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Megasoft Ltd.

BSE: 532408 | NSE: MEGASOFT |

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Series: BE | ISIN: INE933B01012 | SECTOR: Computers - Software Medium & Small

BSE Live

Jan 24, 16:00
69.65 -3.65 (-4.98%)
Volume
AVERAGE VOLUME
5-Day
86,695
10-Day
106,406
30-Day
124,255
29,815
  • Prev. Close

    73.30

  • Open Price

    69.65

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    69.65 (55656)

NSE Live

Jan 24, 15:59
69.60 -3.65 (-4.98%)
Volume
AVERAGE VOLUME
5-Day
543,838
10-Day
432,477
30-Day
750,053
158,183
  • Prev. Close

    73.25

  • Open Price

    70.10

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    69.60 (67319)

Annual Report

For Year :
2018 2017 2016 2015 2013 2012 2011 2010 2009

Auditor's Report

1 We have audited the attached Balance Sheet of Megasoft Limited (the Company), as at 31 December 2006, the Profit and Loss Account and 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 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 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (the Act), 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 referred to in paragraph 3 above, 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 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 appears from our examination of those books; (c) The Balance Sheet, Profit and Loss Account 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, Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act; (e) On the basis of written representations received from the directors, as on 31 December 2006, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 December 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act; (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 Act, 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 affairs of the Company as at 31 December 2006; (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Annexure referred to in the Auditors Report to the Members of Megasoft Limited as of and for the year ended 31 December 2006 With reference to the annexure referred to in paragraph 3 of the Auditors Report to the members of Megasoft Limited (the Company), we report that: 1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a phased programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such programme, the Management has physically verified certain fixed assets during the year and no material discrepancies were noticed on such verification. (c) Fixed assets disposed off during the year were not substantial and therefore do not affect the going concern assumption. 2 (a) The inventories have been physically verified by the management at reasonable intervals. (b) In our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory 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 the Company has maintained proper records of inventory. 3 (a) During the year, the Company has not granted any loans to parties listed in the register maintained under Section 301 of the Companies Act, 1956 (the Act). (b) The Company had taken a loan from company covered in the register maintained under Section 301 of the Act. The maximum amount involved during the year was Rs 3.03 million and the year-end balance of the loan was nil. (c) According to the information and explanations given to us and in our opinion, the terms and conditions on which loans have been taken from the companies listed in the register maintained under Section 301 of the Act are not, prima-facie, prejudicial to the interest of the Company. (d) The Company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest. (e) There is no overdue amount in respect of loans taken by the Company. 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 for purchase of computers and other equipments and for the sale of software and services. We have not noticed any continuing failure to correct major weaknesses in the internal control systems during the course of the audit. 5 (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 of the Act have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act and exceeding the value of Rs 0.5 million in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6 The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 58A, 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 1975 with regard to the deposits accepted from the public are not applicable. 7 In our opinion, the Company has an internal audit system, commensurate with its size and the nature of its business. 8 According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Act in respect of services carried out by the Company. 9 (a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company has been generally regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income-tax, wealth tax, sales-tax, customs duty, cess and any other material statutory dues applicable to it, except in case of provident fund where there has been a slight delay in a few cases. (b) According to the information and explanations given to us, no undisputed dues payable in respect of provident fund, employees state insurance, income-tax, wealth tax, sales-tax, customs duty, cess and any other material statutory dues were outstanding as at 31 December 2006 for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us there are no such statutory dues that have not been deposited with the appropriate authorities on account of any dispute. 10 The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year. 11 In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks. 12 According to the information and explanations given to us, the Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and hence the question of maintenance of adequate records for this purpose does not arise. 13 In our opinion and according to the information and explanations given to us, the Company is not a chit fund, nidhi, mutual benefit fund or a society. 14 In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. 15 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. 16 According to the information and explanations given to us, the Company has obtained a term loan from Bank during the year which was applied for the purpose for which it was taken except in the case of part of the loan amounting to Rs 39.67 million which is planned to be used in the ensuing year for the purpose for which it is availed. 17 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 have, prima-facie, not been used for long term investment. 18 During the year, the Company has made preferential allotment of 700,000 equity shares of Rs 10 each at a premium of Rs 40 each to parties covered in the register maintained under section 301 of the Act on conversion of warrants (10% received in the previous year) and the price at which the same have been issued is not prejudicial to the interest of the Company. 19 The Company has not raised any money by public issues during the year. 20 To the best of our knowledge and belief 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. for Srikanth & Shanthi Associates for TN Rajendran & Co. Chartered Accountants Chartered Accountants MC Srikanth TN Rajendran Partner Membership No. 18588 Partner Membership No.28778 Chennai 29 March 2007