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Boston Teknowsys (India) Ltd.

BSE: 536820 | NSE: | Series: | ISIN: INE777E01017 | SECTOR: Computers - Software Medium & Small

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Boston Teknowsys (India) is not listed on NSE

Annual Report

For Year :
2014 2013

Auditor's Report

We have audited the accompanying financial Statements of M/s BOSTON TEKNOWSYS (INDIA) LIMITED which comprise the Balance Sheet as at 31st March 2014, The statement of Profit & Loss Account and the cash flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information. Managements Responsibility for the Financial Statements The Companies management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the company in accordance with the accounting standards referred to in Sub-section (3C) of section 211 of the companies Act, 1956. 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 misstatements, whether due to fraud or error. Auditors Responsibility We have audited the attached Balance Sheet of M/s BOSTON TEKNOWSYS (INDIA) LIMITED, Hyderabad as at 31st March 2014, the Profit & Loss Account and also the Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe that our 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 said accounts read with other notes to accounts and accounting policies give the information required by the Companies Act 1956, in the manner so required and give a true and fair view:- i) In the case of Balance Sheet of the state of the affairs of the Company as at 31st March 2014 and ii) In the case of Profit & Loss Account of the Profit of the Company for the year ended on that date. iii) In the Cash Flow statement of the Cash Flow for the year ended on that date. Report on Other Legal and Regulatory Requirements 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 5 of the Order. 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 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, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1)(g) of the Act. Annexure to the Auditors'' Report (referred to in paragraph 3 of our Report of even date to the Members of BOSTON TEKNOWSYS (INDIA) LIMITED for the year ended March 31, 2014) 1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) Fixed Assets have been physically verified by the management and, in our opinion, the verification is reasonable having regard to the size of the company and the nature of its assets. There is no discrepancies were noticed on such verification. (c) No substantial part of fixed assets has been disposed off during the year. 2. In respect of its inventories: a) The Inventory of the Company has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b) In our opinion and according to the information and explanations given to us, the procedures 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) The Company has maintained proper record of inventories. As explained to us, there were no material discrepancies notices on physical verification of inventories as compared to the book records. 3. In our opinion and according to the information and explanations given to us, the company has not granted or not taken any loans secured or unsecured to or from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. 4. 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 purchases of inventory, fixed assets and with regard to the sale of goods. 5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301. 6. a) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements needs to enter in the registers maintained under section 301 and exceeding the value of five lakh rupees in respect of any party during the year. b) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 7. In our opinion, the company has an internal audit system commensurate with the size and nature if its business. 8. The Central Government has not prescribed the maintenance of records in pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956. 9. According to the records of the company, there are no dues to statutory authorities. a) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, as at 31.03.2014 for a period of more than six months from the date they became payable. b) According to the records of the company, there are no dues of sale tax, income tax, customs tax/wealth-tax, excise duty/cess within have not been deposited on account of any dispute. 10. The company has accumulated losses Rs.198,97,246/- as at the end of the financial year. The Company has not incurred any cash losses during the financial year covered by our audit and not incurred any losses in the immediately preceding financial year. 11. Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 12. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transaction and contracts and timely entries have been made in those records. We also report that the company has not held any shares, securities, debentures and other securities in its own name. 13. In our opinion, the Company is not a chit or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company. 14. The company is not in the business of dealing or trading in shares, securities, debenture and other instruments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company. 15. The company has not given any guarantee for loans taken by others from banks or financial institutions. 16. The company has not taken any term loans from financial institutions. 17. Based on our examination of the balance sheet of the company as at 31.03.2014, since there is no loans availed by the company, the utilization of funds does not arise. 18. 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. 19. During the period covered by our audit report, the company does not have any outstanding debentures during the year. 20. During the year the company has not raised any money through the public issue. 21. Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. For CHANAMOLU AND CO., Chartered Accountants Firm Regi. No : 010000S G. Murali Place: Hyderabad Partner Date : May 30th, 2014 Membership No.234971