AURIONPRO SOLUTIONS LIMITED
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
To
The Members of
AURIONPRO SOLUTIONS LIMITED
1. We have audited the attached Balance Sheet of AURIONPRO SOLUTIONS
LIMITED (the "Company") as at March 31, 2012, the Statement of Profit &
Loss and the Cash Flow Statement of the Company 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 about whether the
financial statements are free of material misstatement. 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 provides a reasonable basis for our
opinion.
3. As required by the Companies (Auditors` Report) Order, 2003 (the
"Order"), as amended, issued by the Central Government in terms of Section
227(4A) of the Companies Act, 1956, and as per the information and
explanation given to us, 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:
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 the law have been
kept by the Company so far as appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit & 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 & Loss and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section 211 (3) (C) of the Companies
Act, 1956.
e) Based on the written representations received from the Directors and
taken on record by the Board of Directors, we report that none of the
directors is disqualified as at 31st March, 2012, from being appointed as
director in terms of Section 274 (1) (g) of the Companies Act, 1956,
f) In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read together with the notes to
accounts thereon, 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:-
i) In the case of the Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012;
ii) In the case of the Statement of Profit and Loss, 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.
For CHOKSHI & CHOKSHI
Chartered Accountants
Firm Registration No.101872W
Vineet Saxena
Partner
M. No. 100770
Place: Mumbai
Date : August 28, 2012
Annexure To The Auditors` Report
(Referred to in Paragraph 4 of our report of even date)
(1)(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The management during the year has physically verified all the fixed
assets. In our opinion, the frequency of verification of the fixed assets
is reasonable having regard to the size of the Company and the nature of
its assets. According to the information & explanations given to us, no
material discrepancies were noticed on such verification.
(c) During the year, the Company has not disposed off any major part of
fixed assets so as to affect going concern.
(2) The Company being an information technology services provider is
engaged in the development of computer software. The inventory of the
company as at the year end consisted of computer software under development
amounting to Rs.5.07 Crores, shown as work-in-progress. Hence, clause 4
(ii) of the Order is not applicable.
(3) During the year, the Company has not granted / taken any loans, secured
/ unsecured to the companies /firms/parties covered in the register to be
maintained under section 301 of the Companies Act, 1956. Hence, clause 4
(iii)(b) to (g) of the Order are not applicable.
(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, for the purchase of
fixed assets and sale of goods and services. During the course of audit, we
have not observed any major weaknesses in the aforesaid internal control
system.
(5) According to the information and explanations given to us, there are no
contracts or arrangements referred to 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.
(6) In our opinion and according to the information and explanations given
to us, the Company has not accepted any deposits from the public during the
year within the meaning of provisions of Section 58A, 58AA or any relevant
provisions of the Companies Act 1956 and rules framed there under. We are
informed that no order has been passed by the Company Law Board, National
Company Law Tribunal, Reserve Bank of India, any Court or any other
Tribunal.
(7) Based on review of the (a) internal audit reports submitted by a firm
of Chartered Accountants and (b) minutes of the meetings wherein these
reports were placed before the Audit Committee of the Board, in our
opinion, the internal audit system is commensurate with the present size of
the Company and nature of its business.
(8) In our opinion and according to the information and explanations given
to us, the requirement of maintenance of cost records prescribed by the
Central Government under section 209 (1) (d) of the Companies Act, 1956 is
not applicable to the Company.
(9) In our opinion and according to the information & explanations given to
us in respect of statutory dues:
(a) The Company has generally been regular in depositing with appropriate
authorities, undisputed statutory dues including Provident Fund, Income
Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues during the financial year, except that there were some
instances of delays.
(b) There were no undisputed amounts payable in respect of Provident Fund,
Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and any
other statutory dues, in arrears as at 31st March 2012 for a period of more
than six months from the date they become payable.
(c) The particulars of extent of disputed dues on account of Income Tax,
Sales Tax, Service Tax, Custom Duty, Excise Duty which have not been
deposited by the Company as at 31 March 2012 are as under:
Sr.
No. 1
Name of the Statute Income Tax Act 1961
Nature of Dues Income Tax
Amount (Rupees) 33,80,950/-
Period to which amount relates (As- 2007-08
sessment Year)
Forum where dispute is pending ITAT
(10) The Company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses in the financial year under
report.
(11) In our opinion and according to the information & explanations given
to us, the Company has not defaulted in repayment of dues to banks /
financial institutions during the year.
(12) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Hence, provisions of clause 4 (xii) of the Order are not applicable.
(13) In our opinion, the Company is not a chit fund/ nidhi/ mutual benefit
fund/society. Hence, provisions of clause 4 (xiii) of the Order are not
applicable.
(14) The Company is not dealing or trading in shares, securities,
debentures and other investments. Hence, provisions of clause 4 (xiv) of
the Order are not applicable.
(15) During the current year, one of the banks has issued guarantee on
behalf of the Company towards borrowings by one of the subsidiaries. In our
opinion, the terms and conditions on which the guarantee has been issued
are not prejudicial to the interest of the Company.
(16) In our opinion and according to the information and explanations given
to us, the term loans have been applied for the purposes for which they
were obtained, other than temporary deployment pending application.
(17) In our opinion and according to the information and explanations given
to us, and on an overall examination of Balance Sheet, we are of the
opinion that the funds raised on short-term basis have not been used for
long-term investments.
(18) The Company has not made any preferential allotment of shares to
parties and companies covered in the register to be maintained under
section 301 of the Companies Act, 1956 during the year.
(19) The Company has not issued any debentures during the year.
(20) The Company had not raised ant money by public issue during the year.
(21) During the course of our examination of the books of account and
records of the Company, carried out in accordance with the generally
accepted auditing standards in India, and according to the information and
explanations given to us, we have not come across any instance of fraud
either noticed or reported during the year on or by the Company.
For CHOKSHI & CHOKSHI
Chartered Accountants
Firm Registration No.101872W
Vineet Saxena
Partner
M. No. 100770
Place: Mumbai
Date : August 28, 2012 |