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બ્લ્યૂ સ્ટાર ઇન્ફો

બીએસઈ: 532346  |  ઍનઍસઈ : BLUESTINFO  |  ISIN: INE504B01011  |  Computers - Software

શોધો બ્લ્યૂ સ્ટાર ઇન્ફો કનેક્શન � Mar 14
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '15
Report on the standalone Financial statements
 
 1.  We have audited the accompanying standalone financial statements of
 Blue Star Infotech Limited, (the Company), which comprise the Balance
 Sheet as at 31 March 2015, the Statement of Profit and Loss and the
 Cash Flow Statement for the year then ended, and a summary of the
 significant accounting policies and other explanatory information.
 
 Management''s responsibility for the standalone Financial statements
 
 2.  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 of these standalone 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 (as amended). This
 responsibility also includes maintenance of adequate accounting records
 in accordance with the provisions of the Act; safeguarding the assets
 of the Company; preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgements 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
 
 3. Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 4. 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.
 
 5.  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.
 
 6.  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 controls 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.
 
 7.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion on the
 financial statements.
 
 Opinion
 
 8.  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 Act 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 31 March 2015, and its profit and its cash
 flows for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 9.  As required by the companies (auditor''s Report) order, 2015 (the
 order) issued by the central Government of India in terms of Section
 143(11) of the Act, we give in the Annexure a statement on the matters
 specified in paragraphs 3 and 4 of the Order.
 
 10.  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
 purpose of our audit;
 
 b.  in our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books;
 
 c.  the standalone financial statements 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 Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as
 amended);
 
 e.  on the basis of the written representations received from the
 directors as on 31 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 a director in terms of Section 164(2) of the
 Act;
 
 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.  as detailed in Note 2.23 to the standalone financial statements,
 the Company has disclosed the impact of pending litigations on 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 has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Independent Auditors'' Report of even date to the
 members of Blue Star Infotech Limited, on the financial statements for
 the year ended 31 March 2015
 
 Based on the audit procedures performed for the purpose of reporting a
 true and fair view on the financial statements of the company and
 taking into consideration the information and explanations given to us
 and the books of account and other records examined by us in the normal
 course of audit, we report that:
 
 (i) (a) The company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed 
 assets.
 
 (b) the fixed assets have been physically verified by the management
 during the year and no material discrepancies were noticed on such
 verification. In our opinion, the frequency of verification of the
 fixed assets is reasonable having regard to the size of the company and
 the nature of its assets.
 
 (ii) the company does not have any tangible inventory. Accordingly, the
 provisions of clause 3(ii) of the order are not applicable
 
 (iii) the company has not granted any loan, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under Section 189 of the act. Accordingly, the provisions of clauses
 3(iii)(a) and 3(iii)(b) of the order are not applicable.
 
 (iv) In our opinion, there is an adequate internal control system
 commensurate with the size of the company and the nature of its
 business for the purchase of inventory and fixed assets and for the
 sale of goods and services. During the course of our audit, no major
 weakness has been noticed in the internal control system in respect of
 these areas.
 
 (v) the company has not accepted any deposits within the meaning of
 Sections 73 to 76 of the act and the companies (acceptance of Deposits)
 rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of
 the order are not applicable.
 
 (vi) To the best of our knowledge and belief, the central Government
 has not specified maintenance of cost records under sub-section (1) of
 Section 148 of the act, in respect of company''s products/ services.
 Accordingly, the provisions of clause 3(vi) of the order are not
 applicable.
 
 (vii) (a) the company is regular in depositing undisputed statutory
 dues including provident fund, employees'' state insurance, income-tax, 
 sales-tax, wealth tax, service tax, duty of customs, duty of excise, 
 value added tax, cess and other material statutory dues, as applicable, 
 with the appropriate authorities. Further, no undisputed amounts 
 payable in respect thereof were outstanding at the year-end for a 
 period of more than six months from the date they become payable.
 
 (b) The dues outstanding in respect of income-tax, sales-tax, wealth
 tax, service tax, duty of customs, duty of excise, value added tax and
 cess on account of any dispute, are as follows:
 
 Name of the        Nature of dues              Amount       Amount Paid   
 statute                                    (Rs in Lakhs)  Under Protest
                                                           (Rs in Lakhs)
 
 Income tax Act,    Tax Deducted at Source        53.48         53.48
 1961               in foreign country
 
                    Penalty u/s 271(1)(c)         50.77           -
 
                    Tax Deducted at Source        193.32        193.32
                    in foreign country
 
                    Income tax demand             327.47          -
 
                    Penalty u/s 271(1)(c)         63.61           -
 
                    Income tax demand             276.83          -
 
 
 Name of the          Period to which the        Forum where dispute is
 statute                amount relates           pending (Rs in Lakhs)
                       (Financial year)
 
 Income Tax Act,         2006-07                 Income Tax  Appellate 
 1961                                                   Tribunal
 
                         2006-07                 Commissioner of Income 
                                                       Tax (Appeals)
 
 
                         2005-06                  Income Tax Appellate
                                                       Tribunal
 
                         2005-06                  Commissioner of Income 
                                                       Tax (Appeals)
 
                         2005-06                  Commissioner of Income 
                                                       Tax (Appeals)
 
                         2004-05                  Deputy Commissioner of
                                                       Income Tax
 
 (c) the company has transferred the amount 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
 made thereunder within the specified time.
 
 (viii) In our opinion, the company has no accumulated losses at the end
 of the financial year and it has not incurred cash losses in the
 current and the immediately preceding financial year.
 
 (ix) the company has not defaulted in repayment of dues to any bank or
 financial institution during the year.  the company did not have any
 outstanding debentures during the year.
 
 (x) In our opinion, the terms and conditions on which the company has
 given guarantee for loans taken by others from banks or financial
 institutions are not, prima facie, prejudicial to the interest of the
 company.
 
 (xi) The Company did not have any term loans outstanding during the
 year. Accordingly, the provisions of clause 3(xi) of the order are not
 applicable.
 
 (xii) No fraud on or by the company has been noticed or reported during
 the period covered by our audit.
 
 
 For Walker Chandiok & Co LLP
 (Formerly walker, chandiok & co)
 chartered Accountants
 firm''s Registration No.: 001076N/N500013
 
 
 per Amyn Jassani
 Partner
 Membership No.: 46447
 
 Place: mumbai 
 Date: 14 may 2015
સ્તોત્ર: રેલીગેર ટેકનોવા


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