PRITHVI SOFTECH LIMITED
(FORMERLY KNOWN AS "OCTAGON TECHNOLOGY LIMITED")
ANNUAL REPORT 2011-2012
DIRECTOR`S REPORT
TO
THE MEMBERS OF
M/S PRITHVI SOFTECH LIMITED
1. We have audited the attached Balance Sheet of M/S PRITHVI SOFTECH
LIMITED, (formerly known as "Octagon Technology Limited") as at 31st March
2012, the Profit and Loss Account and also the Cash Flow Statements 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.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance as to whether the
financial statements are free from material misstatement. An audit includes
examining, on a 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 management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor`s Report) Order, 2003, issued by
the Central Government of India, as amended by Finance Act, 2004, 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 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph (3)
above, we report that:
(i) 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,
(ii) 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
and proper returns adequate for the purposes of our audit have been
received from the branches not visited by us.
(iii) In our opinion, the Balance sheet and the Profit and Loss Account
dealt with by this report comply with the Accounting Standards referred to
in sub-section (3C) of Section 211 of the Companies Act, 1956.
(iv) On the basis of representations received from the Directors of the
Company as at 31st March, 2012 and taken on record by the Board of
Directors, we report that no director is disqualified as on 31st March 2012
from being appointed as a director of the company in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act,1956 and,
(v) In our opinion and to the best of information and explanations given to
us, the said accounts read together with the company`s accounting policies
and the notes thereto, give the information required by the Companies Act,
1956 in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India.
a) In the case of the Balance Sheet, of the state of affairs of the company
as at March 31, 2012.
b) In the case of the Profit & Loss Account, 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 for the year
ended on that date.
For CHANDARANA & SANKLECHA
Chartered Accountants
Firm Regn. No: 000557S
BHARAT RAJ SANKLECHA
Place: Chennai Proprietor
Date : 30/05/2012 Membership No. 027539
ANNEXURE TO THE AUDITOR`S REPORT:
Referred to in para 3 of the Auditor`s Report to the members of M/s.
PRITHVI SOFTECH LIMITED for the year ended 31st March, 2012.
1. a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. The fixed assets have been physically verified by the management as per
a phased program of verification. In our opinion, the frequency of such
verification 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. Fixed assets disposed of during the year were not substantial, so as to
affect the going concern status of the company.
2. a. The management, at reasonable intervals, has physically verified the
inventories during the year. In our opinion, the frequency of such
verification is reasonable.
b. The procedure of physical verification of inventories followed by the
management is reasonable and adequate in relation of the size of the
company and the nature of its business.
c. The company has maintained proper records of inventory. We are informed
that no material discrepancies were noticed during physical verification of
inventory.
3. The company has neither granted nor taken any loan, secured or
unsecured, to/from companies, firms and 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 is adequate internal control system commensurate with the size
of the company and nature of its business for the purchase and sale of
inventory and fixed assets. During the course of our audit, we have not
noticed any continuing failure to correct any major weakness in the
internal control system.
5. According to the information and explanations given to us, we report
that there are no such transactions made in pursuance of contract or
arrangements referred to in section 301 of the Companies Act, 1956,
exceeding the value of Rupees five lakhs, in respects of any party during
the year.
6. According to the information and explanations given to us, the company
has not accepted any deposit from the public during the year and as such
the compliance with the directives of the Reserve Bank of India, provisions
of Section 58A, Section 58AA, or any other relevant provisions of the
Companies Act, 1956, and the rules framed there under are not applicable.
7. In our opinion, the company has an internal audit system commensurate
with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 in respect of
the activities carried on by the company.
9. a. According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues including
Provident Fund, Investor Education & Protection Fund, Employees State
Insurance, Income tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and any other statutory dues with appropriate
authorities. According to the information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were in arrears, as
at 31st March 2012, for a period of more than six months from the date of
becoming payable.
b. According to the information and explanations given to us, the details
of statutory dues which have not been deposited with the concerned
authorities on account of any dispute are given below.
Particulars Financial year Forum where dispute Amount
to which the is pending Rs. Lakhs
matter pertains
Income Tax A.Y 1999-2000 Tribunal referred back to 7.69
the matter to Assessing
Officer
Income Tax A.Y 2000-2001 Tribunal referred back to 4.46
the matter to Assessing
Officer
10. The company has no accumulated losses at the end of the financial year.
The company has neither incurred cash losses during the financial year
covered by the audit nor in the immediately preceding financial year.
11. In our opinion and according to the information and explanations given
to us, the company has not defaulted in repayment of dues to financial
institutions, banks or debenture holders.
12. The company has not granted loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund, nidhi or mutual benefit fund/society.
14. The company has maintained proper records of the transactions and
contracts in respects of trading or dealing of shares, securities,
debentures and other investments, wherein timely entries have been made by
the company so far as appears from our examination of those records. The
shares, securities, debentures and other investments have been held by the
company in its own name, except to the extent exemption granted under
Section 49 of the Companies Act 1956.
15. 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.
16. The company has not obtained any term loan during the year.
17. According to the information and explanations given to us and on an
over all examination of the Balance sheet of the company, we report that no
funds raised on short term basis have been used for long term investment.
18. According to the information and explanations given to us, the company,
during the year under audit, has not made any preferential allotment of
shares to parties & companies covered in the register maintained under
section 301 of the Companies Act, 1956.
19. The company has not issued any debenture during the year.
20. The company has not raised any money by way of public issue during the
year.
21. According to the information and explanations given to us, during the
course of audit carried out by us, no fraud on or by the company has been
noticed by or reported to us during the year under report.
For CHANDARANA & SANKLECHA
Chartered Accountants
Firm Regd. No: 000557S
BHARAT RAJ SANKLECHA
Place: Chennai Proprietor
Date : 30/05/2012 Membership No. 027539 |