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Majestic Research Services & Solutions Ltd.

BSE: 539229 Sector: Others
NSE: N.A. ISIN Code: INE196R01012
BSE 00:00 | 23 Apr 2020 Majestic Research Services & Solutions Ltd
NSE 05:30 | 01 Jan 1970 Majestic Research Services & Solutions Ltd

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OPEN 6.25
PREVIOUS CLOSE 6.06
VOLUME 3000
52-Week high 36.45
52-Week low 5.55
P/E 0.58
Mkt Cap.(Rs cr) 6
Buy Price 6.06
Buy Qty 1800.00
Sell Price 6.65
Sell Qty 600.00
OPEN 6.25
CLOSE 6.06
VOLUME 3000
52-Week high 36.45
52-Week low 5.55
P/E 0.58
Mkt Cap.(Rs cr) 6
Buy Price 6.06
Buy Qty 1800.00
Sell Price 6.65
Sell Qty 600.00

Majestic Research Services & Solutions Ltd. (MAJESTICRESEARC) - Auditors Report


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Company auditors report

To the Members of

Majestic Research Services and Solutions Limited

1. Report on the Indian Accounting Standards Financial Statements

We have audited the accompanying financial statements of Majestic Research Services andSolutions Limited which comprise the Balance Sheet as at March 31 2019 the Statement ofProfit and Loss the Cash Flow Statement for the year ended and the Statement of Changesin Equity for the year ended then and a summary of significant accounting policies andother explanatory information.

2. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in the section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance cash flows of the Company and the Statement of Changes inEquity for the year ended then in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct read with the Companies (Indian Accounting Standards) Rules 2015. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

3. Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedure that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentations of the financial statements.

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

4. Key audit matters:

Key Audit matters (‘KAM') are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

5. 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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the

Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended(" ") and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 31 2019 its profit total comprehensive incomeits cash flows and the changes in equity for the year ended on that date.

6. Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section (11) of section 143 of theCompanies Act2013 we give in the "Annexure-A" a statement on the mattersspecified in the paragraphs 3 and 4 of the Order to the extent applicable.

ii. As required by section 143(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 the Statement of Profit and Loss the Cash Flow Statement and theStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended.

e. On the basis of written representations received from the directors as on March 312019 and taken on record by the Board of Directors none of the directors is disqualifiedas on March31 2019 from being appointed as a director in terms of section 164(2) of theAct.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

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 accordance to the explanation given to us:

i. The company does not have any pending litigations which would impact its financialposition.

ii. The company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Dharit Mehta
Partner
Membership No.: 157873
Ahmedabad
Date: 29thMay 2019

ANNEXURE-A TO INDEPENDENT AUDITORS' REPORT

Referred to in Paragraph 5(i) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.

1. In respect of Property Plant & Equipment:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of its Property Plant & Equipment.

b. All the Property Plant & Equipment of the Company have been physically verifiedby the management at reasonable period during the year and no material discrepancies havebeen noticed on such verification.

c. Title Deeds of immovable properties are held in the name of company.

2. In respect of Inventories

The company being engaged in the business of providing services of research andanalysis the para of inventories is not applicable to the company.

3. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the Register maintained underSection 189 of the Companies Act 2013.

4. The company has not given guarantees or provided security requiring compliance undersection 185 or 186 of the act.

5. During the year the company has not accepted any deposits from public.

6. According to the information and explanations provided by the management thecompany is not engaged in production of goods or provision of any such services for whichthe central government has prescribed particulars relating to utilization of materiel orlabour or other items of cost. Hence the provisions of section 148(1) of the companies'act 2013 do not apply to the company. Hence in our opinion no comments on maintenance ofrecords are required.

7. In respect of Statutory Dues:

a. According to the information and explanations given to us and the records examinedby us the Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Wealth Tax ServiceTax Duty of Customs Duty of Excise Value added tax cess and any other statutory dueswith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on March 31 2019 for a period of morethan six months from the date they became payable except for the following:

Name of Statute Nature of dues Amount (Rs.) Accounting Period to which the amount relates
Income tax Act 1961 Income-tax 171.82 Lacs F.Y 2016-17
Income tax Act 1961 Income-tax 412.38 Lacs F.Y 2017-18
Goods & Services Act 2017 Goods & Services Tax 49.22 Lacs F.Y 2017-18

b. According to the information and explanations given to us there is no amountpayable in respect of Goods and Service Tax which have not been deposited on account ofany disputes

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the company has no defaulted in repayment of duesto a financial institution bank or debenture holder as under as detailed below.

9. According to the information and explanations received by us the company has notraised any funds through IPO / FPO during the year under consideration.

10. In our opinion and on the basis of information and explanations given to us thereis no outstanding term loan.

11. To the best of our knowledge and according to the information and explanationsgiven to us no material fraud on or by the Company has been noticed or reported duringthe year.

12. The managerial remuneration has been paid and provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V of thecompanies act 2013.

13. The company is not a Nidhi company. As such The Nidhi rules 2014 are notapplicable.

14. All transactions with the related parties are in compliance with the sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in thefinancial statements as required by applicable accounting standards.

15. The company has not made any preferential allotment or Private placement of sharesof fully or partly convertible debentures during the year under review.

16. The company has not entered into any non-cash transactions with directors orpersons connected with it.

17. The company is not required to be registered u/s. 45-IA of the Reserve Bank ofIndia Act 1934.

For S. D. Mehta & Co.
Chartered Accountants
(Registration No. 137193W)
Dharit Mehta
Partner
Membership No.: 157873
Ahmedabad
Date: 29th May 2019

ANNEXURE-B TO INDEPENDENT AUDITORS' REPORT

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 MajesticResearch Services and Solutions Limited ("the Company") as of 31stMarch 2019 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated 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 31stMarch 2019 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 S. D. Mehta & Co.

Chartered Accountants Firm's Registration Number: 137193W

Dharit Mehta
Partner
Membership Number: 157873
Ahmedabad
Date: 29th May 2019


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