Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying standalone financial statements of
Mangalya Soft Tech 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
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 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. 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 standalone
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 on the standalone
financial statements.
Opinion
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
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 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;
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.
ii) . the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts
iii) . There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company if any.
Annexure to the Auditors'' Report
The Annexure referred to in our Independent Auditors'' Report to the
members of the Company on the
standalone financial statements for the year ended 31 March 2015, we
report that:
(i)
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and 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.
(ii) The Company is a service company, primarily rendering software
services. Accordingly, it does not hold any physical inventories.
Thus, paragraph 3(ii) of the Order is not applicable.
(iii)
(a) The Company has not granted loans to the parties covered in the
register maintained under section 189 of the Companies Act, 2013 (''the
Act'').
(b) There are no overdue amounts of more than rupees one lakh in
respect of the loans granted to the bodies corporate listed in the
register maintained under section 189 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 the sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
(vii)
(a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities. As explained to us,
the Company did not have any dues on account of employees'' state
insurance and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
(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.
(viii) The Company has Rs. 47,08,383 accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
(ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) The Company did not have any term loans outstanding during the
year.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
Ahmedabad. For SURENDRA KUMAR JAIN & CO.
30 April, 2015. Chartered Accountants
Firm''s registration number: 127295W
S.K. JAIN
PROPRIETOR
Membership number 071318
Mar 31, 2014
We have audited the accompanying financial statements of MANGALYA
SOFT-TECH LIMITED. AHMEDABAD (the company), which comprise the Balance
sheet as at Mach 31,2014, 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 Management is responsible for the preparation 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 Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
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 conducted our audit in accordance with
the standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that e 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 disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due their fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fear presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, 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 aforesaid financial statements give the
information required by the Act in the manne so required and give a
true and fair view in conformity with the accounting principals
generally accepted in India:
(a) In the case of the Balance sheet, of the State of affairs of the
company as at March 31,2014;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on the date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date. REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the order.
2. As required by Section 227(3) of the Act, 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 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 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014,
from being appointed as a director in terms of Section 274(1) (g) of
the Act.
Annexure referred to in paragraph 2 of our report of even date to the
Members of MANGALYA SOFT-TECH LIMITED for the year ended on 31st March,
2014
1. In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories :
Clause (a) (b) and (C) are not applicable to the Company.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956 and on
the same plea sub Clause (a) (b), (c) and (d) are not applicable to the
Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of fixed assets and also for the sale of
goods. During the courser of our audit, we have not observed any major
weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements, that needed to be entered into the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees Five Lacs only) or more in respect of any party.
6. The Company has not accepted and deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed to the company for
maintenance of Cost Records under Section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory dues :
According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee''s State Insurance, Income-Tax , Sales-Tax, Wealth Tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. 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,
2014 for a period of more than six months from the date of it becoming
payable.
10. The Company has Rs. 47,23,445 accumulated losses and has incurred
Rs. NIL cash losses during the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. In our opinion and according to the information and explanation
given to us, there are no funds raised on a short term basis which have
been used for long term investment and no funds raised on a long term
basis which have been used for short term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not created securities in respect of debentures
issue during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
FOR SURENDRA KUMAR JAIN & CO.
CHARTERED ACCOUNTANTS
Registration No. 127295W
Place : Ahmedabad.
Date : 30/05/2014 S. K. JAIN
PROPRIETOR
MEMBERSHIP NO.: 071318
Mar 31, 2013
We have audited the attached Balance Sheet of MANGALYA SOFT-TECH
LIMITED. AHMEDABAD as at 31st March, 2013 and the Profit & Loss
Account for the year ended on that date, annexed thereto and the cash
flow statement for the period ended on that date. These financial
statements are the responsibility of Company''s management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
1) We have 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.
2) As required by the manufacturing and other 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 para 4 & 5 of the said
order.
3) Further to our comments in the Annexture refered to in Paragraph (2)
above we report that:
i. 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;
ii. In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. The Balance Sheet and the Profit & Loss account dealt with by
this report are in agreement with the books of acccount;
iv. In our opinion the Balance Sheet, Profit & Loss Account and dealt
with by this report comply with the mandatory accounting standards
referred to in subsection 3(c) of the section 211 of the companies act
1956;
v. On the basis of the written representation received from the
directors as on 31st March 2013 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
March 31st, 2013 from being appointed as a director under Section 274(1
)(g) of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanation 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. In case of the Balance Sheet of the State of affairs of the Company
as at 31st March 2013; and
b. In the case of the Profit & Loss Account of the Profit for the year
ended on that date; and
c. In the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure referred to in paragraph 2 of our report of even date to the
Members of MANGALYA SOFT-TECH LIMITED for the year ended on 31st March,
2013
1. In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories :
Clause (a) (b) and (C) are not applicable to the Company.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956 and on
the same plea sub Clause (a) (b), (c) and (d) are not applicable to the
Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensureate with the size of the Company and the nature of its
business for the purchase of fixed assets and also for the sale of
goods. During the couser of our audit, we have not observed any major
weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements, that needed to be entered into the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees Five Lacs only) or more in respect of any party.
6. The Company has not accepted and deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed to the company for
maintenance of Cost Records under Section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory dues :
According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee''s State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. 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,
2013 for a period of more than six months from the date of it becoming
payable.
10. The Company has Rs. 47,40,975 accumulated losses and has incurred
Rs. NIL cash losses during the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. In our opinion and according to the information and explanation
given to us, there are no funds raised on a short term basis which have
been used for long term investment and no funds raised on a long term
basis which have been used for short term investment.
18. During the year, the Company has not made any preferancial
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not created securities in respect of debentures
issue during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
FOR SURENDRA KUMAR JAIN & CO.
CHARTERED ACCOUNTANTS
Registration No. 127295W
Place : Ahmedabad.
Date : 30/04/2013 S. K. JAIN
PROPRIETOR
MEMBERSHIP NO.: 071318
Mar 31, 2011
We have audited the attached Balance Sheet of MANGALYA SOFT-TECH
LIMITED. AHMEDABAD as at 31st March, 2011 and the Profit & Loss
Account for the year ended on that date, annexed thereto and the cash
flow statement for the period ended on that date. These financial
statements are the responsibility of Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
1) We have 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.
2) As required by the manufacturing and other 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 Para 4 & 5 of the said
order.
3) Further to our comments in the Annexure referred to in Paragraph (2)
above we report that:
i. 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;
ii. In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. The Balance Sheet and the Profit & Loss account dealt with by
this report are in agreement with the books of account;
iv. In our opinion the Balance Sheet, Profit & Loss Account and dealt
with by this report comply with the mandatory accounting standards
referred to in subsection 3(c) of the section 211 of the companies act
1956;
v. On the basis of the written representation received from the
directors as on 31st March 2011 and taken on record by the Board of
Directors, we report that none of the directors are disqualified as on
March 31st, 2011 from being appointed as a director under Section
274(1 )(g) of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanation given to us, the said accounts, give the information
required by the Companies Act, 1956 in the manner so enquired and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
a. In case of the Balance Sheet of the State of affairs of the Company
as at 31st March 2011; and
b. In the case of the Profit & Loss Account of the loss for the year
ended on that date; and
c. In the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure referred to in paragraph 2 of our report of even date to the
Members of MANGALYA SOFT-TECH LIMITED for the year ended on 31st March,
2011
1. In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories :
Clause (a) (b) and (C) are not applicable to the Company.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956 and on
the same plea sub Clause (a) (b), (c) and (d) are not applicable to the
Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of fixed assets and also for the sale of
goods. During the courser of our audit, we have not observed any major
weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements, that needed to be entered into the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees Five Lacs only) or more in respect of any party.
6. The Company has not accepted and deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed to the company for
maintenance of Cost Records under Section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory dues :
According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee's State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. 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 of it becoming
payable.
10. The Company has Rs. 47,64,215 accumulated losses and has incurred
Rs. 2,62,576 cash losses during the immediately preceding financial
year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. In our opinion and according to the information and explanation
given to us, there are no funds raised on a short term basis which have
been used for long term investment and no funds raised on a long term
basis which have been used for short term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not created securities in respect of debentures
issue during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For, SURENDRA KUMAR JAIN & CO.
Ahmedabad. Chartered Accountants
Date : 31/5/2011 Registration No. 127295W
S. K. Jain
Proprietor
Membership No. 071318
Mar 31, 2010
We have audited the attached Balance Sheet of MANGALYA SOFT-TECH
LIMITED. AHMEDABAD as at 31st March, 2010 and the Profit & Loss Account
for the year ended on that date, annexed thereto and the cash flow
statement for the period ended on that date. These Financial statements
are the responsibility of Companys management. Our responsibility is
to express an opinion on these financial statements based on our audit.
1) We have conducted our audit in accordance with auditing standards
generally accopted in India. Those Standards require that we plan and
porform 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 add 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.
2) As required by the manufacturing and other Companies (Auditors
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 para 4 & 5 of the said
order.
3) Further to our comments in the Annexture refered to in Paragraph (2)
above wo roport tha: i. 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;
ii. In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. The Balance Sheet and the Profit & Loss account dealt with by this
report are in agreement with the books of acccount;
iv. In our opinion the Balance Sheet, Profit & Loss Account and dealt
with by this report comply with the mandatory accounting standards
refered to in subsection 3(c) of the section 211 of the companies act
1956;
v. On the basis of the written representation received from the
directors as on 31 st March 2010 and taken on record by the Board of
Directors, we report that nono of the directors are disqualified as on
March 31 st. 2010 from being appointed as a director under Section
274(1 )(g) of the Companies Act. 1956;
vi. In our opinion and to the best of our information and according to
the explanation 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. in case of the Balance Sheet of the Slate of affairs of the Company
as at 31st March 2010; and
b. in the case of the Profit & Loss Account of the loss for the year
ended on that date ; and
c. in the case of cash flow statement. of the cash flows for the year
ended on that date.
Annexure referred to in paragraph 2 of our report of even date to the
Members of MANGALYA SOFT-TECH LIMITED lor the year ended on 31sl March.
2010
1. In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories : Clause (a) (b) and (C) are not
applicable to the Company.
3. The Company has not granted or taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956 and on
the same plea sub Clause (a) (b). (c) and (d) are not applicable to the
Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensureate with the size of the Company and the nature of its
business for the purchase of fixed assets and also lor the sale of
goods. During the couser of our audit, we have not observed any major
weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956.
a. In our opinion and according to the information and explanations
given to us, the Transactions made in pursuance of contracts and
arrangements, that needed to be entered into the register maintained
under Section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-
(Rupees Five Lacs only) or more in respect of any party.
6. The Company has not accepted and deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed to the company for
maintenance of Cost Records under Section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory dues : According to the records of the
Company, undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income-Tax ,
Sales-Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other
statutory dues have been generally regularly deposited with the
appropriate authorities. 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, 2010 lor a period of more than
six months from the date of it becoming payable.
10. The Company has Rs. 44.41,497 accumulated losses and has incurred
Rs. NIL cash losses during the immediately preceding financial year.
11. Based or our audit procedures and according to the informal on and
explanation given to us. we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12 In our opinion and according to the information and explanation
given to us. no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi /mulual
benefit fund/society Therefore, clause 4(xii) of the Companies
(Auditors Report) order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in rospect of trading in securities, debentures and other
Investments and timely entries have been made therein.
15. The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year.
17. In our opinion and according to the information and explanation
given to us. there are no funds raised on a shot term basis which have
been used for long term investment and no funds raised on a long term
basis which have been used for short term investment
18. During the year, the Company has not made any preferanctal
Document of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act. 19S6.
19. The Company has not created securities in respect of debentures
issue during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us. no fraud on or by the Company has been noticed or reported
curing the year, that causes the financial statements to be materially
misstated.
For, SURENDRA KUMAR JAIN & CO.
Ahmedabad. Chartered Accountants
Date; 31/5/2010 By the hand of
S. K. Jain
Proprietor