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Indo Pacific Projects Ltd.

BSE: 531565 Sector: Infrastructure
NSE: N.A. ISIN Code: INE077C01024
BSE LIVE 15:06 | 26 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.62
PREVIOUS CLOSE 1.63
VOLUME 1000
52-Week high 1.64
52-Week low 1.04
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.62
Sell Qty 22219.00
OPEN 1.62
CLOSE 1.63
VOLUME 1000
52-Week high 1.64
52-Week low 1.04
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.62
Sell Qty 22219.00

Indo Pacific Projects Ltd. (INDOPACIFICPRO) - Auditors Report

Company auditors report

INDO-PACIFIC SOFTWARE AND ENTERTAINMENT LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Members of M/S. INDO-PACIFIC SOFTWARE & ENTERTAINMENT LTD. Report on the accounts for the year ended on 31st March, 2011 in compliance with Section 227 (2) of the companies Act, 1956 1. We have audited the attached Balance Sheet of M/S. INDO-PACIFIC SOFTWARE & ENTERTAINMENT LTD., as at 31st MARCH, 2011 and it's Profit & Loss Account 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 the reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a 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 as amended by companies Auditors Report Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of the section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paras 4 and 5 of the said orders. 4. Further to our comments in the Annexure referred to 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 purpose of our Audit; b) In our opinion, proper Books of accounts, as required by law have been kept by the company so far as it appears from the examination of such books; c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the Books of Accounts of the company. d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with Accounting Standards referred to in Sub- Section (3C) of Section 211 of the Companies Act, 1956. e) On the basis of written representations received from the Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Director is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 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 statement of account 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, 2011 and II) In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date. Place: Nagpur FOR M/s. SANJAY S. AGRAWAL & CO.. Date : 31/05/2011. CHARTERED ACCOUNTANTS Dhirai M. Moryani Partner M. No.: 129877 ANNEXURE TO AUDITORS REPORT (As referred to in Paragraph 1 of our report of Event Date) (I)a) The company has generally maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) The management has physically verified all its fixed assets at reasonable intervals and no material discrepancies were noticed on such physical verification. c) There was no substantial disposal of fixed assets during the year. (ii) a) As per the information furnished, the management at reasonable intervals during the year has physically verified the inventories. b) In our opinion and according to the information and explanation given to us, procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. c) In our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material and have been properly dealt with in the books of account. (iii) In our opinion and according to the information and explanations given to us, the company has granted interest free unsecured loans to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. The terms and conditions in the said respect are not prima-faice prejudicial to the interest of the Company. (iv) In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedures commensurate with the size of the company and the nature of its business for purchase of inventory and or fixed assets and for the sale of goods. During the course of our audit no major weakness has been noticed in these internal controls. (v) a) According to the information and explanation given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable, having regard to the prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposit from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. (vii) As per the information and explanation given to us, the Company has an internal audit system commensurate to the size of the Company and the nature of its business. (viii) The Central Government has not prescribed maintenance of Cost Records under Section 209(1) (d) of the CompaniesAct, 1956 in respect of the Company's product. (ix)a) According to the information and explanation given to us and the records examined by us, the company is regular in depositing undisputed statutory dues including Employees State Insurance, Income Tax, Service Tax and any other statutory dues wherever applicable with the appropriate authorities. According to the information and explanation given to us, no undisputed arrears of statutory dues were outstanding as at 31 March, 2011 for a period of more than six months from the date they became payable. b) According to the records of the Company there are no statutory dues, which are outstanding on account of any dispute at the end of the year. (x) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses in the current or in the immediately preceding financial year. (xi) According to the records of the Company examined by us and the information and explanation given to us, the company has not defaulted in repayment of dues to any Financial Institution, Bank and the Company does not have any borrowings by way of debentures. (xii) The company has not granted any loans and advances on the basis of security by way of pledge of Shares, Debentures and other Securities. (xiii) The provisions of any special statute applicable to chit funds/ nidhi/ mutual benefits funds/ society do not apply to the company. (xiv) In our opinion, the Company is not a dealer or trader in Shares, Securities, Debentures and other Investments. (xv) According to the information and explanations given to us by the management, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions. (xvi) The Company is regular in re-payment of Principal amount of term loan and interest due thereon. (xvii) According to the information and explanations given to us and on overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii) The Company has not made any allotment of equity Share on preferential basis to body corporate. (xix) The Company has not issued any debentures. (xx) The Company has not raised any money by public issues during the year. (xxi) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management. Place: Nagpur FOR M/s. SANJAY S. AGRAWAL & CO.. Date : 31/05/2011. CHARTERED ACCOUNTANTS Dhirai M. Moryani Partner M. No.: 129877