Sasken Communication Technologies
BSE: 532663 | NSE: SASKEN | ISIN: INE231F01020 | Computers - Software
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| Auditor's Report | Year End : Mar '08 |
1. We have audited the attached Balance Sheet of Sasken Communication
Technologies Ltd. (“the Company”) as at March 31, 2008, the Profit and
Loss Account and the Cash Flow Statement for the year then ended
annexed thereto. 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 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 misstatement. 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.
3. As required by the Companies (Auditors’ Report) Order, 2003 (as
amended), issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose
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 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 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 Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
(e) On the basis of the written representations received from the
directors, as on March 31, 2008, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2008 from being appointed as a director in terms of clause
(g) of sub-Section (1) of Section 274 of the Companies Act, 1956;
(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 Companies Act, 1956, 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 March 31, 2008;
(ii) in the case of the Profit and Loss Account, of the profit for the
year then 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.
Annexure Referred to in Paragraph 3 of our Report of Even Date Re:
Sasken Communication Technologies Ltd.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. As informed, no
material discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) In our opinion and according to the information and explanations
given to us, in view of the nature of activities of the Company, the
provisions of Clause 4(ii) relating to inventory is not applicable to
the Company.
(iii) (a) As informed, 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. (b)
As informed, 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.
(iv) In our opinion and according to the information and explanations
given to us, as represented by the management that some items are of a
special nature for which alternative quotations cannot be obtained,
there is an adequate internal control system commensurate with the size
of the Company and the nature of its business, for the purchase of
fixed assets and for the sale of software products and services. During
the course of our audit, no major weakness has been noticed in the
internal control system in respect of these areas.
(v) (a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in Section 301 of the Companies Act, 1956 that
need to be entered into the register maintained under Section 301 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of such contracts or
arrangements exceeding value of Rupees Five Lakhs has been entered into
during the financial year at a price which is reasonable having regard
to the prevailing market price at the relevant time.
(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 nature of its business.
(viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of Section 209 of the Companies Act, 1956 for
the software products and services of the Company.
(ix) (a) According to the records of the Company, the Company is
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, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to it with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees’ state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
(c) According to the records of the Company, the dues outstanding of
income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
duty and cess on account of any dispute, are as follows:
Name of the statute Nature of dues Amount (Rs)
Income Tax Act, 1961 Income Taxes 922,850
Income Tax Act, 1961 Income Taxes 6,296,583
Income Tax Act, 1961 Income Taxes 2,076,872
Income Tax Act, 1961 Income Taxes 1,228,186
Income Tax Act, 1961 Income Taxes 18,591,921
Income Tax Act, 1961 Income Taxes 4,450,321
Income Tax Act, 1961 Income Taxes 3,577,596
Income Tax Act, 1961 Income Taxes 38,655,760
Income Tax Act, 1961 Non-withholding of 17,898,637
Income Taxes
KVAT Act, 2003 KVAT 3,619,006
CST Act, 1965 CST 224,988
KVAT Act, 2003 KVAT 17,706,763
CST Act, 1965 CST 8,441,022
KVAT Act, 2003 KVAT 20,608,999
CST Act, 1965 CST 12,547,166
Total 156,846,690
Forum where dispute is
Period pending
AY 1992-93 Karnataka High Court
AY 1999-00 CIT (Appeals)
AY 2000-01 Karnataka High Court
AY 2001-02 ITAT
AY 2002-03 CIT (Appeals)
AY 2003-04 CIT (Appeals)
AY 2004-05 CIT (Appeals)
AY 2005-06 CIT (Appeals)
AY 2006-07 CIT (Appeals)
FY 2003-04 JCCT (Appeals)
FY 2003-04 JCCT (Appeals)
FY 2005-06 JCCT (Appeals)
FY 2005-06 JCCT (Appeals)
FY 2006-07 JCCT (Appeals)
FY 2006-07 JCCT (Appeals)
Note : Of the above, Rs.77,044,628 has been deposited.
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution or bank. The Company did not have any outstanding
debentures during the year.
(xii) According to the information and explanations given to us and
based on the documents and records produced 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.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors’ Report) Order, 2003 (as amended) are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors’ Report) Order,
2003 (as amended) are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has given guarantee for loans taken by others from bank or
financial institutions, the terms and conditions whereof in our opinion
are not prima-facie prejudicial to the interest of the Company.
(xvi) The Company did not have any term loans outstanding during the
year.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet and Cash Flow Statement of
the Company, we report that no funds raised on short-term basis have
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 Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money through a public issue during
the year.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For S R Batliboi & Co.
Chartered Accountants
per Sunil Bhumralkar
Bangalore Partner
April 18, 2008 Membership No. 35141
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