Infinite Australia Pty. Ltd. Auditors Report and Financial Statements for the year ended 31st March 2010

Transcription

1 Infinite Australia Pty. Ltd. Auditors Report and Financial Statements for the year ended ch 2010

2 AUDITORS REPORT The Members, Infinite Australia Pty Ltd. Australia. We have audited the attached balance sheet of Infinite Australia Pty Ltd., Australia, as at 31 st March 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 generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the accounts are free of material misstatements. 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report that: 1. 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; 2. In our opinion, proper books of accounts as required have been kept by the company, so far as appears from our examination of such books; 3. The Balance sheet dealt with by this report is in agreement with the books of accounts; In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information in the manner as required, and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) (ii) in case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010, and in case of the Profit and Loss Account, of the loss of the Company for the year ended March 31, For Amit Ray & Co. Chartered Accountants (C V Savit Kumar Rao) Partner ( M.No ) Place : New Delhi Date : 30 th April 2010

3 INFINITE AUSTRALIA PTY LTD (Incorporated in Australia) BALANCE SHEET AS AT ch 2010 Particulars Schedule March 2009 March 2009 in AUD in INR in AUD in INR I. SOURCES OF FUNDS Shareholders' Funds Capital Account A 5, ,986 5, ,986 II. APPLICATION OF FUNDS Total 5, ,986 5, ,986 Current Assets, Loans & Advances (a) Sundry Debtors (b) Cash & Bank Balances C 4, ,978 7, ,399 4, ,978 7, ,399 Less: Current Liabilities & Provisions D (a) Sundry Creditors (b) Other Liabilities 8, ,514 8, ,514 8, ,514 8, ,514 Net Current Assets (3,494) (144,536) (1,042) (43,115) Miscellaneous Expenses (To the extent not written off or adjusted) Profit and Loss Carried to Balance Sheet (Debit Balance) B 8, ,521 6, ,100 Notes on Accounts & Significant Accounting Policies Total 5, ,985 5, ,985 G Schedules referred to above form an integral part of the Balance Sheet This is the Balance Sheet referred to in our report of even date For AMIT RAY & Co. Chartered Accountants For Infinite Australia Pty Ltd. (C V Savit Kumar Rao) Rajiv Nair Upinder Zutshi Partner ( M.No ) Director Director Place : New Delhi Date : 30th April 2010

4 INFINITE AUSTRALIA PTY LTD (Incorporated in Australia) Profit & Loss Account for the year ended as on ch 2010 I. Income Sales Particulars Schedule Apr 2009 to 2010 Apr 2009 to 2010 Apr 2008 to 2009 Apr 2008 to 2009 in AUD in INR in AUD in INR II. Expenditure Administrative & Other Expenses E 2,085 86, ,376 Interest & Finance charges F , ,252 2, , ,628 Profit/(Loss) for the period (2,452) (101,431) (547) (22,628) Notes on Accounts & Significant Accounting Policies G Schedules referred to above form an integral part of the Balance Sheet This is the Balance Sheet referred to in our report of even date For AMIT RAY & Co. Chartered Accountants For Infinite Australia Pty Ltd (C V Savit Kumar Rao) Rajiv Nair Upinder Zutshi Partner ( M.No ) Director Director Place : New Delhi Date : 30th April 2010

5 INFINITE AUSTRALIA PTY LTD (Incorporated in Australia) Schedules forming part of the Financials as at ch 2010 Particulars AUD Schedule A Capital Paid in Capital (Stock) INR March 2009 AUD INR 5463 Shares (Previous Year 5463 Share ) 5, ,986 5, ,986 5, ,986 5, ,986 Schedule B Profit & Loss Account Opening Balance 6, ,090 5, ,472 Add: Current period Loss 2, , ,628 8, ,521 6, ,100 Schedule C Current Assets Cash & Bank Balances Balance in Banks & Cash in hand 4, ,978 7, ,399 4, ,978 7, ,399 Schedule D Sundry Creditors Other Liabilities Share Application Money Pending Allotment Other Liabilities 8, ,514 8, ,514 8, ,514 8, ,514 Schedule E Administrative & Other Expenses Legal & Professional 2,085 86,249 Communication Expenses ,376 2,085 86, ,376 Schedule F Finance Charges Bank Charges , , , ,252

6 Infinite Australia Pty Ltd SCHEDULE G NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 st March PRINCIPLE ACTIVITIES AND GENERAL INFORMATION The principal activity of the Company for which the company has been incorporated is for doing the business of Software Development and providing Information Technology Services. The financial statements are stated in Australian Dollars and Indian Rupees. The amounts have been converted to Indian Rupees at 1AUD = Rs (Previous Year 1AUD=Rs ) 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation a) The financial statements of the Company have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the accounting standards issued by the Institute of Chartered Accountants of India, as adopted consistently by the Company. b) The Company follows the mercantile system of accounting and recognizes items of income and expenditure on accrual basis. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the years presented. Actual results could differ from those estimates. Revenue Recognition All revenues are recognized upon delivery of goods and performance of services net of returns and discounts if any.

7 Foreign Currency Conversion Transactions in foreign currencies are recorded as per Accounting Standard 11 The effects of changes in Foreign Exchange Rates, gains or losses arising from exchange differences are dealt with through the income statement. Income Taxes Income taxes consist of current taxes and changes in deferred tax liability and asset. Current taxes are calculated by applying current tax rates to the chargeable income for the year. 3. MATERIAL EVENTS Material events occurring after the Balance Sheets date are taken into cognizance. For AMIT RAY & CO Chartered Accountants For INFINITE AUSTRALIA PTY LTD Rajiv Nair Upinder Zutshi C V SAVIT KUMAR RAO Director Director Partner M. No Place: New Delhi Date : 30 th April 2010