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क्विंटिगरा सॉल्युशंस

बीएसई: 532866  |  NSE: QUINTEGRA  |  ISIN: INE033B01011  |  Computers - Software Medium & Small

खोजें क्विंटिगरा सॉल्युशंस कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
Report on the Financial Statements
 
 We have audited the accompanying financial statements of M/s. QUINTEGRA
 SOLUTIONS LIMITED (the Company), which comprise the Balance Sheet as
 at March 31, 2015, and the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation and presentation 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 the Companies (Accounts) Rules, 2014. This responsibility
 also 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; 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 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 the 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 financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2015;
 
 b) in the case of the Profit and Loss Account, of the loss for the year
 ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Emphasis of Matter
 
 We draw attention to Note 4(d) to the financial statements of the fact
 that the waiver of term loan amounting to Rs.90.22 Crores by State Bank
 of India under OTS is credited to Capital Reserve which is not in
 accordance with the AS-5, Net profit or loss for the period, Prior
 Period Item and Changes in accounting policies specified under Section
 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
 2014 and not in line with the opinion of Expert Advisory Committee of
 ICAI on accounting treatment of waiver of loan.
 
 Had the said waiver of principal amount of loan been credited to the
 statement of profit or loss account instead of capital reserve account
 the profit for the period and carried forward balances in surplus under
 the head Reserves and Surplus would have been higher by Rs.90.22
 Crores.
 
 We draw attention to Note 31 to the financial statements which
 describes the position of the company in the fundamental accounting
 assumption Going concern in spite of company''s heavy accumulated
 losses of Rs.184.81 Crores (PY Rs. 183.20 Crores) (excluding General,
 Capital Reserves and Securities Premium) eroding its total net worth.
 
 Other Matter
 
 We did not audit the financial statements of the company''s operation in
 USA - Quintegra Solutions Limited (Integral foreign operation), who''s
 financial statements show Nil Revenue and Nil Fixed assets for the year
 then ended. These financial statements have been audited by other
 auditors whose reports have been furnished to us by the Management, and
 our opinion is based solely on the reports of the other auditors. Our
 opinion is not qualified in respect of this matter.
 
 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 Section 143 of the Act, we give in the Annexure a
 statement on the matters specified in the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 2.  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 and the cash
 flow statement dealt with by this Report are in agreement with the
 books of account;
 
 (d) in our opinion, the aforesaid financial statements comply with the
 Accounting Standards 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 31 March 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 March 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act; and
 
 (f) 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, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. the Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 23 to the
 financial statements;
 
 ii. the Company did not have any long-term contracts, including
 derivative contracts, for which there were any material foreseeable
 losses.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Auditor''s report
 
 The Annexure referred to in our report to the members of M/s QUINTEGRA
 SOLUTIONS LIMITED (''the Company'') for the year ended 31 March 2015. We
 report that:
 
 1.  a.  The Company has maintained proper records showing full
 particulars including quantitative details and situation of its fixed
 assets.
 
 b.  Physical verification of assets has been made by the company during
 the year as per the scheduled program.
 
 c.  Fixed Assets disposed off or impaired during the year were
 significant but not substantial to affect the going concern assumption
 
 2.  The company is a service company, primarily rendering Information
 Technology services. Accordingly it does not hold any physical
 inventories. Thus paragraph 3(ii) of the order is not applicable.
 
 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 an adequate internal control procedure
 commensurate with the size of the Company and nature of its business
 with regard to purchases of fixed assets and for the sale of solutions
 and services. During the course of our audit no major weakness has been
 noticed in the above controls and therefore reporting of the same does
 not arise.
 
 5.  The Company has not accepted any deposits from the public.
 
 6.  The Central Government of India has not prescribed the maintenance
 of cost records under Section 148(1) of the Companies Act, 2013 for any
 of the services rendered by the Company.
 
 7.  According to the information and explanations given to us and on
 the basis of our examination of the records of the company, amount
 deducted / accrued in the books of account in respect of undisputed
 statutory dues including Provident Fund, Investor Education and
 Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, and
 other material statutory dues have generally been regularly deposited
 during the year by the Company with the appropriate authorities
 wherever applicable except the following.
 
 Statement of Arrears of Statutory Dues Outstanding for more than 6
 Months as on 31st March 2015.
 
 1.  Tax on Dividend Rs.1,367,103 pertaining to the FY 2007-08 under
 Income tax Act, 1961.
 
 2.  Property Tax of Rs.1,415,017 (Rs.451,744 for the year 2011-12 and
 Rs.361,896 for the year 2012-13, Rs.601,377 for the year 2014-15).
 
 3.  Water Tax of Rs.242,937 (Rs.81,532 for the year 2012-13 and
 Rs.161,405 for the year 2014-15).
 
 The above taxes are not paid till date of our report.
 
 b.  The following Income Tax dues have not been deposited on account of
 dispute as detailed under.
 
                                                            Rs. In lakhs
 
                          Assessed /     Assessment     Forum where
 Statute                  Reassessed     Year           dispute
                          Demand                        is pending
 
 U/s 269UC and              5.00#         2002-03       City Civil Court
 269UL(2) Income
 Tax Act, 1961
 
 # Of the above demand Rs.2 lakhs have been paid.
 
 c.  According to the information and explanations given to us the
 amounts which were required to be transferred to the investor education
 and protection fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and Rules there under has been
 transferred to such fund within time.
 
 8.  The Company has accumulated losses at the end of the financial year
 as on March 31 2015 and has incurred cash losses during the financial
 year ended on that date and also incurred cash losses in the
 immediately preceding financial year.
 
 9.  The Company has honoured OTS arrangement entered into with State
 Bank of India, Overseas Branch, Chennai on its various fund facilities
 availed and defaulted. The balance of OTS amount outstanding as on 31st
 March 2015 is Rs.6.95 Crores which was settled in full and the charge
 is satisfied before the date of our report.
 
 10. The Company has not given any guarantee for loans taken by others
 from bank or financial institutions.
 
 11. No term loans were obtained during the year.
 
 12. No fraud on or by the Company has been noticed or reported during
 the year.
 
                                              For GOPIKUMAR ASSOCIATES
 
                                                 Chartered Accountants
 
                                                         FRN : 000981S
 
                                                            S Gopinath
 
 Place : Chennai                                               Partner
 
 Date :29.05.2015                                        M. No. 023854
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `637 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `468 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `2005 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `494 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `2119 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `596 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `12 Cr की बिकवाली
  • CITI ON DLF : Sell रेटिंग, लक्ष्य `144/Sh
  • MS ON DLF : Overweight रेटिंग, लक्ष्य `211/Sh
  • CLSA ON DLF : Buy रेटिंग बरकरार, लक्ष्य `190/Sh

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