praman capital market services ltd Auditors report

Annual Report 1999-2000 PRAMAN CAPITAL MARKET SERVICES LIMITED AUDITORS REPORT We have audited the attached Balance Sheet of PRAMAN CAPITAL MARKET SERVICES LTD. as at 31st March, 2000 and also the relative Profit & Loss Account for the Year ended on that date, annexed thereto, and report that: 1. As required by the Manufacturing and other Companies (Auditors Report) Order, 1998 issued by the Company Law Board in terms of Section 277(4) of the Companies Act, 1956, we enclosed in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable to the Company. 2. Further to our comments in the Annexure referred to in paragraph 1 above: We have obtained all the information and explanations which to the best of our knowledge and belief as was necessary for our audit. In our opinion, proper books of account as required by the law have been kept by the company so far as appears from our examination of the books. The balance sheet and the profit and loss account dealt with by this report are in agreement with the books of account of the company. In our opinion, the profit and loss account and balance sheet comply with the requirements of the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. In our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view. In the case of the Balance Sheet, the state of affairs of the Company as at March 31st, 2000 And In the case of the Profit and Loss Account, of the Profit for the year ended on that Date. For S.P. Bhat & Co. For Ramachandra Bhat & Co. Chartered Accountants Chartered Accountants Dated : 16th August, 2000 SURESH BHAT RAMACHANDRA BHAT Place : Thane (W) Proprietor Proprietor Annexure to the Auditors Report (referred to in paragraph of (1) above) 1. The Company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets. The fixed assets of the Company have been physically verified by the management at reasonable intervals and no discrepancies were noticed during the verification. 2. None of the fixed assets of the Company have been revalued during the year. 3. The procedure followed by the Management for physical verification of stocks of shares and debentures are, in our opinion reasonable and adequate in relation to the size of the Company and the nature of its business. 4. The discrepancies noticed on such verification between the physical stock of shares and debentures with the book records were not material in relation to the operations of the company and the same have been properly dealt with in the books of accounts. 5. The stocks have been valued at purchase cost and is on the same basis as in the earlier year. 6. The Company has not taken any loans from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 or from companies under the same management as defined under sub-section (lB) of section 370 of the said Act. 7. The Company has not granted loans to companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. The terms and conditions of the loans, which are unsecured, granted by the Company during the year, to the Companies under the same management as defined under sub-section (lB) of Section 370 of the Companies Act, 1956 are prima facie, not prejudiced to the interests of the Company. 8. In respect of loans and advances in the nature of loans given by the Company, the parties are generally repaying the principal amounts as stipulated and have also been regular in the payment of interest where applicable. 9. There is adequate internal control procedure commensurate with the size of the Company and the nature of its business for the purchase of fixed assets. 10. The Company has internal audit system commensurate with its size and the nature of its business. 11. There are not transactions for providing consultancy services made by the company in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 50,000.00 or more in respect of each party. 12. The Company has not accepted any deposits from the public. 13. There was no undisputed amounts outstanding as at 31st March, 2000 in respect of Income Tax, Sales Tax, Customs Duty and Excise duty which were due for more than six months from the date they were payable. 14. According to the information and explanations given to us and the records of the Company examined by us, no personal expenses have been charged to the Profit and Loss Account. 15. In respect of consultancy services rendered the company has a reasonable system of allocating man-hours utilised to relative jobs, commensurate with the size and nature of its business. 16. The Company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other securities and that timely entries have been made therein. All shares, debentures and other securities have been held by the company in its own name except to the exemption granted under section 49 of the Companies Act, 1956 and save for certain shares which are either lodged for transfer or held with valid transfer forms 17. The other items of the aforesaid order are, in our opinion, not applicable in case of this company. For S.P. Bhat & Co. For Ramachandra Bhat & Co. Chartered Accountants Chartered Accountants Dated : 16th August, 2000 SURESH BHAT RAMACHANDRA BHAT Place : Thane (W) Proprietor Proprietor