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Meglon Infra-Real (India) Ltd.

BSE: 511367 | NSE: | Series: NA | ISIN: INE218B01018 | SECTOR: Computers - Software Medium & Small

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Meglon Infra-Real (India) is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of CANAAN INTERNATIONAL INFOTECH LIMITED, as at March 31, 2010 and the Profit and Loss account for the year ended on that date annexed thereof. 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 then 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 in paragraph (3) 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 and Profit and Loss Account dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet and Profit and Loss Account 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 the directors, as on March 31, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; AUDITORS REPORT (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the 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 subject to (vii) That, The company received a notice from BSNL in respect of telephone bills to the extent of Rs. 24,84,559 and the company has not provided this liability in its books of accounts As a result of above Profit of the company is shown at Rs.76,701 as against loss of Rs.24,07,858 if the above liabilities are recognised in the books of account. (a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2010; (b) In the case of the Profit and Loss Account, of the Profit for the years ended on that date. (c) In the case of cash flow statement of the cash flows during the year. ANNEXURE TO THE AUDITORS REPORT Annexure to the Auditors Report (referred to in paragraph 3 of our Report of even date to the Members of CANAAN INTERNATIONAL INFOTECH LIMITED for the year ended March 31,2010) I) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) Fixed Assets have been physically verified by the management in a phased manner and, in our opinion, the verification is reasonable having regard to the size of the company and the nature of its assets. No discrepancies were noticed on such verification. (c) No substantial part of fixed assets has been disposed off during this year. II. According to the information to the information and explanation given to us, and having regard to the nature of business carried on by the company, the question of reporting on clauses 4 (ii) (a), 4 (ii) (c), (relating to Inventory) of the Companies (Auditor Reports) Order, 2003, and amendment thereto by the Companies (Auditors Report) Amendment, 2004 are not applicable. III. The company has neither granted not taken any loans, secured or unsecured to and from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, clause 4 (III) (b) to (d) of the Order not applicable. IV) On the basis of checks carried out during the course of audit and as per explanation given to us, we are of the opinion that there are adequate internal control procedures commensurate with the size of the company nature of its business; with regard to the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls system. V) (a) According to the information and explanations given to us, we are of the opinion that there are no contracts or arrangements that need to be entered into the register maintained under sections 301 of the Companies Act, 1956. accordingly, the question or reporting on clause 4 (V) (b) does not arise. VI) In our opinion and according to the information and explanation given to us, the company has not accepted any deposits within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposit accepted from the public VII) In our opinion, the company does not have any Internal Audit system commensurate with the size and nature of its business VIII) The Central Government has not prescribed maintenance of cost records under Section 209 (i) (d) of the of the Companies Act, 1956 in respect of the Companys nature of business. IX) According to the records of the company, the company is regular in depositing undisputed statutory dues including provident fund employees state insurance, income-tax, sales-tax, custom duty, excise duty exercise tax, cess and other statutory dues with appropriate authorities. X) The companys accumulated losses as at the end of the financial year had exceeded fifty percent of its net worth and the company has not incurred cash losses during the current financial year covered by our audit but, the company had incurred cash loss in the immediately preceding financial year. XI) The Company had defaulted in repayment of dues to banks to the tune of Rs. 1988911/-for Four years. XII) According to the information and expiations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. XIII) The Company is not a chit or a nidhi/mutual benefit fund / society. XVI) As informed and explanations given to us the company has not dealt/traded in securities pr debentures during the years. In our opinion and according to the information explanation given to us proper records have been maintained for the investments by the company and timely entries have been made therein the investments have been held by the company in its own name. XV) The company has not given any guarantee for loans taken by others from banks or financial institutions. XVI) The company has not obtained any term loans. Accordingly the question of reporting on its application does not arise. XVII) According to the information and explanation given to us and on an overall examination of the balance sheet the company has not raised any short term funds. Accordingly the question of reporting in its application does not arise. XVIII) 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. XIX) The company has not issued any debentures; accordingly the question of creating security or charge for such debentures does not arise. XX) The company has not raised any money through the publicissue during the year. Accordingly the question of disclosure of end use of such monies doenot arises. XXI) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit. For M. N. RAO & ASSOCIATES. CHARTERED ACCOUNTANTS GIRIKIPATI KAMLESH PARTNER M.No.210739 Place : Hyderabad Date : 04.09.2010