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Comfort Infotech
BSE: 531216|ISIN: INE819A01023|SECTOR: Finance - General
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« Mar 12
Auditor's Report (Comfort Infotech) Year End : Mar '13
Report on the Financial Statements
 
 We have audited accompanying financial statements of Comfort Intech
 Limited (the Company), which comprise the Balance Sheet as at March
 31,2013, the Statement of Profit and Loss and Cash Flow Statement for
 the year then ended, 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
 the Accounting Principles generally accepted in India including
 Accounting Standards referred to in Section 211(3C) 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.
 
 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 misstatements.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgement, 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. 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 qualified audit opinion.
 
 Basis for Qualified Opinion
 
 Contravention of Accounting Standard 15 on Accounting for retirement
 benefits of employees.
 
 As stated in Note 1 (I) of Significant Accounting Policies followed by
 the company the Company is not making any provision for Gratuity and
 leave encashment as the same is accounted for on payment basis. This is
 in Contravention of Accounting Standard 15 on Accounting for retirement
 benefits of employees.
 
 Qualified Opinion
 
 In pur opinion and to the best of our information and according to the
 explanations given to us, except for the effects of the matters
 described in the Basis for Qualified Opinion Paragraph, the aforesaid
 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 March 31, 2013;
 
 b) in the case of the Profit and Loss Account, of the Profit for the
 year ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the cash flows 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 Section
 227(4A) 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 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, 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) Except for the effects of the matters described in the Basis for
 Qualified Opinion Paragraph, in our opinion, the Balance Sheet, the
 Statement of Profit and Loss, and the Cash Flow Statement comply with
 the Accounting Standards referred to in Section 21H3C) of the Companies
 Act, 1956;
 
 e) On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause of Section 274(1)g of the
 Companies Act, 1956.
 
 0 Since the Central Government has riot issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 Annexure to Independent Auditor''s Report
 
 Referred to in paragraph 1 under the heading of Report on other Legal
 and Regulatory Requirements of our report of even date.
 
 1.  In respect of its Fixed Assets
 
 (a) The company has maintained proper records showing full particulars
 including quantitative details and situation of its fixed assets.
 
 (b) As explained to us, fixed assets have been physically verified by
 the management at reasonable intervals; no material discrepancies were
 noticed on such verification.
 
 (c) In our opinion and according to the information and explanations
 given to us, no fixed asset has been disposed off during the year and
 going concern status of the company is not affected.
 
 2.  In respect of its inventories:
 
 (a) the stock in trade of shares and securities held in the physical
 format has been physically verified and those held in dematerialized
 format have been verified from the relevant statements received from
 the depositories during the year, by the management. Also the stock of
 properties acquired in satisfaction of claims have been physically
 verified during the year by the management.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of shares,
 securities and stock of properties acquired in satisfaction of claims
 followed by the management are reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 (c) In our opinion and on the basis of our examination of the records,
 the Company is generally maintaining proper records of its inventories.
 No material discrepancy was noticed on physical verification of shares,
 securities and stock of properties acquired in satisfaction of claims
 by the management as compared to book records.
 
 3.  (a) According to the information and explanations given to us and
 on the basis of our examination of the books of account, the Company
 has granted interest free unsecured loan to one party covered in the
 register maintained under Section 301 of the Companies Act, 1956. The
 Maximum amount involved during the year and the year end balance of
 such loan aggregate to Rs. 15000000/- and Rs.  15000000/- respectively.
 
 (b) Except for the fact that this loan is interest free, in our opinion
 and according to the information and explanations given to us, the
 other terms and conditions of loan given are not prima facie
 prejudicial to the interest of the Company.
 
 (c) No stipulations for repayments have been prescribed and as such no
 comments regarding receipt of principal amount are being made.
 
 (d) As no stipulations for repayments have been prescribed, the clause
 regarding overdue amount is not applicable.
 
 (e) According to the information and explanations given to us and on
 the basis of our examination of the books of account, the Company has
 taken loans from companies, firms or other parties listed 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 is generally an adequate internal control procedure
 commensurate with the size of the company and the nature of its
 business, for the purchase of inventories (share and securities) &
 fixed assets and payment for expenses & for sale of Shares and
 securities. During the course of our audit, no major instance of
 continuing failure to correct any weaknesses in the internal controls
 has been noticed.
 
 5.  a) Based on the audit procedures applied by us and according to the
 information and explanations provided by the management, the
 particulars of contracts or arrangements referred to in section 301 of
 the Act have been entered in the register required to be maintained
 under that section.
 
 b) In our opinion and according to the information and explanations
 given to us, these contracts or arrangement have been made at prices
 which are reasonable having regard to the prevailing market prices at
 the relevant time, where no similar transactions were taken place
 during the year with other parties , we. are unable to comment whether
 the same is on prevailing market prices or not.
 
 6.  The Company has not accepted any deposits from the public covered
 under section 58A and 58AA of the Companies Act, 1956.
 
 7.  As per information & explanations given by the management, the
 Company has an internal audit system commensurate with its size and the
 nature of its business.
 
 8.  As per information & explanation given by the management,
 maintenance of cost records has not been prescribed by the Central
 Government under clause (d) of sub-section (1) of section 209 of the
 Act.
 
 9.  (a) According to the records of the company, undisputed statutory
 dues including Income-tax, Service Tax, cess to the extent applicable
 and any other statutory dues have generally been regularly deposited
 with the appropriate authorities. According to the information and
 explanations given to us there were no outstanding statutory dues as on
 31s'' of March, 2013 for a period of more than six months from the date
 they became payable.
 
 (b) According to the information and explanations given to us, there
 are no amounts payable in respect of income tax, wealth tax, service
 tax, which have not been deposited on account of any disputes.
 
 10.  The Company does not have any accumulated loss and has not
 incurred cash loss during the financial year covered by our audit and
 in the immediately preceding financial year.
 
 11.  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 repayment of dues to bank.
 
 12.  According to the information and explanations given to us, the
 Company has maintained adequate documents and records in respect of
 loans and advances granted on the basis of security by way of pledge of
 shares, debentures and other securities.
 
 13.  The Company is not a chit fund or a nidhi /mutual benefit fund /
 society. Therefore, the provision of this clause of the Companies
 (Auditor''s Report) Order, 2003 (as amended) is not applicable to the
 Company.
 
 14.  According to information and explanations given to us, the Company
 is trading in Shares, Mutual funds & other Investments. Proper records
 & timely entries have been maintained in this regard & further
 investments specified are held in its own name.
 
 15.  According to the information and explanations given to us, the
 Company has not given any guarantees for loan taken by others from a
 bank or financial institution.
 
 16.  The company has not obtained any term loan during the year.
 Accordingly this clause is not applicable to the company.
 
 17.  Based on the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company as at 31st
 March, 2013, we report that no funds raised on short-term basis have
 been used for long-term investment by the Company.
 
 18.  Based on the audit procedures performed and the information and
 explanations given to us by the management, we report that the Company
 has not made any preferential allotment of shares during the year.
 
 19.  The Company has no outstanding debentures during the period under
 audit.
 
 20.  The Company has not raised any money by public issue during the
 year.
 
 21.  Based on the audit procedures performed and the information and
 explanations given to us, we report that no fraud on or by the Company
 has been noticed or reported during the year, nor have we been informed
 of such case by the management.
 
                                     For Bansal Bansal and Co.  
 
                                     Chartered Accountants FRN: 100986W
 
                                     sd/-
 
                                     Manoj Agrawal
 
                                     Partner
 
                                     Membership No. :107624
 
 Place: Mumbai 
 
 Date:  May, 2013
Source : Dion Global Solutions Limited
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