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Eonour Technologies Ltd.

BSE: 532308 Sector: IT
NSE: N.A. ISIN Code: INE352B01023
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Eonour Technologies Ltd. (EONOURTECHNLGY) - Auditors Report

Company auditors report

EONOUR TECHNOLOGIES LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT To The shareholders of Eonour Technologies Limited We have audited the attached Balance Sheet of M/S. EONOUR TECHNOLOGIES LIMITED as at 31st March, 2003 and also the Profit &Loss Account for the year ended that date annexed thereto and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our Audit. We conducted our audit in accordance with 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion. We report that: (i) 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. (ii) In our opinion proper books of account as required by taw, have been kept by the company so far as appears from our examination of those books, and audited returns in respect of Singapore and US office's adequate for the purposes of our audit have been received from Branches not visited by us. (iii) The company's Balance Sheet and profit & Loss account and the cash flow statement dealt with by this report are in agreement with the books of account and with the audited returns from the Branches. (iv) The company's Balance sheet and Profit and Loss account dealt with by this report comply with the Accounting Standards referred to in section 211(3C) of the Companies Act, 1956 so far as applicable. (v) On the basis of declarations from the Directors of the company as at March 31,2003,and taken on record by the Board of Directors of the company, no Director is disqualified from being appointed as Director of the company under Section 274(1)(g) of the Companies Act, 1956. We further report that: 1. In respect of Sundry Debtors Rs.185,629,840 (Sing $13,375,186) relating to Singapore Branch, the Branch auditors have in their report stated that in ascertaining the validity of the amount included in the financial statements they have only relied on the confirmation of the balances that the company has received from their debtors and that the directors of the company confirmed that as to date Rs.144,172,724 (sing $5,351,623) have been collected and they had no other alternative audit procedures to ascertain the recoverability of the said amounts. 2. In respect of Sundry Debtors Rs.2,70,00,000 relating to Chennai, with, no subsequent receipts, we have relied on the confirmation of balances obtained by the company directly from the debtors. 3. In respect of loans and advances aggregating Rs.5,073,298 with no subsequent receipts, we have relied on the confirmation of balances obtained by the company directly from the parties. 4. In respect of Sundry creditors aggregating Rs.45,62,794 there are no subsequent payments as well as confirmation of balance from the parties and in respect of Sundry creditors aggregating Rs.38279281 with no subsequent payments, we have relied on the conformation of balance obtained by the company directly from the parties. 5. Travelling expenses Incurred by executives of the company are evidenced by Credit Card charge slips only and no supporting evidences like bills are available to the extent of Rs.5,62,044. Subject to the above, in our opinion and to the best of our Information and according to the explanations given to us, the said accounts read with the notes thereon, give the Information required by the Companies Act, 1956 in the manner so required and give a true and fair view: a) In the case of the Balance sheet of the state of the company's affairs as at 31st March, 2003; b) In the case of Profit and Loss account of the PROFIT for the year; c) In the case of cash flow statement of the cash flows for the year ended on that date. As required by the Manufacturing and Other Companies (Auditors Report) order, 1988, issued by the Central Government under section 227(4A) of the Companies Act, 1956 we have to report that: 1. The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. The fixed assets have been physicaliy verified by the management during the year and no material discrepancies were noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. The management has carried out physical verification in respect of stocks during the year and the frequency of Verification is reasonable. 4. The procedure of verification of stocks followed by the company is reasonable and adequate having regard to the size of the company and the nature of its business. 5. The discrepancies noticed on verification between the book stock and physical stocks were not material. 6. On the basis of our examination, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the previous year. 7. The company has taken loans, unsecured loans from directors listed in the register maintained under section 301 of the Companies Act, 1956 and from two companies under the same management as defined under section 370(1B) of the Companies Act, 1956. The rate of interest and other terms and conditions of such loans are not prima-facie prejudicial to the interest of the company. 8. The company has granted interest free unsecured loans to its subsidiary and to a company under the same management, as defined under sub-section 1B of section 370 of the Companies Act, 1956-The other terms and conditions of such loans are not prima-facie prejudicial to the interest of the company. 9. The parties to whom the loans or advances in the nature of loans, have been given by the company are repaying the principal amounts as stipulated and are also generally regular in the payment of interest, where stipulated. 10. The company has to strengthen its Internal control procedures commensurate with the size of the company and nature of its business for the purchase of components, plant and machinery and other assets and for sale of software. 11. In respect of purchases and sate of software to companies, made in pursuance of a contract entered in the register maintained under section 301 the prices are not comparable in view of the Customised software developed to customer requirements. There are no Purchase of goods and material and sale of services made in pursuance of contracts/arrangement entered in the register maintained under section 301 of the Companies Act, 1956. 12. The company has not accepted any deposits from the public. 13. The company has an Internal audit system commensurate with the nature and size of its business. 14. The Central Government has not prescribed the Maintenance of cost records by the company under section 209(1)(d) of the Companies Act, 1956. 15. There has been delays in depositing provident fund dues during the year. The arrears of Provident Fund payable as at 31st March, 2003 is Rs.8,45,627, which have been paid subsequently. We are informed that the provisions of ESI Act are not applicable to the company. 16. As per information and explanations given to us, the company does not have any undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duly, excise duty for a period of more than six months from the date they became payable. 17. As per information and explanation given to us, personal expenses have not been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 18. The company is not a sick industrial company with in the meaning of clause (O) of sub-section(1) of section 3 of Sick Industrial Companies (Special Provisions) Act, 1985. 19. Items A(ix), (xii), (xiv) of Para 4 of the manufacturing and other companies (auditors report) order 1988, issued by the Central Government under section 227(4A) of the Companies Act, 1956 are not applicable to the company. 20. In respect of its service activities, the company has a reasonable system that provides for a reasonable allocation of man-hours consumed to the relative jobs commensurate with its size and nature of its business. For N.R. Suresh & Co. Chartered Accountants Place: Chennai N.R. Suresh Date : 6th September, 2003 Partner CASH FLOW NOTES: 1. The above Cash Flow Statement has been prepared under the Indirect method as set out in the Accounting Standards 3 issued by The Institute of Chartered Accountants of India on Cash Flow Statements.