| We have audited the accompanying financial statements of Indo Pacific
Projects Ltd (Formerly Known as Indo- Pacific Software & Entertainment
Limited), which comprise the Balance Sheet as at March 31, 2015, and
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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.
Auditor's 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
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 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 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. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by 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 March 31, 2015.
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1, As required by the Companies (Auditor's Report) Order, 2015 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 chat:
(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 account as required by law have been
kept by the Company so far as appears from our examination of those
books [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account [and with the returns received from branches not visited by
us;)
(d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
(e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
As referred to in Paragraph l of our report of Event Date)
(j) 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.
(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 accordingly 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 books record were not material and have been
property dealt with in the books of account.
a) The company has granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 1S9 of the Companies.
b) The receipt of the principal amount and interest wherever applicable
are regular.
The overdue amount is more than rupees one lacs, and reasonable steps
have been
c) taken by the company for recovery of the principal and interest.
(v) in our opinion and according to the information and explanations
given to us, there
are 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. There Is no
continuing failure to correct major weaknesses in internal control
system,
(v) The company has not accepted deposits, there for the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act and the
rules framed there under, are not applicable, no order has been passed
by Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any court or any other tribunal
(vi) The Central Government has not prescribed maintenance of Cost
Records under Section 209(l)(d) of the Companies Act, 1956 in respect
of the Company's product.
(Vii) a) the company regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities and there are no arrears of outstanding statutory dues as
at 31st March 2015 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 dues of income
tax or S3les tax or wealth tax or service tax or duty of customs or
duty of excise or value added tax or cess
The amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under are not
applicable o company.
The Company does not have accumulated tosses at the end of the
financial year and viii) has not incurred cash losses in the current or
in the immediately preceding financial year.
ix} 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.
(x) The company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are not prejudicial to the interest of the company;
(xi) The Company has applied term loan respectively for the purpose for
which the loans were granted.
(xii) 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.
For San jay S. Agrawal & Co.
Chartered Accountants
F.R.No. 116200W
Place: Nagpur
Date :26/05/2015
(Dhiraj M. Moryani)
Partner
M.No. 129877 | 