Election 2014
SENSEX NIFTY
Smartlink Network Systems | Auditor's Report > Computers - Hardware > Auditor's Report from Smartlink Network Systems - BSE: 532419, NSE: SMARTLINK
YOU ARE HERE > MONEYCONTROL > MARKETS > COMPUTERS - HARDWARE > AUDITORS REPORT - Smartlink Network Systems
Smartlink Network Systems
BSE: 532419|NSE: SMARTLINK|ISIN: INE178C01020|SECTOR: Computers - Hardware
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Apr 17, 13:17
45.80
-0.15 (-0.33%)
VOLUME 221
LIVE
NSE
Apr 17, 13:18
46.00
-0.5 (-1.08%)
VOLUME 2,660
Mar 12
Auditor's Report (Smartlink Network Systems) Year End : Mar '13
Report on the Financial Statements

We have audited the accompanying financial statements of Smartlink Network Systems Limited (the Company), which comprise the Balance Sheet as at 31st March, 2013, 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 Companies 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 the 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 the disclosures in the financial statements. The procedures selected depend on the auditor's 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 the 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 on 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 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 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 31st March, 2013;

b. in the case of the Statement of Profit and Loss, of the loss 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 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 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 referred to in section 211 (3C) of the Act.

e. On the basis of written representations received from the Directors as on 31st March, 2013 and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of Section 274(1 )(g) of the Act.

Re: Smartlink Network Systems Limited

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

i. Having regard to the nature of the Company's business/activities, clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not applicable.

ii. 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. All the 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. 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 a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

iii. In respect of its inventory:

a. The inventories have been physically verified during the year by the Management. In our opinion the frequency of verification is reasonable,

b. The procedures of physical verification of inventories 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 is maintaining proper records of inventories and no material discrepancies were noticed on physical verification.

iv. The Company has not granted or taken any loans, to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of clauses (iii) (a) to (iii) (g) of paragraph 4 of the Order are not applicable to the Company.

v. 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 for the purchase of inventory and fixed assets and the sale of goods/services. During the course of our audit, we have not observed any major weakness in such internal control system.

vi. In our opinion and according to the information and explanation given to us, in respect of contracts or arrangements entered in the Register maintained in pursuance of section 301 of the Companies Act, 1956:

a. The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register maintained under the said Section have been so entered.

b. Where each of such transaction is in excess of Rs. 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vii. The Company has not accepted deposits from the public.

viii. In our opinion, the internal audit function carried out during the year, by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

ix. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

x. According to the information and explanations given to us in respect of statutory dues:

a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues where applicable with the appropriate authorities.

b. There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2013 for a period of more than six months from the date they became payable.

c. Details of dues of Custom Duty, Excise Duty and Cess which have not been deposited as on 31st March, 2013 on account of disputes are given below:

Name of the Statute Nature of Forum where dispute is dues pending

Customs Act,1962 Customs Customs, Excise and Service Duty Tax Appellate Tribunal (CESTAT)

Customs Act,1962 Penalty Customs, Excise and Service (Customs Tax Appellate Tribunal Duty) (CESTAT)

Customs Act,1962 Customs Customs, Excise and Service Duty Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Excise Duty Customs, Excise and Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty Customs, Excise and Service (Excise Duty) Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Excise Duty Customs, Excise and Service Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty Customs, Excise and Service (Excise Duty) Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty Customs, Excise and Service (Excise Duty) Tax Appellate Tribunal (CESTAT)

Central Excise Act, 1944 Penalty Customs, Excise and Service (Excise Duty) Tax Appellate Tribunal (CESTAT)

Name of the Statute Financial Year to which amount Amount (Rs.) relates

Customs Act,1962 2004-2005 1,514,221/-(Net of Rs. 900,000/- of pre- deposit)

Customs Act,1962 2004-2005 2,414,221/-

Customs Act,1962 2000-2001 242,023,983/- 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006

Central Excise Act, 1944 2004-2005 3,226,176/- (Net of Rs. 1,400,000/-of pre- deposit)

Central Excise Act, 1944 2004-2005 4,626,176/-

Central Excise Act, 1944 2001-2002 24,089,496/- (Net of 2002-2003 Rs. 10,000,000/- of pre- 2003-2004 deposit) 2004-2005

Central Excise Act, 1944 2001-2002 34,089,496/- 2002-2003 2003-2004 2004-2005

Central Excise Act, 1944 2004-2005 100,000/-

Central Excise Act, 1944 2004-2005 702,041/-

xi. The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xii. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks.

xiii. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiv. 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.

xv. In our opinion and according to the information and explanations given to us, the Company has not obtained any term loan during the year and hence the question of commenting on application thereof does not arise.

xvi. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

xvii. 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.

xviii. The Company has not issued debentures; hence the question of creating security or charge in respect thereof does notarise.

xix. During the year, the Company has not raised money by public issue.

xx. To the best of 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 Deloitte Haskins & Sells

Chartered Accountants

(Registration no. 117366W)

A. B.Jani

Mumbai partner

Dated : 30th April, 2013 Membership no. 46488

Source : Dion Global Solutions Limited
Quick Links for smartlinknetworksystems
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.