Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Melstar Infotech | Auditor's Report > Computers - Software Medium & Small > Auditor's Report from Melstar Infotech - BSE: 532307, NSE: MELSTAR
YOU ARE HERE > MONEYCONTROL > MARKETS > COMPUTERS - SOFTWARE MEDIUM & SMALL > AUDITORS REPORT - Melstar Infotech

Melstar Infotech

BSE: 532307|NSE: MELSTAR|ISIN: INE817A01019|SECTOR: Computers - Software Medium & Small
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Oct 03, 16:00
1.77
0
VOLUME 150
LIVE
NSE
, 16:01
1.00
0
VOLUME 450
Mar 14
Auditor's Report (Melstar Infotech) Year End : Mar '15
We have audited accompanying financial statements of MELSTAR
 INFORMATION TECHNOLOGIES LIMITED (the Company), which comprise the
 Balance Sheet as at March 31, 2015, the Statement of Profit and Loss,
 Cash Flow Statement for the year then ended, and a summary of the
 significant accounting policies and other explanatory information, in
 which are incorporated the Returns for the year ended on that date
 audited by the branch auditors of the Company''s branch at USA.
 
 Management'' Responsibility for the Standalone 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 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 of 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
 there under.
 
 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. 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 loss and its cash flows for the year ended
 on that date.
 
 Other Matters
 
 We did not audit the financial statements of one(1) branch included in
 the standalone financial statements of the Company whose financial
 statements reflect total assets of Rs.58,113 as at 31st March, 2015 and
 total revenues of Rs. NIL for the year ended on that date, as
 considered in the standalone financial statements. The financial
 statements of this branch has been audited by the branch auditors whose
 report has been furnished to us, and our opinion in so far as it
 relates to the amounts and disclosures included in respect of this
 branch, is based solely on the report of such branch auditors.
 
 Our opinion is not modified in respect of this matter.
 
 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 paragraphs 3 and 4 of the said
 Order.
 
 
 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
 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 it appears from our examination of those
 books and proper returns adequate for the purposes of our audit have
 been received from the USA branch not visited by us.
 
 c) The reports on the accounts of the branch office of the Company
 audited under Section 143 (8) of the Act by branch auditors have been
 sent to us and have been properly dealt with by us in preparing this
 report.
 
 d) The Balance Sheet, the Statement of Profit and Loss and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account and with the returns received from the branch not visited by
 us.
 
 e) 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.
 
 f) On the basis of the written representations received from the
 directors, as on March 31, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2015
 from being appointed as a director in terms of Section 164(2) of the
 Act.
 
 (g) 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 - Refer Note 20 to the
 financial statements;
 
 (ii) The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 (iii) There were no amounts which were required to be transferred to
 the Investor Education and Protection Fund by the Company.
 
 ANNEXURE TO THE AUDITOR''S REPORT
 
 (Referred to in paragraph 1 under Report on Other Legal and Regulatory
 Requirements section of our report of even date on the accounts of
 MELSTAR INFORMATION TECHNOLOGIES LIMITED for the year ended March 31,
 2015)
 
 (i) (a) The Company has generally maintained proper records showing
 full particulars including quantitative details and situation of fixed
 assets.
 
 (b) As informed and explained to us, all Fixed Assets have been
 physically verified by the management during the year and no material
 discrepancies were noticed on such verification.
 
 (ii) The company does not have any inventories during the year.
 Consequently, clause 3(ii) of the order is not applicable.
 
 (iii) As informed to us, the Company has not granted any loans, secured
 or unsecured to companies, firms or other parties covered 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 exists an adequate internal control system
 commensurate with the size of the Company and the nature of its
 business for 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 internal
 control system of the Company.
 
 (v) During the year, the Company has not accepted any deposits from the
 public. As such, the compliance with directives issued by the Reserve
 Bank of India and the provisions of section 73 to 76 of the Companies
 Act, 2013 and the rules framed there under are not applicable.
 
 (vi) According to the information and explanations given to us, the
 Central Government has not prescribed maintenance of cost records under
 sub-section (1) of section 148 of the Companies Act, 2013.
 
 (vii) (a) According to the records of the Company, the Company is
 generally regular in depositing undisputed statutory dues including
 Provident Fund, Employees'' State Insurance, Income-Tax, Sales-Tax,
 Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, value added
 tax, cess and any other statutory dues with the appropriate authorities
 during the year.
 
 (b) There are no dues of sales tax/ income tax / duty of customs /
 wealth tax / service tax/ duty of excise / value added tax/ cess, which
 have not been deposited with the appropriate authorities on account of
 any dispute.
 
 (c) According to the records of the Company, there are no amounts
 required to education and protection fund in accordance with the
 relevant provisions of Section 125 of the Companies Act, 2013 and the
 rules framed there under are not applicable.
 
 (viii) The Company''s accumulated losses at the end of the financial
 year are more than fifty per cent of its net worth. The Company has
 incurred cash loss in current year as well as in previous year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to a
 financial institution, bank or debenture holders.
 
 (x) According to the information and explanations given to us and the
 record examined by us , the Company has not given any guarantee for
 loans taken by others from bank or financial institutions, the terms
 and conditions whereof are prejudicial to the interest of the company
 
 (xi) Based on information and explanations given to us by the
 management, the Company has not taken any term loan hence clause 3 (xi)
 of the Order is not applicable to the Company
 
 (xii) During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of any such case by the management.
 
                                       For Jai Prakash Upadhayay & Co.
 
                                                Chartered Accountants 
 
                                        Firm Registration No: 125073W
 
 
 
                                                Jai Prakash Upadhayay
 
 Place: Mumbai                                                Partner
 
 Date: May 29, 2015                            Membership No.: 116778
Source : Dion Global Solutions Limited
Quick Links for melstarinfotech
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.