QPRO INFOTECH LIMITED
ANNUAL REPORT 2010-2011
To The Members of
M/s.QPRO INFOTECH LIMITED
We have audited the attached Balance Sheet of M/s.QPRO INFOTECH
LIMITED as on 31.03.2011 and the Profit and 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.
We conducted our audit in accordance with 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 a test
basis, evidence supporting the amount and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
I As required by the Companies (Auditor's Report) Order, 2003 issued by the
Central Government in terms of section 227(4A) of the Companies Act 1956,
we annex hereto a statement on the matter specified in paragraphs 4 &5 of
the said order.
II. Further to our comments in paragraph I above, we report that
(a) We have obtained all information and explanations required which to the
best of our knowledge and belief were necessary for the purpose of our
(b) In our opinion, proper books of accounts as required by law have been
kept by the company so far as it appears from our examinations of the
(c) In our opinion, the Balance Sheet and the Profit and Loss account dealt
with by this report comply with the accounting standards referred to in
sub-section [3C] of Section 211 of the Companies Act, 1956.
(d) The company's Balance Sheet and Profit and Loss Account dealt with, by
our above report, are in agreement with the books of account.
(e) In our opinion and to the best of our knowledge and information and
according to the explanation given to us, the said accounts read with notes
and statements thereon, give the information required by the Companies Act,
1956 in the manner so required and give true and fair view.
i. In case of Balance Sheet of the state of the companies affairs as at 31-
ii. In case of the Profit and Loss Account for the profit for the year
ended on that date.
(f) As per the written representation as on 31.03.2011 received from the
directors, we are of the opinion that none of the directors are
disqualified from being appointed as director in terms of clause (g) of sub
section (1) of section 274 of the Companies Act 1956.
Place: Chennai sd/-
Date : 26/08/2011 K.N. Narayana
M. No. 22965
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in paragraph 1 of the report of even date of the
auditors to the members of M/s.QPRO INFOTECH LIMITED on the accounts for
the year ended 31st March 2011
1. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
2. The fixed assets have been physically verified by the management at
reasonable intervals. According to the information and explanation given to
us there were no material discrepancies noticed on such verification.
3. The company has not disposed of any substantial part of the fixed asset
during the year, which has the effect of affecting the accounting
assumption of going concern.
4. Since this is an e-publishing Company, the physical verification of
inventory does not arise.
5. The Company has not taken/ granted any loans, secured or unsecured from/
to Companies, firms or other parties listed in the Register maintained
under Section 301 of the Companies Act 1956 and hence sub clause b,c,d,e,f
and g of clause (iii) of the said Order are not applicable.
6. In our opinion, the company has an adequate internal control procedure
commensurate with its size of the company and nature of its business.
During the course of our audit, we have not observed any continuing failure
to correct major weakness in internal controls. However, the process of
recovery of certain dues has to be expedited.
7. In our opinion and according to the information and explanations given
to us we are of the opinion that the transactions that need to be entered
into the register maintained under section 301 of the companies act of 1956
has been so entered.
8. In our opinion and according to the information and explanations given
to us that the transaction made in pursuance of contracts or arrangements
entered in the register maintained under sec 301 of the companies act of
1956 and exceeding the value of 500,000 in respect of any party during the
year have been made at price which are reasonable having regard to
prevailing market price of the relevant time.
9. In our opinion and according to the information and explanations given
to me, the company has not accepted any deposit and loans under the
provisions of Section 58Aand 58AA of the Companies Act, 1956 and the
Companies (Acceptances of Deposits) Rules, 1975.
10. In our opinion the Internal Audit System of the company is adequate,
and commensurate to the size of the company and the nature of its business.
11. The Central Government has not prescribed maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956.
12. The Company is generally regular in deposing with appropriate
authorites undisputed statutory dues including provident fund, employee's
state insurance, income tax, sales tax, wealth tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
13. According to the information and explanations given to us, there are no
undisputed amounts payable in respect of Provident Fund, Investor Education
and protection Fund, Employee's State Insurance, Income tax, Sales tax,
Wealth tax, Custom duty and Excise duty, cess and other statutory dues
which are outstanding as on 31st March 2011 for a period of more than six
months from the date they became payable.
14. According to the information and explanations given to us the company
does not have accumulates losses at the end of the financial year which is
not less than fifty percent of its net worth and it has not incurred any
cash losses in such financial year and also in the financial year
immediately preceding such financial year.
15. According to the examination of the books of accounts of the company
there is no such default in repayment of dues to any financial institution
or bank or debenture holders. Further as there is no such default the
question of period of default does not arise.
16. In our opinion and according to the information and explanations given
to us 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
no question of adequate documentation required to be maintained.
17. As the company is not a nidhi / mutual benefit fund/societies, the
provision of any such special statue to chit fund is not applicable.
18. The company is not trading in shares, securities, debentures and other
19. According to the information and explanations given to us, the company
has not given any guarantee for loans taken by other from any banks or
20. The company has not applied for any term loan. Hence the point of
applying the proceeds of the term loan does not arise.
21. According to the information and explanations given to us the company
has not used the funds raised on short term basis for any long term
investment and vice-versa.
22. In my opinion the company has not made any preferential allotment of
shares to any parties and companies covered in the register maintained
under section 301 of the Act, at a price prejudicial to the interest of the
23. The company has not issued any debentures hence there is no need for
creating any securities.
24. The company has not made any public issue during the financial year.
25. According to the examination of books done by us, no fraud on or by the
company has been detected in our audit.
Place: Chennai sd/-
Date : 26/08/2011 K.N. Narayana
M. No. 22965