uniport computers ltd Auditors report

UNIPORT COMPUTERS LIMITED ANNUAL REPORT 2005-2006 AUDITORS REPORT To the Members, UNIPORT COMPUTERS LIMITED We have audited the attached Balance Sheet of UNIPORT COMPUTERS LTD. As at 31st May, 2006 and the related Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management; Our responsibility is to express an opinion on these financial statements based on our audit. 1. We conducted our audit in accordance with the Auditing Standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section 227(4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. 3. Further to our comments in the Annexure referred to 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 purposes 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 those Books; c) In our opinion, the Balance Sheet and Profit and Loss Account and Cash Flow statement dealt with by this report are prepared in compliance with the Accounting Standards referred in sub-section (3C) of Section 211 of the Companies Act, 1956; d) The Balance Sheet, profit and Loss account and cash flow statement dealt with by this report are in agreement with the books of account. e) On the basis of written representations received from the Directors of the Company, as on 31st May, 2005 from being appointed as a Director in terms of clause (g) of sub-section (t) Section 27 of the Companies Act, 1956 and f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required, and present a true and fair view in conformity with the accounting principles generally accepted in India. (i) In the case of the Balance Sheet, of the state of affairs of the Company as 31, 2005. (ii) In the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and (iii) In so far as it relates to the Cash Flow Statement, of the cash flows of the company for the year ended on that date. For V.S.PARAB & ASSOCIATES CHARTERED ACCOUNTANTS V.S.PARAB PROPRIETOR Place : Mumbai Dated : 26/10/2006 ANNEXURE TO AUDITORS REPORT (Refer paragraph (1) of our report of even date) 1.(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of information available. (b) According to the information and explanation given to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and nature of the assets. No material discrepancies were noticed on such verification. (c) The Company has not disposed off any substantial/major part of fixed assets. 2. The Company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties as listed in the register maintained under Section 301 of the Companies Act, 1956. 3. The Company has, no inventory during the year under audit. 4. In our opinion according to the information and explanation 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 fixed assets. 5. In our opinion and according to the information and explanations given to us, there are no transactions during the year exceeding in value Rs.5 lakhs in respect of any party, which need to be entered in the register maintained under section 301 of the companies act, 1956. 6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public and therefore, the provision of Section 58A of the Companies Act, 1956 and rules there under are not applicable to the company. 7. In our opinion the company has an internal audit system commensurate with it size and the nature of its business. 8. Maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 the applicable to the company. 9. Provisions relating to Provident Fund and Employees State Insurance are not applicable to the company. There has been some delay in depositing statutory dues relating to TDS with the appropriate authorities. 10. The company does not have Accumulated Losses as at 31st May, 2006. 11. No loans have been taken from Banks / Financial Institutions during the year under audit. 12. According to the information and explanations given to us, the company has not granted any loans and advance on the basis of security by way of pledge of shares, debentures and other securities. 13. The provisions of any Special Statute applicable to a chit fund, nidhi or Mutual fund benefit /society are not applicable to the company. 14. The Companys main business is dealing or trading in shares securities, and debentures and other investments. 15. According to the information and explanations given to us, the company has Not given any guarantee for loans taken by others from Banks and Financial Institutions. 16. No term loans has been availed by the company during the year under audit. 17. On the basis of an overall examination of the financial statements of the company, there are no funds raised on a short term basis which have been used for long term investment and vice versa. 18. The company has not made any preferential allotment of shares during the year to any party. 19. The company has not issued any debentures during the year. 20. The company has not raised any money by public Issues during the year. 21. To the best of our knowledge and belief and according to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year. For V. S. PARAB & ASSOCIATES Chartered Accountants V. S. PARAB Partner Place : Mumbai Date : 26th October, 2006