We have audited the accompanying financial statements of Scanpoint
Geomatics Ltd. which comprise the Balance Sheet as at 31 March 2015,
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
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 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 theAccounting 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 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.
Our responsibility is to express an opinion on these 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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. 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.
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 theActin 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 31st
March, 2015, and its profit and its cash flows for the year ended on
Report on Other Legal and Regulatory Requirements
As required by Section 143(3)oftheAct, 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 forthe
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 it appears from our examination of those
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133oftheAct, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of
f) 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) There were no pending litigations which would impact the financial
position of the company.
ii) The company did not have any material foreseeable losses on long
term contracts including derivative contracts.
ii) There were no amounts which were required to be transferred to the
Investor Education and Protection fund by the company.
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
(Referred to in our report of even date to the members of Scanpoint
Geomatics Limited on the financial statements for the year ended March
On the basis of such checks as we considered appropriate and according
to the information and
explanations given to us during the course of audit, we state that:
i FIXED ASSETS:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation offixed assets.
b) According to information and explanation given to us, during the
year, the management conducted physical verification of certain fixed
assets in accordance with its policy of physical verification in a
phased manner. In our opinion, such frequency is reasonable having
regard to the size of the Company and the nature of its fixed assets.
As explained to us, the discrepancies noticed on physical verification
as compared to book records maintained, were not material and have been
properly dealt with in the books of account.
a) As explained to us, the management has conducted physical
verification of stocks of raw materials, finished goods and stores and
spares at reasonable intervals during the year.
b) In our opinion, and according to the information and explanations
given to us, the procedures during the year for physical verification
of inventory, followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business.
c) On the basis of our examination of inventory records, we are of the
opinion that the Company has maintained proper records of inventory.
Discrepancies noticed on physical verification of inventory as compared
to the book records were not material and these have been properly
dealt with in the books of account.
According to the information and explanations given to us, during the
year the Company has not granted unsecured loan to companies, firm or
other parties covered in the register maintained under section 189 of
companies Act, 2013.
iv INTERNAL CONTROL PROCEDURES:
In our opinion and according to information and explanation given to
us, during the year under report, there are adequate internal control
procedures commensurate with the size of the Company and the nature of
its business for the purchase of inventory, fixed assets and forthe
sale of goods and services. Further, on the basis of our examination
of books and records of the Company, and according to the information
and explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control procedures.
v PUBLIC DEPOSITS:
In our opinion and according to the information and explanations given
to us, the Company has not accepted any deposits from the public, to
which the directives issued by the Reserve Bank of India and the
provisions of Section 73 and 76 or any other provisions of the
Companies Act, 2013 or the rules framed there under apply.
vi COST RECORDS:
As informed to us the Central Government had not prescribed maintenance
of the cost records under SubSection (1) of Section 148 of the
Companies Act, 2013 in respect to the activities carried out by the
a) The company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Employee''s State Insurance, Income-tax, Sales tax, service tax and
other material Statutory Dues applicable to it. There were no arrears
as at 31st March, 2015, for a period of more than six months from the
date they became payable.
b) According to the records of the Company, no dues of sales tax,
income-tax, customs, excise duty, cess which have not been deposited on
account of disputes.
c) In our opinion and according to the information and explanations
given to us company was not required to transfer of any amount to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act.
vii ACCUMULATED LOSSES:
In our opinion there are no accumulated losses of the company as on
31/03/2015. The company has not incurred cash losses during the
financial year 2014-2015 covered by our audit and in the immediately
preceeding financial year.
ix REPAYMENT OF DUES OF FINANCIAL INSTITUTIONS:
According to the information and explanations given to us, the Company
has not committed default in repayment of dues to banks and financial
institutions. The Company has not borrowed any funds by way of issue of
According to the information and explanations given to us, the Company
has not given any guarantees for loans taken by others from banks or
xi UTILIZATION OF TERM LOAN FUND:
The company had obtained term loans during the previous years and in
our opinion, the term loan has been applied for the purpose for which
they were raised.
xii FRAUD ON OR BYTHE COMPANY:
To the best of our knowledge and according to the information and
explanations given to us, there have been no cases of fraud on or by
the Company noticed or reported during the year under report.
For Manoj Acharya & Associates
Place : Ahmedabad Partner
Date : 30th May, 2015 45714 Firm Reg. No. 114984W