|
ANNUAL REPORT 1999-2000
CYBERSPACE LIMITED
AUDITORS' REPORT
TO
THE MEMBERS OF CYBERSPACE LIMITED
We have audited the attached Balance Sheet of Cyberspace Limited (formerly
known as Cyberspace Infosys Limited) as at 30th June, 2000 and also the
Profit and Loss Account for the year ended on that date and we report that:
0.1. As required by the Manufacturing and other Companies (Auditors Report
) order 1988 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 the paragraph 4 and 5 of the said order.
0.2. Further to our comments in the Annexure referred to in paragraph 1
above:
i) We have obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our audit.
ii) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of the books.
iii) The Balance Sheet and Profit & Loss Account dealt with by this report
are in agreement with the books of accounts.
iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with
by this report comply with the accounting standards referred to in section
211 (3C) of the Companies Act, 1956 except in case of Accounting Standards
AS-9 regarding the recognition of income from investments and incase of
Accounting of retirement benefits as mentioned in accounting Policy nos. 6
& 7 respectively of Schedule No.11
v) In our opinion and to the best of our information and according to the
explanations given to us the accounts read with accounting policy being
followed by the company and the notes thereon and subject to accounting
policy no. 6 & 7 regarding the accounting of retirement benefits give the
information as required by the Companies Act, 1956 in the manner so
required and give a true and fair view:-
a) In the case of the Balance Sheet of the state of affairs of the Company
as at 30 June, 2000 and
b) In the case of the Profit and Loss Account of the Profit for the year
ended on that date.
For Mittal Gupta & Company
Chartered Accountants
Camp: New Delhi Alok Tandon
Dated: 20th Sep. 2000 Partner
ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE TO THE SHAREHOLDERS OF
CYBERSPACE LIMITED
i) The Company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets. The fixed
assets have been physically verified by the management at the year-end. No
material discrepancies were noticed on such verification.
ii) None of the fixed assets have been revalued during the year.
iii) The Company has neither taken nor given any loans from companies,
firms or other parties listed in the register maintained under section 301
of the Companies Act, 1956. In terms of sub section (6) of section 370 of
he Companies Act, 1956. Provisions of this section are not applicable to a
company w.e.f. 31 October, 1998.
iv) The Company has given loans and advances to parties without any
stipulation of time as to its repayment. The parties ar regular in payment
of interest wherever stipulated.
v) In our opinion and according to the information and explanations given
to us, there is generally adequate internal control procedure commensurate
with the size of the company and the nature of its business, for the
purchase of stores, raw materials including components, plant and
machinery, equipment and other assets and sale of goods.
vi) According to information and explanations given to us, the transactions
of purchases and sale of goods & materials and services made in pursuance
of contract entered in the Register maintained under section 301 of the
companies Act, 1956 have been made at prices which are reasonable having
regard to prevailing market prices at which transactions for similar goods,
materials or services have been made with other parties.
vii) In our opinion and according to the information and explanations given
to us, the company has generally complied with the directives issued by the
Reserve Bank of India and the provisions of section 58A of the Companies
Act, 1956 and the rules framed thereunder where ever applicable, in respect
of deposits accepted during the year.
viii) In our opinion, the company has an internal audit system which is
commensurate with the size of the company.
ix) The Company is regular in depositing Provident Fund and Employees State
Insurance dues.
x) According to the records of the company there were no undisputed amounts
payable in respect of income tax, sale tax, custom duty and excise duty as
at last day of the financial year which are outstanding for a period of
more than six month form the date they become payable.
xi) According to information and explanation given to us, no personal
expense of employees or directors have been charged to the revenue account,
other than those payable under contractual obligations or in accordance
with generally accepted business practice.
xii) The Company is not a sick industrial company within the meaning of
section 3(1) (0) of the sick industrial Companies (Special Provisions) Act,
1985.
xiii) The Clause (iii) (iv) (v) (xiv) and (xvi) does not apply.
iv) In respect of services rendered.
a) The nature of services rendered by the Company is such that does not
require consumption of materials and stores. Therefore the question of
maintenance of reasonable system of recording receipts, issues and
consumption of materials consumed to the relative jobs and related system
of internal control does not arise.
b) In our opinion, the company has reasonable system of allocating man
hours utilized to the relative jobs commensurate with its size and the
nature of its business.
For Mittal Gupta & Company
Chartered Accountants
Camp: New Delhi Alok Tandon
Dated: 20th Sep. 2000 Partner
|