Mar 31, 2012
We have audited the attached Balance Sheet of "MAX ALERT SYSTEMS
LIMITED", as at March 31, 2012 and also the Profit & Loss Account for
The year ended on that date annexed thereto. These financial statements
are the responsibilities 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 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 from material misstatement. An audit includes
examining, on test basis, evidence supporting the amounts and
disclosure in the financial statement. 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.
I. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government 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 on the
basis of such checks as we considered appropriate and as per the
information and explanations given to us.
I I. Further to our comments in the annexure referred to above, we
report that:
a) We have obtained all the information and explanation, which to the
best of our knowledge and belief, were necessary for the purpose of
audit;
b) 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.
c) The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the Books of Account.
d) In our opinion, the balance Sheet and Profit and Loss Account dealt
by this Report comply with the accounting standards referred to in
sub-section (3C) Of Section 211 of the Companies Act, 1956.
e) On the basis of written representations received from the directors,
as on 31st March, 2012 and taken on record by the Board Of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of The Companies Act, 1956.
f) 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 :
i) In the case of the balance Sheet, of the State of affaires of the
Company as at 31st March, 2012 and
ii) In the case of the Profit & Loss Accounts, of the Profits of the
Company for the year ended on that date.
annexure to the auditors report
(Referred to in Paragraph I of our report of even date)
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.
b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals, and we are informed that no
material discrepancies have been noticed on such verification.
c) Company has not disposed any Immovable Property during the year.
2. In respect of its inventories:
a) As explained to us, physical verification of inventory has been
conducted by the management at reasonable intervals.
b) In our opinion and according to the information & explanations given
to us, the Procedures for physical verifications of inventory followed
by the Management are Reasonable and adequate in relation to the size
of the Company and nature of its Business.
c) The Company has maintained proper records of inventory, as explained
to us, there were no material discrepancies noticed on physical
verification of stocks having regard to the size of the Companies
operation and the same have been properly dealt with in the books of
account.
3. In respect of loans, secured or unsecured , granted by the company
to Companies , firm or Other parties covered in the register maintained
under Section 301 of the companies Act , 1956:
a) According to the information and explanations given to us, the
Company has granted interest free unsecured loan to three such parties
amounting to Rs.88, 78,127/ - being outstanding at the end of the year.
b) As explained to us, there are no stipulations as to the rate of
interest and other terms and conditions of the loans granted by the
company.
c) Since there are no terms as to the repayment of loan, the question
of regularity of repayment does not arise.
d) Since there are no terms as to the repayment of loan, the question
of overdue amounts does not arise. In respect of loans, secured or
unsecured, taken by the Company from Companies, firm or other Parties
covered in the register maintained under Section 301 of the Companies
Act, 1956:
e) According to the information and explanations given to us, during
the year under review, the Company has not taken any unsecured loans
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Accordingly Clause (iii) f & g of paragraph 4 of
the order are not applicable in the case of the company for the current
year.
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 inventory and fixed assets and for sale of
goods and services.
5. In respect of the 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 that need to be entered into a register
in pursuance of section of the act have been to entered.
b) In our opinion and according to the information and explanations
given to us, these transactions have been made at reasonable price,
having regard to the prevailing market prices at the relevant time.
6. According to the information and explanation given to us, the
Company has not accepted any Deposit from Public within the meaning of
the provisions of Section 58A and 58AA of the Companies Act, 1956 read
with the directives given by the Reserve bank of India. No order has
been passed by the Company Law Board or National Company Law Tribunal
or Reserve Bank of India or any other Court or any other Tribunal.
7. In our opinion, the Company has proper system of Internal Audit
commensurate to its size & nature of business however the company has
not appointed any formal internal auditor.
8. As explained to us, the Central Government has not prescribed
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956.
9. (a) The Company is generally regular in depositing the undisputed
statutory dues, to the Extent applicable to the Company, with the
appropriate authorities.
(b) According to the records of the Company and as per the information
and explanation given to us, there are no dues of income-tax, sale tax,
Wealth Tax, Custom Duty and Cess, Service Tax which have not been
deposited on account of any
Nature of the
statute Nature of
dues Amount (Rs) Period to which amount
relates
Income Tax
Act,1961 Tax Deducted
at source 81,439.00/- 2011-2012
MVAT Act VAT 9,50,215.77/- 2011-2012
Finance
Act,1994
(Service Tax) Service tax 8,55,489.33/- 2011-2012
10. The Company has neither any accumulated losses nor has incurred
any cash losses at any Time.
11. According to the information and explanations given to us, the
Company neither has any borrowings from any financial institution or
bank nor has it issued any debenture as at the balance sheet date.
12. According to the information and explanation given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of s hares, debenture and other securities.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore the provisions of clause 4 (xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
14. The Company is not dealing or trading in shares, securities,
debentures and other Investment. Therefore the provision of Clause 4
(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable
to the Company.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Terms Loan taken by the companies were applied/utlised for the
purpose for which the loans were taken.
17. As per the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no fund raised on short-term basis have been used for long-term
investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in register maintained under section 301
of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures.
20. The Company has not raised any money by public issue.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the course of our
audit.
For Ramanand & Associates
Chartered Accountants
Sd/-
(Ramanand G Gupta)
M. N.: 103975
Place: Mumbai
Date : 30/08/2012
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