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Softech Infinium Solutions

BSE: 530651|ISIN: INE181K01019|SECTOR: Aquaculture
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« Mar 13
Auditor's Report (Softech Infinium Solutions) Year End : Mar '14
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.
 
 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
 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.
 
 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
 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
 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
 verification.
 
 (c) Substantial part of fixed assets has not been disposed off during
 the year under review affecting the ''Going Concern'' status of the
 company.
 
 (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
 verification.
 
 (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
 year.
 
 (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
 the year.
 
 (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.
 
 Place: Chennai
 Date : 03-09-2014                For M/s SB SB AND ASSOCIATES
                                  Chartered Accountants 
                                  (Registration No. 012192S)
                                  D.SHARATH KUMAR 
                                  Partner
                                  (Membership No. 024568)
 
 
 
Source : Dion Global Solutions Limited
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