sunrise liquidity ltd share price Auditors report

WEBSITY INFOSYS LIMITED ANNUAL REPORT 2000-2001 AUDITORS REPORT TO THE MEMBERS We have audited the attached Balance Sheet of WEBSITY INFOSYS LTD. as at 31st March, 2001 and the Profit and Loss Account for the year ended on that date alongwith notes and schedules thereto and report that: 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 said order to the extent applicable. 2. Further to our comments in the Annexure referred to in paragraph (1) 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 account 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 Profit and Loss Account dealt with by this report are in agreement with the books of account. d) In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable. e) On the basis of written representations received from the Directors of the Company and taken on record by the Board of Directors, we report that none of the directors is disqualified from being appointed as director of the Company under Clause(g) of sub-section(1) of Section 274 of Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us the said accounts, read together with notes thereon, 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 of the state of affairs of the Company as at 31st March, 2001 and; * In the case of the Profit and Loss account of the profit for the year ended on that date. FOR RAJIV PRAKASH & CO. (CHARTERED ACCOUNTANTS) Sd/- (RAJIV SHARMA) Place: New Delhi PROPRIETOR Date : 31.08.2001 ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS OF M/S. WEBSITY INFOSYS LIMITED FOR THE YEAR ENDED 31ST MARCH, 2001. 1. The Company has maintained proper records to show full particulars including quantitative details and situation of all fixed assets. All the assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification. 2. None of the fixed assets of the Company have been revalued during the year. 3. The stocks of finished goods, stores, spare parts and raw-materials including components of the Company at all its locations other than in transit have been physically verified by the Management. 4. The procedures explained to us, which are followed by the management for physical verification of the above referred stocks, are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business. 5. According to the records produced to us for our verification, the discrepancies noticed on physical verification of stocks were not material as compared to book records and the same have been properly dealt with in the books of account. 6. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair and proper in accordance with normally accepted accounting principles, and is on the same basis as in the previous year. 7. According to the information and explanations given to us, the Company has not taken and loans from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. However, after the commencement of Companies (Amendment) Act, 1999, nothing contained in section 370 is applicable to the Company. 8. According to the information and explanations given to us by the management, the Company has not granted any loans, secured or unsecured to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. However, after the commencement of Companies (Amendment) Act, 1999, nothing contained in section 370 is applicable to Company. 9. In respect of Loans and Advances in the nature of loans given to employees and other, the parties are regularly repaying the principal amounts during the year as stipulated in the terms of agreement and are also regular in the payment of interest, where charged. 10. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of stores, raw materials, components, plant and machinery, equipments and other assets and also for the sale of goods. 11. According to the information and explanations given to us, there were no transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the registered maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.50,000/- or more in respect of each party. 12. As explained to us, the Company has a regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. 13. The Company has not accepted any fresh deposits from the public during the year. Subject to the Notes to Account No.II (1) of Schedule XIV, the Company has complied with the provisions of section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules 1975 with regard to the deposits accepted from the public in past. 14. As informed to us the Company is engaged in the IT business and the operations of the Company do not produce any scrap & by-products and hence the maintenance of records for scrap & by-products in our opinion is not applicable. 15. In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business. 16. The maintenance of costs records under Section 209(1) (d) of the Companies Act, 1956 is not applicable to the Company. 17. According to the records of the company, Provident Fund and Employees State Insurance dues wherever applicable have been regularly deposited during the year with appropriate authorities. 18. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax and Custom Duty were outstanding as on 31.03.2001 for a period of more than six months from the date they become payable. 19. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices, we have not come across any personal expenses which have been charged to Profit & Loss Account other than those payable under contractual obligations. 20. The Company is not a sick industrial company within the meaning of Clause (o) of Sub-section(1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 21. As explained to us, in respect of goods traded in, the company has a reasonable systems for the determination of damaged goods and in our opinion, adequate provisions have been made in the accounts for the loss arising on the items so determined. FOR RAJIV PRAKASH & CO. (CHARTERED ACCOUNTANTS) Sd/- (RAJIV SHARMA) PROPRIETOR Place: New Delhi Date : 31.08.2001