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Asit C Mehta Financial Services Ltd.

BSE: 530723 | NSE: | Series: NA | ISIN: INE041B01014 | SECTOR: Miscellaneous

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Nov 26, 16:00
240.00 1.75 (0.73%)
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4,996
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5,987
30-Day
6,553
4,153
  • Prev. Close

    238.25

  • Open Price

    232.00

  • Bid Price (Qty.)

    236.10 (43)

  • Offer Price (Qty.)

    246.00 (20)

NSE Live

Dec 27, 11:22
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Asit C Mehta Financial Services is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

1. We have audited the attached balance sheet of Nucleus Netsoft And GIS (India) Limited, (the company), as at March 31, 2008, the profit and loss account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the 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. 3. As required by the Companies (Auditors Report) Order, 2003 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. 4. Further to our comments in the Annexure referred to 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 purposes of our audit; (ii) 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; (iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the balance sheet, profit and loss account 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; (v) On the basis of written representations received from directors as on March 31, 2008 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes thereon 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 the case of the balance sheet, of the state of affairs of the Company as at March 31, 2008; (b) in the case of the profit and loss account, of the profit for the year ended on that date; and (c) in the case of the cash flow statement, of the cash flows for the year ended on that date Annexure referred to in paragraph 3 of the Auditors Report on the Accounts of Nucleus Netsoft And GIS (India) Limited In our opinion and according to the information and explanations given to us, the nature of the companys business / activities during the year is such that clauses viii, xiii, xviii and xix are not applicable to the company. 1. In respect of fixed assets: 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 under which all fixed assets are verified in a phased manner over a period of 3 years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. Discrepancies noticed on such verification have been properly dealt with in the books of accounts. c. Fixed assets disposed of during the year were not substantial, and therefore, do not affect the going concern assumption. 2. In respect of its inventories: a. As explained to us, inventories were physically verified during the year by the management at reasonable intervals. b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business. c. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. 3. The Company has neither granted nor taken any loans, secured or unsecured, to or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services and we have not observed any continuing failure to correct major weaknesses in such internal controls. 5. In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanation given to us: a. The particulars of contracts or arrangements referred to section 301 that needed to be entered into the register, maintained under the said section have been so entered. b. According to the information and explanations given to us, where each of such transactions, is in excess of Rs 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie, reasonable having regard to the prevailing market prices at the relevant time, except that in respect of sale of services, no comparison of prices could be made available to us as the Company informed us that there are no prevailing market prices/ alternate sources of supply. 6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from public within the meaning of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 with regard to deposits accepted from the public. 7. In our opinion, the internal audit function carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business. 8. In respect of statutory dues: a. According to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues, including Provident Fund, Employee State Insurance, Income Tax, Service Tax and any other material statutory dues with the appropriate authorities during the year. There were no dues payable in respect of Investors Education and protection Fund, Sales Tax, wealth Tax, Customs Duty, Excise Duty and Cess. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same. b. According to the information and explanations given to us, there are no disputed dues payable in respect of Income Tax, sales Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess. Details of disputed dues in respect of Foreign Exchange Regulation Act and Service Tax which have not been deposited as on March 31, 2008 on account of any dispute are given below: Name of the Nature of Dues Amount (Rs.) Statute Foreign Exchange Contravention of 10,000,000 Regulation Act, 1973 FERA regulations Service Tax Service tax on 6,798,386 Brokerage Income Period to which Forum where the the amount relates dispute is pending 1994-95 Appellate Tribunal Foreign Exchange 1996-2000 Commissioner of Central Excise (Appeals) 9. The Company does not have any accumulated losses at the end of the year. The Company has not incurred cash losses during the financial year covered by the audit and the immediately preceding financial year. 10. In our opinion and according to the information and explanations given to us, the company has not defaulted in the repayment of dues to banks. The company has not borrowed funds from financial institutions or by way of debentures. 11. In our opinion the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 12. Based on our examination of the records and evaluation of the related internal controls, the Company has maintained proper records of transactions and contracts in respect of its dealing in shares, securities, debentures and other investments and timely entries have been made therein. The aforesaid shares, securities, debentures and other investments have been held by the Company in its own name, except to the extent of the exemption granted under Section 49 of the Companies Act, 1956. 13. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. 14. To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the company were, prima facie, applied by the Company during the year for the purpose for which the loans were obtained, other than temporary deployment pending allocation. 15. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, funds raised on short-term basis, prima facie, not been used during the year for long-term investment. 16. The Company has not raised any money by way of public issues during the year. 17. To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the company was noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants K.A. Katki Partner Mumbai, June 20, 2008 Membership No. 038568