You are here » Home » Companies » Company Overview » California Software Company Ltd

California Software Company Ltd.

BSE: 532386 Sector: IT
NSE: CALSOFT ISIN Code: INE526B01014
BSE LIVE 15:14 | 02 Dec 5.77 0.27
(4.91%)
OPEN

5.77

HIGH

5.77

LOW

5.77

NSE LIVE 13:03 | 08 Jul Stock Is Not Traded.
OPEN 5.77
PREVIOUS CLOSE 5.50
VOLUME 1
52-Week high 16.11
52-Week low 5.50
P/E 0.96
Mkt Cap.(Rs cr) 7.14
Buy Price 5.77
Buy Qty 10299.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.77
CLOSE 5.50
VOLUME 1
52-Week high 16.11
52-Week low 5.50
P/E 0.96
Mkt Cap.(Rs cr) 7.14
Buy Price 5.77
Buy Qty 10299.00
Sell Price 0.00
Sell Qty 0.00

California Software Company Ltd. (CALSOFT) - Auditors Report

Company auditors report

TO THE MEMBERS OF CALIFORNIA SOFTWARE COMPANY LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CaliforniaSoftware Company Limited ("the Company") which comprise the Balance Sheetas at 31st March 2015 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its profit/loss and its cash flows for the yearended on that date.

Emphasis of Matter

We draw attention to the following matters in the Notes to the financial statements:

1. Note 26 and 27 in the stand alone financial statements which indicate that theStandalone Company has accumulated losses and its net worth has been fully eroded theStandalone Company has incurred a net loss during the current and previous year(s) andthe Stand alone Company's current liabilities exceeded its current assets as at thebalance sheet date. These conditions along with other matters set forth in Note 26indicate the existence of a material uncertainty that may cast significant doubt about theStand alone Company's ability to continue as a going concern.

2. Note No. 29 to the standalone financial statements and Notes to Fixed Asset scheduleregarding Change in Depreciation Policy of Fixed Assets and resultant loss amounting toRs.5864486/- including prior period Depreciation of Rs. 5021028.00

3. Note No. 30 to the stand alone financial statement regarding write back of AccountPayables to Aspire Communications P Ltd and Aspire Peripherals P Ltd two wholly ownedsubsidiaries of the Standalone Company amounting to Rs. 25345879.00

4. Note no. 31 to the standalone financial statement regarding unsecured loans fromAssociate companies amounting to Rs. 246936135.00

5. Company's Overseas subsidiary CSWL Inc and Indian subsidiary Aspire Communications PLtd and it subsidiary Aspire peripherals P Ltd have stopped their operations fully. CSWLInc has initiated Liquidation proceedings.

Our opinion is not modified in respect of these matters.

Report On Other Legal and Regulatory Requirements

As required by Section 143 (3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) Matter described under the Emphasis of Matters paragraph above in our opinion mayhave an adverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in termsof Section 164 (2) of the Act.

(g) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A".

(h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There is delay in transferring the amounts required to be transferred to theInvestor Education and Protection Fund by the Holding Company incorporated in India anamount of Rs. 51163.00 was due for payment payable on 29-08-2014 was effected only on04-05-2015.

For and on behalf of
Tomy & Francis
Chartered Accountants
FRN: 010922S
CA K J Tomy BSc FCA
Chennai Partner
29th May 2015 Membership No: 022768

ANNEXURE TO AUDITORS' REPORT

(Referred to in paragraph 3 of our Report of even date to the members of CaliforniaSoftware Company Limited on the financial statements for the year ended March 31 2015)

i. (a). The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b). it has been represented to us fixed assets have been physically verified by themanagement at regular intervals; as informed to us no material discrepancies were noticedon such verification; however documentation of the same comparing the physical inventoryand the book inventory is not made available to us.

ii. The nature of business of the Company does not require it to have any inventory.Hence the requirement of clause (ii) of paragraph 3 of the said Order is not applicableto the Company.

iii. The Company has not granted any loans to group or associate companies during theyear and there are no outstanding from previous years and hence Clauses (a) (b) and (c)are not applicable.

iv. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of fixed assets and for the sale of services.Further on the basis of our examination of the books and records of the Company andaccording to the information and explanations given to us no major weakness has not beennoticed or reported.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act.

vii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Income-tax Sales-tax Service Tax Excise Duty and othermaterial statutory dues as applicable with the appropriate authorities in India;

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of Sales Tax Value Added Tax Wealth TaxService Tax Customs Duty Excise Duty and Cess which have not been deposited on accountof any dispute other than those mentioned in Note 46; and

(c) An amount of Rs.51163/- was due for payment to Investor Education and ProtectionFund on 29/08/2014. There has been a delay in paying this and the payment was effected on04/05/2015.

viii. The Company has accumulated losses amounting to Rs. 1090600637/- as at March31 2015 Accumulated loss is more than the networth of the company. Company has incurredcash losses during the year ended on that date and in the immediately preceding twofinancial years.

ix. According to the records of the Company examined by us and the information andexplanation given to us the Company has defaulted in repayment of its dues to Canara BankTerm Loan and as at the balance sheet date total dues amounted to Rs. 34680209/-.

x. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the year

xi. In our opinion and according to the information and explanations given to us thecompany has not raised any term loans during the year

xii. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management

For and on behalf of
Tomy & Francis
Chartered Accountants
FRN: 010922S
CA K J Tomy BSc FCA
Chennai Partner
29th May 2015 Membership No: 022768

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard