Mar 31, 2015
We have audited the accompanying financial statements of Wisec Global
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March , 2015, the Statement of Profit and Loss, the Cash Flow Statement
for the 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 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 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 have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
subject to our comment in para (f), (g) & (h) below, 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, 2015; and
(b) In the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date.
(c) In 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
As required by Section 143 (3) of the Act, we report that:
a) subject to our comment in para (f), (g) & (h) below, 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) subject to our comment in para (f), (g) & (h) below, In our opinion,
proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account
d) subject to our comment in para (f), (g) & (h) below, In our opinion,
the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) As explained in clause IF of the financial statements, the company
is having a technical know how in the books of accounts which is being
shown as Intangible asset. During the year under Audit, the company had
not amortized the value of technical know how in the statement of
profit & loss account, like other tangible asset. Further the
management had not made available any record/documentary evidence for
its life so as to determine the value of amortization to be done on
year to year basis. As a result we are unable to comment on the
accuracy of the valuation being done for intangible asset as at the
year end and its resultant impact on the profit/loss for the year,
reserve & surplus and the related disclosures forming part of the
financial statements.
g) As explained in clause 1G of the financial statements, the company
is having a technical know how in the books of accounts which is being
shown as Intangible asset. During the year under Audit, the company had
not provided for such impairment losses, if any, relating to Intangible
asset (Technology Know Flow). As a result we are unable to comment on
the accuracy of the valuation being done for intangible asset as at the
year end and its resultant impact on the profit/loss for the year,
reserve & surplus and the related disclosures forming part of the
financial statements.
h) As explained in clause 1H of the financial statements, the monetary
assets and liabilities denominated in foreign currency are not
translated at the yearend rates and the resultant gain/losses on
foreign exchange translations are not recognized in the Statement of
Profit and Loss. As a result we are unable to comment on the accuracy
of the valuation being done for the monetary asset and liabilities
denominated in foreign currency as at the year end and its resultant
impact on the profit/loss for the year, reserve & surplus and the
related disclosures . forming part of the financial statements.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph 4 & 5 of our report of even date on the
accounts for the year ended March 31, 2015, of Wisec Global Limited
i) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
asset.
b) As per the representation given by the Management, the company has
conducted physical verification of its fixed assets at reasonable
intervals and no material discrepancies were noticed during such
verification.
ii) The Company is not the in the business of trading of goods,
therefore there is no inventory and hence the clause is not applicable
to the company.
iii) 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 Act. Hence, no comment is made on receipt of
principal amount and interest thereon.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. There is no failure in correcting major weakness in
internal control system.
v) The company has a due and outstanding of Rs. 19.01 Lacs as on 31st
March 2015 towards public deposit with the meaning of Section 73 to 76
of the Companies Act, 2013 and the rules framed there under. All the
directives issued by the Reserve Bank of India and the provisions of
Companies Act 2013 are duly complied with.
vi) The company is not required to maintain the cost records as
prescribed by the Central Government under sub section (1) section 148
of Companies Act, 2013.
vii) (a) In our opinion and according to the information and
explanations given to us the company is regular in depositing provident
fund, employees state insurance , income tax, sales tax, wealth tax,
service tax, custom duty, excise duty, VAT, cess and any other
statutory dues with the appropriate authority.
(b)There is no undisputed amount with respect to Income tax. Wealth
Tax, Sales Tax, Custom Duty and Excise Duty as at 31s1 March 2015,
Which were due for more than six months from the date they became
payable for payment.
(c) The company did not paid any dividend during the year. Hence
provisions regarding transfer of funds to Investor Education and
Protection Fund are not applicable.
viii) The Company had accumulated losses more than 50% of its net worth
at the end of the financial year; the Company has incurred cash losses
in the financial year and in the financial year immediately preceding
such financial year.
ix) Based on our audit procedures and the information and explanations
given by the management we are of the opinion that the company has not
defaulted in repayment of dues to any bank or financial institution. As
informed to us no money has been raised through debentures by the
company.
x) According to the information and explanations given to us, the
company has not given any guarantee for the loans taken by others from
banks or financial institutions.
xi) The Company had not taken any loan during the year. Hence this
clause is not applicable.
xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
examinations given to us, we have neither come across any instance of
fraud on or by the company noticed or reported during the year, nor
have we been informed of such case by the management.
For SMS & ASSOCIATES
Chartered Accountants
Sd/-
(Shukdev Sadhoo)
Partner
Place: New Delhi M No. 084188
Firm Reg No. 018687N
Mar 31, 2014
We have audited the accompanying financial statements of Wisec Global
Limited ("the Company"), which comprise the Balance Sheet as at
31st March , 2014, and Statement of Profit and Loss 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"). 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. 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
subject to our comment in para (vi), (vii), (viii) & (ix) below, in our
opinion and to the best of our information and according to the explana
-tions given to us, the financial statements give the information requi
-red 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; and
(b) In the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date.
(c) In 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 give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
i. subject to our comment in para (vi), (vii), (viii) & (ix) below, 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. subject to our comment in para (vi), (vii), (viii) & (ix) below, 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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
iv. subject to our comment in para (vi), (vii), (viii) & (ix) below, in
our opinion, the Balance Sheet and Statement of Profit & Loss comply
with the Accounting Standards referred to in sub-section 3(C) of
section 211 of the Companies Act, 1956.
v. On the basis of the written representations received from the
directors as on 31 stMarch, 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.
vi. As explained in clause IF of the financial statements, the company
is having a technical know how in the books of accounts which is being
shown as Intangible asset. During the year under Audit, the company had
not amortized the value of technical /mow how in the statement of
profit & loss account, like other tangible asset. Further the
management had
not made available any record/documentary evidence jor its life so as
to determine the value of amortization to be done on year to year
basis. As a result we are unable to comment on the accuracy of the
valuation being done for intangible asset as at the year end and its
resultant impact on the profit/loss for the year, reserve & surplus and
the related disclosures forming part of the financial statements. .
vii. As explained in clause 1G of the financial statements, the company
is having a technical know how in the books of accounts which is being
shown as Intangible asset. During the year under Audit, the company had
hot provided for such impairment losses, if any, relating to Intangible
asset (Technology Know How). As a result we are unable to comment on
the accuracy of the valuation being done for intangible asset as at the
year end and its resultant impact on the profit/loss for the year,
reserve & surplus and the related disclosures forming part of the
financial statements.
viii. As explained in clause 1H of the financial statements, the
monetaiy assets and liabilities denominated in foreign currency are not
translated at the year end rates and the resultant gain/losses on
foreign exchange translations are not recognized in the Statement of
Profit and Loss. As a result we are unable to comment on the accuracy
of the valuation being done for the monetary asset and liabilities
denominated in foreign currency as at the year end and its resultant
impact on the profit/loss for the year, reserve & surplus and the
related disclosures forming part of the financial statements.
ix. As explained clause II of the financial statements, the charge in
the profit & loss account for gratuity and leave encashment is not
based on the actuarial valuation by an independent actuary. The
calculation of the same has been done by the management at their own.
As a result we are unable to comment on the accuracy of the valuation
being done for the gratuity and leave encashments (including all
employee benefits) as at the year end and its resultant impact on the
profit/loss for the year, reserve & surplus and the related disclosures
forming part of the financial statements.
SMS & Associates
Firm Registration No: 018687N
place : New Delhi Shukdev Sadhoo
Date : 26/05/2014 Membership No: 084188
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in paragraph 4 & 5 of our report of even date on the
accounts for the year ended March 31, 2014, of Wisec Global Limited
i) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
asset.
b) As per the representation given by the Management, the company has
conducted physical verification of its fixed assets.
c) In our opinion and according to the information and explanation
given to us, fixed assets disposed off during the year were not
substantial, and therefore, do not affect the going concern assumption.
ii) a) The Company is not the in the business of trading of goods,
therefore there is no inventory and hence the clause is not applicable
to the company.
iii) a) The company has not taken or granted any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under section 301. Hence, no comment is made on
number of parties and amount involved in the transaction.
b) The company has not taken or granted any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under section 301. Hence, no comment is made on
rate of interest and other terms & conditions.
c) The company has not taken or granted any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under section 301. Hence, no comment is made on
payment of Principal amount and interest.
d) The company has not taken or granted any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under section 301. Hence, no comment is made on
whether steps have been taken by the company for recovery / payment of
the principal and interest.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods.
v) a) In our opinion and according to the information and explanations
given to us.
The company did not enter into any transaction which needs to be
entered into a register maintained under section 301. Hence, no comment
is made on the question.
b) The company did not enter any transaction which needs to be entered
in the register maintained under section 301. Hence, no comment is made
whether transactions were made at reasonable prices or not.
vi) The company has a due and outstanding of Rs. 20.65 Lacs as on 31st
March 2014 towards public deposit with the meaning of Section 58A of
the Companies Act, 1956 and the rules framed there under.
vii) The Company did not have an internal audit system during the year.
viii) The company is not required to maintain the cost records as
prescribed by the Central Government under section 201(1) (d) of
Companies Act, 1956.
ix) In our opinion and according to the information and explanations
given to us there is no undisputed amount with respect to Income tax,
Wealth Tax, Sales Tax, Custom Duty and Excise Duty as at 31st March
2014, which were due for more than six months from the date they became
payable.
x) The Company had accumulated losses more than 50% of its net worth at
the end of the financial year; the Company has incurred cash losses in
the financial year and in the financial year immediately preceding such
financial year.
xi) Based on our Audit procedures and the information and explanations
given by the management we are of the opinion that the company has not
defaulted in repayment of dues to any bank. As informed to us no money
has been raised through debentures by the company.
xii) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The company is not a Chit Fund, Nidhi or Mutual benefit Society.
Hence, the provisions of special statute are not applicable on the
company.
xiv) The company is not dealing or trading in Shares, Securities,
Debentures and other investment. Hence, no comment is made on the
maintenance of record.
xv) According to the information and explanations given to us, the
company has not given any guarantee for the loans by others from banks
and financial institutions.
xvi) The Company had not taken any term loan. Accordingly the provision
is not applicable.
xvii) According to the information and explanations given to us, the
company has not raised any funds on short term basis.
xviii) The company has not made any preferential allotment of shares to
parties and companies covered under the registers maintained U/s 301 of
the Act. Accordingly the provision is not applicable.
xix) The Company has not issue any debentures during the year.
Accordingly the provision is not applicable.
xx) The company has not raised any money by way of public issue.
Accordingly '' the provision is not applicable.
xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
examinations given to us, we have neither come across any instance of
fraud on or by the company noticed or reported during the year, nor
have we been informed of such case by the management.
For SMS & ASSOCIATES
Chartered Accountants
(Shukdev Sadhoo)
Partner
Place: New Delhi M No. 084188
Date :26/05/2014 Firm Reg No. 018687N
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Wisec Global
Limited ("the Company"), whiah comprise the Balance Shed as at 31VI
March . 201 3. and Statement of Profit and Loss lor 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 will)
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
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. 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 bf affairs of the
Compam «s at 31* March, 2013; and
(b) In the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date..
(c) In case of the Cash Flow Statement of the cash flows of the company
for uic year ended on that date.
1. 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 (4 A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) ''We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet and Statement of Profit & Loss
comply with the Accounting Standards referred to in sub-section 3(C) of
section 211 of the Companies Act, 1956.
(e) On the basis of the written representations received from the
directors as on 31*March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31" .March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of tile Act.
ANNEXUKE TO THE AUDITORS'' REPORT
Referred to in paragraph 4 & 5 of our report of even dale on the
accounts for the year ended March 31, 2013, of Wisec Global Limited
i) a) In our opinion, proper records to show full particulars including
quantitative details and situations of fixed asse''ts are in the process
of being maintained.
b) The company has physically verified the fixed assets during the year
and the procedure for verification is right
c) No*comment is offered on disposal of fixed assets as the company did
not dispose of any fixed assets during the year.
ii) a) The Company is not the in the business of trading of goods,
therefore there is no inventory and hence the clause is not applicable
to the company.
iii) a) The company has not taken or granted any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under section 301. Hence, no comment is made on
number of parties and amount involved in the transaction.
b) The company has not taken or granted any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under section 301. Hence, no comment is made on
rale of interest and other terms & conditions.
c) The company has not taken or granted any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under section 301. Hence, no comment is made on
payment of Principal amount and interest.
d) The company has not taken or gianved any loans, secured
unsecured, to or from companies, firms or other parties covered in the
register maintained under section 30.1. Hence, no comment is made on
whether steps have been taken by the company for recovery / payment of
the principal and interest.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods.
v) . a) In our opinion and according to the information and
explanations given to us. ''The company did not enter into any
transaction which needs to be entered into a register maintained under
section 301. Hence, no comment is made on the question.
b) The company did not enter any transaction which needs to be entered
in the register maintained under section 301. Hence, no comment is made
whether transactions were made at reasonable prices or not.
vi) The company has a due and outstanding of Rs. 21.16 lacs ;s on 31"
March
2013 towards public deposit with the meaning of Section 58A of the
Companies Act. 1956 and the rules framed there tinder.
vii) The Company did not have an internal audit system during the year.
viii) Tlie company is not required to maintain the cost records as
prescribed by the Central Government under section 201(1) (d) of
Companies Act. 1956.
ix) In our opinion and according to the information and explanations
given to us there is "no undisputed amount with respect to Income tax.
Wealth Tax, Sales lax. Custom Duty and Excise Duty as at 31" March
2013. Which were due for more than six months from the date they became
pavahkr
x) The Company had accumulated losses more than 50% of its net worth at
the end of the financial year: the Company has incurred cash losses in
the financial year and in the financial year immediately preceding
such financial year.
xi) Based on our Audit procedures and the information and explanations
given by the management we are of the opinion that the company has not
defaulted in repayment of dues to any bank. As informed to us no money
has been raised through debentures by the company.
xii) The company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii) The company is not a Chit Fund, Nidhi or Mutual benefit Society.
Hence, the provisions of special statute arc not applicable on the
company.
xiv) The company is not dealing or trading in Shares, Securities.
Debentures and other investment. Hence, no comment is made on the
maintenance of record.
xv) According to the information and explanations given to us. the
company has not given any guarantee for the loans by others from banks
and financial institutions.
xvi) The Company had not taken any term loan. Accordingly the provision
is hot applicable.
xvii) According to the information and explanations given to us. the
company has not raised any funds on short term basis.
xviii) The company has not made any preferential allotment of shares to
parties and companies covered under the registers maintained l;/s 301
of the Act. Accordingly the provision is not applicable.
xix) The Company has not issue any debentures during the year.
Accordingly the provision is not applicable.
xx) The company has not raised any money by way of public issue.
Accordingly the provision is not applicable.
xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to, the information and
examinations given to us, we have neither come across any instance of
fraud on or by the company noticed or reported during the year, nor
have we been informed of such case by the management.
SMS & Associates
Firm Reg. No.018687N
Sukhdev Sadhoo
Partner
Membership No.084188
Place: New Delhi
Date: 29.05.2013
Mar 31, 2010
We have audited the attached Balance Sheet of Wisec Global Limited (the
Company) as at 31st March, 2010 and the Profit and Loss account for the
year ended on the date and the cash flow statement of the Company 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 the 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 misstatements. 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 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, we enclose the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that.
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
b) In our opinion, proper books of account as required by Law have been
kept by the Company so far, as appears from our examinations of the
those books.
c) The Balance Sheet and Profit and Loss Account and the Cash Flow
Statement dealt with by this report, are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Profit & Loss Account and the
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956.
e) As per the information and explanation given to us none of the
director is disqualified as on 31st March, 2010 from being appointed as
a Director under clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
notes to accounts in Schedule 13 attached, give the information
required by the Companies Act, 1956 in the Manner so required and given
a true and fair view:
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at March 31, 2010.
(ii) In Case of Profit and Loss Account, of the profit of the Company
for the year ended on that date.
(iii) In case of the Cash Flow Statement of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
The Annexure referred to in the Auditors report to the members of
Wisec Global Limited (the Company) for the year ended 31st March, 2010.
We report that:
1. (a) According to the information and explanations given to us and on
the basis of the books and records examined by us in the normal course
of audit to the best of our knowledge and belief, we state that company
has maintained proper records showing full particulars including
quantitative details and situation of fixed assets. However the same
needs to be updated.
(b) The management has physically verified the fixed assets of the
company.
(c) According to the information and explanation given to us, the
company has not disposed off substantial part of its fixed assets
during the year.
2 The management during the year has physically verified the stocks of
finished goods of the Company.
In our opinion and according to the information and explanation given
to us the procedures of physical verification of stocks followed by the
management is reasonable in relation to the size of the Company and
nature of is business. No material discrepancies were noticed on
verification between the physical stock and book records.
3. The company has neither granted nor taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there is an adequate control procedure 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. We
have not noted any continuing failure to correct major weakness in the
internal controls during the course of the audit.
5. In our opinion, and according to the information and explanations
given to us the transactions that need to be entered in the register in
pursuance of section 301 of the Act have been entered and the
transactions have been made of prices which are reasonable with regards
to the prevailing market prices at the relevant time.
6. The Company has an outstanding of Rs. 68.21 Lacs as on 31st March
2010 towards public deposit within the meaning of Section 58A of the
Companies Act, 1956 and the rules framed thereunder.
7. The Company did not have an internal audit system during the year.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for the
business activities of the Company.
9. In our opinion and according to the information and explanations
given to us there are no undisputed amounts payable in respect of
Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty as at
March 31st 2010, which were due for more than six months from the date
they became payable.
10. The companys had accumulated losses at the end of the Financial
Year. The company has not incurred cash losses in the financial year
and in the financial year immediately preceding such financial year.
11. Based on our Audit procedures and the information and explanations
given by the management we are of the opinion that the company has not
defaulted in repayment of dues to any bank. As informed to us no money
has been raised through debentures by the company.
12. Since the Company has not granted any loans and advances on the
basis of security of pledge of shares, debenture and other securities,
this clause is not applicable.
13. The Company is not a chit fund, nidhi, mutual benefit fund or a
society. Accordingly, Clause 4 (xiii) of the order is not applicable.
14. As per the information and explanation given to us, the Company
has maintained records in respect of transactions and contracts in
shares, securities, debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken from banks or
financial institution Accordingly clause 4 (xv) of the order is not
applicable.
16. The Company has not obtained any term loans. Accordingly, clause 4
(xvi) of the order is not applicable.
17. According to the information and explanations given to us, the
Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Act. Accordingly, clause 4(xviii)
of the order is not applicable.
19. The Company has not issued any debentures. Accordingly, clause
4(xix) of the order is not applicable.
20. The Company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the order is not applicable.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company noticed or reported during the year, nor
have we been informed of such case by the management.
FOR SMS & ASSOCIATES
Chartered Accounts
Shukdev Sadhoo
New Delhi Partner
June 25, 2010 Membership No. 084188
Mar 31, 2009
We have audited the attached Balance Sheet of Wisec Global Limited (the
Company) as at 31st March, 2008 and the Profit and Loss account for the
year ended on the date and the cash flow statement of the Company 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 the 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 misstatements. 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 Companies (Auditors 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, we enclose the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that.
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
Audit.
b) In our opinion, proper books of account as required by Law have been
kept by the Company so far, as appears from our examinations of the
those books.
c) The Balance Sheet and Profit and Loss Account and the Cash Flow
Statement dealt with by this report, are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Profit & Loss Account and the
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956.
e) As per the information and explanation given to us none of the
director is disqualified as on 31st March, 2008 from being appointed as
a Director under clause (g) of sub-section (1) of section 274 of the
Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
notes to accounts in Schedule 13 attached, give the information
required by the Companies Act, 1956 in the Manner so required and given
a true and fair view:
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at March 31,2008.
(ii) In Case of Profit and Loss Account, of the profit of the Company
for the year ended on that date.
(iii) In case of the Cash Flow Statement of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
The Annexure referred to in the Auditors report to the members of
Wisec Global Limited (the Company) for the year ended 31st March. 2009.
We report that:
1 (a) According to the information and explanations given to us and on
the basis of the books and records examined by us in the normal course
of audit to the best of our knowledge and belief, we state that company
has maintained proper records showing full particulars including
quantitative details and situation of fixed assets. However the same
needs to be updated.
(b) The management has physically verified the fixed assets of the
company.
(c) According to the information and explanation given to us, the
company has not disposed off substantial part of its fixed assets
during the year.
2 The management during the year has physically verified the stocks of
finished goods of the Company.
In our opinion and according to the information and explanation given
to us the procedures of physical verification of stocks followed by the
management is reasonable in relation to the size of the Company and
nature of is business. No material discrepancies were noticed on
verification between the physical stock and book records.
3. The company has neither granted nor taken any loans, secured or
unsecured to or from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, there is an adequate control procedure 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. We
have not noted any continuing failure to correct major weakness in the
internal controls during the course of the audit.
5. In our opinion, and according to the information and explanations
given to us the transactions that need to be entered in the register in
pursuance of section 301 of the Act have been entered and the
transactions have been made of prices which are reasonable with regards
to the prevailing market prices at the relevant time.
6. The Company has an outstanding of Rs. 84.72 Lacs as on 31st March
2009 towards public deposit within the meaning of Section 58A of the
Companies Act, 1956 and the rules framed thereunder.
7. The Company did not have an internal audit system during the year.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956, for the
business activities of the Company.
9. In our opinion and according to the information and explanations
given to us there are no undisputed amounts payable in respect of
Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty as at
March 31st 2008, which were due for more than six months from the date
they became payable.
10. The companys had accumulated losses at the end of the Financial
Year. The company has not incurred cash losses in the financial year
and in the financial year immediately preceding such financial year.
11. Based on our Audit procedures and the information and explanations
given by the management we are of the opinion that the company has not
defaulted in repayment of dues to any bank. As informed to us no money
has been raised through debentures by the company.
12. Since the Company has not granted any loans and advances on the
basis of security of pledge of shares, debenture and other securities,
this clause is not applicable.
13. The Company is not a chit fund, nidhi, mutual benefit fund or a
society. Accordingly, Clause 4 (xiii) of the order is not applicable.
14. As per the information and explanation given to us, the Company
has maintained records in respect of transactions and contracts in
shares, securities, debentures and other investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken from banks or
financial institution Accordingly clause 4 (xv) of the order is not
applicable.
16. The Company has not obtained any term loans. Accordingly, clause 4
(xvi) of the order is not applicable.
17. According to the information and explanations given to us, the
Company has not raised any funds on short- term basis.
18. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Act. Accordingly, clause 4(xviii)
of the order is not applicable.
19. The Company has not issued any debentures. Accordingly, clause
4(xix) of the order is not applicable.
20. The Company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the order is not applicable.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company noticed or reported during the year, nor
have we been informed of such case by the management.
FOR SMS & ASSOCIATES
Chartered Accountants
(Shukdev Sadhoo)
New Delhi Partner
June 26,2008
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