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Report of the Auditors' to the Members of PARLE SOFTWARE LIMITED
We have audited the attached Balance Sheet of PARLE SOFTWARE LIMITED as at 31st March, 2011, the Profit and Loss account of the Company and the Cash Flow Statement of the Company for the period ended on that date. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of financial statement. We believe that our audit provides a reasonable basis for our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) 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.
Further to our comments in the Annexure referred to 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 the Cash Flow Statement dealt with by the report are in agreement with the books of Account;
(d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Act.
(e) On the basis of the written representations received from the Directors as at 31st March, 2011, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as at 31st March, 2011 from being appointed as a director in terms of section 274(1) (g) of the Act.
(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes appearing in schedule '14' and elsewhere, 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:
(i) In the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 2011,
(ii) In the case of the Profit and Loss Account, of the Profit of the Company for the period ended on that date, and
(iii) In the case of the Cash Flow Statement, of the cash flows of the Company for the period ended on that date.
We report that:
i. a)The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) As explained to us, considering the nature of the fixed assets, the same have been physically verified by the management at reasonable intervals during the period in accordance with the verification policy adopted by the company. According to the information and explanations given to us no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the company and the nature of its assets.
c) During the period the company has not disposed of any substantial part of its Fixed Assets.
ii. The company does not hold any physical inventories. Thus, paragraph 4(ii) of the Order is not applicable.
iii. a) The Company has not granted any loans, secured or unsecured to Companies, Firms or parties covered in the Register maintained under section 301 of the Act.
b) The Company has not taken any loans, secured or unsecured from Companies, Firms or parties covered in the Register maintained under section 301 of the Act.
iv. 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 regard to purchase of fixed assets and sale of services. The activities of the Company do not involve purchase of inventory and sale of goods. We have not observed any major weakness in the internal control system during the course of audit.
v. a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.
b) In our opinion and according to the information and explanations given to us, the transactions referred to in (v) (a) above and exceeding the value of rupees five lacs with any party during the period have been made at the prices which are reasonable having regard to the prevailing market prices at the relevant time.
vi. The company has not accepted any deposits from public. Accordingly, Paragraph 4(vi) of the Order is not applicable.
vii. In our opinion, the Company has an internal audit system which is commensurate with its size and nature of its business;
viii. The Central Government of India has not prescribed maintenance of cost records under section 209(1) (d) of the Act for any of the services rendered by the company. Accordingly, paragraph 4 (viii) of the Order is not applicable.
ix. a) According to the records of the Company, the Company has been regular in depositing undisputed statutory dues including Income tax and any other statutory dues with the appropriate authorities.
b) According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2011 for a period of more than six months from the date they became Payable. The Company does not have any disputed statutory dues that have not been deposited on account of matters pending before appropriate authorities.
x. The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year under report but has incurred cash losses in the immediately preceding financial year.
xi. In our opinion and according to the information and explanations given to us, the company has not made any default in repayment of dues payable to any financial institutions, banks during the period.
xii. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures