ARICENT INFRA LIMITED
(FORMERLY KNOWN AS TCL TECHNOLOGIES LIMITED)
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
The Members of
Aricent Infra Limited.
Mumbai.
1. I have audited the attached Balance Sheet of Aricent Infra Limited,
(Formerly known as TCL Technologies Limited) as at 31 March, 2012 and the
Profit and Loss Account and also the cash flow statement for the year ended
on that date, annexed thereto (collectively referred as the "Financial
Statements"). These financial statements are the responsibility of the
company`s management. My responsibility is to express an opinion on these
financial statements based on my audit.
2. I have conducted this audit in accordance with auditing standards
generally accepted in India. Those 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. I believe that
my audit provides a reasonable basis for my opinion.
3. Further I report that:
a. The information and explanations that are obtained, which to the best of
my knowledge and belief were necessary for the purpose of audit;
b. In my opinion, proper books of accounts as required by law have been
kept by the Company so far as appears from my examination of those books;
c. The Financial Statements dealt with by this report are in agreement with
the books of accounts,
d. On the Basis of written representations received from the directors, as
on 31st March, 2012 and taken on record by the board of directors, none of
the directors are disqualified as on 31st March, 2012 from being appointed
as director in terms of clause (g) of sub-section (I) of Section 274 of the
Companies Act, 1956
e. In my opinion and to the best of my information and according to the
explanation given to, the financial statements dealt with by this report
materially comply with the Accounting Standards referred to in sub-section
(3C) of Section 211 of the Companies Act, 1956 and the Rules framed there
under and 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, in the case of:
i. The Balance Sheet, of the state of affairs of the Company as at March
31, 2012;
ii. The Profit and Loss Account, of the profit for the year ended on that
date; and
iii. The Cash Flow Statement, of the cash flows for the year ended on that
date.
FOR S CHANDULAL & COMPANY
(CHARTERED ACCOUNTANT)
SD/-
PROPRIETOR
MEMBERSHIP NO.37266
PLACE: THANE
DATE : 14TH MAY 2012
Annexure to the Auditors` Report of even date to the members of THE ARICENT
INFRA LIMITED On the financial statements for the year ended March 31, 2012
Based on the audit procedure performed for the purpose of reporting true
and fair view on the financial statements of the Company and taking into
consideration the information and explanation given to me and the books of
account and other records examined by me in the normal course of audit, we
report that:
(I) As the Company does not have fixed assets, the Clauses (i)(a) to (i)(c)
of para 4 of the Orders are not applicable to the company
(II) As the Company does not have Inventory, the Clauses (ii)(a) to (ii)(c)
of para 4 of the Orders are not applicable to the company
(III) (a) According to the information and explanations given to me, 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-clause (b), (c) and (d) are
not applicable
(b) According to the information and explanations given to me, the Company
has not taken 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-clause (f)and (g) are not applicable.
(IV) In my opinion and according to the information and explanations given
to me there are adequate internal control procedures to commensurate with
the size of the Company & nature of its business with regard to the sale of
goods and services. During the course of my Audit, I have not observed any
major weakness in internal control
(V) According to the information and explanation given to me, there have
been no contracts or arrangements referred to in section 301 of the
Companies Act, 1956 during the year to be entered in the register required
to be maintained under that section. Accordingly, sub- clause (B) is not
applicable.
(VI) In my opinion and according to the information and explanation given
to me, The Company has not accepted any deposits from the public as defined
under sections 58A and 58AA of the Companies Act, 1956 & the Companies
(Acceptance of deposits) Rules 1975.
(VII) In my opinion and according to the information and explanation given
to me, The Company has an internal audit system commensurate with the size
and the nature of its business.
(VIII) As the company is not a manufacturing concern, the clause (viii) of
para 4 of the Order regarding maintenance of cost records under clause (d)
of sub-section (1) of section 20 of the Companies Act, 195 is not
applicable to the company.
(I)) (a) In my opinion and according to the information and explanation
given to me, the company has generally been regular in depositing
undisputed statutory dues, including provident fund, investor education and
protection fund, employees state insurance, income tax, wealth tax, service
tax, custom duty, cess and any other material statutory dues where
applicable, with the appropriate authorities during the year
(b) There are no amounts in respect of sales tax, income tax, customs duty,
wealth tax, service tax, excise duty and cess that have not been deposited
with the appropriate authorities on account of any dispute.
(X) The Company has accumulated losses as on 31st March, 2011 and has
earned profit for the financial year on that date. The accumulated losses
of the Company are less than 50% of the net worth of the Company.
(XI) In my opinion and according to the information and explanations given
to me the Company has not defaulted in repayment of dues to a Financial
Institution, Bank or Debenture holders
(XII) The Company has not granted any loans and advances on the basis of
security by way of pledge of share, debentures & other securities.
Accordingly, the provisions of clause 4(xii) of the Order are not
applicable.
(XIII) The Company is not a chit fund or Nidhi /Mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor`s Report`s) Order, 2003 is not applicable to the Company.
(XIV) In my opinion, the Company is not a dealer in shares, securities &
debentures or any other investments. Accordingly, the provision of clause
4(xiv) of the Order are applicable.
(XV) In my opinion and according to the information and explanations given
to me the Company has not given any guarantee for loans taken by others
from banks or financial institutions during the year.
(XVI) The Company has not taken any term loan during the year; as such
required details need not be given.
(XVII) According to the information and explanations given to me and on an
overall examination of the Balance Sheet of the Company, no funds are
raised on short term basis, hence detail need not be given.
(XVIII) According to the information and explanations given to me, the
Company has not made any preferential allotment of shares to parties &
Companies covered in the register maintained under section 301 of the
Companies Act, 1956 for such a purpose.
(XIX) According to the information and explanations given to me, during the
period covered by my audit, the Company has not issued debentures
FOR S CHANDULAL & COMPANY
(CHARTERED ACCOUNTANT)
SD/-
PROPRIETOR
MEMBERSHIP NO.37266
PLACE: THANE
DATE : 14TH MAY 2012. |