| We have audited the accompanying financial statements of Prithvi
Softech 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 Financial Statements
The Management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
('the act') with respect to 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 principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of Companies (Accounts) Rules, 2014. This responsibility
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; design,
implementation and maintenance of adequate internal financial controls,
that are operating effectively for ensuring the accuracy and
completeness of the accounting records, 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 have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. 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, 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 man- agement, 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 Statement of Profit and Loss Account, of the
profit 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(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 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 it appears from our examination of those
books.
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.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the accounting Standards referred to in
section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules 2014.
e) On the basis of written representations received from the directors
as on March 31, 2015, taken on record by the Board of Directors, none
of the directors are disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,2014:
i. The Company does not have any pending litigations which would
impact its financial position;
ii. The company did not have any long-term contracts, including
derivative contracts and hence, the question of commenting on any
material losses thereon does not arise; iii. The company was not
required to transfer any sum to the Investor Education and Protection
Fund during the year under report.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
The Annexure referred to in paragraph 1 of our Report of even date to
the members of Prithvi Softech Limited on the accounts of the company
for the year ended 31st March, 2015.
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 maintained proper records showing full
particulars including quantitative details and situa tion of fixed
assets.
b. The fixed assets have been physically verified by the management as
per a phased program of verification. In our opinion, the frequency of
such verification is reasonable having regard to the size of the
company and the na ture of its assets. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
2. a. The management, at reasonable intervals, has physically verified
the inventories during the year.
b. The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the company and the nature of its business.
c. The company has maintained proper records of inventory. We are
informed that no material discrepancies were noticed during physical
verification of inventory.
3. The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and nature of its business for the
purchase of inventory and fixed assets and for sale of goods and
services. During the course of our audit, we have not noticed any
continu ing failure to correct any major weakness in the internal
control system.
5. The company has not accepted any deposits from public covered under
Section 73 to 76 of the Companies Act, 2013 and as such the compliances
with the directives of the Reserve Bank of India and provisions of
section 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed thereunder, are not applicable.
6. The Central Government has not prescribed maintenance of cost
records under sub-section (1) of Section 148 of the Companies Act, 2013
in respect of the activities carried on by the company.
7. (a) According to the information and explanations given to us , the
company is regular in depositing undisputed statutory dues, including
Provident Fund, Employees' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Ser vice Tax, Duty of Customs, Duty of Excise, Value Added
Tax and other material statutory dues, as applicable, with the
appropriate authorities ;
(b) According to the information and explanations given to us, the
details of statutory dues which have not been de posited with the
concerned authorities on account of any dispute are given below.
Particulars Financial year
to which the Forum where dispute is Amount
matter pertains pending (in Lakhs)
Income Tax A.Y 1999-2000 Tribunal referred back the INR7.69
matter to Assessing officer
Income Tax A.Y 2000-2001 Tribunal referred back the INR4.46
matter to Assessing officer
(c) The company was not required to transfer any sum to the Investor
Education and Protection Fund during the year under report.
8. The company has no accumulated losses at the end of the financial
year. The company has neither incurred cash losses during the financial
year covered by the audit nor in the immediately preceding financial
year.
9. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks or debenture holders.
10. The company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
11. The Company has not obtained any term loan during the year.
12. According to the information and explanations given to us, during
the course of audit carried out by us, no fraud on or by the company
has been noticed or reported during the year under report.
For Chandarana & Sanklecha.,
Chartered Accountants
Firm Regd. No : 000557S
Bharat Raj Sanklecha
Proprietor
Membership No. 027539
Place : Chennai
Date :30th May 2015
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