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Scanpoint Geomatics Ltd.

BSE: 526544 Sector: IT
NSE: N.A. ISIN Code: INE967B01028
BSE 00:00 | 19 Feb 32.90 0.60
(1.86%)
OPEN

32.10

HIGH

33.25

LOW

32.10

NSE 05:30 | 01 Jan Scanpoint Geomatics Ltd
OPEN 32.10
PREVIOUS CLOSE 32.30
VOLUME 5334
52-Week high 40.20
52-Week low 17.90
P/E 80.24
Mkt Cap.(Rs cr) 148
Buy Price 32.90
Buy Qty 90.00
Sell Price 32.90
Sell Qty 409.00
OPEN 32.10
CLOSE 32.30
VOLUME 5334
52-Week high 40.20
52-Week low 17.90
P/E 80.24
Mkt Cap.(Rs cr) 148
Buy Price 32.90
Buy Qty 90.00
Sell Price 32.90
Sell Qty 409.00

Scanpoint Geomatics Ltd. (SCANPOINTGEOMA) - Auditors Report

Company auditors report

To

The Members of Scanpoint Geomatics Ltd

Report on the Standalone Indian Accounting Standards (ind AS) Financial Statements

We have audited the accompanying standalone Ind AS financial statements of ScanpointGeomatics Ltd. which comprise the Balance Sheet as at 31 March 2018 the Statement ofProfit and Loss (including Other Comprehensive Income) and the Cash Flow Statement and theStatement of Change in Equity for the year then ended and a summary of significantaccounting 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance (including Other Comprehensive lncome)and cashflows and changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards specified in theCompanies (Indian Accounting Standards) Rules 2015 (as amended) under Section 133 of theAct This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act andrules made thereunder including the accounting and auditing standards and matters whichare required to be included in the audit report under the provisions of the Act and theRules made there under

We conducted our audit of standalone Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the standalone Ind AS financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion standalone Ind AS financial statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2018 and its total comprehensive income (comprising of profit and othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate

Other Matter

The comparative financial information of the company for the year ended March 31 2017and the transaction date opening balance sheet as at April 01 2016 included in thesestandalone Ind AS financial statements are based on the previously issued statutorystandalone financial statements for the years ended March 31 2017 and March 31 2016prepared in accordance with the companies (Accounting standards) Rules 2006 (as amended)which were audited by the predecessor auditor who expressed an unmodified opinion videreports dated May 29 2017 and May 30 2016 respectively. The adjustments to thosestandalone financial statements for the differences in accounting principles adopted bythe company on transition to the Ind AS have been audited by us. Our report is notqualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies ( Auditor 's Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure B" a statement on the matters specified in paragraph 3 and 4of the Order.

2) As required by Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act

e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure A''

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. There were no pending litigations as at March 31 2018 which would impact thefinancial position of the company.

ii The company did not have any material foreseeable losses on long term contractsincluding derivative contracts

iii There were no amounts which were required to be transferred to the InvestorEducation and Protection fund by the company

iv. The Company has provided disclosures in its financial statements as to holdings aswell as dealings in specified bank notes during the period from 8th November 2016 to 30thDecember 2016 and the same are in accordance with books of accounts maintained by thecompany

For Jayamal Thakore & Co.

Chartered Accountants Shivani Jain

(Partner)

Membership number: 175094 Firm's Registration Number: 104098W

May 30 2018 Ahmedabad

"Annexure A" to the independent Auditor's Report of even date on theFinancial Statements of Soanpoint Geomatios Limited.

Report on the internal Financial Controls under Clause (I) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ScanpointGeomatics Limited ("the Company") as of March 31 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat date.

Management's Responsibility for internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on internal control over financial reporting criteria establishedby the company considering the essential components of internal Control stated in theGuidance Note on Audit of internal Financial Controls over Financial Reporting issued bythe institute of Chartered Accountants of india (ICAI). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing and deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

inherent Limitations of internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theInternal Control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofinternal Financial Controls Over Financial Reporting issued by the institute of CharteredAccountants of india.

For Jayamal Thakore & Co.

Chartered Accountants

Firm's registration number: 104098W

Shivani Jain

(Partner)

Membership number: 175094

May 30 2018 Ahmedabad

annexure b to the independent auditors report

(Referred to in our report of even date to the members of Scanpoint Geomatics Limitedon the standalone Ind AS financial statements for the year ended March 31 2018)

On the basis of such checks as we considered appropriate and according to theinformation 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 includingquantitative details and situation of fixed assets.

b) According to information and explanation given to us during the year themanagement conducted physical verification of certain fixed assets in accordance with itspolicy of physical verification in a phased manner. In our opinion such frequency isreasonable having regard to the size of the Company and the nature of its fixed assets. Asexplained to us the discrepancies noticed on physical verification as compared to bookrecords maintained were not material and have been properly dealt with in the books ofaccount.

c) According to information and explanation given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. INVENTORIES:

As per information and explanations given to us this paragraph 3(ii) of the Order isnot applicable being company is a service provider and it has not made any inventorytransactions during the year.

iii. LOANS:

According to the information and explanations given to us during the year the Companyhas granted loan to its subsidiary company covered in the register maintained undersection 189 of companies Act 2013. The terms are not prejudicial to the Company'sinterest.

iv. LOANS INVESTMENTS AND GURANTEES:

According to the information and explanations given to us the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect of loansand investment made and guarantee and security provided by it.

v. public DEPOSITS:

In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public to which the directives issued bythe Reserve Bank of India and the provisions of Section 73 and 76 or any other provisionsof 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 costrecords under Sub Section (1) of Section 148 of the Companies Act 2013 in respect to theactivities carried out by the company.

vii. STATUTORY DUES:

a) The company has been generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Employee's State InsuranceIncome-tax Sales tax Service tax Goods and Service Tax and other material StatutoryDues applicable to it. There were arrears as at 31st March 2018 for a period of morethan six months from the date they became payable.

Particulars Financial Year to which the amount relates Amount (Rs)
Service Tax 2010-11 5018501/-
Service Tax 2015-16 44595/-

b) According to the records of the Company no dues of income- tax customs exciseduty value added tax goods and service tax cess which have not been deposited onaccount of disputes.

viii. REPAYMENT OF DUES OF FINANCIAL INSTITUTIONS:

According to the information and explanations given to us the Company has notcommitted any default in repayment of dues to banks and financial institutions. TheCompany has not borrowed any funds by way of issue of debentures.

ix. TERM LOAN / MONEY RAISED:

The company had not obtained term loans during the previous years and the Company hasissued 18181699 right shares of face value Rs2 per share.

x. FRAUD ON OR BY THE COMPANY:

To the best of our knowledge and according to the information and explanations given tous there have been no cases of fraud on or by the Company noticed or reported during theyear under report.

xi. MANAGERIAL REMUNERATION:

According to the information and explanations given to us the Company has paid /provided for managerial remuneration in accordance with the requisite approvals mandatedby the provisions of Section 197 read with Schedule V to the Act.

xii. NIDHI COMPANY:

In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. RELATED PARTIES TRANSACTIONS:

According to the information and explanations given to us and based on our examinationof the records of the Company transactions with the

related parties are in compliance with Section 177 and 188 of the Act where applicableand details of such transactions have been disclosed in the standalone Ind AS financialstatements as specified under section 133 of the act.

xiv. PREFERENTIAL ALLOTMENT:

According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

During the year the company has issued 18181699 right shares of face value X2 pershare.

xv. NON cash TRANSACTIONS:

According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the order is notapplicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly paragraph 3(xvi) of the order is not applicable.

For Jayamal Thakore & Co.

Chartered Accountants

Firm's registration number: 104098W

Shivani Jain

(Partner)

Membership number: 175094

May 30 2018 Ahmedabad