ransi softwares india ltd share price Auditors report

RANSI SOFTWARES INDIA LIMITED ANNUAL REPORT 2000-2001 AUDITORS REPORT To, Shareholders RANSI SOFTWARES INDIA LIMITED. AHMEDABAD. We have audited the attached Balance Sheet of RANSI SOFTWARES INDIA LIMITED as at 31st, March, 2001 and the Profit and Loss Account for the year ended on 31st March, 2001 annexed here to and report that 01. 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 said order. 02. Further to our comments in the annexure referred to in paragraph I above, we report that a. 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. b. In Our opinion, proper books of Accounts as required by law have been kept by the company so far as appears from our examination of the books. c. 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. d. In our opinion the Balance Sheet and Profit & Loss Account of Company comply with the mandatory accounting Standards referred to in Section 211 (3C) of the Companies Act, 1961. 3. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes specifically note No. 12 Schedule "11" regarding non providing of interest on loan give the information required by the Companies Act, 1956 in the manner and give a true and fair view: i) In the case of the Balance Sheet of the State of affairs of the Company as at 31st March, 2001 ii) In the case of the Profit and Loss Account of the Loss, of the Company for the Year ended on that date. According to informations and explanations given to us and on the basis of written representations received from the directors, taken on the record by the Board of directors, no director is disqualified as on 31st March, 2001 from being appointed as director under section 274(l) (g) of the Companies Act, 1956. Place : Ahmedabad For, Naimish K. Shah & Company Date : 01/09/2001 Chartered Accountants (Naimish K. Shah) Proprietor ANNEXURE TO THE AUDITORS REPORT REFFERRED IN PARAGARAPH (1) OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED ON 31ST MARCH, 2001. 01. The Company has maintained adequate records giving full particulars and situation of fixed assets. We have been informed that the management during the year in terms of phased programme and that no discrepancies were noticed on such verification. 02. None of the Fixed Assets have been revalued during the year. 03. No loans have been taken from the Companies under the same management as defined U/S. 370 (1B) of the Companies Act. 1956 or firms or other parties listed in the Register maintained U/S. 301 of the Companies Act, 1956. 04. No loans have been granted to companies under the same management as defined in section 370 (1 -13) of the companies Act, 195 6 or firms or together parties to whom loans have been granted by the Company are regular in repayment. In case of parties which are irregular in repayment, steps taken for recovery are satisfactory. 05. According to informations and explanations given to us, most of the parties to whom loans have been granted by the Company are regular in repayment. In case of parties which are irregular in repayment, steps taken for recovery are satisfactory. 06. In our opinion there is adequate internal control procedure commensurate with the size and nature of Companies business for purchase of assets. Regarding purchase of stores, Raw materials and plant and Machinery and for sale of goods, the same is not applicable as there being no such activity. 07. Para 4 (a) (xi) is not applicable as the Company has not entered into any transactions for purchase of goods or for services, made in pursuance or contracts or agreements entered in the registered maintained U/S. 301 of the Companies Act, 1956 and aggregation to Rs. 50, 000 or more during the year in respect of each party. 08. We have been informed by the management that the Company has not accepted and deposit from the public in violation of Section 58A of the Companies Act, 1956 and Reserve Bank of India directives as applicable. 09. According to information and explanations given to us there is adequate internal audit system corresponding to size and nature of business of the company. 10. According to information and explanation given to us maintenance of cost records is not Compulsory for the Company U/S. 209 (1) (1) (d) of the Companies Act, 1956. 11. Para 4(A) (xvii) is not applicable as the Provisions of provident Fund and ESI Are not applicable to the Company. 12. According to the information and explanations given to there is no undisputed liablility of income tax, Wealth tax, Sales tax, Custom Duty or Excise Duty outstanding on 31st March, 2001 for a period of more than six months from the date they become payable. 13. In our opinion and according to information and explanation given to us no personal expenses of Directors or employees have been charged to the Profit and Loss Account. 14. Para (A) (iii), (iv), (v), (vi), (xii), (xiv), (xx), 4B (ii), (iv) are not applicable as Company is engaged in Softwares development and Infotech activities. 15. The Company has maintained reasonable and adequate records of receipt from Softwares business (Services) and also of issues and consumption of material and stores and allocating materials consumed to the relative jobs, commensurate with the size and nature of the Softwares business of the company. 16. The Company has reasonable system of allocating man hours to be utilised in software job. 17. There is a reasonable system of authorisation at proper levels & adequate system on internal control, control commensurate with the size and the nature of its software business, on issue of stores and allocation of stores & labour to jobs. Place : Ahmedabad For, Naimish K. Shah & Company Date : 01/09/2001 Chartered Accountats Sd/- (Naimish K. Shah) Proprietor