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Auditor Report of Telogica Ltd.
Mar 31, 2025
We have audited the accompanying Ind AS financial statements of M/s. Telogica Limited (Formerly Known as
Aishwarya Technologies and Telecom Limited) (âthe Companyâ), which comprise the Balance Sheet as at 31st
March, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash
Flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind
AS financial statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under
section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd
ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st
March, 2025, and it''s profit and total comprehensive income, changes in equity and its cash flows for the year
ended on that date.
Basis for Opinion
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor''s Responsibilities for the Audit of the Ind AS Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (ICAI) together with the Independence requirements that are relevant to our audit
of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code
of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our
audit opinion on the Ind AS financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the IND AS financial statements of the current period.
We have determined the matters described below to be the Key Audit Matters to be included in our Audit
procedures.
|
Key audit matters |
How the matter was addressed in our audit report |
|
a) During the year, the Company |
Our audit procedures included, but were not limited to: ⢠Reviewed the share issuance and conversion documentation ⢠Verified the authorization process for the issuance of Share ⢠Testing the mathematical accuracy of the calculations related ⢠Assessed the disclosures in the financial statements to ensure |
Emphasis of Matter:
1. The company is irregular in payment of statutory dues of PF, ESI, TDS, GST, PT etc., the total outstanding
statutory dues as on 31st March 2025 of Rs 145.29 Lakhs and includes previous statutory dues of
Rs.118.44 Lakhs.
Our Opinion is not modified in respect of the above Emphasis of Matter.
Information other than the Financial Statements and the Auditorâs Report thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board''s Report
including Annexures to Board''s Report but does not include the Standalone financial statements and our
auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated. If we conclude that there is a material misstatement therein, we are required
to communicate the fact. We have nothing to report in this regard.
Managementâs Responsibility for the 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 (âthe Actâ) with respect to the preparation of these Ind AS financial statements that give a true and fair view
of the state of affairs (financial position), profit or loss (financial performance including other comprehensive
income), cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. 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 Ind AS financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, management is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the company''s financial reporting process.
Auditorâs Responsibilities for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Ind AS financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company has adequate internal financial controls
system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw attention in our auditor''s report to the related
disclosures in the Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the
disclosures, and whether the Ind AS financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
⢠Materiality is the magnitude of misstatements in the financial statements that individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the financial
statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the financial statements
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the Ind AS financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor''s report if any unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 (âthe Orderâ) issued by the Central
Government in terms of sub-section (11) of Section 143 of the Act, we give in 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:
I. 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.
II. 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.
III. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the
relevant books of account.
IV. In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards prescribed
under section 133 of the Act.
V. On the basis of the written representations received from the directors as on 31st March, 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being
appointed as a director in terms of Section 164(2) of the Act.
VI. 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 Report in âAnnexure Bâ. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company''s Internal Financial
Controls Over Financial Reporting.
VII. With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act, as
amended:
In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the provisions of Section 197 of the Act.
VIII. 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 as amended, in our opinion and to the best of our information
and according to the explanations given to us:
i. The Company has disclosed the pending litigations in its notes to accounts in the financial statements of the
company.
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 required to be transferred, to the Investor Education and Protection Fund by the
Company.
iv.
a. The management has represented that, to the best of its knowledge and belief, no funds have been
advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind
of funds) by the Company to or in any other persons or entities, including foreign entities (âIntermediariesâ)
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever (âUltimate
Beneficiariesâ) by or on behalf of the Company or provide any guarantee, security or the like to or on behalf
of the Ultimate Beneficiaries.
b. The management has represented, that, to the best of its knowledge and belief, no funds have been
received by the Company from any persons or entities, including foreign entities (âFunding Partiesâ), with
the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever (âUltimate Beneficiariesâ) by
or on behalf of the Funding Party or provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries;
c. Based on such audit procedures performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations under
(a) and (b) above contain any material mis-statement.
v. The Company has not declared any dividend during the year.
vi. Based on our examination, which included test checks, the Company has used accounting softwares for
maintaining its books of account for the financial year ended March 31, 2025 which has a feature of
recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the softwares. Further, during the course of our audit we did not come across any
instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for record retention.
For P. Murali& Co,
Chartered Accountants,
Firm Registration No: 007257S.
Sd/-
A. Krishna Rao
Partner
M.No:020085
UDIN: 25020085BMILGL4194
Place: Hyderabad
Date: 23-05-2025
Mar 31, 2024
We have audited the accompanying Ind AS financial statements of M/s. Telogica Limited (Formerly Known as Aishwarya Technologies and Telecom Limited) (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2024, and it''s profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the Independence requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Emphasis of Matter:
1. Though the company is having negative net worth, Management still believes that the going concern is not affected as the company achieved sizeable turnover and operating profits during the year and the company is in the process of building new products and technology lines. The company is confident of continuing this positive trend in the coming years and accordingly prepared the financial statements for the financial year ended 31st March, 2024 as a going concern.
2. The company is irregular in payment of statutory dues like PF, ESI, TDS, GST and PT etc., The Outstanding Statutory dues up to the Year ended 31-03-2024 is Rs.1.89 Crores.
3. The company has outstanding VAT and Sales Tax. For those liabilities company has entered into OTS agreement with department and made the payments. However, the company has the balance amount of Rs 75.05 lakhs is continued to be shown in other financial liabilities as at 31st March,2024. Pending receipts of no due certificate from respective department.
4. During the Year ended 31st March,2024 GST audit was conducted on the Company for the F.Y 2017-18 to 2022-23 and given a spot memo by the GST department. The company has paid the total amounts raised by the GST department and Interests and penalties on the same.
5. The trade creditors have raised the debit notes during the year, towards the purchases made by the company during the period F.Y 2018-19 to 2022-23. The effect of the same is duly considered in other equity and trade payables. To this extent previous year figures have been restated. We draw attention to Note No.41 of financial statements.
Our Opinion is not modified in respect of the above Emphasis of Matter.
Information other than the Financial Statements and the Auditorâs Report thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report but does not include the Standalone financial statements and our auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If we conclude that there is a material misstatement therein, we are required to communicate the fact. We have nothing to report in this regard.
Managementâs Responsibility for the 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 (âthe Actâ) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the companyâs financial reporting process. Auditorâs Responsibilities for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
⢠Materiality is the magnitude of misstatements in the financial statements that individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Ind AS financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report if any unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 (âthe Orderâ) issued by the Central Government in terms of sub-section (11) of Section 143 of the Act, we give in 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:
I. 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.
II. 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.
III. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.
IV. In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
V. On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164(2) of the Act.
VI. 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 Report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s Internal Financial Controls Over Financial Reporting.
VII. With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act, as amended:
In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act.
VIII. 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 as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the pending litigations in its notes to accounts in the financial statements of the company.
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 required to be transferred, to the Investor Education and Protection Fund by the Company.
iv.
a. The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (âUltimate Beneficiariesâ) by or on behalf of the Company or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
b. The management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever (âUltimate Beneficiariesâ) by or on behalf of the Funding Party or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries;
c. Based on such audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under (a) and (b) above contain any material mis-statement.
v. The Company has not declared any dividend during the year.
vi. Based on our examination, which included test checks, the Company has used accounting softwares for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.
For P. Murali & Co, Chartered Accountants, Firm Registration No: 007257S.
Sd/-
A. Krishna Rao Partner
Place: Hyderabad M.No:020085
Date: 28/05/2024 UDIN: 24020085BKAUIM6336
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Aishwarya Technologies and Telecom Limited, ("the Company"), which
comprise the Balance sheet as at 31st March, 2015, the Statement of
Profit and Loss and the Cash Flow Statement for the year 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 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 of 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 and
free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
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 the ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
standalone 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 the internal financial control
relevant to the Company's preparation of the financial statements that
gives 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 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 31st March, 2015;
(b) in the case of the Statement of Profit and Loss, of the loss 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, 2015 issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act (hereafter referred to the "order") and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account maintained.
(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 the written representations received from the
directors as on 31st March, 2015 and 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
Auditor's) 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 in its financial statements.
(ii) The Company has not entered into any long-term contracts including
derivatives contracts requiring provision under applicable laws or
accounting standards, for material foreseeable losses and
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company in accordance with the relevant provisions of the Companies
Act, 2013.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of Report on Other Legal and Regulatory
Requirements, of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
2. (a) The inventories of the company have been physically verified by
the management at regular intervals 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 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 records of stock, in our
opinion, the company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on such
physical of inventory as compared to the book records.
3. The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act. Accordingly, the sub clauses
(a) and (b) are not applicable to the company.
4. In our opinion and according to information and explanations given
to us, there is adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits in terms of
directives issued by Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under are applicable.
6. We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 148 of the Companies Act, and
we are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained. However, we have not made the
detailed examination of the same.
7. (a) The company is not regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees' state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2015 for a period of more than six months
from the date they became payable except the following.
Particulars Amount Rs.
VAT 2,95,172
CST 40,88,805
Service Tax 2,97,466
TDS 25,55,986
PF 3,00,285
ESI 42,589
TOTAL 75,80,033
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute except for the following dues outstanding on account of
disputes:
Name of Statute Nature of Dues Amount (in Period for
Rs Lakhs) which, amount
relates
AP Vat Act, 2005 Sales tax 19.06 2003-04
Name of Statute Forum where dispute is Pending
AP Vat Act, 2005 Andhra Pradesh Sales Tax Appellate Tribunal
(c) According to information and explanations given to us, there were
no amounts which were required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act.
8. In our opinion, the Company did not have any accumulated losses as
on March 31, 2015. Further the company has not incurred any cash losses
for the financial year ended on that date and also in the immediately
preceding financial year.
9. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to any financial
institution or banks.
10. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
11. In our opinion and according to the information and explanations
given to us and on an overall examination, the Company has not availed
any term loan during the year under audit.
12. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the company has been
noticed or reported during the course of our audit.
for RAMANA REDDY & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN:003246S
Sd/-
(CA.RAMANA REDDY A.V)
PARTNER
Membership No.024329
PLACE : HYDERABAD
DATE : 30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of M/s.AISHWARYA
TECHNOLOGIES AND TELECOM LIMITED [Formerly known as AISHWARYA TELECOM
LIMITED] ("the Company"), which comprise the Balance Sheet as at 31st
March , 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the 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 and financial performance of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("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. 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 the
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 the 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 entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the 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 31st March, 2014,
(b) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date and
(c) in the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date Report on Other Legal and
Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we report that in the
annexure on the matters specified in paragraphs 4 and 5 of the said
order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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, Statement of Profit and Loss & 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 &
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of 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
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph (1) of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stocks of finished goods and raw materials of the company
have 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 and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (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) In our opinion and according to the information and explanations
given to us, the company has taken loans secured or unsecured to
companies, firms or other parties listed in the register maintained
u/s. 301 of the Companies Act,1956
Name of the Party Op. Balance Amount taken Amount Repaid Year end
Rs. During the year Rs. Balance
G.Rama Manohar Reddy - 9308263 - 9308263
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of stores, raw materials including components, Plant &
Machinery, equipment and other assets and with regard to the sale of
goods and services. Further, on the basis of our examination and
information and according to the explanations given to us, we have
neither come across nor have we been informed of any instance of major
weaknesses in the aforesaid internal control system.
5. (a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements that need to
be entered into the Register maintained under section 301 of the Act,
have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has not made any contracts or arrangements
that need to be entered in the register maintained under section 301 of
the Act, and exceeding the value of five lakh rupees in respect of any
party during the year.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are applicable.
7. The company has an internal audit system. In our opinion, the scope
and coverage of internal audit is commensurate with the size and nature
of its business.
8. During the year under report, the company has maintained cost
records as prescribed by the Central Government under clause (d) of
sub-section (1) of section 209 of the Companies Act, 1956. We have
broadly reviewed the accounts and records of the company. However, we
have not made a detailed examination of the same.
9. (a) The company is not regular in depositing with the appropriate
authorities undisputed statutory dues including
provident fund and employee''s state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess and other
material statutory dues as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2014 for a period of more than six months
from the date they became payable except the following.
PARTICULARS AMOUNT (Rs.)
VAT 521695
CST 5% 3129060
Service tax 245077
Service Tax -RCM 21030
TDS Payable 763977
TOTAL 4680839
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess, which have not been deposited on account of
any dispute except for the following dues outstanding of sales-tax on
account of disputes:
Name of Statute Nature of Dues Amount Period for Forum where
(in Rs Lakhs) which amount dispute is
relates pending
AP VAT Act,2005 Sales tax 19.06 2003-04 Andhra pradesh
Sales Tax
Appelate
Tribunal
10. The company has no accumulated losses at the end the financial year
and has not incurred any cash losses in the current and in the
immediately preceding financial year.
11. According to the information and explanations given to us, we are
of the opinion that the company has not defaulted in repayment of dues
to financial institutions, banks or debenture holders.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to this
company.
14. The company has maintained proper records of the transactions and
contracts in respect of investments and timely entries have been made
therein. All the investments have been held by the company in its own
name.
15. The company has not given any guarantees for loans taken by others,
from banks or financial institutions, the terms and conditions,
whereof, in our opinion, are prima facie prejudicial to the interest of
the company.
16. In our opinion and according to the information and explanations
given to us and on an overall examination, the company has not availed
any term loans during the year under report.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long-term
investment.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For RAMANA REDDY & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No.003246S
PLACE : HYDERABAD Sd/-
DATE : 30.05.2014 (CA. RAMANA REDDY A.V.)
PARTNER
Membership No. 024329
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. AISHWARYA
TELECOM LIMITED as at 31st March, 2012 and also the Profit and Loss
Account and Cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company s management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 a reasonable basis for
our opinion.
3. As required by the Companies (Auditor s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 of India (the Act) and on the
basis of such checks as we considered appropriate and according to the
information and explanations given to us, we set out in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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;
(iii) The Balance Sheet and Profit and 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 and Profit and 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
the Companies Act, 1956;
(i) 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 as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(ii) In our opinion to the best of our information and according to the
explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act, 1956 and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012;
(b) In the case of the Profit and Loss statement, of the Loss for the
year ended on that date and;
(c) In the case of Cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stocks of finished goods and raw materials of the company
have 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 and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (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) 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.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of stores, raw materials including components, Plant &
Machinery, equipment and other assets and with regard to the sale of
goods and services. Further, on the basis of our examination and
information and according to the explanations given to us, we have
neither come across nor have we been informed of any instance of major
weaknesses in the aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of the Act, have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has not made any contracts or arrangements
that need to be entered in the register maintained under section 301 of
the Act, and exceeding the value of five lakh rupees in respect of any
party during the year.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are applicable.
7. The company has an internal audit system. In our opinion, the scope
and coverage of internal audit is commensurate with the size and nature
of its business.
8. During the year under report, the company has maintained cost
records as prescribed by the Central Government under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956. We
have broadly reviewed the accounts and records of the company. However,
we have not made a detailed examination of the same.
Name of Statute Nature of Dues Amount Period for Forum where
(in Rs Lakhs)
which amount
relates
dispute
is
pending
AP VAT Act,
2005 Sales tax 19.06 2003-04 Andhra
Pradesh
Sales
Tax
Appellate
Tribunal
9. (a) The company is regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund and
employee s state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2012 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess, which have not been deposited on account of
any dispute except for the following dues outstanding of sales-tax on
account of disputes:
10. The company has no accumulated losses as on 31.03.2012.However,
the company has incurred cash losses of Rs.2,09,02,141/- during the
financial year ended on that date and has not incurred any cash losses
in the immediately preceding financial year.
11. According to the information and explanations given to us, we are
of the opinion that the company has not defaulted in repayment of dues
to financial institutions, banks or debenture holders.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor s Report) Order, 2003 are not applicable to this
company.
14. The company has maintained proper records of the transactions and
contracts in respect of investments and timely entries have been made
therein. All the investments have been held by the company in its own
name.
15. The company has not given any guarantees for loans taken by
others, from banks or financial institutions, the terms and conditions,
whereof, in our opinion, are prima facie prejudicial to the interest of
the company.
16. In our opinion and according to the information and explanations
given to us and on an overall examination, the term loans have been
availed for the purpose for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money by public issue during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For RAMANA REDDY & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No.003246S
(CA. RAMANA REDDY A.V.)
PLACE : HYDERABAD PARTNER
DATE : 31.08.2012 Membership No. 024329
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/ s. AISHWARYA
TELECOM LIMITED as at 31st March, 2011 and also the Profit and Loss
Account and Cash flow statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4 A) of
section 227 of the Companies Act, 1956 of India (the Act) and on the
basis of such checks as we considered appropriate and according to the
information and explanations given to us, we set out in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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;
(iii) The Balance Sheet and Profit and 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 and Profit and 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
the 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 as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion to the best of our information and according to the
explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act, 1956 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 and Loss account, of the Profit for the
year ended on that date and;
(c) In the case of Cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stocks of finished goods and raw materials of the company
have 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 and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (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) 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.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of stores, raw materials including components, Plant &
Machinery, equipment and other assets and with regard to the sale of
goods and services. Further, on the basis of our examination and
information and according to the explanations given to us, we have
neither come across nor have we been informed of any instance of major
weaknesses in the aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of the Act, have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has not made any contracts or arrangements
that need to be entered in the register maintained under section 301 of
the Act, and exceeding the value of five lakh rupees in respect of any
party during the year.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are applicable.
7. The company has an internal audit system. In our opinion, the scope
and coverage of internal audit is commensurate with the size and nature
of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9. (a) The company is generally regular in depositing with the
appropriate authorities undisputed statutory dues including provident
fund and employee's state insurance, income tax, sales tax, wealth tax,
service tax, custom duty, excise duty, cess and other material
statutory dues as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2011 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess, which have not been deposited on account of
any dispute except for the following dues outstanding of sales-tax on
account of disputes:
Name of Statute Nature of Amount (in Period Forum where
Dues Rs Lakhs) for which dispute is
amount pending
relates
AP VAT Act, Sales tax 19.06 2003-04 Andhra Pradesh
2005 Sales Tax
Appellate
Tribunal
Income Tax Act, Income tax 178.15 2007-08 The Commissio
1961 -ner of Income
Tax Appeals-II
10. The company has neither accumulated losses as on 31.03.2011 nor
has it incurred any cash losses during the financial year ended on that
date or in the immediately preceding financial year.
11. According to the information and explanations given to us, we are
of the opinion that the company has not defaulted in repayment of dues
to financial institutions, banks or debenture holders.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to this
company.
14. The company has maintained proper records of the transactions and
contracts in respect of investments and timely entries have been made
therein. All the investments have been held by the company in its own
name.
15. The company has not given any guarantees for loans taken by
others, from banks or financial institutions, the terms and conditions,
whereof, in our opinion, are prima facie prejudicial to the interest of
the company.
16. In our opinion and according to the information and explanations
given to us and on an overall examination, no term loans have been
availed by the company during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. According to the information and explanations given to us, the
management has disclosed the end use of the money raised by the Company
by public issue of the equity shares and the same have been verified by
us.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For RAMANA REDDY & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No. 003246S
PLACE: HYDERABAD (CA. RAMANA REDDY A.V.)
DATE : 22.08.2011 PARTNER
Membership No. 024329
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. AISHWARYA
TELECOM LIMITED as at 31st March, 2010 and also the Profit and Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with 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 a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956 of India (the Act) and on the
basis of such checks as we considered appropriate and according to the
information and explanations given to us, we set out in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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;
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance sheet and Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion to the best of our information and according to the
explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act, 1956 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 2010 and;
(b) In the case of the Profit and Loss account, of the Profit for the
year ended on that date.
(c) In the case of Cash flow statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph (3) of our
report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and
situation of fixed assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stocks of finished goods and raw materials of the company
have 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 and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (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) 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.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchase of stores, raw materials including components, Plant &
Machinery, equipment and other assets and with regard to the sale of
goods and services. Further, on the basis of our examination and
information and according to the explanations given to us, we have
neither come across nor have we been informed of any instance of major
weaknesses in the aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of the Act, have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has not made any contracts or arrangements
that need to be entered in the register maintained under section 301 of
the Act, and exceeding the value of five lakh rupees in respect of any
party during the year.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are applicable.
7. The company has an internal audit system. In our opinion, the scope
and coverage of internal audit is commensurate with the size and nature
of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9. (a) The company is generally regular in depositing provident fund
and employees state insurance
dues with the appropriate authorities except for few delays in
depositing of provident fund and employees state insurance
contributions. However, the company is regular in depositing undisputed
statutory dues including income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2010 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess, which have not been deposited on account of
any dispute except for the following dues outstanding of sales-tax on
account of disputes:
Nature of Amount Period for
which Forum where dispute is
Name of
Statute
Dues (in Rs
Lakhs) amount
relates pending
Andhra Pradesh Sales
AP VAT Act,
2005 Sales tax 19.06 2003-04
Tax Appellate Tribunal
10. The company has neither accumulated losses as on 31.03.2010 nor
has it incurred any cash losses during the financial year ended on that
date or in the immediately preceding financial year.
11. The company has neither taken any term loans from a financial
institution and a bank nor issued any debentures. Accordingly, the
provisions of clause 4(xi) of the Companies (Auditors Report) Order,
2003 is not applicable to this company.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. 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 this
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures, and other investments. Accordingly, the
provisions of clause 4(xiv) of the companies (Auditors Report) Order,
2003 are not applicable to this company.
15. The company has not given any guarantees for loans taken by
others, from banks or financial institutions, the terms and conditions,
whereof, in our opinion, are prima facie prejudicial to the interest of
the company.
16. In our opinion and according to the information and explanations
given to us and on an overall examination, no term loans have been
availed by the company during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. According to the information and explanations given to us, the
management has disclosed the end use of the money raised by the Company
by public issue of the equity shares and the same have been verified by
us.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For RAMANA REDDY & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn. No. 003246S
PLACE : HYDERABAD.
DATE : 18.08.2010
(CA. RAMANA REDDY A.V.)
PARTNER
Membership No. 024329
Mar 31, 2003
We have audited the attached Balance sheet of AISHWARYA TELECOM PRIVATE
LIMITED as at 31st March, 2003 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the Companys management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards required that we plan to 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 a reasonable basis for
our opinion.
As required by the Manufacturing and other Companies (Auditors Report)
Order, 1988 issued by the Central Government of India in terms of
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 &
5 of the said order.
Further to our comments in the Annexure referred to above, we report
that :
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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 appears from our examination of those
books;
c) The Balance sheet and Profit and loss Account dealt with by this
report are in agreement with the books of accounts;
d) In our Opinion, the Balance Sheet and profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on 31st March2003, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st
March2003 from being appointed as a director in terms of clause (g) of
sub-section (1) f section 274 of the Companies Act, 1956.
f) In our opinion 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.
i) In the case of Balance sheet, of the state of affairs of the company
as at 31st March 2003; and
ii) In the case of the Profit and Loss account of the Profit for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
(Referred to in Paragraph 1 of our report of even date)
1. The company has maintained proper records showing full particulars
including quantitative details, and situation of fixed assets. The
assets have been physically verified by the management during the year
as per a 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.
2. None of the fixed assets have been revalued during the year.
3. The stocks of finished goods and raw materials have been physically
verified during the period by the management at reasonable intervals.
4. The procedures of physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
5. The discrepancies noticed on verification between the physical
stocks and the book records were not material.
6. On the basis of our examination of stock records, we are of the
opinion that the valuation of stocks is fair and proper in accordance
with the normally accepted accounting principles and is on the same
basis as in the preceding year.
7. The company has not taken any loans from the parties listed in the
register maintained under Section 301 and 370 (1B) of the companies
Act, 1956.
8. According to the information and explanations given to us the
Company has not granted any loans to the companies, Firms or other
parties listed in the register maintained under section 301 and 370
(1B) of the companies Act, 1956.
9. The Company has not given any loans and advances in the nature of
loans.
10. 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 with regard
to purchase of stores, raw materials including components, Plant &
Machinery, equipment and other assets and with regard to the sale of
goods.
11. According to the information and explanations given to us, the
company has not made any transactions of purchase and sale of goods and
materials in pursuance of contracts, or arrangements entered in the
register maintained u/s. 301 of the Companies Act, 1956 and aggregating
during the year more than Rs. 50,000/- or more in respect of each
party.
12. According to the information and explanations given to us, there
are no unserviceable or damaged stores, raw materials or finished goods
13. The provisions of Sec. 58 A of the companies Act, 1956 are not
applicable to this company.
14. We were informed that the manufacturing process does not realize
any realizable scrap. The company has no by products.
15. The Company has no internal audit System.
16. In respect of this company maintenance of cost records has not
been prescribed by the Central Government under Section 209 (1) (d) of
the Companies Act, 1956.
17. The provisions of Provident fund Act and Employees state Insurance
Act are applicable to this company and the Company is generally regular
in depositing the dues with the appropriate authorities.
18. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales tax, customs
Duty and Excise duty were outstanding as on 31st March 2003 for a
period of more than six months from the date they became payable. The
provisions of Wealth Tax Act do not apply to this company.
19. According to the information and explanations given to us, no
personal expenses of employees or Directors have been charged to
revenue account other that those payable under contractual obligations.
20. The company is not a sick industrial company within the meaning of
clause (o) of sub-section (1) of section 3 of the Sick industrial
companies (Special provisions) Act 1985 (1 of 1986).
21. In respect of companys trading activities, we are informed that
there are no damaged stocks.
For A.M. REDDY & CO.,
CHARTERED ACCOUNTANTS
Sd/-
(A.V.RAMANA REDDY)
PARTNER
PLACE : HYDERABAD
DATE : 01-09-2003
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