Compulink Systems Ltd merged Auditor Reports

COMPULINK SYSTEMS LIMITED ANNUAL REPORT 2008-2009 AUDITORS REPORT To The Members of COMPULINK SYSTEMS LIMITED We have audited the attached Balance Sheet of COMPULINK SYSTEMS LIMITED(the Company) as at 31st March, 2009, the Profit and Loss Account of the Company 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 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 the Companies (Auditors Report) Order, 2003 (the Order), as amended, issued by the Central Government of India in terms of sub- section (4A) of Section 227 of the Companies Act, 1956 (the Act), we enclose in the Annexure a Statement on the matters specified in paragraph 4 & 5 of the said Order, to the extent applicable to the Company, 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, 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 and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act, in so far they apply to the Company; and e. On the basis of written representations received from the directors, as at 31st March 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of Act. f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009. ii. In the case of the Profit & Loss Account, of the loss of the Company for the year ended on that date; and iii. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Sanjay Katkar & Associates Chartered Accountants Sanjay Katkar Date : Pune Proprietor Place: June 27, 2009 Membership No 41371 Annexure to the Auditors Report [Referred to in paragraph 3 of our report of even date] The nature of the Companys business / activities during the year is such that clauses (ii), (viii), (xiii), (xiv), (xvi), (xix) specified in paragraph 4 and 5 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. 1. In respect of its fixed assets: a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) The fixed assets were physically verified during the 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 explanation given to us, no material discrepancies were noticed on such verification. c) The fixed assets disposed off during the year, in our opinion, do not constitute substantial part of the fixed assets of the Company and such disposal, in our opinion, do not affect the going concern assumption. 2. a) According to the information and explanations given to us, 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, Accordingly sub-clauses (b), (c) & (d) of clause (iii) are not applicable. b) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly sub-clauses (f) & (g) of clause (iii) are not applicable. 3. 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 fixed assets and for the sale of services and products. The activities of the company do not involve purchase of inventory and sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control system. 4. According to the information and explanations given to us, we have been informed that there are no such contracts or arrangements that needs to be entered in the register to be maintained in pursuance of Section 301 of the Companies Act,1956. Accordingly subclause (a) and (b) are not applicable. 5. According to the information and explanations given to us, the Company has not accepted deposits from the public and hence, the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA or any other relevant provisions of the Act and rules framed there under, are not applicable to the Company. 6. In our opinion, the internal audit functions carried out during the year by the Company itself is commensurate with the size of the Company and the nature of its business. 7. In respect of statutory dues: i) As explained to us, the provisions of the Employees State Insurance Act do not apply to the Company and as such we are not commenting on the payment of dues under the said Act. According to the information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty with appropriate authorities during the year. ii) According to the information and explanations given to us, there were no arrears of any undisputed statutory dues outstanding as at March 31, 2009 for a period of more than six months from the date they become payable. 8. The Company does not have accumulated losses as at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. 9. Based on our audit procedures and on the information and explanations given by the management we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions and banks. The Company has not issued any debentures. 10. In our opinion and according to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 11. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. 12. On the basis of information and explanations given to us, and on the basis of an overall examination of the balance sheet of the Company, funds raised on short-term basis have prima facie not been used for long-term investment. 13. According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. 14. According to the information and explanations given to us, the Company has not raised money by any public issue during the year. 15. To the best our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For Sanjay Katkar & Associates Chartered Accountants Sanjay Katkar Date : Pune Proprietor Place: June 27, 2009 Membership No.: 41371