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Scanpoint Geomatics Ltd.

BSE: 526544 | NSE: | Series: | ISIN: INE967B01028 | SECTOR: Computers - Software

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Mar 30, 16:00
17.55 -0.95 (-5.14%)
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32,296
30-Day
23,983
14,980
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Scanpoint Geomatics is not listed on NSE

Annual Report

For Year :
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Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Scanpoint Geomatics Ltd. which comprise the Balance Sheet as at 31 March 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible forthe preparation of these financial statements that give a true and fairview of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Principles generally accepted in India including Accounting Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control 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 financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statementsare free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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 auditopinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fairview 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 March 2013; ii. In the case of the statement of profit and loss, of the profit forthe 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. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, we report that: a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purpose of ouraudit. 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, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account. d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 and e. On the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. Annexure Referred to in paragraph 1 Under the hading of Report on other legal and regulatory requirement of over report of even date. (I) (a) The company has maintained proper record''s showing full particulars including quantitative details and situation of fixed assets on the basis of available information, (b According to the information and explanations given to us, the fixed assets are physically verified by the management according to a regular programme of verification which is once in three years. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. To the best of our knowledge and as represented to us by the management, no material discrepancies were noticed in respect of assets verified during the year, (c) In our opinion, the Company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected. (ii) (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (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 are reasonable and adequate in relation to the size of the company and the nature of its business. (c) On the basis of our examination of the records, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and the same have been properly dealt with in the books of accounts. (iii) (a) According to the information and explanations given to us, the Company has granted Interest free unsecured loan to one company amounting to Rs. 29.67 lacs covered in the register maintained under section 301 ofcompaniesAct, 1956. (b) The Company has not taken unsecured loan from Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. (c) The rate of interest and other terms and conditions of loans (which is interest free) taken by the Company, secured or unsecured, are prima facie not prejudicial to the interest of the Company. (d) Since the loans taken from the party are repayable on demand, question of regularity of repayment of principal amount does not arise. (iv) 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 with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. (v) (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 CompaniesAct, 1956 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 CompaniesAct, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market pricesatthe relevant time. (vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of section 58A & 58AA of the CompaniesAct, 1956 and the rules framed there under. (vii) In our opinion the company has an internal audit system commensurate with the size and nature of its business, viii) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records undersection 209(1) (d) ofthe CompaniesAct, 1956 for the products of the company, (ix) (a) The company is not regular in depositing undisputed statutory dues including Provident fund, Employees'' state insurance, Income tax, Sales tax, Service Tax, and other statutory dues applicable to the company with the appropriate authorities. As per information and explanation given to us ,the following undisputed amounts were in arrears as at 30th September,2012 and are outstanding for a period of more than six months as on 31st March,2013 from the date it became payable Service Tax : 7,825,635.00 Income Tax TDS : 1,153,702.00 (b) According to the information and explanation given to us, there are no dues of sales tax, income tax, wealth tax, excise duty and cess which have not been deposited on account of any dispute, (x) In our opinion there are no accumulated losses ofthe company as on 31/03/2013. The company has not incurred cash losses during the financial year 2012-2013 covered by our audit and in the immediately preceeding financial year, (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions during the financial year under audit, (xii) As explained to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities, (xiii) In our opinion, and according to the information and explanations given to us, the nature of activities ofthe company does not attract any special statute applicable to chit fund and nidhi/ mutual benefit funds/societies, (xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company, (xv) According to the information and explanations given to us, the company has not given any guarantee for loan taken by others from banks or financial institutions, (xvi) The company has obtained term loans during the year and in our opinion, the term loan has been applied for the purpose for which they were raised. (xvii) According to the information and explanations given to us and on an overall examination ofthe balance sheet ofthe company, we report that the no funds raised on short-term basis have been used for long-term investment and vice versa. (xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained undersection 301 ofthe CompaniesAct, 1956. (xix) The Company has not issued debenture during the year. (xx) The Company has not made any public issue during the year. (xxi) According to 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 Manoj Acharya & Associates Chartered Accountants Manoj Acharya Place : Ahmedabad Partner Date : 20th May, 2013 45714 Firm Reg. No. 114984W