TO THE MEMBERS OF SOFTECHINFINIUM SOL UTIONS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of SOFTECH INFINIUM SOLUTIONS
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, financial performance
and cash flows of the company in accordance with the Accounting standards referred to in
section 211(3C) of the company Act, 1956 ("the Act"), and in accordance with the
accounting principles generally accepted in India. 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
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement. An audit involved
performing procedures to obtain audit evidence about the amounts and the 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 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 the
effectiveness of the company’s internal control. An audit also includes evaluating
the appropriateness of the 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 basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations
give to us, the aforesaid financial statements give the information requires 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 in terms of section 227(4A) of the Act, we
give in the Annexure, a statement on the matters specified in paragraphs 4 and 5of 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, 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) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement comply with the Accounting Standards notified under the Act (which continue
to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs).
(e) On the basis of the written representations received from the Directors, taken on
record by the Board of Directors, none of the directors is disqualified as at March 31,
2014 from being appointed as a director in terms of Section 274(1 )(g) of the Act.
| Place: Chennai |
|
| Date: 03-09-2014 |
For M/s SB SB AND ASSOCIATES |
|
Chartered Accountants |
|
(Registration No. 012192S) |
|
D.SHARATH KUMAR |
|
Partner |
|
(Membership No. 024568) |
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SOFTECHINFINIUM
SOLUTIONS LIMITED.
(Referred to in paragraph 1 under ‘Report on other legal and regulatory
requirements’ section of our report of even date).
(i) In respect of its fixed assets.
(a) The company has maintained proper records showing full particulars, including
quantitative details and situation of the fixed assets.
(b) The fixed assets were physically verified during year by the Management in
accordance with a programme of verification, which in our opinion, provides for physical
verification of all the fixed assets at reasonable intervals, According to the information
and explanations given to us, no material discrepancies were noticed on such verification.
(c) Substantial part of fixed assets has not been disposed off during the year under
review affecting the ‘Going Concern’ status of the company.
(ii) In respect if its inventory;
(a) As explained to us, the inventories were physically verified during the year by the
Management at reasonable intervals.
(b) In our opinion and according to the information and explanations given to us, the
procedures of physically verification of inventories followed by the Management were
reasonable and adequate in relation to the size of the company and the nature of its
business.
(c) In our opinion and according to the information and explanations given to us, the
company has maintained proper records of its inventories and no material discrepancies
were noticed on physical verification.
(iii) According to the information and explanations given to us, during the year under
report, the company has availed Loans from Companies, Other Parties listed in the Register
maintained u/s 301 of the Companies Act, 1956. The Company has not granted any loans,
secured or unsecured, to companies, firms or other parties covered in the Register
maintained under Section 301 of the companies Act, 1956, during the year.
(iv) In our opinion and according to the information and explanations give to us, there
is an adequate internal control system commensurate with size of the company and the
nature of its business with regard to purchase of inventory and fixed assets and for the
sale of goods and services, and during the course of our audit, we have not observed any
major weaknesses in such internal control system.
(v) To the best of our knowledge and belief and according to the information and
explanations given to us, there were no contracts or arrangement that needed to be entered
in the Register maintained under Section 301 of the company Act, 1956.
(vi) According to the information and explanations given to us, the company has not
accepted any deposit from the public during the year in terms of the provisions of
Sections 58A and 58AA or any other relevant provisions of the company Act, 1956.
(vii) In our opinion, the company has on adequate internal audit 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) of the Companies Act, 1956 for any of the products of the Company.
(ix) According to the information and explanations given to us, in respect of statutory
dues:
a) The examination of the books and records of the company reveal that the Company has
not been covered by the provisions of State Insurance and Provident Fund Acts. The gross
receipt is within exemption limit under the Service Tax Act.
b) The company has no arrears of Central Excise, Sales Tax or other Statutory dues as
at 31st March, 2014 for a period of more than six months from the date of becoming
payable. However, for the Assessment Year 2013-14, there is Income Tax arrears of Rs. 1.45
Lakhs, which should have been paid by 15/03/2013 as advance tax.
(x) The examination of books and records shows that the company has no accumulated
losses. The Company has incurred Cash Losses during this Financial Year covered by my
Audit and also has not incurred cash losses in the immediately preceding Financial Year.
(xi) The Company has no dues to a financial institution or bank or debenture holders
during the financial year ended 31st March, 2014.
(xii) The Company has not granted any Loans or Advance on the basis of Security by way
of pledge of Shares, Debentures and other Securities.
(xiii) The Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society.
Therefore, Clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable
to the Company.
(xiv) The Company is not dealing in or trading in Shares, Securities, Debentures and
other Investments.
(xv) In my opinion and according to the information and explanations given to me, the
Company has not given to any Guarantee for any loans taken by others from Banks and
financial institutions.
(xvi) To the best of my knowledge and belief and according to the information and
explanations given to me, no term loan was availed by the Company during the year.
(xvii) According to the information and explanations given to me, and on an overall
examination of the financial records of the Company, funds have not been raised on short
term basis during the year and used for long term investment and vice versa.
(xviii) According to the information and explanations given to us, during the year
covered by our audit, the Company has not made preferential allotment of equity shares to
parties and companies covered in the register maintained under Section 301 of the Act.
(xix) According to the information and explanations given to me and the Records
examined by me, no Debentures have been issued during the year.
(xx) The Company has not raised any money by way of Public Issue during the year.
(xxi) To the best of my knowledge and belief and according to the information and
explanations given to me, no fraud in or by the Company was noticed or reported during the
Financial year, that cause the Financial Statements to be materially misstated.
| Place: Chennai |
|
| Date : 03-09-2014 |
For M/s SB SB AND ASSOCIATES |
|
Chartered Accountants |
|
(Registration No. 012192S) |
|
D.SHARATH KUMAR |
|
Partner |
|
(Membership No. 024568) |
+91-9892691696
