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Alps Bpo Services Ltd.

BSE: 531924 Sector: IT
NSE: N.A. ISIN Code: INE098B01014
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Alps Bpo Services Ltd. (ALPSBPOSERVICE) - Auditors Report

Company auditors report

ALPS INFOSYS LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT To the members of Alps Infosys Limited We have audited the attached Balance sheet of Alps Infosys Limited, Ahmedabad as at 31st march 2003 together with the Profit & Loss Account for the year ended on that date annexed there to and report that: We conducted out audit in accordance with auditing standards generally accepted in India. Those standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test check basis, evidence supporting the amounts and disclosures made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Manufacturing and other Companies (Auditor's report) Order, 1988, issued by the Central Government in terms of Section 227|4A) of the Companies Act, 1956, we give 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 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 accounts as required by the law have been kept by the company so far as it appears from our examination of books of accounts. c. In our opinion, the Balance Sheet & profit and loss account are drawn up in accordance with the accounting standards referred to in Section 211 (3C) of the companies Act, 1956, subject to the Note No. 3 of notes forming parts of the accounts regarding payment/provision of the amount of Gratuity, Provident Fund Payments, Employees' State Insurance Payments: Note No. 11 relating to interest free advance made to parties listed in register maintained under section 301 or Companies under section 370 fl-B) of the Companies Act, 1956 amounting to Rs. 81942/- (Rs. 2006000/- P.Y.) as corporate advance and Rs. 2250000/- (Rs. 2250000/- P.Y.) as security deposit: Note No. 12 relating to non-amortisation of preliminary and public issue exps. and consequent under charge to the profit of the company amount to Rs. 410742/-. Note No. 13 relating to interest free loans and advances to corporate amounting to Rs. 403109497/- (Rs. 393269384/- P.Y). Note No. 14 relating to advances given for land purchase amounting to Rs. 275200000/- where final sale deed of land is pending. Note No. 15 relating to non-provisioning of debtors outstanding for more than one year. d. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts. e. On the basis of written representations received from the directors and taken on records by the Board of Directors we report that none of the directors of the company are disqualified from being appointed as directors of the company under clause (g) of subsection (1) of section 274 of the companies Act, 1956. f. In our opinion and to the best of our information and accounting to the explanation given to us the said accounts subject to the notes thereon gives the information required and gives a true & fair view. (i) In the case of Balance Sheet of the state of affairs of the company as at 31 st March 2003. AND (ii) In the case of Profit and Loss Accounts, of the Loss for the year ended on that date. For A. T. MACWAN & ASSOCIATES Chartered Accountant (ASHIT T. MACWAN) PROPRIETOR MEM.NO: 107891 Place : Ahmedabad Date : 30/08/2003 Annexure to the Auditor's Report (Referred to in paragraph (1) of our report of even date) (i) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The management has physically verified major portion of the assets. No material discrepancies were noticed on such verification. (ii) None of the fixed assets has been revalued during the year. (iii) The stocks of finished goods, stores, spare parts and raw materials have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. (iv) The procedures of physical verification of stocks followed by the management are in our opinion, reasonable and adequate in relation to the size of the company and the nature of its business. (v) On the basis of the records presented before us, there were no material discrepancies noticed on physical verification of stocks, as compared to book records and the same has been properly dealt with in the books of account. (vi) In our opinion and on the basis of our examination, the valuation of stocks is fair and proper and in accordance with normally accepted accounting principles and is on the same basis as in the preceding year. (vii) As explained to us, the Company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 and the companies under the same management within the meaning of erstwhile section 370(1B) of the Companies Act, 1956; (viii) In respect of loans granted, secured or unsecured or unsecured, to companies, firm, or other parties listed in the register maintained under section 301 of the companies act, 1956 or to companies under the same management within the meaning of erstwhile section 370(1-B) of the companies Act, 1956, the company has not charged interest thereon, whether loans granted are as per contractual obligation or otherwise. (ix) In respect of loans and Advances of the nature of loans given by the company, parties have generally not repaid the principal amount, as informed to us, in absence of any stipulation and the company has not charged interest, on most of such loans, during the year. (x) In our opinion, and according to the information and explanations given to us during the course of the audit, there are adequate internal control procedures commensurate with size of the company and the nature of its business for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and with regard to sale of goods. (xi) According to the information and explanation given to us, the transactions for purchases during the year of goods and material or components and sales of goods and service made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies act 1956 as aggregating during the year to Rs. 50000 or more in respect of each of the firms or companies or other parties in which are reasonable having regard to the prevailing market prices for such goods (xii) As explained to us, the company has regular procedure for determination of unserviceable or damaged stores, raw materials, or finished goods and adequate provisions for loss arising on the items so determined have been made in the books of accounts of the company. (xiii) As per the explanations given to us, the company has not accepted deposits from the public during the year. (xiv) In our opinion, reasonable records have been maintained by the company for sale and disposal of realizable scrap and by-products. (xv) In our opinion, the company has and adequate internal audit system commensurate with the size and nature of its business. (xvi) As informed to us, no cost records are prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 (1 of 1956) (xvii) As per information and explanations given to us provident fund and Employees' State Insurance payments are not applicable to the company. (xviii) According to the information and explanation given to us, there were no undisputed amounts payable in respect of income tax, wealth tax. sales tax, customs duty and excise duty which have remained outstanding as at the last day of the financial year; for a period of more than six months from the date they become payable. (xix) According to the information and explanation 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 practice, except for a key man personal insurance premium of the Managing Director amounting to Rs. 221181/- (Rs. 231842/-). (xx) 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 (1 of 1986). (xxi) As informed to us, in relation to the trading activity, there were no damaged goods and therefore no provision for loss of damaged goods has been made. For A. T. MACWAN & ASSOCIATES Chartered Accountant (ASHIT T. MACWAN) PROPRIETOR MEM.NO: 107891 Place : Ahmedabad Date : 30/08/2003

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