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Softrak Venture Investment Ltd.

BSE: 531529 Sector: Financials
NSE: N.A. ISIN Code: INE562E01013
BSE 05:30 | 01 Jan Softrak Venture Investment Ltd
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Softrak Venture Investment Ltd. (SOFTRAKVENTURE) - Auditors Report

Company auditors report

SOFTRAK VENTURE INVESTMENT LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To The members of SOFTRAK VENTURE INVESTMENT LIMITED We have audited the attached Balance Sheet of Softrak Venture Investment Limited as at March 31, 2012, 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 amounts 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. As required by the Companies (Auditor's report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as were considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs as under of the said order. 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 purposes of our audit; (b) In our opinion, proper books of account, as required by the law, have been kept by the Company, so far as appears from our examination of those books; (c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of account; (d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report are in compliance 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, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of Clause (g) of Sub-Section (1) of Section 274 of Companies Act, 1956; (f) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit & Loss Account, give the information required by the Companies Act, 1956, in the manner so required and give as true and fair view in conformity with the Accounting Principles generally accepted in India: (i) In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at March 31, 2012; (ii) In so far as it relates to the Profit and Loss Account, of the profit of the Company for the year ended on that date. For, P. Dalal & Company, Chartered Accountants Sd/- P.S. Dalal (Proprietor) M.No. 37983 Date : 31/07/2012 Place: Ahmedabad. ANNEXURE REFERRED TO IN PARAGRAPH II OF OUR REPORT OF EVEN DATE: (1)(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) All fixed assets have not been physically verified by the management during the year but there is a regular verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As informed, no material discrepancies were noticed on such verification. (c) There was no substantial disposal of fixed assets during the year. (2)(a) The management has conducted physical verification of inventory at reasonable intervals during the year. (b) The 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) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. (3) As informed to us, the Company granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (4) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. (5) According to the information and explanations given to us, the Company has not entered into any transaction that needs to be entered into the register maintained under section 301 of the Act. (6) The Company has not accepted any deposits from the public. (7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (8) To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub- section (1) of section 209 of the Companies Act, 1956 for the products of the Company. (9)(a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, Investor education and protection fund, employees' state insurance, income-tax, sales-tax, wealth- tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the records given by the Company, no dues outstanding of sales-tax, Investor education and protection fund, income-tax, custom duty, wealth-tax, excise duty and cess on account of any dispute: (10) The Company's accumulated losses at the end of the financial year are not less than fifty percent of its net worth. Further, the Company has not incurred any cash losses in the current financial year. (11) Based on our audit procedures and as per the information and explanations given by the management, there is no Outstanding Balance of secured loans. (12) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (13) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (14) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (16) In our opinion and according to the information and explanations given to us by the management, term loans are applied for the purpose for which the loans were obtained. (17) According to the information and explanations given to us and on an 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 (18) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. (19) The Company has not issued any debentures during the year. (20) The Company has not raised any money by public issues during the year. (21) During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, 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. For, P. Dalal & Company, Chartered Accountants Sd/- P.S. Dalal (Proprietor) M.No. 37983 Date : 31/07/2012 Place: Ahmedabad.