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.
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.
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
(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
(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.
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
(c) Substantial part of fixed assets has not been disposed off during
the year under review affecting the ''Going Concern'' status of the
(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
(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
(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
(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.
Date : 03-09-2014 For M/s SB SB AND ASSOCIATES
(Registration No. 012192S)
(Membership No. 024568)