| We have audited the accompanying financial statements of Qpro Infotech
Limited, which comprise the Balance Sheet as at 31st March , 2014 , the
Statement of Profit and Loss & Cash Flow Statement for the year then
ended, and a summary of the significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The Company's Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position & financial performance of the Company in accordance with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013 and in accordance
with the accounting principles generally accepted in India. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, the Loss of the
Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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 law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act read with the
General Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO AUDITORS' REPORT
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintain fixed assets register showing
particulars including quantitative details and situation of fixed
assets. The legal formalities for transfer of ownership of freehold and
leasehold land and land rights are yet to be completed
(b) As informed to us, the Company has carried out physical
verification of the fixed assets during the period. No significant
discrepancies were noticed on such physical verification.
(c) The company has not disposed off substantial part of the Fixed
Assets during the period and the going concern status of the company is
not affected.
2. (a) The Company does not have any inventories, Hence maintaining of
records or physical verification is not applicable to the extent.
Consequently, the provisions of clauses 2(b) and 2(c) of the order are
not applicable to the Company.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses 3
(b), 3(c) and 3 (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, there were
no contracts or arrangements referred to in section 301 of the Act,
1956. Hence Clause 5(b) of the said order is not applicable.
6. The Company has not accepted any deposits from the public and
consequently, the directives issued by the Reserve Bank of India and
the provisions of Sections 58A, 58AA or any other relevant provisions
of the Act and the rules framed there under of the Companies Act, 1956
are not applicable.
7. As per information & explanations given by the management, the
Company did not have any internal audit system commensurate with its
size and the nature of its business.
8. As per information & explanation given by the management, the
company is not required to maintain cost records as prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Act, 1956.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, Cess and other
material statutory dues applicable to it.
(b) According to records of the Company examined by us there are no
dues of Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty and Cess which have not been deposited on account of
any dispute. The particulars of dues of Income Tax as at 31st March,
2014, which have not been deposited on account of any dispute, are as
follows:
Nature of the Nature of Amount Period to which
Statute Dues (Rs.) Amount relates
The Income Tax Act, Income Tax Dues 23,60,952/- A.Y. 2006-07
1961
The Income Income Tax 6,14,295/- A.Y. 2008-09
Tax Act, 1961 Penalty
Nature of the Forum where
Statute dispute is pending
The Income Tax Act, Appellate Tribunal
1961
The Income The Commissioner of
Tax Act, 1961 Income Tax (Appeals)
10. In our opinion, the company has accumulated losses as at 31st
March 2014 but does not exceed fifty percent of its networth at the end
of the financial year the company has incurred any cash losses during
the financial year covered by our audit, as well as the immediately
preceding financial year.
11. The Company has neither taken any loans from a financial
institution or a bank nor issued any debentures.
12. 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 and according to information and explanations given
to us, the nature of activities of the Company does not attract any
special statute applicable to chit fund and nidhi /mutual benefit fund
/ societies.
14. According to information and explanations given to us, the Company
is not trading in shares. Hence such clause is not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. The Company has not obtained any term loans.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. The Company has not made any preferential allotment of shares to
companies or firms or parties covered in the register maintained under
section 301 of the Companies Act, 1956
19. The company did not have outstanding debentures during the year.
20. During the year, the Company has not raised money by public
issues.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For S.B.JAJOO & CO.
Chartered Accountants
Reg No. : 125915W
Sd/-
Place: Mumbai Santosh .B. Jajoo
Dated: 30.05.2014 Proprietor
Mem. No. 118622 |