mini soft ltd share price Auditors report

MINI SOFT LIMITED ANNUAL REPORT 2010-2011 AUDITORS REPORT TO SHAREHOLDERS OF MTNI SOFT LIMITED. 1. We have audited the annexed Balance sheet of Mini Soft Limited Faridabad as at 31st March 2011 and the Profit & loss Account for the year ended on that date. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statement based on our audit. 2. We have conducted our audit in accordance with the auditing standards generally accepted in India Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement are free from material misstatement, an audit includes examining on a test basis, evidence supporting the amount and disclosures in the financial statements. It 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 reasonable basis for our opinion. As required by the (Companies Auditors Report) order,2003 as amended in 2004 we enclose in the annexure a statement on the matters specified in paragraphs 4 &5 of the said order to the extent applicable. Further to our comments in the annexure referred above. We report that: (i) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of the audit. (ii) 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 those books. (iii) The Balance sheet and profit & loss Account referred to in this report are in agreement with the books of accounts. (iv) The Balance Sheet and Profit & Loss Account comply with the accounting standards referred to in section 211 (3c) of the Companies Act, 1956 to the extent applicable. (v) On the basis of written representations received from the directors,We report that none of the directors of the company is disqualified from being appointed as director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956; and (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Company Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2011; b) In the case of the profit & loss Account of the loss for the year ended on that date. For A.C. Mehta & Co Chartered Acountants (Manish Mehta) Proprietor Membership: 504641 Place: Faridabad Dated: 24th August, 2011. ANNEXURE TO THE AUDITORS REPORT FOR MINI SOFT LIMITED (Referred to in paragraph 3 of our report of even date) (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets As explained to us physical verification of the main portion of fixed assets as at March 31, 2011 was conducted by the Management during the year. In our opinion the frequency of physical verification is reasonable. Having regard to the size of the operations of the Company and on the basis of explanations received, no material discrepancy was noticed on verification. (b) No fixed asset was disposed off during the year. (ii)(a) As explained to us the stock of store and spare parts and raw material have been physically verified by the Management during the year 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 stock followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business. c. In our opinion and according to the information and explanations given to us the company is maintaining proper records of inventory. There is nil stock of material with the company. (iii)(a) The company has not granted any loans secured or unsecured to the company, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) The company has not taken any loans secured or unsecured to the company, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956. (iv) There is adequate internal control systems commensurate with the size of the company and the nature of its business for the purchase of inventories and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any major weakness in the internal control system. (v) According to the register of Contracts maintained under section 301 of the Companies Act, 1956 examined by us, there were no purchase of goods and material or sales of goods, materials and services made in pursuance of contracts or arrangement entered in therein and aggregating during the current year to Rs.5,00,000 or more in respect of each party. (vi) In our opinion and according to the information and explanation given to us the company has not accepted any deposit from public in terms of section 58A, 58AA or any relevant provisions of the Rules, 1975 during the year. (vii) In our opining the company has an internal audit system commensurate with the size and the nature of its business. (viii) According to the information and explanation given to us, the Central government has exempted the maintenance of Cost Records under section 209(1)(d) of the Companies Act, 1956 for the product manufactured by the Company. (ix) According to the records of the company, P.F & ESI Rules and Gratuity are not applicable. (x) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty and cess were in arrears as at March 31, 2011 for a period of more than six months from date they become payable. (xi) The company has accumulated losses which are less than fifty percent of its net worth and has incurred cash losses during the financial year covered by our audit and the immediate preceding financial year. (xii) The company has not obtained any term loan from the financial Institution bank or debenture holders. (xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. (xiv) In our opinion and according to the information and explanations given to us, 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 (Auditors 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 loans taken by others from bank or financial institutions. (xvi) The company has not obtained any term loans. (xvii) In our opinion and according to the information and explanations given to us and an overall examination of the Balance Sheet, we report that no funds raised on short term basis have been used for long term investment and vice versa. (xviii) According to information and explanation given to us ,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) In our opinion and according to the information and explanations given to us the company has not issued any secured debentures during the period covered by our report. xx) During the period covered by audit report, the Company has not raised any money by public issues. xxi) To the best our Knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year under audit. For A.C. Mehta & Co Chartered Acountants (Manish Mehta) Proprietor Membership: 504641 Place: Faridabad Dated: 24th August, 2011.