Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Palsoft Infosystems | Auditor's Report > Computers - Software Medium & Small > Auditor's Report from Palsoft Infosystems - BSE: 511597, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > COMPUTERS - SOFTWARE MEDIUM & SMALL > AUDITORS REPORT - Palsoft Infosystems

Palsoft Infosystems

BSE: 511597|ISIN: INE969B01016|SECTOR: Computers - Software Medium & Small
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Nov 21, 16:00
6.33
0
VOLUME 100
Palsoft Infosystems is not listed on NSE
Mar 13
Auditor's Report (Palsoft Infosystems) Year End : Mar '14
We have audited the accompanying financial statements of PALSOFT
 INFOSYSTEMS LIMITED, (the company) which comprise the Balance Sheet
 as at March 31, 2014, and the Statement of Profit and Loss and Cash
 Flow Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information (attached as 1 &
 2).
 
 Management Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of financial position,
 financial performance and cash flow 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) read with the General
 Circular 15/2013 dated 13 th September 2013 of the Ministry of
 CorporateAffairs in respect of Section 133 of the Companies Act, 2013.
 The responsibility includes the design, implementation and maintenance
 of internal control relevant to the preparation and presentation of
 financial statements that give a true and fair view and are free from
 material misstatements, 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 misstatements.
 
 An audit involves performing procedure to obtain audit evidence about
 the amounts and disclosure in the financial statements. The procedure 
 selected depends upon auditor''s judgement, including the assessment 
 of the risk of material misstatements of the financial statements, 
 whether due to fraud or error. In making those risk assessment, the 
 auditor considers internal control relevant to the Company''s prepara
 -tion and fair presentation of the financial statements in order to 
 design audit procedure that are  appropriate in the circumstances, but 
 not for the purpose of expressing an opinion on the effectiveness of 
 the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness 
 of accounting estimates made by management, as well as evaluating the 
 overall presentation of financial statements.
 
 We believe that 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 the information
 required 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 case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2014;
 
 (b) in case of Statement of Profit and Loss, of the profit for the year
 ended on that date; and
 
 (c) in case of the Cash Flow Statements, 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) issued by Central Government of India in terms of sub-section
 (4A) of Section 227 of theAct, We give in theAnnexure
 
 a statements on the matters specified in paragraphs
 
 4 and 5 of the order.
 
 2. As required by Section 227(3) of theAct, we report that:
 
 a. We have obtained all 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 examinations of those
 books;
 
 c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statements 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
 sub-section(3C) of Section 211 of the Companies Act, 1956 read with the
 General Circular 15/2013 dated 13th September 2013 of the Ministry of
 Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
 
 e. On the basis of written representations received from the directors
 as on March 31, 2014 and taken on record by the Board of Directors,
 none of the director is disqualified as on March 31, 2014, 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 THE INDEPENDENT AUDITOR''S REPORT
 
 Statement referred to in paragraph 1 of Report on other Legal and
 Regulatory Requirements of our report of even date to the members of
 the PALSOFT INFOSYSTEMS LIMITED on the accounts for the year ended 31st
 March, 2014.
 
 (i) (a) The Company has maintained proper records showing full partic
 -ulars including quantitative details and situation of fixed assets.
 
 (b) All the assets have been physically verified by the management
 during the year. No material discrepancies have been noticed on such
 verification.
 
 (c) No substantial part of fixed assets has been disposed off during
 the year. (ii) (a), (b) and (c)
 
 There was no inventory at the year-end.  Therefore, the provisions of
 clause 4 (ii) (a) to 4(ii) (c) of the Companies (Auditor''s Report)
 Order, 2003 are not applicable to the company.
 
 (iii) (a) The company has not granted any loans to
 
 parties listed in the register maintained under Section 301 of the
 Companies Act, 1956.  Accordingly sub clause (b) to (d) are not
 applicable (e), (f) and (g)
 
 The company has not taken loan from parties covered in the register
 maintained under Section 301 of the Companies Act, 1956.  Therefore,
 the provision of clause 4(iii)(e) to 4(iii)(g) of the Companies
 (Auditor''s Report) Order, 2003 are not applicable to the company.
 
 (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 nature of its business
 with regard to the purchase of fixed assets, other assets and with
 regard to sale of goods. During the course of our audit, we have not
 observed any continuing failure to correct major weakness in internal
 controls.
 
 (v) (a) According to information and explanations
 
 given to us, all the transactions need to be entered into a register in
 pursuance of Section 301 of the Act are entered in the register
 maintained.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under Section 301 of
 the Companies Act, 1956 and exceeding the value of rupees five lacs in
 respect of any party during the year have been made at prices which are
 reasonable having regard to prevailing market prices at the relevant
 time, but few transactions could not be compared as the material
 supplied/services rendered to such parties are either in short supply
 or not supplied/services rendered by any other party.  (Sale of
 software)
 
 (vi) The company has not accepted deposits referred under section 58A
 of Companies Act, 1956.  Accordingly provisions of section 58A are not
 applicable.
 
 (vii) The company has negative net worth at the commencement of the
 financial year and the company does not have an average annual turnover
 exceeding Rs. 5 crores for a period of three consecutive financial
 years immediately preceding financial year 2013-14, therefore the 
 company is not required of an internal audit system.
 
 (viii) According to information and explanation given to us, prime
 facie the company has maintained the cost records in respect of the
 products/activities of the company, as prescribed by the Central
 Government under section 209(1) (d) of the Companies Act, 1956.
 However, we have not carried examinations in detail.
 
 (ix) (a) The company is generally regular in
 
 depositing with appropriate authorities undisputed statutory dues.
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom
 Duty and Excise Duty were in arrears, as at 31.03.2014 for a period of
 more than six months from the date they became payable except in case
 of Sales Tax and Surcharge on Sales Tax amounting to Rs. 25,62,228/-
 and Statutory dues as per Section 205C of the Companies Act 1956, for
 transfer of unpaid application money to Investor Education and
 Protection Fund amounting to Rs. 22,622/- are not paid to the
 appropriate authority.
 
 (b) According to the information and explanations given to us, there
 are no dues of income tax, custom duty, wealth tax, excise duty and
 cess, which have not been deposited on account of any dispute.
 
 (x) The company has been registered for a period not less than five
 years and its accumulated losses at the end of the financial year are
 more than fifty percent of its net worth. Company has not incurred any
 cash loss during the Financial Year 2013-14 as well as 2012-13.
 
 (xi) The company has not taken any loan from financial
 institutions or banks, therefore, the provisions of clause 4 (xi) of
 the Companies (Auditors'' Report) Order, 2003 are not applicable to the
 company.
 
 (xii) According to the information and explanations given to us, the
 company has not granted any loans and advances 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 or a
 society. Therefore, the provisions of clause 4 (xiii) of the Companies
 (Auditor''s Report) Order, 2003 are not applicable to the company.
 
 (xiv) The company is not dealing in or trading in the 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) 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.
 
 (xvi) The company has not taken any term loans.
 
 Therefore, the provisions of clause 4 (xvi) of the Companies (Auditor''s
 Report) Order, 2003 are not applicable to the company.
 
 (xvii) According to the Cash Flow Statement and records examined by us
 and information and explanations given to us and on overall examination
 of Balance Sheet, we report that funds raised on short-term basis have
 not been used for long-term investments.
 
 (xviii) 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 and hence the question of price at which shares
 have been issued is prejudicial to the interest of the company does not
 arise.
 
 (xix) The company has not issued debentures during the year.
 
 (xx) The company has not raised any money by way of public issue during
 the year.
 
 (xxi) According to the information and explanations given to us, no
 fraud on or by the company has been noticed or reported during the
 year.
 
                                                For KALANI & COMPANY
                                               Chartered Accountants 
                                                        FRN- 000722C
                                                              Sd/-
 Place : Jaipur                                  [Deepak Khandelwal]
 Date : 30.05.2014                                          Partner
                                                      M. No. 409520
Source : Dion Global Solutions Limited
Quick Links for palsoftinfosystems
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.