POLARIS FINANCIAL TECHNOLOGY LIMITED AUDITED STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2012 (All amounts are denominated in INR and expressed in Lacs, unless otherwise stated)
To The Members of Polaris Financial Technology Limited 1. We have audited the attached Balance Sheet of Polaris Financial Technology Limited (‘the Company’) as at March 31, 2012 and also the Statement of profit and loss and 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. Incorporated in these financial statements is the return of the Business Process Outsourcing division, of a subsidiary, which was demerged into the Company with effect from October 1, 2011 and has been audited by a branch auditor. 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. As required by the Companies (Auditor’s Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub section (4A) of Section 227 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: i. ii. 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; 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 and proper returns adequate for the purpose of our audit have been received from the branch not visited by us. The Branch Auditor’s Reports have been forwarded to us and appropriately dealt with; The balance sheet, statement of profit and loss and cash flow statement dealt with by this report are in agreement with the books of account; In our opinion, the balance sheet, statement of profit and loss 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; On the basis of the written representations received from the directors, as on March 31, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 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
Polaris Annual Report 2011 12 Auditors’ Report vi.
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; a) b) c) in the case of the balance sheet, of the state of affairs of the Company as at March 31, 2012; in the case of the statement of profit and loss, of the profit for the year ended on that date; and in the case of cash flow statement, of the cash flows for the year ended on that date.
For S.R. BATLIBOI & ASSOCIATES Chartered Accountants Firm registration number: 101049W