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ICES Software Ltd.

BSE: 517502 Sector: IT
NSE: INTCOMTECH ISIN Code: INE171B01019
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ICES Software Ltd. (INTCOMTECH) - Auditors Report

Company auditors report

ICES SOFTWARE LIMITED ANNUAL REPORT 1998-1999 AUDITORS' REPORT To, The Members of ICES SOFTWARE LIMITED We have audited the attached Balance Sheet of M/s. ICES SOFTWARE LIMITED as at 30th June, 1999 and Profit and Loss Account for the year ended on that date and we report as follow : 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 set out in the Annexure a statement on the matters specified in paragraph 4 of the said Order to the extent applicable to the Company. 2) Further to our comments in the Annexure referred to in paragraph 1 above: a) We have obtained all the information and explanation 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 law, have been kept by the Company so far as appears from our examination of the Books of Accounts of the Company. c) The Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the Books of Accounts of the Company and are in compliance with the Accounting Standards referred to in Section 211(3c) of the Companies Ad, 1956 in so far as they are applicable to the Company. d) In our opinion and to the best of our information and according to the explanation given to us, the said Accounts read with and subject to the notes thereon give the information required by the Companies Act, 1956, in the manner so required and present a true and fair view: (i) In the case of Balance Sheet of the State of Affairs of the Company as at 30th June, 1999. (ii) In the case of Profit and Loss Account of the Profit \ Loss for the period ended on that date. FOR D.BURMAN & ASSOCIATES CHARTERED ACCOUNTANTS PLACE: BARODA. DATE : 22/11/1999. DEEPAK BURMAN (PROPRIETOR) ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE PERIOD ENDED 30TH JUNE, 1999 OF ICES SOFTWARE LIMITED. As required by the Manufacturing and Other Companies (Auditors' Report) Order,1988 and in terms of information and explanations given to us and on the basis of such checks as we considered appropriate, we further state that : The Company has maintained proper records showing full particulars including quantitative details and location of Find Assets. All the assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and nature of the assets. No material discrepancies have been noticed on verification. 1. None of the Fixed Assets have been revalued during the year. 2. As the Company's main object involves rendering Computer Software engineering and allied services there is no purchase and sale of raw materials or finished goods. Hence the requirements of reporting on physical verifications of Stock of finished goods, semi finished goods, raw materials, stores and spare parts by the management and material discrepancies in such physical verification and also the requirement of valuation of stock, in our opinion does not arise. Hence, Clause (iii), (iv), (v), (vi) of MAOCARO 1988 are not applicable. 3. In our opinion and according to the information and explanations given to us the prices paid for purchase of goods and Material and sale of goods material and services, made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Ad, 1956 and aggregating during the year to Rs.50000/- or more in the prevailing market prices for such goods materials or services have been made with other parties or as available with the Company. 4. The Company has not taken any loans from Companies firms or other parties listed in the register maintained Under Section 301 of the Companies Act, 1956. There are no Companies under the same management as defined under Sub-Section (1 B) of Section 370 of the said Act. 5. The Company has not given advances in the nature of loans to any parties listed in the register maintained under section 301 of the Companies Act, 1956. There are no Companies under the same Management as defined under sub-section (1B) of Section 370 of the said Ad. 6. As informed and explained by the management, Loans and Advances include various Trade Advances during previous years. As per the information and explanations given to us, these advances are considered good and are recoverable in normal course of business. 7. In our opinion and according to the information and explanation given to us during the course of audit, there are adequate internal control procedures commensurate with the size of the Company and nature of its business. 8. The Company has not accepted any deposits within the meaning of Public Deposit and consequently and provisions of Section 58A of the Companies Act, 1956 and companies (Acceptance of Deposit) Rules 1975 and the directives issued by Reserve Bank of India are not applicable. 9. Capital Work in Progress Rs. 10073633/- include advances for Capital items paid to the Companies where one or more directors are interested. However as informed by the management these companies are not under same management as defined u/s. 370 1(B) of the Companies Act, 1956. 10. In our opinion, the Company has reasonable internal Audit system commensurate with the size of the Company & nature of its business. 11. We are informed that the Central Government has not prescribed maintenance of cost records under section 209 (I) (d) of the Companies Act, 1956. 12. The Provident Fund dues are generally being deposited with the appropriate authorities periodically. 13. As per the records of the Company and information and explanation given to us, there are no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom / Excise Duty outstanding as at the last date of period ending 30th June, 1999, for a period of more than six months from the date they become payable. 14. During the course of our examination of the Books of Accounts and on the basis records examination by us, we are of the opinion that on personal expenses have been charged to the Revenue Account other than those payable under Contractual obligation or in accordance with generally accepted business practice. 15. The company is not 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. 16. The Company has not granted Loans and Advances on the basis of security by way of pledge of shares, debenture and other securities, and the provisions of any special status applicable to the Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company. FOR D.BURMAN & ASSOCIATES CHARTERED ACCOUNTANTS PLACE: BARODA. DATE : 22/11/1999. DEEPAK BURMAN (PROPRIETOR)