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Accentia Technologies Ltd.

BSE: 531897 Sector: IT
NSE: N.A. ISIN Code: INE122B01012
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Accentia Technologies Ltd. (ACCENTIATECH) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR

To

The Members of Accentia Technologies Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of ACCENTIA TECHNOLOGIESLIMITED (‘the Company’) which comprise the Balance Sheet as at March 312014 Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

2. Management’s Responsibility for the Financial Statements

Management of the Company is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards referred to insub-section (3C) of section 211 of the Companies Act 1956 ("the Act"). Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatements whether due to fraud or error.

3. Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirement and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amount anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and reasonableness of the accounting estimates made by themanagement as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us and the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2014;

ii) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

iii) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

5. Report on Other Legal and Regulatory Requirements

(i) As required by the Companies (Auditor’s Report) order 2003 issued by theCentral Government of India in terms of sub-section (4A) of section 227 of the CompaniesAct 1956 we enclose in the Annexure a statement of the matters specified in paragraph 4and 5 of the said order.

(ii) Further to our comments in the Annexure referred to in Paragraph 5(i) above asrequired by section 227(3) of the Act we report that;

a. we have obtained all the information and explanation which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Lossand Cash Flow Statement dealt with bythis report are in agreement with the books of account;

d. in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt herewith comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act 1956;

e. on the basis of the written representations received from the Directors and taken onrecords by the Board of Directors none of the Director is disqualified as at the balancesheet date from being appointed as a Director in terms of section 274 (1) (g) of theCompanies Act 1956;

f. Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company.

For DMKH & Co.
Chartered Accountants
Firm Reg. No. – 116886W
CA. Durgesh Kabra
Place : Navi Mumbai Partner
Date : November 25 2014 Membership No. : 044075

Annexure referred to in Paragraph 1 of our report dated 25/11/2014 to the members ofACCENTIA TECHNOLOGIES LTD

I. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets on the basis of information available.

(b) As explained to us all the fixed assets have been physically verified by themanagement during the year. There is a regular programme of verification which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such physical verification.

(c) In our opinion and according to information and explanation given to us nosubstantial part of fixed asset has been disposed off by the company during the year andthe going concern status of the company is not affected.

II. This clause is not applicable to the Company.

III. (a) The Company has granted unsecured loans to four subsidiaries covered in theregister maintained under Section 301 of the Companies Act 1956. The maximum amountinvolved during the year and year end balance of such loans were Rs. 2158.75 lakhs.

(b) In our opinion and according to the information and explanations given to us therate of interest and other terms and conditions for the loans mentioned in para (iii) (a)above are prima facie not prejudicial to the interest of the Company.

(c) Since the loans mentioned in para (iii) (a) above are without any fixed repaymentschedule the question of examining the regularity of repayment of the Principal amountand interest thereon does not arise.

(d) For the same reasons given in para (iii) (c) above the question of examining theover due amount and commenting on the reasonableness of the steps taken by the Company forthe recovery of such loans does not arise.

(e) The Company has not taken loans from party covered in the register maintained underSection 301 of the Companies Act 1956 hence para (f) to (g) of the clause 4 (iii) of theorder is not applicable to the company.

IV. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchases of inventory fixed assets and with regardto the sale of goods and services. Further on the basis of our examination of the booksand records of the company and according to the information and explanation given to uswe have neither come across nor have been informed of any continuing failure to correctmajor weaknesses in the aforesaid internal control procedures.

V. (a) In respect of transactions covered under section 301 of the Companies Act 1956.In our opinion and according to the information given to us there are no suchtransactions made in pursuance of contracts or arrangements that needed to be entered intoin the register maintained undersection 301 of the Companies Act 1956 hence para (b) ofthe clause 4 (v) of the order is not applicable to the company.

VI. The Company has not accepted any deposits during the year and consequently theprovision of section 58A and 58AA of the Companies Act 1956 and the rules framed thereunder are not applicable.

VII. In our opinion the Company has an internal audit system commensurate with itssize and nature of business.

VII. We have been informed that the maintenance of cost records has not been prescribedby the central government under section 209(1) (d) of the Companies Act 1956.

IX (a) According to the information and explanation given to us the Company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding income tax sales tax wealth taxcustoms duty excise duty service tax cessand other material statutory dues applicable.

(b) According to the information and explanation given to us no undisputed statutorydues including income tax sales tax wealth tax customs duty excise duty service taxcess and other material statutory dues applicable were in arrears as at 31.03.2014 for aperiod of more than six months from the date they became payable.

(c) According to the information and explanation given to us there are no dues ofincome tax sales tax customs duty wealth tax service tax excise duty and cess whichhas been deposited on account of any dispute except the below.

X. The Company does not have any accumulated losses at the end of the year. The companyhas not incurred any cash losses for the year under review and immediately preceding suchcurrent year.

XI. According to the records of the company examined by us and the information andexplanation given to us the Company has defaulted in repayment of dues to FinancialInstitution and Banks.

XII. We are informed that the company has not granted any loans and advances on thebasis of security by way of pledge of shares debentures and the securities. Accordinglythe provisions of the clause 4 (xii) of the order are not applicable to the company.

XIII. The Company is not a chit fund or a nidhi/mutual benefit fund/society.Accordingly the provisions of the clause4 (xiii) of the order are not applicable to thecompany.

XIV. According to the information and explanation given to us the company is notdealing in or trading in shares securities debenture and other investments.

XV. According to the information and explanation given to us the company has not givenany guarantee for loans taken by others from banks or financial institutions.

XVI. According to the information and explanation given and based on the documents andrecords produced on an overall basis the term loans have been applied for the purposefor which they were obtained.

XVII. According to the information and explanations provided to us and an overallexamination of the balance sheet and the cash flow statement of the Company in ouropinion no funds raised on short term have been used for long term investment.

XVIII. According to the information and explanations provided to us during the yearthe Company has not made preferential allotment of equity shares during the current year.

XIX. According to the information and explanations provided to us during the year theCompany has not issued any debentures till date.

XX. According to the information and explanations provided to us during the year theCompany has not raised any money by way of public issues. Accordingly the provisions ofthe clause 4 (xx) of the order are not applicable to the company.

XXI. Based upon the Audit procedures performed and information and explanation given tous we report that no fraud on or by the company has been noticed or reported during thecourse of our audit.

For DMKH & Co.
Chartered Accountants
Firm Reg. No. – 116886W
CA. Durgesh Kabra
Place : Navi Mumbai Partner
Date : November 25 2014 Membership No. : 044075

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