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Sparc Systems
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« Mar 12
Auditor's Report (Sparc Systems) Year End : Mar '13
We have audited the accompanying financial statements of SPARC SYSTEMS
 LTD (the Company), which comprises the balance sheet as at March 31,
 2013, the statement of profit and loss of the Company for year then
 ended, the cash flow statement of the Company for the year then ended
 and a summary of significant accounting policies and other explanatory
 information.
 
 Management''s Responsibility for the Financial Statements
 
 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 sub-section (3C) of section 211
 of the Companies Act, 1956 (''the Act''). 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.
 
 Auditor''s 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 involves performing procedures to obtain audit evidence about
 the amounts and 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 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. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by 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 financial statements 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, 2013;
 
 (i) in the case of the statement of profit and loss account, of the
 loss for the year ended on that date; and
 
 (ii) in the case of the cash flow statement, of the cash flows 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), as amended, issued by the Central Government of India in terms
 of sub-section (4A) of section 227 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 purpose 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, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement comply with the Accounting Standards referred to in
 subsection (3C) of section 211 of the Companies Act, 1956; and
 
 e. On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the Directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 Annexure to Auditors'' Report
 
 Referred to in paragraph 3 of our report of even date on the Accounts
 for the year ended March 31, 2013 of Sparc Systems Limited
 
 i.  a.  As explained to us, the Company has maintained proper records
 showing full particulars including quantitative details and situation
 of fixed assets.
 
 b.  All the assets have been physically verified by the Management at
 the end of the financial year, 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 explanations given to us, no material
 discrepancies were noticed on such verification.
 
 c.  As per the records and as explained to us, the Company has not
 disposed off any substantial or major portion of fixed assets during
 the year.
 
 ii.  a.  As explained to us, the inventories held by the Company 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 procedure 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.  In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories. The discrepancies noticed on verification between the
 physical stocks and the book records were not material.
 
 iii. a. According to the information and explanations given to us, the
 Company has not granted any loans, secured or unsecured , to companies,
 firms or other parties listed in the Register maintained under section
 301 of the Companies Act, 1956. Accordingly, the provisions of clauses
 4(iii) (b), (c) and (d) of the order are not applicable.
 
 b.  The Company has taken unsecured loan from one party covered in the
 register maintained under section 301 of the Companies Act 1956. The
 maximum amount involved during the year was Rs. 10,05,000/- and the
 year end balance of loan taken from such party was Rs. 10,05,000/-.
 
 c.  In our opinion and according to the information and explanation
 given to us such loan is interest free and other terms and conditions
 on which loan have been taken are not prima facie prejudicial to the
 interest of the Company.
 
 d.  The Company is regular in repaying the principal amounts as
 stipulated.
 
 iv. In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business with regard to the purchases of inventory, fixed assets and
 with regard to the sale of goods. During the course of our audit we
 have not observed any continuing failure to correct major weakness in
 internal controls.
 
 v.  In our opinion and according to the information and explanations
 given to us, there are no contracts or arrangement referred to in
 section 301 of the Companies Act, 1956 that need to be entered in the
 Register required to be maintained under that section. Hence, clause
 (v-b) of paragraph 4 of the Order is not applicable.
 
 vi. In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposits from the public
 during the year to which the directive issued by the Reserve Bank of
 India and the provisions of sections 58A and 58AA of the Companies
 Act,1956 and the rules framed thereunder are applicable.
 
 vii. The Company has adequate internal check and audit procedures
 implemented in the Course of the day–to– day functioning. However, no
 internal audit as such has been conducted.
 
 viii. The Company is not covered under section 209(1)(d) of the
 Companies Act, 1956 in respect of maintenance of cost records.
 
 ix. a. According to the information and explanation given to us, no
 undisputed amounts payable in respect of income tax, wealth tax, sales
 tax, customs duty, excise duty and cess were in arrears, as at
 31.3.2013 for a period of more than six months from the date they
 became payable except Service tax Rs. 2,90,611/- and interest thereon.
 
 b. According to the information and explanation given to us, no
 undisputed amounts payable in respect of income tax, wealth tax, sales
 tax, customs duty, excise duty and cess were in arrears, as at
 31.3.2013 for a period of more then six months from the date they
 became payable.
 
 x.  The Company has accumulated losses at the end of the financial year
 March 31,2013, however it does not exceed fifty percent of its net
 worth. The Company has not incurred any cash losses in the financial
 year and in the immediately preceding financial year.
 
 xi. In our opinion and according to the information and explanations
 given to us, the Company has defaulted in repayment of dues to
 Maharashtra State Financial Corp. [MSFC] term loan amounting Rs.
 16,38,000/- & interest of Rs. 26,07,972/-. However the Company has
 entered into one-time-settlement and there are no outstanding dues to
 MSFC as on March 31, 2013.
 
 xii. In our opinion and according to the information and explanations
 given to us, the Company has not granted loans and advances on the
 basis of security by way of pledge of shares, debentures & other
 securities.
 
 xiii. In our opinion, the Company is not a chit fund or a niche mutual
 benefit fund / society. Therefore, the provisions of clause 4 (xiii) of
 the Companies (Auditor''s Report) Order, 2003 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 (Auditor''s Report) Order,
 2003 are not applicable to the Company.
 
 xv. In our opinion and 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 during the year.
 
 xvi. In our opinion and according to the information and explanations
 given to us, the Company has not raised term loans during the year
 under audit.
 
 xvii. According to the information and explanations given to us and on
 an overall examination of the balance sheet of the Company, we report
 that the no funds raised on short-term basis have been used for
 long-term investment.
 
 xviii. The Company has not made preferential allotment of shares to
 parties and companies covered in the register maintained under section
 301 of the Act during the year.
 
 xix.  The Company had not issued any debentures, during the year.
 
 xx.  The Company has not raised any money from a public issue, during
 the year.
 
 xxi. On the basis of the audit procedure carried out by us and
 information and explanations given by the Management, we state that no
 fraud on or by the Company has been noticed or reported during the
 course of our audit.
 
 
 
 For R Soni & Co.  
 
 Chartered Accountants 
 
 FRN 130349W
 
 Rajesh Soni
 
 Partner
 
 M No 133240
 
 Mumbai, May 30, 2013
Source : Dion Global Solutions Limited
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