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Fintech Communication Ltd.

BSE: 531754 Sector: IT
NSE: N.A. ISIN Code: INE815B01011
BSE 00:00 | 04 Mar Fintech Communication Ltd
NSE 05:30 | 01 Jan Fintech Communication Ltd
OPEN 2.63
PREVIOUS CLOSE 2.63
VOLUME 1500
52-Week high 2.63
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.63
Sell Qty 134.00
OPEN 2.63
CLOSE 2.63
VOLUME 1500
52-Week high 2.63
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.63
Sell Qty 134.00

Fintech Communication Ltd. (FINTECHCOMM) - Auditors Report

Company auditors report

FINTECH COMMUNICATION LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To, The Members of M/s.FINTECH COMMUNICATION LIMITED We have audited the attached Balance Sheet of M/s. FINTECH COMMUNICATION LIMITED as at 31st March 2011, together with the Profit & Loss Account of the Company for the year ended on that date. 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. 1. We have 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 the management, as well as evaluating the overall presentation of this financial statements. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the Companies (Auditors 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 matters specified in paragraph 4 and 5 of the said order. 3. Further to our comments in the Annexure referred to in paragraph 2 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 accounts as required by the law have been maintained by the company so far as it is appears from our examination of the books. c. The Balance Sheet & Profit & Loss Account dealt with by this report are in agreement with the books of accounts. d. In our opinion, the Balance Sheet and Profit and Loss Account comply with the Accounting standards referred to in Sub-Section 3(C) of the section 211 of the Companies Act, 1956 to the extent applicable. e. On the basis of information obtained, we state that none of the Directors of the Company are prima-facie disqualified under Section 274 (1) (g) of the Companies Act, 1956 from being appointed as a Director of the Company as on 31st March, 2011, f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give a true and fair view. i) In the case of Balance Sheet of the State of Affairs of the Company as at 31st March, 2011 and ii) In the case of the Profit & Loss Account, of the loss of the Company for the year ended on that date. iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For S.M. BHAT & ASSOCIATES CHARTERED ACCOUNTANTS S.M. Bhat Proprietor PLACE:- MUMBM DATE :- 22-08-2011 ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE OF THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2011 OF M/s. FINTECH COMMUNICATION LIMITED. As required by the Companies (Auditors Report) Order, 2003 issued by the Company Law Board in terms of section 227(4A) of the Companies Act, 1956 and on the basis of such checks as we consider appropriate and in terms of the information and explanations given to us, we state that :- i)(a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us all the assets have been physically verified by the management at reasonable intervals during the year. According to the information and explanation given to us, no discrepancies have been noticed on such physical verification by the management (c) As informed to none of the fixed assets of the company has been disposed off during the year. ii)(a) The inventories have been physically verified by the management at reasonable intervals during the year (b) In our opinion the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to size of the company and nature of its business. (c) In our opinion the company is maintaining proper records of inventory. The description noticed on physical verification were not material in relation to the operations uf the company and same have been properly dealt with in the books of accounts. iii) The company has not taken / granted any loans and advances in the nature of loans from / to parties covered in the registered maintained under section 301of the Companies Act, 1956. 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 plant and machinery, equipments and other assets and sale of goods and services. v) Based on the audit procedures applied by us and according to the information and explanations provided by the management., we are of the opinion that there are no transactions that need to be entered into the register in pursuance of section 301 of the Act. vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public during the year within the meaning of section 58A and 58AA of the Companies Act, 1956 and rules framed thereunder. vii) In our opinion and according to the information and explanations given to us, there is internal audit system commensurate with the size of the Company and the nature of its business. viii) As informed to us maintenance: of cost records has not been prescribed by the Central Government u/s 209(l)(d) of the Companies Act, 1956, in respect of the activities carried on by the Company. ix)(a) According to the records of the company, 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, Custom Duty, Excise Duty, Cess during the year. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding as at 31st March, 2011. (c) According to the information and explanation given to us there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty or cess outstanding at the year ended on account of any dispute. x) The accumulated losses of the Company as at 31st March 2011, are more than fifty percent of its net worth. And the company has not incurred any cash loss in the current financial year and also has not incurred cash loss in the financial year immediately preceding financial year. xi) According to the records of the Company, the Company has not borrowed from financial institutions or banks or issued debentures till 31st March 2011. Hence, in our opinion, the question of reporting on defaults in repayment of dues to financial institutions or banks or debentures does not arise. 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) In our opinion, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to it. xiv) On the basis of our examination of the companies records we are of the opinion that the company is maintaining adequate records regarding transactions and contracts regarding its dealing in shares and securities and timely entries have been made in these records. xv) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that the Company has not given any guarantees for loans taken by others from banks or financial institutions. xvi) The Company has not taken any term loan during the year. xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have used for long term investment. No long term funds have been used to finance short-term assets. xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. xix) According to the information and explanations given to us, during the year covered by our audit report, the Company has not issued debentures. xx) The Company has not made any public issue during the year. xxi) Based upon on the Audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our Audit. For S.M. BHAT & ASSOCIATES CHARTERED ACCOUNTANTS S.M. Bhat Proprietor PLACE:- MUMBAI DATE :- 22-08-2011