Auditors Report
To the Members,
FINTECH COMMUNICATION LIMITED
1. We have audited the attached Balance Sheet of Fintech Communication Ltd as at 31st
March 2012 and the Profit and Loss Account for the year ended on that date annexed hereto.
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 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 test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principle
used and significant estimates made by the 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 Companies (Auditor’s Report) Order, 2003 as amended by the
Companies(Auditor’s Report) Order 2004 (together the ‘Order’) issued by the
Central Government of India in terms of sub section (4A) of the Section 227 of the
Companies Act, 1956 (the ACT) 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 4
and 5 of the said Order:
4. Further to our comments in the Annexure referred to above, we report that:
a• We have obtained all the information and 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 accounts, as required by law, have been kept by the Company, so far as
appears from our examination of those books. c• The Balance Sheet and Profit and Loss
Account dealt with by this report are in agreement with the books of account. d• In
our opinion the Balance Sheet and the Profit and Loss Account dealt with by this report
comply with the Accounting Standards referred in Section 211 (3C) of the Companies Act,
1956. e• On the basis of written representation 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
Director in terms of clause (g) of sub-section (1) of Section 274 of Companies Act, 1956;
f• In our opinion, and to the best of our information and according to the
explanations given to us, the said financial statements together with the notes there on
and attached thereto give in the prescribed manner 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, 2012 and b. In the case of the
Profit and Loss Account, of the Losses for the year ended on that date:
For S M Bhat & Associates
Chartered accountants
Sd/-
S M Bhat
Proprietor
M. No. 030696
Firm Reg. No. 131347W
Block H, Ground Floor, Shri Sadashiv Co-op Hsg Soc
6th Road, Santacruz East
Mumbai 400055
Phone: 26136590
Place: Mumbai
Date: 13-8-2012
Annexure to Auditors’ Report
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITOR’S REPORT OF EVEN DATE TO THE
MEMBERS OF FINTECH COMMUNICATION LIMITED
ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2012
(1) (a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets; the year. In our opinion,
period of verification is reasonable having regard to the size of the company and nature
of its assets. We have been informed that no material discrepancies were noticed on such
physical verification.
(2) (a) The physical verification of the inventory has been conducted at reasonable
intervals by the management.
(b) The physical verification of the inventory and procedures followed by the
management are reasonable and adequate in relation to the size of the company and nature
of the business. (c)• The Company is maintaining proper records of inventory and no
material discrepancies were noted in physical verification of inventory.
(3) (a) As per information and explanation given to us the company has taken unsecured
loan from a party covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 10, 00,000/- and the year
end balance of loan taken from such party was Rs. 10, 00,000/-.
(b) In our opinion, the other terms and conditions on which these interest free loans
have been taken are not, prima facie, prejudicial to the interest of the Company.
(c ) As per information and explanation given to us the company has not granted any
secured or unsecured loan to 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 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 purchases of inventory, fixed assets and with regard
to the sale of goods. During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in the aforesaid internal control procedure.
(5) (a) In our opinion and according to the information and explanations given to us,
the transactions made in pursuance of contracts or arrangements entered in the registers
maintained under section 301 of the Companies Act, 1956 have been so entered in the
register. (b) • During the year the Company has entered into transactions exceeding
Rs. 5 lacs, on account of providing business auxillary services, with a party covered in
the Register maintained u /s 301 of the Companies Act. As there are no similar
transactions, we are unable to express our opinion whether the price charged is reasonable
or not.•
(6) The Company has not accepted any deposits from the public within the meaning of
Section 58A and 58AA of the Act and the rules framed there under.
(7) The Company has an internal audit system commensurate with the size and nature of
its business during the year under review.
8) We have been informed that the Central Government has not prescribed for maintenance
of cost records under section 209(1)(d) of the Companies Act, 1956 for any of the products
of the Company. (9) (a) According to the information and explanations given to us and
according to the records of the Company examined by us, the Company is generally regular
in depositing with appropriate authorities, undisputed statutory dues, including Provident
Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, sales
Tax, Wealth Tax, Custom Duty,
Excise Duty, Fringe Benefit Tax, Education Cess and other material statutory dues with
appropriate authorities.
(b) According to the records of the company and the information and explanation given
to us, there are no dues in respect of sales tax, Income Tax, Wealth Tax, Custom Duty,
Excise Duty, service tax cess which have nit been deposited on account of any dispute.
(10)The Company is registered for less than 5 years hence clause x is not applicable to
the company.
(11)According to the information and explanation given to us and based on the documents
and records of the Company produced to us and, th company has not defaulted in repayment
of dues to any financial institution or bank.
(12)According to the information and explanations given to us 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 and according to the information and explanation given to us, the
nature of the activities of the company does not attract any special statue applicable to
Chit Fund/Nidhi/Mutual Benefit Fund/Societies.
(14)In our opinion, the Company is not dealing in or trading in shares, securities,
debentures and other investments.
(15)According to the information and explanations given to us the company has not given
guarantee for loans taken by others from banks or financial institutions during the year.
(16)The company has not obtained any term loan during the year and under review.
(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 for short
- term purposes have been used for long term investment.
(18) The Company has not issued any debentures during the year, hence clause xix of the
said order is not applicable to the Company.
(19)The Company has not raised Capital by public issues during th year, hence cluse xx
of the said order is not applicable to the Company. given to us by the management we
report that no fraud on or by the Company, has been noticed or reported during the year.
For S M Bhat & Associates
Chartered accountants
S M Bhat
Proprietor
M. No. 030696
Firm Reg. No. 131347W
Block H, Ground Floor, Shri Sadashiv Co-op Hsg Soc
6th Road, Santacruz East
Mumbai 400055
Phone: 26136590
Place: Mumbai
Date: 13-8-2012
+91-9892691696
