Mar 31, 2014
We have audited the accompanying financial statements of TEJ INFOWAVS
LIMITED "the Company", which comprise the Balance Sheet as at March 31,
2014, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error.
In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. .
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, 2014; and
(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.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company.
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, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The company is maintaining proper records of inventory and as
explained to us, no material
discrepancies were noticed on physical verification of stocks as
compared to book records.
111. (a) The Company has not granted any loans, secured or unsecured to
Companies, Firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the Clause of whether the
rate of interest &
other terms and conditions on which loans have been granted to parties
listed in the register maintained under Section 301 prejudicial to the
interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount
from parties , is not applicable to the company.
(d) No loans have been granted to Companies, Firms and other parties
listed in the register U/S
301 of the Companies Act, 1956. Hence, overdue Amount of more than
rupees one Lac does not arise and the clause is not Applicable,
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other
Parties covered in the register maintained U/s.301 of the Companies
Act, 1956-
(f) As the Company has not taken any loans, the clause of whether the
rate of interest and other terms and conditions on which loans have
been taken from parties listed in the register maintained under
section 301 is prejudicial to the interest of company, is not
applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us , since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arrangements made by the company, the applicability
of the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and hence
the applicability of the clause of directives issued by the Reserve
Bank of India and provisions of section 58A, 58AA or any other relevant
provisions of the Act and the rules framed there under does not arise
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of subsection
(i) of 209 of the companies act 1956.
IX. (a) The Company is regular in depositing statutory dues including
Income Tax, Cess, and any other statutory dues with the appropriate
authorities and at the end of last financial year there were no amounts
outstanding which were due for more than 6 months from the date they
became payable.
(b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of Income Tax, Cess and any
other statutory dues as at the end of the period, for a period more
than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the company
has not taken any loans from banks/ financial institutions. Hence the
clause of repayment of dues to financial institution or banks and the
defaulted payment therein is not applicable to the Company.
XII. According to the information and explanations given to us, the
Company has not granted anv loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of
special statute applicable to Chit Fund in respect of Nidhi/Mutual
Benefit Fund/Societies.
XIV, According to the information and explanations given to us, the
company is not dealing or trading
in shares, securities, Debentures and other investments and hence the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order
2003, are not applicable to the Company.
XV According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us,
the''Company has not obtained any Term Loans, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by public issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P. Murali & Co.,
Chartered Accountants
Firm''s Registration Number: 007257S
P. Muraii Mohana Rao Partner
Membership Number: 023412
Place: Hyderabad
Date: 30-05-2014
Mar 31, 2013
We have audited the attached Balance Sheet of TEJ INFOWAYS''LIMITED as
at 31st March, 2013 and also the Profit & Loss Account for the period
ended on the date annexed thereto and the cash flow statement for the
period ended on that date. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial statements based on our audit
We conducted our audit in accordance with auditing standards generally
accepted in India, Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion .
As required by the Companies (Auditor''s Report) order 2003 and as
amended by the Companies (Auditor''s Report)(Amendment) rder 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
Audit:
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books ;
(ii) The Balance Sheet & Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account and cash
flow statement dealt with by this report comply with the Accounting
standards referred to in sub-section (3C) of Section 211 of Companies
Act, 1956 ;
(v) Dn the basis of written representations received from the
Directors, as on 31st March , 2013 and taken on record by the Board of
Directors, we report that none of the Directors
- is disqualified as on 31st March , 2013 from being appointed
Director in terms of clause(g) of sub-section(l) of section 274 of the
Companies Act, 1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March , 2013;
(b) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date;
AND
(c) In the case of the Cash Flow, of the cash flows for the period
ended on that date
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us , the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable
(c ) The Company is maintaining proper records of inventory and as
explained to us, no material discrepancies were noticed as physical
verification of stocks as compored to book records.
III. (a) The Company has not granted any loans, secured or unsecured to
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties , is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lakh does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. in our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s 301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arrangements made by the company, the applicability
of the clause of charging the reasonable price having regards to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and hence
the applicability of the clause of directives issued by the Reserve
Bank of India and provisions of section 58A.58AA or any other relevant
provisions of the Act and the rules framed there under does not arise.
As per information and explanations given to us the order from the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal has not been received by the
Company.
VII. In our opinion, the Company is having an internal audit system
commensurate with its size and the nature of its business,
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(i) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statutory dues including
PF, ESI, Income Tax,
Cess and any other statutory dues with the appropriate authorities and
at the last of the financial year there were no amounts outstanding
which were due for more than 6 months from the date they became
payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
and any other statutory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and in the immediately preceding financial year. ,
XI. According to information and explanations given to us, the Company
has not taken any loans from Banks or Financial Institutions Hence this
clause of repayment of dues to Financial Institutions or Banks or
debenture holders and the defaulted payment therein is not applicable
to the Company.
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 and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or , trading in shares, securities, Debentures
and other investments and hence the provisions of clause 4{xiv) of the
Companies {Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
Company has not obtained any Term Loans, hence this clause is not
applicable,
XVIL. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long- term investment does not arise
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parlies
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the , Company has been noticed or reported during the
year under audit-
For P.MURALI & CO.,
CHARTERED ACCOUNTANTS
FRN: 007257S
PLACE : HYDERABAD Sd/-
DATE : 30-05-2013 PARTNER
Mar 31, 2012
We have audited the attached Balance Sheet of TEJ INFOWAYS LIMITED as 31st
March 2012 and also the Profit & Loss Account for the period ended on
the date annexed thereto and the cash flow statement for the period
ended on that date. These financial statements are the responsibility
of the Company''s Management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in Inda 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 statement An audit also includes assessing
the accounting principles used a s^nt^STates made by management, as
well as evaluating the overall statement Di-esentation. We believe that
our audit provides a reasonable basis of our opinion .
As required by the Companies (Auditor''s Report) order 2003 and as
amended by the C°mpan''es (Auditor''s Report)(Amendment) rder 2004,
issued by the Central Government of India in terms of the
sub-sechon(4A) of section 227 of the Companies Act, 1956, we enclosed
the annexure a statement on the matters specified in paragraphs 4 and 5
of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
Audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books ,
(ii) The Balance Sheet & Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account,
(v) On the basis of written representations received from the
Directors, as on 31st-March, 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March,2012 from being appointed Director in terms of clause(g) of
sub-section(l) of section 274 of the Companies Act,1956 ;
(Vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March , 2012;
(b) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date;
AND
(c) In the case of the Cash Flow, of the cash flows for the period
ended on that date
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us , the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management Are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The company is maintaining proper records of inventory and as
explained to us, no material discrepancies were noticed on physical
verification of stocks as compared to book records.
III(a) The Company has not granted any loans, secured or unsecured to
Companies, '' Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties , is not applicable.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lakh does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of ''nterest J other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of he company and the nature of its business
with regard to purchase of inventory and fixed assets an for sale of
goods and services. There is no continuing failure by the company to
correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s 301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arrangements made by the company, the applicability
of the clause of charging the reasonable price having regards to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and hence
the applicability of the clause of directives issued by the Reserve
Bank of India and provisions of section 58A.58AA or any other relevant
provisions of the Act and the rules framed there under does not arise.
As per information and explanations given to us no order from the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal has been received by the
Company.
VII. In our opinion, the Company is having an internal audit system
commensurate with its size and the nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(I) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statutory dues including
Income Tax, Cess and any other statutory dues with the appropriate
authorities and at the last of the financial year there were no amounts
outstanding which were due for more than 6 months from the date they
became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of, Income Tax, Cess and any
other statutory dues as at the end of the period, for a period more
than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI According to information and explanations given to us, the Company
has not taken any loans from Banks or Financial Institutions. Hence
this clause of repayment of dues to Financial Institutions or Banks or
debenture holders and the defaulted payment therein is not applicable
to the Company.
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 and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Beret, Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
Company has not obtained any Term Loans, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long- term investment does not
arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI & CO.,
CHARTERED ACCOUNTANTS
FRN: 007257S
PLACE : HYDERABAD SD/-
DATE : PARTNER
Mar 31, 2011
We have audited the attached Balance Sheet of TEJ INFOWAYS LIMITED as
at 31st March, 2011 and also the Profit & Loss Account for the period
ended on the date annexed thereto and the cash flow statement for the
period ended on that date. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion .
As required by the Companies (Auditor''s Report) order 2003 and as
amended by the Companies (Auditor''s Report)(Amendment) order 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
Audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books ;
(ii) The Balance Sheet & Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account and cash
flow statement dealt with by this report comply with the Accounting
standards referred to in sub-section (3C) of Section 211 of Companies
Act, 1956 ;
(v) On the basis of written representations received from the
Directors, as on 31st March , 2011 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March , 2011 from being appointed Director in terms of clause(g)
of sub-section(l) of section 274 of the Companies Act, 1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March ,2011;
(b) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date;
AND
(c) In the case of the Cash Flow, of the cash flows for the period
ended on that date
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us , the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management Are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, no material discrepancies were noticed on physical
verification of stocks as compared to book records.
III. (a) The Company has not granted any loans, secured or unsecured to
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties , is not applicable .
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lakh does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s 301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arrangements made by the company, the applicability
of the clause of charging the reasonable price having regards to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and hence
the applicability of the clause of directives issued by the Reserve
Bank of India and provisions of section 58A.58AA or any other relevant
provisions of the Act and the rules framed there under does not arise.
As per information and explanations given to us no order from the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal has been received by the
Company.
VII. In our opinion, the Company is having an internal audit system
commensurate with its size and the nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(I) of section 209 of the Companies Act, 1956.
IX. a) The Company is regular in depositing statutory dues including ,
Income Tax, Cess and any other statutory dues with the appropriate
authorities and at the last of the financial year there were no amounts
outstanding which were due for more than 6 months from the date they
became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of, Income Tax, Cess and any
other statutory dues as at the end of the period, for a period more
than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not taken any loans from Banks or Financial Institutions. Hence
this clause of repayment of dues to Financial Institutions or Banks or
debenture holders and the defaulted payment therein is not applicable
to the Company.
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 and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
Company has not obtained any Term Loans, hence this clause is not
applicable.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long- term investment does not
arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P.MURALI & CO.,
CHARTERED ACCOUNTANTS
FRN: 007257S
PLACE : HYDERABAD sd/-
DATE : PARTNER
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article