Independent Auditors Report
The members of
Millenium online Solution (India) Ltd
(Formely Mahamaya Investments Ltd)
Report on the Financial Statement
We have audited the accompanying financial statement of Millenium online Solution(India) Ltd (Formely Mahamaya Investments Ltd) ("the Company") whichcomprise the Balance Sheet as at March 31 2014 and the statement of Profit & Lossand Cash Flow Statement for the period ended and the summary of significant accountingpolicies and other explanatory information.
Managements Responsibility for the Financial Statement
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act1956 ("the Act"). This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the standards on Auditing issues by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirement and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement offinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Companys preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fare view in conformity with the accountingprinciples generally accepted in India:
(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2014;
(b) In the case of Profit & Loss Account of the loss of the Company for the periodended on that date; and
(c) In the case of the Cash Flow Statement of the cash flows for the period ended onthat date.
Report on Other Legal and regulatory Requirements
1. As required by required by the Companies (Auditors Report) Order2003("the Order") issued by 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 inparagraph 4 & 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 ourknowledge 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 theCompany so far as appears from our examination of those books;
(c) The Balance Sheet Statement of Profit and Loss Account and Cash Flow Statementdealt with this report are in agreement with the books of Accounts;
(d) In our opinion Balance Sheet Statement of Profit and Loss Account and Cash FlowStatement comply with the accounting standards referred to in Sub-Section 3(C) of sec-211of Companies Act1956.
(e) On the basis of written representation received from the directors as on March 312014 and taken on record by by the Board of Directors none of the directors isdisqualified as on March 31 2014 from being appointed as the directors in terms ofsec-274(1) (g) of the Companies Act 1956;
(f) Since the Central Government has not issued any notification as to the rate atwhich the cess is to be paid under section 441A of the Companies Act 1956 nor has itissued any Rules under the said section prescribing the manner in which such cess is tobe paid no cess is due and payable by the Company.
For C.P.Jaria & Co
PLACE : Mumbai
DATED : 26/05/2014
Annexure attached to and forming part of our report of even date as referred to inparagraph (1)
1. The company has maintained proper records showing full particulars includingquantitative details and location of all its fixed assets. During the period themanagement has physically verified all the fixed assets and no material discrepancies havebeen noticed on such verification. During the period the company has not disposed offsubstantial part of its fixed assets.
2. The Company does not hold any inventory and hence the question of physicalverification etc does not arise.
3. The company has not granted loans during the period to parties covered in theregistered maintained under section 301 of the Companies Act 1956. The Company has nottaken unsecured Loans during the period from parties covered in registered maintained u/s301 of the Act.
4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to the purchase of inventory fixed assets and withregard to the sale of goods. During the course of our audit no major weakness has beennoticed in the internal controls.
5. As explained to us during the period any transaction required to be entered in theregister maintained under section 301 of Companies Act 1956 has been entered.
6. In our opinion and according to the information and explanation given to us theCompany has not accepted deposits from the public during the period in contravention ofthe directions issued by Reserve Bank of India and/ or the provisions of the Section 58Aof the Companies Act 1956 except that investment made in group companies before thenotification dated 31.01.98 of the NBFC Prudential norms (Reserve Bank) Directions 1998came into force are in excess of the limits specified in the said directions. Incompanys case no order has been passed by the Company Law Board.
7. In our opinion the company does not have any formal internal control system duringthe period.
8. The central government has not prescribed maintenance of cost records under section209(1)(d) of the Companies Act1956.
9. According to the information and explanations given to us and on basis of ourexamination of the books of accounts the company has been generally regular in depositingundisputed statutory dues including Provident fund Investor Education and protectionfund Employees state insurance Income Tax sales Tax Wealth Tax Service TaxCustom Duty Excise Duty cess and other statutory dues during the period with theappropriate authorities. As at 31.03.2014 there were no undisputed dues payable for aperiod of more than six months from the date they become payable.
10. The Company does not have accumulated losses and it has incurred cash losses duringthe financial period covered by our audit and in the immediately preceding financialperiod.
11. Based on our audit procedure and on the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto the financial institution or bank.
12. The company has not granted loans and advances on the basis of security by way ofpledge of shares debentures and other securities.
13. The company is not a chit fund/nidhi/mutual benefit fund/ society.
14. According to the information and explanations given to us the Company did not dealin or trade in shares securities debentures or other investments. The shares and otherinvestments acquired by the company by way of investments are held by the company in itsown name.
15. According to the information and explanations given to us the company has notgiven any guarantee for loans taken by others from bank and financial institutions.
16. The company had not taken any fresh term loan during the period.
17. According to information and explanations given to us funds raised on short termbasis have prima facie not been used during the period for long term investments andvice versa.
18. The company has not made any preferential allotment of shares to parties andcompanies covered in the Register maintained under section 301 of the Companies Act1956during the period.
19. No Security is required to be created since the company has not issue anydebentures.
20. The company has not raised any money by public issues during the period.
21. According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the period.
For C.P.Jaria & Co
PLACE : Mumbai
DATED : 26/05/14