satellite infoconcepts ltd Auditors report

SATELLITE INFOCONCEPTS LIMITED (Formerly Banmor Cement Company Limited) ANNUAL REPORT 2011-2012 AUDITORS REPORT TO THE SHAREHOLDERS of SATELLITE INFOCONCEPTS LIMITED (Formerly Banmor Cement Company Limited) 1. We have audited the attached Balance Sheet of SATELLITE INFOCONCEPTS LIMITED as at 31st March, 2012, and the Profit and Loss Account and also the cash flow Statements of the Company 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 the 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 Company Law Board in terms of section 227(4A) 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 1 above, we report that: a. We have obtained all the information and explanations which, to the best of our knowledge and belief necessary for the purpose of our audit. b. In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of the books. c. The Balance sheet, Profit and loss account, and cash flow statement dealt with this report are in agreement with the books of accounts. d. In our opinion the Balance sheet, Profit and loss account, and cash flow statement comply with the mandatory accounting standards referred to in sub section 3 c of section 211 of the Companies Act, 1956. e. On the basis of the written representations received from the directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director under section 274 (1) (g) of the Companies Act, 1956. f. As mentioned in note 20, information about micro, small and medium enterprises creditors is not available. g. In our opinion and to the best of our information and according to the explanation given to us, the accounts give the information required by the Companies Act, 1956, in a manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: i. in so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31st March, 2012 and ii. in so far as it relates to the Profit & Loss Account the loss for the year ended on that date. iii. in the case of the cash flow statement, of the cash flows for the year ended on that date. For and on behalf of Rani Maheshwari & Company Chartered Accountants FRN 121905W (Rani Maheshwary) Proprietor Mumbai REG. No. 37060 Dated: 30th May, 2012 Annexure to Auditors Report referred to in paragraph 1 of our report of even date on the accounts for the year ended 31st March, 2012 of Satellite Infoconcepts Limited 1. The Company has maintained the proper records showing full particulars including quantitative details and situation of Fixed Assets . The Fixed Assets have been physically verified by the Management during the year. We were informed that there were no discrepancies noticed on such verification.. 2. In accordance to the information and explanations given to us the company has not disposed any plant and machinery during the year. 3. The Stock-in-trade i.e. the shares have been physically verified by the management at regular intervals and no discrepancies noticed on such verification. In our opinion, the valuation of stock is fair and proper and in accordance with the normally accepted accounting principles. 4. The Company has not taken or granted any loans from/to firms, or other parties listed in the register maintained under section 301 of the Companies Art, 1956 . 5. According to the information and explanation given to us the Company has granted other loans or advances in the nature of loans and there are no stipulations for repayment of the same. 6. 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 the purchase of shares, Plants and machinery, equipment and other assets and also with regard to sales. During the course of audit no major weakness has been noticed In the internal controls. 7. Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained u/s 301. 8. According to information and explanations given to us, there are no transactions of purchase and sale of goods and materials made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act 1956 aggregating during the period to Rs.5,00,000 or more in respect of each party. 9. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. 10. The company does not have an Internal Audit System. 11. The company is dealing in shares and debentures and proper records have been maintained and timely entries have been made therein to the transactions and contracts entered into during the year. The company is holding all the shares and debentures in its own name. 12. As explained to us there were no unserviceable or damaged goods. Therefore, the question of adequate provision having been made does not arise. 13. The Central Govt has not prescribed maintenance of cost records under section 209(i)(d) of the Companies Act 1956. 14. According to the records of the company the company has been regular in depositing any statutory dues applicable to it. 15. According to the information and explanations given to us, no undisputed amounts payable in respect of Income - Tax, Wealth tax, Customs Duty, and Excise Duty were outstanding as at 31st March 2012 for a period of more than 6 months from the date they became payable. 16. According to the records of the company, there are no dues of sales tax, income tax, excise duty which have not been deposited on account of any dispute. 17. The company has accumulated losses and has incurred cash losses during the financial year and in the preceding financial year. 18. According to the information and explanations given to us, the company has not taken any loans from financial institutions, banks or debenture holders. 19. Based on our examination of documents and records, we are of the opinion that the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 20. Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transaction and contracts and timely entries have been made in those records. We also report that the company has held the shares in its own name. 21. In our opinion and according to the information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. 22. The Company has not taken any term loans. 23. In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short - term basis have been utilized for long - term investments and vice versa. 24. According to the information and explanations given to us, the Company has made a preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. In our opinion the price at which the shares have been issued is not prejudicial to the interest of the company. 25. According to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (25) of the Order are not applicable to the Company. 26. During the period covered by our audit report, the Company has not raised any money by way of a public issue. 27. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. For and on behalf of Rani Maheshwari & Company Chartered Accountants FRN 121905W (Rani Maheshwary) Proprietor Mumbai REG. No. 37060 Dated: 30th May, 2012