Report on the Financial Statements
We have audited the accompanying financial statements of SOFTECH
INFINIUM SOLUTIONS 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 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 puipose 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 aL to us, the aforesaid financial statements give the
information requires by the Act in the |ft manner so required and give
a true and fair view in conformity with the accounting Bit principles
generally accepted in India.
K 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 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(4 A)
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
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
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 the 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 31s1 March,
2013, 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 OFSOFTECH
INFINIUM 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
(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. Service Tax Act and Provident Fund
b) The company has no arrears of Central Excise, Sales Tax or other
Statutory dues as at 31st March, 2013 for a period of more than six
months from the date of becoming payable. During the year under audit,
the e books supplied during previous year were rejected as ''defective''
and accordingly, no service tax becomes payable in view of such
rejection duly accounted for. The Provisions for Income Tax during
previous year have been adjusted in view of returns and rejection of
(x) The examination of books and records shows that the company has no
accumulated losses. The Company has not 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, 2013.
(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)During the year, the Company has made any preferential allotment
of Warrants to Parties and Companies covered in the Register maintained
under section 301 of the Companies Act. 1956.
(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 : 02-09-2013 FOR M/s SB SB AND ASSOCIATES
(Registration No. 012192S)
(Membership No. 024568)