| 1. We have audited the attached Balance Sheet of M/s Taksheel
Solutions Limited as at 31st March, 2012, the Profit and Loss Account
and also the Cash flow statement for the period ended on the 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.
2. 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.
3. As more detailed in note no. 34 (a),(b),(c) &(d) of the financial
statements, the company has received SEBI order dated 28th
December,2011 regarding the Utilization of IPO proceeds and other
disclosure requirements. Since the final outcome relating to the above
matter is pending before appropriate authorities, we could not be able
to quantify the impact of the said issue on the financial statements.
4. As required by the Companies (Auditor's Report) Order, 2003 and
as amended by the Companies (Auditor's Report) (Amendment) Order
2004, issued by the Central Government of India in terms of sub-section
(4A) of Section 227 of the Companies Act, 1956, we enclose in the
annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
5. Further to our comments in the Annexure referred to above, we
report that:
a) Except for the matter referred to in paragraph 3 above, 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;
c) The Balance Sheet, Profit & Loss Account and Cash flow statement
dealt with by this report are in agreement with the books of accounts.
d) In our opinion, except for the matter referred to in paragraph 3
above, the Balance Sheet & 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;
e) In our opinion and to the best of our information and according to
the explanations given to us, except for the effect of the matter
stated in paragraph 3 above, the said accounts give the information
required by the Companies Act, 1956 in the manner so and are in
conformity with the accounting principles generally accepted in India.
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
ii) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date;
And
iii) In the case of the Cash Flow, of the cash flows for the period
ended on that date;
ANNEXURE TO THE AUDITOR'S REPORT:
I. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b) As explained to us, the fixed assets have been physically verified
by the management reasonable intervals and no discrepancies between the
book records and the physical inventory have been noticed on such
verification.
c) During the year, the Company has not disposed off major fixed
assets.
II. The Company has no Inventory, hence this clause is not applicable.
III. a) The Company has not granted any loans, secured or unsecured to
Companies, Firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
b) As the Company has not granted any loans, the Clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under Section 301
prejudicial to the interest of company, is not applicable.
c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties , is not applicable to the
company.
d) No loans have been granted to Companies, Firms and other parties
listed in the register U/S 301 of the Companies Act, 1956. Hence,
overdue Amount of more than rupees one Lac does not arise and the
clause is not Applicable.
e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
f) As the Company has not taken any loans, the clause of whether the
rate of interest and other terms and conditions on which loans have
been taken from parties listed in the register maintained under section
301 is prejudicial to the interest of company, is not applicable.
g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties is not applicable to the
company.
IV. In our opinion and according to the information and explanation
given to us, there are generally adequate internal controls
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and for sale of goods
and services. There is no continuing failure by the Company to correct
any major weaknesses in internal control.
V. a) In our opinion and according to the information and explanations
given to us, no contracts or arrangements referred to in section 301 of
the Companies Act, 1956 have been made by the Company in respect of any
party in the financial year.
b) According to the information and explanations given to us, there are
no contracts or arrangements made by the Company and hence the
reasonable price having regarded to the prevailing market prices at the
relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Companies Act,1956 and the rules framed
there under does not arise.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, 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.
IX. a) The Company is generally regular in depositing statutory dues
including PF, Income Tax, Cess, PT and any other statutory dues with
the appropriate authorities except in few cases and at the end of last
financial year there were amounts outstanding which were due for more
than 6 months from the date they became payable.
The Outstanding balances as on 31.03.2012 are as under:
S.No Particulars Amount
1 TDS 24,20,273
2 Income Tax/MAT (including Interest) 3,33,06,593
b) As per the information and explanation given to us the, there are
dues of Income Tax which have not been deposited on account of dispute,
details of which are as under:
S.
No Assessment
Year Demand raised by
the A.O Remarks
1 2008-09 Rs. 12,44,50,327/- The Company has decided to filed an
appeal before - ITAT
X. The Company has been registered for a period of not less than 5
years, and the company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institutions or
banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provision of special statute applicable to Chit Fund
in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
Company is not dealing or trading in shares securities, Debentures and
other investments and hence the provisions of clause 4 (xiv) of the
Companies (Auditor's Report) Order 2003, are not applicable to the
Company.
XV. According to the information explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
XVI. According to the information and explanations given to us, the
Term Loans obtained by the company were applied for the purpose for
which such loans were obtained by the company.
XVII. According to the information and explanations given to us, the
Company has not used short term funds for long term Investment.
XVIII. According to the information and explanation given to us, the
Company has not made preferential allotment to parties covered in the
Register maintained Under Section 301 of the Companies Act, 1956. Hence
this clause is not applicable.
XIX. According to the information and explanations given to us, the
Company has not issued debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. The company has made public issue during the year which was open
for subscription from 29-09-2011 to 04-10-2011 and an amount of Rs. 5.50
Crores was received on account of equity share capital and Rs. 77 Crores
was received on account of Securities Premium Account. SEBI has issued
Order regarding the IPO and Utilisation of proceeds. However, as regard
to the disclosure of the end use of money, it is submitted that an
enquiry is pending before the Securities and Exchange Board of India
(SEBI), which was also mentioned by us in the limited review report
issued for the quarter ended 31-12-2011 and report for the year ended
31-03-2012. The end use of the funds raised is under scrutiny before
the appropriate authorities and due mention has been made in the notes
to the financial statements. and hence we are not in a position to
commented upon the utilization of IPO proceeds.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P. MURALI & CO.,
CHARTERED ACCOUNTANTS
FRN No: 007257S
Sd/-
P. MURALI MOHANA RAO
PLACE: HYDERABAD PARTNER
DATE : 12-11-2012 M.No.23412 |