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CG-VAK Software & Exports Ltd.

BSE: 531489 Sector: IT
NSE: N.A. ISIN Code: INE084D01010
BSE LIVE 15:41 | 07 Dec 31.15 -1.85
(-5.61%)
OPEN

31.90

HIGH

35.50

LOW

31.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 31.90
PREVIOUS CLOSE 33.00
VOLUME 3745
52-Week high 68.70
52-Week low 22.05
P/E 21.48
Mkt Cap.(Rs cr) 15.76
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 31.90
CLOSE 33.00
VOLUME 3745
52-Week high 68.70
52-Week low 22.05
P/E 21.48
Mkt Cap.(Rs cr) 15.76
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

CG-VAK Software & Exports Ltd. (CGVAKSOFTWARE) - Auditors Report

Company auditors report

To the Members of CG-VAK Software And Exports Limited

Report on the Financial Statements

We have audited the accompanying financial statements of CG-VAK SOFTWARE AND EXPORTSLIMITED ("the company")which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 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 financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company’s Directors as well asevaluating 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 on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March312015 and its Profits and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the following matter in the Notes forming part of the financialstatements:-

(a) Note Nos.4.13 4.14 4.15 to the financial statements regarding Non Provision ofgratuity which describes the uncertainity relating to the outcome of the law suits filedagainst the company by a former director and his relatives.

(b) Note No.4.16 to the financial statement regarding the claim on non-payment of fixeddeposit by the company before the Madras High Court which describes the uncertaintyrelating to the outcome of the law suits filed against the company by a former directorand his relatives.

(c) Note No.4.17 to the financial statement wherein we did not audit the financials ofthe wholly owned subsidiary whose financials have been consolidated along with those ofthe company which have been compiled by a Certified Public Accountant certified by themanagement as the audit of the wholly owned subsidiary is not mandated as per prevailingrules and regulations ofUnited States ofAmerica.

Our opinion is not modified in respect of these matters.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s report) Order 2015 ("the Order)issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure a Statement on the matters specified in paragraphs 3 and 4 of the order.

2. As required by Section 143(3) ofthe 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 purpose 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 Statement of Profit & Loss Account and the Cash FlowStatement dealt with by this Report are in agreement with the Books of Account;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representation received from the Directors as of 31st March2015 taken on record by the Board of Directors none of the Directors is disqualified ason 31st March 2015 from being appointed as a director in terms of Section 164 (2) oftheAct.

f) With respect to the other matters to be included in the Auditors’ 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 has disclosed the impact of pending litigations on its financialposition vide Note No.4.13 4.14 4.15 and 4.16.

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

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For S. Lakshminarayanan Associates
Chartered Accountants
S. Lakshminarayanan
Partner
Place : Coimbatore M.No.012024
Date: 29th May 2015 Firm Regn.No.006609S

Annexure to the Independent Auditors’ Report :

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date). We report that

i) In respect of its fixed assets:

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

(b) The Fixed assets of the Company have been physically verified by the Managementduring the year in accordance with the regular programme of verification which in ouropinion provides for physical verification of all the fixed assets at reasonableintervals. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

ii) In respect of its inventories:

The Company does not hold any inventory.

iii) The Company had granted unsecured loans to its wholly owned subsidiary covered inthe Register maintained under section 189 ofthe Companies Act2013

(a) The balance of the principal and interest stand fully settled as on the date of thebalance sheet and the repayments were as per the terms and conditions agreed upon betweenthe parties to the agreement.

(b) No amount is overdue as on the date ofthe balance sheet.

iv) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchases of fixed assets and the sale of goods andservices. During the course of our audit we have not observed any continuing failure tocorrect major weakness in such internal control system.

v) According to the information and explanations given to us the Company has notaccepted any deposit during the year.

vi) The Central Government has not prescribed the maintenance of Cost Records u/s148(1) of the Act for any of the services rendered by the company.

vii) According to the information and explanations given to us on the basis of ourexamination of the records of the company in respect of Statutory dues

(a) The company has been regular in depositing undisputed statutory dues includingProvident fund Employees State Insurance Income Tax Sales tax wealth tax service taxcustoms duty excise duty VAT cess and other Material Statutory dues with the appropiateauthorities.

(b) No undisputed amounts payable in respect of income tax and other material statutorydues were in arrears as at 31st march 2015 for a period of more than 6 months from thedate they became payable.

(c) There are no pending amounts required to be transferred to Investor Education andProtection Fund.

viii) The Company has no accumulated losses at the end of the Financial Year. TheCompany has not incurred cash losses during the financial year covered by our audit and inthe immediately preceding financial year.

ix) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to any bank / financial institution.

x) In our Opinion according to the information and the explanations given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions.

xi) In our opinion and according to the information and explanations given to us theCompany has applied the term loans availed during the year for the purpose for which theloans were obtained.

xii) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the year.

For S. Lakshminarayanan Associates
Chartered Accountants
S. Lakshminarayanan
Partner
Place : Coimbatore M.No.012024
Date: 29th May 2015 Firm Regn.No.006609S

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