Independent Auditors
TO THE MEMBERS OF SICOM LIMITED
Report on the financial statements
We have audited the accompanying financial statements of SICOM Limited (‘the
Company’), which comprise the balance sheet as at 31 March 2014, the statement of
profit and loss, and the cash flow statement for the year then ended on that date annexed
thereto, and a summary of significant accounting policies and other explanatory
information.
Management’s responsibility for the financial statements
Management is responsible for the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and cash flows of the
Company in accordance with 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 13 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 true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Companys preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the
circumstances but, not for the purpose of expressing an opinion on the effectiveness of
the Company’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the 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:
i. in the case of balance sheet, of the state of affairs of the Company as at 31 March
2014;
ii. in the case of the statement of profit and loss, of the profit for the year ended
on that date; and
iii. in the case of cash flow statement, of the cash flows for the year ended on that
date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor’s Report) Order, 2003 (‘the
Order’) issued by the Central Government of India in terms of subsection (4A) of
Section 227 of the Act, we enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order.
As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit;
b) in our opinion proper books of account as required by law have been kept by the
Company so far as appears from our examination of those books;
c) the balance sheet, statement of profit and loss and cash flow statement dealt with
by this report are in agreement with the books of account;
d) in our opinion, the balance sheet, statement of profit and loss and cash flow
statement comply with the Accounting Standards referred to in subsection (3C) of section
211 of the Act;
e) on the basis of written representations received from the Directors of the Company
as on 31 March 2014, and taken on record by the Board of Directors, none of the directors
are disqualified as on 31 March 2014, from being appointed as a Director in terms of
clause (g) of sub-section (1) of section 274 of the Act.
|
For B S R and Company |
|
Chartered Accountants |
|
Firms Registration No: 128900W |
|
N. Sampath Ganesh |
| Mumbai |
Partner |
| 30 June 2014 |
Membership No: 042554 |
Annexure to the Independent Auditors Report - 31 March 2014
(Referred to our report of even date)
i. (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by
which all fixed assets are verified once in a year. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such verification.
(c) Fixed assets disposed off during the year were not substantial, and therefore, do
not affect the going concern assumption.
ii. (a) The Company conducts their monthly verification of equity shares and other
securities relating to the Companys stock in trade on the basis of statement received
from its Depository Participant and the Reserve Bank of India. In our opinion, the
frequency of this verification is reasonable.
(b) The procedures for the physical verification of stock in trade followed by the
management are reasonable and adequate in relation to the size of the Company and the
nature of its business.
(c) The Company maintains proper records of stock in trade. There were no material
discrepancies noticed on verification between the dematerialised stock records and the
book records.
iii. According to the information and explanations given to us, we are of the opinion
that there are no companies, firms or other parties covered in the register required under
Section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii) of the Order is not
applicable.
iv. In our opinion, and according to the information and explanations given to us,
there is an adequate internal control system commensurate with the size of the Company and
the nature of its business with regards to purchase of stock-in-trade and fixed assets and
with regards to the sale of services. In our opinion and according to the information and
explanations given to us, we have not observed any major weaknesses in the internal
control system during the course of the audit.
v. In our opinion, and according to the information and explanations given to us, there
are no contracts and arrangements the particulars of which need to be entered into the
register maintained under section 301 of the Companies Act, 1956.
vi. The Company has not accepted any deposits from the public.
vii. In our opinion, the Company has an internal audit system commensurate with the
size and the nature of its business.
viii. The Central Government has not prescribed the maintenance of cost records under
section 209 (1) (d) of the Companies Act, 1956 for any of the activities conducted /
services rendered by the Company.
ix. (a) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, amounts deducted / accrued in the books of
account in respect of undisputed statutory dues including provident fund, income tax,
wealth tax, service tax, and other material statutory dues have been generally regularly
deposited during the year by the Company with the appropriate authorities. As informed to
us, the Company did not have any dues on account of investor education and protection
fund, employees’ state insurance, sales tax, customs duty, excise duty and cess.
(b) According to the information and explanations given to us, no undisputed amounts
payable in respect of provident fund, income tax, wealth tax, service tax and other
material statutory dues were in arrears as at 31 March 2014 for a period of more than six
months from the date they became payable.
(c) According to the information and explanations given to us, other than those stated
below, there are no dues of provident fund, income tax, sales tax, wealth tax, service tax
and other material statutory dues which have not been deposited with the appropriate
authorities on account of any dispute.
| Name of the Statute |
Nature of dues |
Amount (Rs. Lakhs) |
Period to which the amount relates (F.Y.) |
Forum where the dispute is pending |
| Bombay Sales Tax Act, |
Sales Tax |
33.47 |
1999-00 |
Sales Tax |
| 1959 and Central Sales |
|
25.74 |
2000-01 |
Tribunal |
| Tax Act, 1956 |
|
10.87 |
2001-02 |
|
|
|
0.33 |
2002-03 |
|
|
|
15.03 |
2003-04 |
|
x. The Company does not have any accumulated losses at the end of the financial year
and has not incurred cash losses in the financial year and in the immediately preceding
financial year.
xi. In our opinion, and according to the information and explanations given to us, the
Company has not defaulted in repayment of dues to its bankers or to any financial
institutions. The Company did not have any outstanding debentures during the year.
xii. In our opinion, the Company has maintained adequate records in cases where it has
granted loans and advances on the basis of security by way of pledge of shares, debentures
and other securities.
xiii. In our opinion and according to the information and explanations given to us, the
Company is not a chit fund / nidhi / mutual benefit fund / society. Accordingly, the
provisions of clause 4 (xiii) of the Order is not applicable to the Company.
xiv. In our opinion and according to the information and explanation given to us,
necessary records have been maintained of the transactions and contracts, and timely
entries have been made in respect of the activities for acquisition of shares, securities
and other investments. Further, such shares, securities and other investments have been
held by the Company in its own name except for exemption, if any, granted under Section 49
of the Act.
xv. According to the information and explanations given to us, the Company has not
given any guarantees for loans taken by others from banks or financial institutions.
xvi. In our opinion and according to the information and explanations given to us, the
term loans taken by the Company have been applied for the purpose for which they were
raised.
xvii. According to the information and explanations given to us and on an overall
examination of the balance sheet of the Company, we are of the opinion that the funds
raised on short-term basis have not been used for long-term investment.
xviii. The Company has not made any preferential allotment of shares to parties or
companies covered in the register maintained under section 301 of the Act.
xix. The Company did not have any outstanding debentures during the year.
xx. The Company has not raised any money by public issues during the year.
xxi. According to the information and explanations given to us, no frauds on or by the
Company has been noticed or reported during the course of our audit.
|
For B S R and Company |
|
Chartered Accountants |
|
Firm’s Registration No: 128900W |
|
N. Sampath Ganesh |
| Mumbai |
Partner |
| 30 June 2014 |
Membership No: 042554 |
+91-9892691696
