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on September 30th,2012 and taken on record by the Board of
Directors, none of the directors is disqualified as on September
30th,2012, from 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 on the accounts
for the year ended 30th September 2012 of Synergy Infrastructures
Limited)
i. In the respect of fixed assets :
During the year company does not maintain any fixed asset.
ii. (a) The inventory of the company has been physically verified by
the management during the year. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable & adequate, in relation to
the size of the company & nature of its business.
(c) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper record of inventory and as
explain to us, the discrepancies notice on physical verification of
inventory, as compare to book records were not material and have been
properly dealt with in the books of accounts.
iii. According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms and other parties covered in the register
maintained under Section 301 of the Companies Act, 1956. Hence clause
"a,b,c,d,e,f and g" is not applicable to the company.
iv. In our opinion and according to information & explanations given
to us, there are adequate internal control procedures 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 and
services. 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 across nor have
been informed of any instances of major weakness in the aforesaid
internal control procedures.
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. According to the information & explanations given to us, the
company has not accepted deposit from public which attracts the
directives issued by the Reserve Bank of India and the provisions of
section 58A & 58AA & rules framed there under. No order has been passed
by the Company Law Board for the same.
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
30th September 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 dues of sales tax,
income tax, custom duty, entry tax, wealth tax, excise duty and Cess
which have not been deposited on account of any dispute.
x. The company does not have accumulated losses & the company has
incurred cash losses during the financial year covered by our audit.
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 bank during the
year.
xii. The company has not granted any loans & advances on the basis of
security by way of pledge of shares, debenture and other securities.
xiii. In our opinion and according to the information & explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / society.
xiv. Based on our examination of record and the information &
explanations given to us, the company has dealt / traded in share and
other securities during the year.
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, company does not have any term
loan.
xvii. According to the information & explanations given to us and on
the basis of an overall examination of the balance sheet of the
company, we report that no fund raised by the company on short term
basis used for long term uses.
xviii. During the year company has not made preferential allotment to
parties covered under Section 301 of the Companies Act, 1956.
xix. According to the information and explanations given to us, during
the period covered by our audit report, the Company has not issued any
debentures.
xx. The company has not raised any money through public issue during
the year.
xxi. During the course of our examination of books & records of the
company carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instances of fraud
on or by the company, noticed or reported during the year, nor have we
been informed of such cases by management.
For & Behalf of Rajesh Shantilal Jain & Co.
CHARTERED ACCOUNTANTS
(Firm Registration No. 012940C)
Rajesh Jain
Place : Indore (Proprietor)
Dated: 30-10-2012 (Membership No. 071697)
Sep 30, 2011
1. We have audited the attached Balance Sheet of SYNERGY
INFRASTRUCTURES LIMITED as at 30th September, 2011 and also the profit
and loss account for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company''s
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides the reasonable basis
for our opinion
3. As required by the Companies (Auditor''s Report) Order 2003 issued
by the Central Government in terms of sub-section (4A) of Section 227
of the Companies Act 1956, we enclose give in the Annexure a statement
of the matters specified in paragraph 4 and 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 from our examination of
those books;
(c) The Balance Sheet & Profit & Loss Account dealt with by this report
are in agreement with the books of account;
(d) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub-section (3C) of Section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2006 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
30th September,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 explanations given to us, the said account read together with notes
there on give the information required by the Companies Act, 1956 in
the manner so required and give true and 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 September 2011;
ii.) In the case of the Profit & Loss Account, of the Profit for the
year ended 30th September 2011.
Referred to in paragraph 1 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) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the Management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed
on such verification.
(c) During the year the Company has not disposed off any substantial
part of Fixed Assets.
(ii) (a) The inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the Management are reasonable and 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) According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms and other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
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 applicable to
the Company for the year.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for sale of
goods.
(v) Based on the audit procedures applied by us and according to
information and explanations provided by the Management, we are of the
opinion that the Company has not entered into any transactions during
the year, which need to be entered into the register maintained under
Section 301 of the company Act, 1956.
In view of what has been stated above, clause (V) (b) regarding
reasonability of price of such transactions is not applicable.
(vi) During the year under review, the Company has not accepted any
deposits from public.
(vii) In our opinion, the Company has 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, Sales Tax and other statutory dues.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax were outstanding,
as at 30th September 2011 for a period of more than six months 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 has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
(xi) Based on our audit procedures and on the basis of information and
explanations given by the Management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institutions or banks.
(xii) According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures or other securities.
(xiii) The provisions of special statute applicable to Chit Fund, Nidhi
or Mutual Benefit Fund/Society 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 explanations given to us and
records made available to us. The company has not given any guarantee
for loans to others.
(xvi) The term loans have been applied for the purposes for which they
were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long
investment by the Company.
(xviii) The Company has not made preferential allotment of shares to
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 moneys does not arise.
(xxi) Based upon the audit procedures preformed and information and
explanations given by the Management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For RAJESH SHANTILAL JAIN &
COMPANY CHARTERED ACCOUNTANTS
RAJESH JAIN
(PROPRIETOR)
DATE : 30.10.2011
PLACE: INDORE
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