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Auditor Report of ERP Soft Systems Ltd.
Mar 31, 2024
ERP Soft System Limited
Report on the Audit of the standalone financial statements Opinion
We have audited the accompanying standalone financial statements of ERP Soft System Limited (âthe Companyâ), which comprises the standalone balance sheet as at 31st March 2024, and the standalone statement of Profit and Loss (including other comprehensive income) the standalone statement of changes in equity and the standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013(âthe Actâ) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2024, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity, and its cash flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with the Indian Accounting Standards (Ind AS) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and We have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Information other than the Standalone financial statements and auditors'' report thereon
The Company''s board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Annual Report but does not include the Standalone financial statements and our auditor''s report thereon.
Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone financial statements or our knowledge obtained during the course of our audit otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone financial statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act, with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone financial statements
Our objectives are to obtain reasonable assurance about whether the Standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone financial statements.
As part of an audit in accordance with SAs, We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, We are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, We are required to draw attention in our auditor''s report to the related disclosures in the Standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Standalone financial statements, including the disclosures, and whether the Standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in
(i) Planning the scope of our audit work and in evaluating the results of our work; and
(ii) To evaluate the effect of any identified misstatements in the Standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the
Standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2020 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, We give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
(A) As required by Section 143 (3) of the Act, We report that:
a) We have sought and 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, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone financial statements comply with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ.
(B) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, (as amended) in our opinion and to the best of our information and according to the explanations given to us:
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 for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. (a) The management has represented that, to the best of it''s knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented, that, to the best of its knowledge and belief, no funds have been received by the company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that caused us to believe that the representations under sub- clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material mis-statement.
No dividend have been declared or paid during the year by the company.
(C) With respect to the matter to be included in the Auditor''s Report under section 197(16), In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under section 197(16) which are required to be commented upon by us.
For Vijayaraghavan & Associates Chartered Accountants Firmâs Registration No.: 005699S
P B Vijayaraghavan Partner
place: Chennai Membership no : 015103
Date:29th May 2024 UDIN :24015103BKARBH9316
Mar 31, 2023
We have audited the accompanying standalone financial statements of ERP Soft System Limited (âthe Companyâ), which comprises the standalone balance sheet as at 31st March 2023, and the standalone statement of Profit and Loss (including other comprehensive income) the standalone statement of changes in equity and the standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013(âthe Actâ) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2023, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity, and its cash flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with the Indian Accounting Standards (Ind AS) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and We have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Information other than the Standalone financial statements and auditors'' report thereon
The Company''s board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Annual Report but does not include the Standalone financial statements and our auditor''s report thereon.
Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone financial statements or our knowledge obtained during the course of our audit otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone financial statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act, with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone financial statements
Our objectives are to obtain reasonable assurance about whether the Standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone financial statements.
As part of an audit in accordance with SAs, We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, We are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, We are required to draw attention in our auditor''s report to the related disclosures in the Standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Standalone financial statements, including the disclosures, and whether the Standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in
(i) Planning the scope of our audit work and in evaluating the results of our work; and
(ii) To evaluate the effect of any identified misstatements in the Standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
For Vijayaraghavan & Associates Chartered Accountants Firm Reg. No. : 005699S
Sd/-
P B Vijayaraghavan Partner
Place: Chennai Membership No. 015103
Date: 29.05.2023 UDIN: 23015103BGVQRR8757
Mar 31, 2016
AUDITORS'' REPORT TO
THE MEMBERS OF ERP SOFT SYSTEMS LIMITED
We have audited the accompanying financial statements of ERP SOFT SYSTEMS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2016, and the Statement of Profit and Loss of the year ended, and the Cash flow Statement a summary of significant accounting policies and other explanatory information.
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 under section 133 of the companies Act 2013. 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.
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. These 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.
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, 2016
b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and
c) In case of the Cash Flow Statement for the year ended
1) As required by the Companies (Auditor''s Report) order, 2016 issued by the Central Government of India in terms of section 143 of the act, we give in the annexure a statement of the matters specified in 143(11) 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 appears from our examination of those books.
c) the Balance Sheet, Statement of Profit and Loss, 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, comply with the Accounting Standards referred to section 133 of the Companies Act, 2013
e) on the basis of written representations received from the directors as on 31st March, 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as directors in terms of Sub section (2) of section 164 of the Companies Act, 2013.
f) The Company does not have branch offices
g) The Company has a adequate Internal Financial Control procedures system in place. There is no major weakness in the Internal Control Procedures.
h) The books of accounts have been maintained properly and no such matters arose during the course of Audit which enables us for Qualification
I) No such matters came to light upon audit of financial transactions which may have an adverse effect on the functioning of the Company
Annexure to the Auditorsâ Report (referred to in paragraph 3 of our Report of even date to the Members of eRpSOFT SYSTEMS LIMITED for the year ended March 31, 2016)
1. (a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) Fixed Assets have been physically verified by the management and, in our opinion, the verification is reasonable having regard to the size of the company and the nature of its assets. No discrepancies were noticed on such verification.
(c) The Company did not have any immovable property during the year.
2. In respect of its inventories The company did not carry any inventory during the year
3. a) During the year the company has not granted any loans to Companies,
firms or other parties covered in the Register maintained under section 189 of the Companies Act,2013
b) There were no loans unsecured outstanding in the books of the company.
4. The company has not accepted any Deposits from public attracting provisions of section 73 to 76 (both inclusive) of Companies Act, 2013, or any other relevant provisions of the Act.
5. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.
6. To the best our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under Section 148(1) of the of the Companies Act, 2013 in respect of the Companyâs nature of business.
7. a) According to the information and explanations given to us and the records
examined by us, the company is regular in depositing with appropriate authorities undisputed statutory dues including Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2016 for a period of more than six months from the date they become payable.
b) According to the information and explanations given to us, there are no Disputed statutory dues in the books of the company.
8. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company did not have any outstanding dues to financial Institutions, Banks or Debenture holders.
9. According to the information and explanations given to us, the Company was trading in shares and securities and proper records have been maintained of the transactions and contracts. The company was making timely entries and the shares and securities were held by the company in its own name.
10. The company has not taken term loans from banks.
11. Based on our examination of the Balance Sheet of the company as at
31.03.2016, since there are no loans availed by the company from the banks, the utilization of funds does not arise.
12. During the year covered by our audit report, the Company does not have any outstanding debentures during the year.
13. During the year the company has not raised money through the Public Issue, the utilization of funds does not arise.
14. Based upon 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.
15. There was no managerial remuneration paid or provided by the company during the year
16. The related party transactions are in compliance with section 177 of the Companies Act 2013 and where applicable the details have been disclosed in the financial Statements as required by the Accounting Standards and Companies Act 2013.
17. The Company has not made any preferential allotment of Shares or fully or partly convertible debentures during the year under review as required by section 42 of the Companies Act 2013
18. The Company has not entered into non-cash transactions with directors or persons connected with them as required by the provisions of section 192 of the Companies Act 2013
We have audited the attached consolidated balance sheet of ERP Soft Systems Limited (âthe Companyâ) and subsidiary for the year ended March 31, 2016, the consolidated profit and loss account and the consolidated cash flow statement for the year ended on that 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.
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.
We did not audit the financial statements of Liberty Com LLC whose financial statements reflect total assets of Rs.11,37,74,880/- as at 31 March 2016 and total revenues of Rs.25,58,26,218/- for the year ended March 31, 2016. These financial statements were furnished by the Management and in our opinion in so far as it relates to the amount included in respect of the Subsidiary is based solely on the statements furnished by the Management and no audited statements furnished to us.
We report that the consolidated financial statements have been prepared by the Companyâs management in accordance with the requirements of Accounting Standard (AS) 21, Consolidated Financial Statements and Accounting Standard (AS) 23, Accounting for Investments in Associates in Consolidated Financial Statements issued by the Institute of Chartered Accountants of India and on the basis of separate audited financial statements of ERP Soft Systems Limited and its subsidiary Libertycom LLC.
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 in conformity with the accounting principles generally accepted in India:
a) in the case of the consolidated balance sheet, of the state of affairs of the ERP Soft Systems Limited and its subsidiary Libertycom LLC for the year ended March 31,2016
b) in the case of the consolidated profit and loss account, of the profit of the ERP Soft Systems Limited and its subsidiary Libertycom LLC for the year ended on that date; and
c) In the case of the consolidated cash flow statement, of the cash flows of the ERP Soft Systems Limited and its subsidiary Libertycom LLC for the year ended on that date.
for VIJAYARAGHAVAN & ASSOCIATES
Chartered Accountants
P.B.VIJAYARAGHAVAN
Partner
Place: Chennai Membership No: 15103
Date: May 30, 2016 firm Reg No:005699S
Mar 31, 2015
We have audited the accompanying financial statements of ERP SOFT
SYSTEMS LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, and the Statement of Profit and Loss of the year ended,
and the Cash flow Statement a summary of significant accounting
policies and other explanatory information.
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 under section 133 of the companies
Act 2013. 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.
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. These 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.
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, 2015
b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
c) In case of the Cash Flow Statement for the year ended
1) This Report does not include a statement on the matters specified in
143(11) of the order 2015 issued by the Department of Company affairs
in terms of Sub ÂSection 4(A) of Section 143 of the Companies Act, 2013
since in our opinion and according to the information and explanations
given to us , the said order is not applicable to the Company.
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 appears from our examination of those
books.
c) the Balance Sheet, Statement of Profit and Loss, 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,
comply with the Accounting Standards referred to section 133 of the
Companies Act, 2013
e) on the basis of written representations received from the directors
as on 31st March, 2015 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March, 2015, from being
appointed as directors in terms of Sub section (2) of section 164 of
the Companies Act, 2013.
f) The Company does not have branch offices
g) The Company has a adequate Internal Financial Control procedures
system in place. There is no major weakness in the Internal Control
Procedures.
h) The books of accounts have been maintained properly and no such
matters arose during the course of Audit which enables us for
Qualification
i) No such matters came to light upon audit of financial transactions
which may have an adverse effect on the functioning of the Company
Annexure to the Auditors' Report (referred to in paragraph 3 of our
Report of even date to the Members of ERPSOFT SYSTEMS LIMITED for the
year ended March 31, 2015)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. No discrepancies were
noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. In respect of its inventories The company did not carry any
inventory during the year
3. a) During the year the company has not granted any loans to
Companies, firms or other parties covered in the Register maintained
under section 189 of the Companies Act,2013
b) There were no loans unsecured outstanding in the books of the
company.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. The company has not accepted any Deposits from public attracting
provisions of section 73 to 76 (both inclusive) of Companies Act, 2013,
or any other relevant provisions of the Act.
6. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
7. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 148(1) of
the of the Companies Act, 2013 in respect of the Company's nature of
business.
8. a) According to the information and explanations given to us and
the records examined by us, the company is regular in depositing with
appropriate authorities undisputed statutory dues including Investor
Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cass and other statutory dues.
According to the information and explanations given to us, no
undisputed arrears of statutory dues were outstanding as at 31st March,
2015 for a period of more than six months from the date they become
payable.
b) According to the information and explanations given to us, there are
no disputed statutory dues in the books of the company.
c) There were no such amount required to be transferred to Investor
education and protection fund in accordance to the relevant provisions
of the Companies Act 2013
9. The company does not have as at the end of the financial year and
it has not incurred any cash losses during the current financial year
covered by our audit and the immediately preceding financial year.
10. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company did not have any outstanding dues to financial Institutions,
Banks or Debenture holders.
11. According to the information and explanations given to us, the
Company was trading in shares and securities and proper records have
been maintained of the transactions and contracts. The company was
making timely entries and the shares and securities were held by the
company in its own name.
12. The company has not taken term loans from banks.
13. Based on our examination of the Balance Sheet of the company as at
31.03.2015, since there is no loans availed by the company from the
banks, the utilization of funds does not arise.
14. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
15. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
16. Based upon 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 VIJAYARAGHAVAN & ASSOCIATES
Chartered Accountants
P.B.VIJAYARAGHAVAN
Partner
Place: Chennai Membership No: 15103
Date : May 30,2015 Firm Reg No:005699S
Mar 31, 2014
We have audited the accompanying financial Statements of M/s. ERPSoft
Systems Limited which comprise the Balance Sheet as at 31st March 2014,
The statement of Profit & Loss Account and the cash flow Statement for
the year ended, and a summary of the significant accounting policies
and other explanatory information.
Managements Responsibility for the Financial Statements
The Companies management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and 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. 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 misstatements, whether
due to fraud or error.
Auditors Responsibility
We have audited the attached Balance Sheet of M/s. ERPSoft Systems
Limited as at 31st March 2014, the Profit & Loss Account and also the
Cash Flow statement for the year ended on that 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on 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 financial statement
presentation.
We believe that our audit evidence, we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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 in terms of Section 227(4A)
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, the 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, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
e) On the basis of the written representations received from the
directors as on March 31, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us the said accounts read with other notes to
accounts and accounting policies give the information required by the
Companies Act 1956, in the manner so required and give a true and fair
view:-
i) In the case of Balance Sheet of the state of the affairs of the
Company as at 31st March 2014 and
ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended on that date.
iii) In the Cash Flow statement of the Cash Flow for the year ended on
that date.
Annexure to the Auditors' Report (referred to in paragraph 3 of our
Report of even date to the Members of ERPSOFT SYSTEMS LIMITED for the
year ended March 31,2014)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. No discrepancies were
noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. In respect of its inventories The company did not carry any
inventory during the year
3. As informed to us, the Company has neither taken nor given any loan
secured or unsecured From / to parties listed under Section 301 and 370
(1-B) of the Companies Act, 1956.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. a) In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
entered into the register maintained under Section 301 of the Companies
Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five Lakhs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits with in the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 209 (i)
(d) of the of the Companies Act, 1956 in respect of the Company's
nature of business.
9. (a) According to the records of the company, the company is regular
in depositing undisputed statutory dues including provident fund,
employees' state insurance, Income Tax, Wealth Tax, Customs Duty,
Excise duty, cess and other material statutory dues applicable at the
end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no income tax, wealth tax, sales tax, customs duty and excise duty,
which have not been deposited on account of any dispute. There were no
dues on account of cess under 441A of the Companies Act 1956, since the
date from which the aforesaid section comes into force has not yet been
notified by the Central Government.
10. The company does not have as at the end of the financial year and
it has not incurred any cash losses during the current financial year
covered by our audit and the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company did not have any outstanding dues to financial Institutions,
Banks or Debenture holders.
12. According to the information and expiations given to us, 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, the Company is not a chit or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. According to the information and explanations given to us, the
Company was trading in shares and securities and proper records
have been maintained of the transactions and contracts. The company was
making timely entries and the shares and securities were held by the
company in its own name.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not taken term loans from banks.
17. Based on our examination of the Balance Sheet of the company as at
31.03.2014, since there is no loans availed by the company from the
banks, the utilization of funds does not arise.
18. 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.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
21. Based upon 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 Vijayaraghavan and Associates
Chartered Accountants
Sd/-
P.B. Vijayaraghavan
Place: Chennai Partner
Date: May 30, 2014. Membership No. 15103
Mar 31, 2012
We have audited the attached balance sheet of ERPSOFT Systems Limited
("the Company") for the year ended March 31, 2012 and the profit
and loss account and cash flow statement for the year ended on that
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.
We conducted our audit in accordance with the 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.
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditors Report) Amendment Order, 2004
("the Order"), issued by the Central Government in terms of Section
227 (4A) of the Companies Act, 1956 ("the Act"), we enclose in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
2. Further to our comments in paragraph 1 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 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 and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) in our opinion, the balance sheet, profit and loss account and cash
flow statement 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) on the basis of written representations received from the directors
as on 31 March 2012, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31 March 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956; and
f) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view 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 31 March 2012;
ii. in the case of the profit and loss account, the profit of the
Company for the year ended March 31, 2012. on that date; and
iii. in the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure referred to in our report to the members of ERPSOFT Systems
Limited ("the Company") for the period March 31, 2012
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The Company has a regular program of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
which in our opinion, the periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets. Any discrepancies noticed on such physical verification
were not material and have been properly dealt with in books of
accounts.
c) The fixed assets disposed of during the year were not substantial,
and therefore, do not affect the going concern assumption.
d) None of the fixed assets have been revalued during the year.
2. The company did not carry any inventory during the year.
3. As informed to us, the Company has neither taken nor given any loan
secured or unsecured From / to parties listed under Section 301 and 370
(1-B) of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regards to purchase of fixed assets and with regard to sale of goods
and services. We have not observed any major weakness in the internal
control system during the course of the audit.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of the contracts or arrangements referred
to in Section 301 of the Companies Act, 1956 have been entered into the
register required to be maintained under that section.
b) In our opinion and according to the information and explanations
given to us, contracts and arrangements entered in the register
maintained under Section 301 have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The company is not required to maintain books of accounts pursuant
to the rules made by the Central Government under Section 209(1)(d) of
the Companies Act, 1956 for maintenance of cost records.
9. a) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Income tax, Wealth tax, Sales tax,
Excise duty, Customs duty, Service tax, Entry tax and other applicable
statutory dues were outstanding as at 31 March 2012 for a period of
more than six months from the date they became payable. There were no
dues on account of cess under Section 441A of the Companies Act, 1956
since the date from which the aforesaid section comes into force has
not yet been notified by the Central Government.
b) There are no disputed Income tax, Wealth tax, Excise duty, Customs
duty and Sales and other applicable statutory dues as at 31 March, 2012
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year and in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given by the management, the Company has not defaulted in repayment of
any dues to any financial institution or bank.
12. In our opinion and according to the explanations given to us, 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 the explanations given to us, the
Company is not a chit fund/nidhi/mutual benefit fund/ society.
14. According to the information and explanations given to us, the
Company was trading in shares and securities and proper records have
been maintained of the transactions and contracts. The company was
making timely entries and the shares and securities were held by the
company in its own name.
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. In our opinion and according to the information and explanations
given to us, the Company have not availed any term loan during the
year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we are of
the opinion that the funds raised on short term basis have not been
used for long term investment.
18. The Company has not made any preferential allotment of shares to
the companies/firms/parties covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. The Company did not issue any debentures during the year.
20. The Company has not raised any money by public issues.
21. According to the information and explanations given to us, we
report that no material fraud on or by the Company has been noticed or
reported during the course of audit.
22. In our opinion and according to the information and explanations
given to us, personal expenses have not been charges to revenue.
For Vijayaraghavan and Associates
Chartered Accountants
Sd/-
P.B. Vijayaraghavan
Partner
Membership No.: 15103
Chennai, May 30, 2012
Mar 31, 2011
We have audited the attached balance sheet of ERP Soft Systems Limited
("the Company") for the year ended March 31, 2011 and the profit and
loss account and cash flow statement for the year ended on that 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.
We conducted our audit in accordance with the 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.
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended by the Companies (Auditors Report) Amendment Order, 2004 ("the
Order"), issued by the Central Government in terms of Section 227 (4A)
of the Companies Act, 1956 ("the Act"), we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2. Further to our comments in paragraph 1 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 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 and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) in our opinion, the balance sheet, profit and loss account and cash
flow statement 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) on the basis of written representations received from the directors
as on 31 March 2011, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31 March 2011
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956; and
f) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view 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 31 March 2011;
ii. in the case of the profit and loss account, the profit of the
Company for the year ended March 31, 2011. on that date; and
iii. in the case of cash flow statement, of the cash flows for the
year ended on that date.
Annexure referred to in our report to the members of ERP Soft Systems
Limited ("the Company") for the period March 31, 2011
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The Company has a regular program of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
which in our opinion, the periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets. Any discrepancies noticed on such physical verification
were not material and have been properly dealt with in books of
accounts.
c) The fixed assets disposed of during the year were not substantial,
and therefore, do not affect the going concern assumption.
d) None of the fixed assets have been revalued during the year.
2. The company did not carry any inventory during the year.
3. As informed to us, the Company has neither taken nor given any loan
secured or unsecured From / to parties listed under Section 301 and 370
(1-B) of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regards to purchase of fixed assets and with regard to sale of goods
and services. We have not observed any major weakness in the internal
control system during the course of the audit.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of the contracts or arrangements referred
to in Section 301 of the Companies Act, 1956 have been entered into the
register required to be maintained under that section.
b) In our opinion and according to the information and explanations
given to us, contracts and arrangements entered in the register
maintained under Section 301 have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The company is not required to maintain books of accounts pursuant
to the rules made by the Central Government under Section 209(1)(d) of
the Companies Act, 1956 for maintenance of cost records.
9. a) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Income tax, Wealth tax, Sales tax,
Excise duty, Customs duty, Service tax, Entry tax and other applicable
statutory dues were outstanding as at 31 March 2010 for a period of
more than six months from the date they became payable. There were no
dues on account of cess under Section 441A of the Companies Act, 1956
since the date from which the aforesaid section comes into force has
not yet been notified by the Central Government.
b) There are no disputed Income tax, Wealth tax, Excise duty, Customs
duty and Sales and other applicable statutory dues as at 31 March, 2011
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year and in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given by the management, the Company has not defaulted in repayment of
any dues to any financial institution or bank.
12. In our opinion and according to the explanations given to us, 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 the explanations given to us, the
Company is not a chit fund/nidhi/mutual benefit fund/ society.
14. According to the information and explanations given to us, the
Company was trading in shares and securities and proper records have
been maintained of the transactions and contracts. The company was
making timely entries and the shares and securities were held by the
company in its own name.
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. In our opinion and according to the information and explanations
given to us, the Company have not availed any term loan during the
year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we are of
the opinion that the funds raised on short term basis have not been
used for long term investment.
18. The Company has not made any preferential allotment of shares to
the companies/firms/parties covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. The Company did not issue any debentures during the year.
20. The Company has not raised any money by public issues.
21. According to the information and explanations given to us, we
report that no material fraud on or by the Company has been noticed or
reported during the course of audit.
22. In our opinion and according to the information and explanations
given to us, personal expenses have not been charges to revenue
for VIJAYARAGHAVAN AND ASSOCIATES
Chartered Accountants
Sd/-
P.B. Vijayaraghavan
Partner
Membership No.: 15103
Chennai, May 30, 2011.
Mar 31, 2010
We have audited the attached balance sheet of ERP Soft Systems Limited
("the Company") for the year ended March 31, 2010 and the profit and
loss account and cash flow statement for the year ended on that date,
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with the 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.
1. As required by the Companies (Auditors Report) Order, 2003, as
amended by the Companies (Auditors Report) Amendment Order, 2004 ("the
Order"), issued by the Central Government in terms of Section 227 (4A)
of the Companies Act, 1956 ("the Act"), we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2. Further to our comments in paragraph 1 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 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 and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
d) in our opinion, the balance sheet, profit and loss account and cash
flow statement 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) on the basis of written representations received from the directors
as on 31 March 2009, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31 March 2009
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956; and
f) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view 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 31 March 2010;
ii. in the case of the profit and loss account, the profit of the
Company for the year ended March 31, 2010. on that date; and
iii. in the case of cash flow statement, of the cash flows for the
year ended on that date.
Annexure referred to in our report to the members of ERP Soft Systems
Limited ("the Company") for the period March 31, 2010
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed assets.
b) The Company has a regular program of physical verification of its
fixed assets by which all fixed assets are verified in a phased manner
which in our opinion, the periodicity of physical verification is
reasonable having regard to the size of the Company and the nature of
its assets. Any discrepancies noticed on such physical verification
were not material and have been properly dealt with in books of
accounts.
c) The fixed assets disposed of during the year were not substantial,
and therefore, do not affect the going concern assumption.
d) None of the fixed assets have been revalued during the year.
2. The company did not carry any inventory during the year.
3. As informed to us, the Company has neither taken nor given any loan
secured or unsecured From / to parties listed under Section 301 and 370
(1-B) of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regards to purchase of fixed assets and with regard to sale of goods
and services. We have not observed any major weakness in the internal
control system during the course of the audit.
5. a) In our opinion and according to the information and explanations
given to us, the particularsof the contracts or arrangements referred
to in Section 301 of the Companies Act, 1956 have been entered into the
register required to be maintained under that section.
b) In our opinion and according to the information and explanations
given to us, contracts and arrangements entered in the register
maintained under Section 301 have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The company is not required to maintain books of accounts pursuant
to the rules made by the Central Government under Section 209(1)(d) of
the Companies Act, 1956 for maintenance of cost records.
9. a) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Income tax, Wealth tax, Sales tax,
Excise duty, Customs duty, Service tax, Entry tax and other applicable
statutory dues were outstanding as at 31 March 2009 for a period of
more than six months from the date they became payable. There were no
dues on account of cess under Section 441A of the Companies Act, 1956
since the date from which the aforesaid section comes into force has
not yet been notified by the Central Government.
b) There are no disputed Income tax, Wealth tax, Excise duty, Customs
duty and Sales and other applicable statutory dues as at 31 March, 2010
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year and in the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given by the management, the Company has not defaulted in repayment of
any dues to any financial institution or bank.
12. In our opinion and according to the explanations given to us, 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 the explanations given to us, the
Company is not a chit fund/nidhi/mutual benefit fund/ society.
14. According to the information and explanations given to us, the
Company was trading in shares and securities and proper records have
been maintained of the transactions and contracts. The company was
making timely entries and the shares and securities were held by the
company in its own name.
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. In our opinion and according to the information and explanations
given to us, the Company have not availed any term loan during the
year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we are of
the opinion that the funds raised on short term basis have not been
used for long term investment.
18. The Company has not made any preferential allotment of shares to
the companies/firms/parties covered in the register maintained under
Section 301 of the Companies Act, 1956.
19. The Company did not issue any debentures during the year.
20. The Company has not raised any money by public issues.
21. According to the information and explanations given to us, we
report that no material fraud on or by the Company has been noticed or
reported during the course of audit.
22. In our opinion and according to the information and explanations
given to us, personal expenses have not been charges to revenue
For Vijayaraghavan and Associates
Chartered Accountants
Sd/-
P.B. Vijayaraghavan
Partner
Membership No.: 15103
Chennai, May 28, 2010
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More Information on ERP Soft Systems Ltd.
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ERP Soft Systems Ltd. Company Details
- Company Profile
- Company History
- Management Team
- Capital Structure
- Product Mix
- Banker/Auditor/Registrar
-
Company History
- BSE Price History
-
ERP Soft Systems Ltd. Key Financial Ratios
- Ratios
-
ERP Soft Systems Ltd. Results
- Quarterly Results
- Half Yearly Results
- Nine Months Results
- Annual Results
-
ERP Soft Systems Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
-
ERP Soft Systems Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
ERP Soft Systems Ltd. Corporate Announcements
- Book Closure
- Board Meetings
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