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Birlasoft Ltd.

BSE: 532400 | NSE: BSOFT | Series: NA | ISIN: INE836A01035 | SECTOR: Computers - Software Medium & Small

BSE Live

May 29, 16:00
74.15 -0.75 (-1.00%)
Volume
AVERAGE VOLUME
5-Day
90,005
10-Day
94,287
30-Day
53,203
87,935
  • Prev. Close

    74.90

  • Open Price

    76.60

  • Bid Price (Qty.)

    74.15 (218)

  • Offer Price (Qty.)

    74.15 (25)

NSE Live

May 29, 15:59
74.50 -0.30 (-0.40%)
Volume
AVERAGE VOLUME
5-Day
2,023,383
10-Day
2,017,477
30-Day
1,060,044
2,748,993
  • Prev. Close

    74.80

  • Open Price

    75.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    74.50 (21783)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of KPIT CUMMINS INFOSYSTEMS LIMITED as at March 31, 2009, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and accounting principles used and the significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 6 5 of the said Order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, 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 Profit and Loss Account 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 Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956; and (e) in our opinion and to the best of our information and according to explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required 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, 2009; (ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. 3. On the basis of written representations received from the directors, as on March 31, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2009 from being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956. Annexure to the auditors report (Referred to in paragraph 1 of our report of even date) The nature of the Companys business/activities during the year is such that clauses (ii), (viii), (xiii), (xiv) are not applicable. (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) As explained to us, the fixed assets were physically verified during the 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) The fixed assets disposed off during the year, in our opinion, do not constitute 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. (ii) (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 covered in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly sub-clauses (b), (c) & (d) of Clause (iii) are not applicable. (e) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Accordingly sub-clauses (f) & (g) of Clause (iii) are not applicable. (iii) 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 fixed assets and for the sale of services. The activities of the Company do not involve purchase of inventory and sale of goods. During the course of our audit we have not observed any major weakness in such internal control system. (iv) In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanation given to us; (a) The particulars of contracts or arrangements referred to in Section 301 that needed to be entered in the Register have been so entered. (b) The transactions of purchase of services, in excess of Rupees five lakhs in respect of any party made in pursuance of such contracts or arrangements are of a special nature for which comparable quotations are not available in the absence of similar transactions with other parties. Accordingly, we are unable to comment whether the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. (v) According to the information and explanations given to us, the Company has not accepted deposits from the public. (vi) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (vii) In respect of Statutory dues: (a) According to the information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Investor Education and Protection Fund, Sales-tax, Service Tax, Wealth Tax, Customs Duty, Cess and any other material statutory dues with the appropriate authorities during the year. (b) Further, there are no undisputed amounts payable in respect of Provident Fund, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Service Tax, Cess and any other statutory dues outstanding, at the year end for a period of more than six months from the date they became payable. The Ministry of Labour and Employment, Government of India, vide its special notification has amended the Employees Provident Scheme, 1952 and the Employees Pension Scheme, 1995, thereby extending the application of both the Schemes to cover specific category of Indian Employees working outside India and expatriates working for an establishment in India with effect from October 1, 2008. The Company has represented that it is in the process of ascertaining the exact amount payable by the Company and has provided Rs. 36.99 lakhs as employers contribution for the period starting from November 1, 2008 to March 31, 2009 in the books of account but the same has not been paid to the respective authorities till March 31, 2009. (c) The details of dues of income tax which have not been deposited as on March 31, 2009 on account of any dispute are given below: Name of the Nature of Amount Period to which the Forum where Statute dues (Rs.lakhs) amount relates the dispute is pending The Income Income Tax 3.80 A.Y. 2004-05 The Commissioner of Tax Act, Income Tax (Appeals) 1961 Bangalore The Income Income Tax 13.54 A. Y. 2005-06 The Commissioner of Tax Act Income Tax (Appeals), Bangalore Further, the Company has received a show cause notice from Directorate General of Central Excise Intelligence, Bangalore during the year 2006-07, for non-payment of service tax on account of payments made to its subsidiaries based outside India for rendering services outside India. The revenue authorities have classified these services as that of a Commission Agent falling under the category of Business Auxiliary Services and quantified the liability at Rs. 499 lakhs which is being contested by the Company. During the year 2008-09 the Company has filed an appeal with the Customs, Excise and Service Tax Appellate Tribunal South Zonal Bench (CESTAT), Bangalore. On January 30, 2009, CESTAT has passed the stay order granting the Company waiver from depositing further amounts till the disposal of the above appeal. (viii) The Company does not have any accumulated losses as at the end of the financial year and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (ix) Based on our audit procedures and on the information and explanations given by the Management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions and banks. The Company has not issued any debentures. (x) 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 and other securities. (xi) 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. (xii) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised other than amounts temporarily invested pending utilization of the funds for the intended use. (xiii) On the basis of information and explanations given to us, and on the basis of an overall examination of the Balance Sheet, in our opinion, funds raised on short-term basis have prima facie not been used for long-term investment. (xiv) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. (xv) According to the information and explanations given to us, the Company has not issued any secured debentures. (xvi) According to the information and explanations given to us, the Company has not raised any money by public issue. (xvii) 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 Hemant M. Joshi Place: Pune Partner Date : April 27, 2009 Membership No. 38019