shalibhadra infosec ltd share price Auditors report
SHALIBHADRA INFOSEC LIMITED
ANNUAL REPORT 2000-2001
AUDITORS REPORT
To,
The Shareholders,
We have audited the attached Balance Sheet of SHALIBHADRA INFOSEC LIMITED
as at 30th September, 2001 and also the annexed Profit and Loss Account for
the year ended on that date and report that:
1. As required by the manufacturing and other companies (Auditors Reports)
Order 1988 issued by the Company law Board and terms and section 227 (4A)
of the Companies Act, 1956 and on the basis of such checks as we considered
appropriate, we enclose in the annexure a statement on the matters
specified in paragraph 4 & 5 of the said order.
2. Further to our comments in the annexure referred to in the paragraph 1
above, we state that:
a) We have obtained all the information and explanations which to the best
our knowledge and belief were necessary for the purpose of audit.
b) In our opinion proper books of account as required by low have been kept
by the Company, so far as appears from our examination of the books.
c) The Balance Sheet and Profit and Loss Account dealt with by this report
are in agreement with the books and account.
d) In our opinion the Profit and Loss Account and Balance Sheet complies
with the accounting standard referred in Sec.211 (3C) of the Companies Act,
1956.
e) In our opinion and as per the information and according to the
explanations given to us, no director is disqualified from being appointed
as a director under clause (g) of sub-section (1) of Section 274.
f) In our opinion and to the best of our information and according to the
explanations given to us the Balance Sheet and Profit and Loss Account read
together with notes thereon and attached thereto give the information
required by the Companies Act, 1956 in the manner so required and give a
true and fair view:
i) in the case of Balance Sheet of the state of affairs of the Company as
at 30th September, 2001 and
ii) in the case of Profit and Loss Account of the profit of the Company for
the year ended on 30th September, 2001.
FOR, MITESH P. VORA & CO.,
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD (MITESH P. VORA)
DATE : 01/03/2002 PROPRIETOR
ANNEXURE TO AUDITORS REPORT SHALIBHADRA INFOSEC LIMITED 30-09-2001
ANNEXURE TO OUR REPORT OF EVEN DATE TO THE SHARE HOLDERS
1. The Company has maintained proper records including quantitative detail
and situation of fixed assets. According to the information an explanations
given to us, fixed assets were physically verified by the management during
the year and no material discrepancies were noticed of such verification as
compared to the available records. In our opinion, the frequency of such
verification is reasonable having regard to the size of the Company and
nature of the business.
2. None of the assets have been revalued during the year under review.
3. According to information given to us, the management has conducted
physical verification of stock of shares and securities at reasonable
intervals and the same are verified at the end of the year. However no
evidences regarding such verification etc. is produced before us. The
shares and stocks; and stock register is not produced before us for
verification.
4. According to information given to us the procedures of physical
verification of stocks of shares and securities followed by the management
are reasonable and adequate in relation to the size of the Company and the
nature of its business. However no evidences regarding such verification
etc. is produced before us.
5. According to information given no material discrepancies were noticed on
verification between the physical verification of stocks of shears and
securities and the book records. However no evidences regarding such
verification etc. is produced before us.
6. On the basis of our examination, we are of the opinion that the
valuation of the stocks of shares and securities is fair and proper in
accordance with the normally accepted accounting principles and is on the
same basis as in the preceding year.
7. The rate of interest and terms and conditions of the loans taken by the
Company are not prima facie prejudicial to the interest of the Company.
8. As per the information and explanations given to us the Company has not
granted unsecured loans to the Companies, firms or other parties listed in
the register maintained under section 301 of the Companies Act, 1956 to
companies under the same management within the meaning of section 370 (1-B)
of the Companies Act, 1956. However no interest charged on directors debit
balance.
9. The terms and conditions regarding interest and repayment of loans are
not produced before us. So we can not comment whether the loans and
advances in the nature of loan given by the Company are prejudicial to
the interest of the Company. No interest is charged in some of the loans.
10. In our opinion and according to the information and explanation given
to us there are adequate internal control procedures commensurate with the
size of the Company and nature of its business with regard to the purchase
of stores, raw materials, components, plant & machinery equipment and
other assets and with regard to the sale of shares and securities.
11. According to the explanation given to us, the transactions of purchase
of shares and securities and other investment and services made by the
Company in pursuant of contracts or arrangement entered in the register
maintained under section 301 of the Companies Act, 1956 aggregation during
the year to Rs.50000/- on more in respect of such party have been made
at price which are reasonable having regard to prevailing market price
for such shares and securities or services.
12. In our opinion and according to the information and explanation given
to us the Company has not invited deposit from public for which provision
of section 58A of the Companies Act, 1956 are applicable.
13. considering the scope of work of the Company, the Company does not
require any internal audit system.
14. According to informations given to us provident fund act and employee
state insurance act are yet not applicable to the Company.
15. According to the information and explanation given to us and the books
and records examined by us, there are no undisputed amount payable in
respect of income-tax, sales tax, customs duty outstanding as at 30th
September, 2001 for a period exceeding six month form the date they become
payable.
16. According to the information and explanations given to us, no personal
expenses of employees or directors have been charged to revenue account,
other than those payable under contractual obligations or in accordance
with generally accepted business practices.
17. The Company is not a sick industrial Company within the meaning of
clause (o) of subsection (1) of section 3 of the sick industrial companies
(Special Provision) Act, 1985.
18. In our opinion and according to the information and explanation given
to us, the nature of services rendered by the Company does not require any
allocation of man-hours.
19. We are informed that the provisions of special statues applicable to
the Chit Fund, Nidhi or Mutual Benefit Society are not Applicable to the
Company.
20. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other similar
securities.
21. In our opinion, the Company has maintained proper records of the
transaction and contractors relating to dealing or trading in shares
debentures and other securities and timely entries have been made therein.
We can not verify whether the investments/shares/stocks are held in the
name of the Company because neither the shares etc. nor investment stock
register is produced before us.
22. In our opinion, sub-clauses (xii) and of clause (A) Sub-clauses (ii)
and (iv) of clause (B) and Sub-clause (ii) of Clause (C) of para 4 of the
aforesaid order are not applicable to the Company for the year under
review.
FOR, MITESH P. VORA & CO.,
CHARTERED ACCOUNTANTS
PLACE: AHMEDABAD (MITESH P. VORA)
DATE : 01/03/2002 PROPRIETOR