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Netvision Web Technologies Ltd.

BSE: 532010 Sector: IT
NSE: N.A. ISIN Code: INE286D01011
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Netvision Web Technologies Ltd. (NETVISIONWEB) - Auditors Report

Company auditors report

NETVISION WEB TECHNOLOGIES LIMITED ANNUAL REPORT 2005-2006 AUDITORS' REPORT TO, THE MEMBERS OF NETVISION WEB TECHNOLOGIES LIMITED 1. We have audited the attached Balance sheet of NETVISION WEB TECHNOLOGIES LIMITED as at 31st March, 2006 and also the 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 Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. 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 disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimate made by managements, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors' report) Order, 2003 issued by the central Government of India in terms of sub Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the annexure a statements on the matters specified in paragraph 4 of the said Order. 4. 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 accounts as required by law, have been kept by the Company so far as appears from our examination of those books. (c) The Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable except. The company has not accounted for retirement benefits arising on account of gratuity payable to employees, the amount of which is not ascertainable. This is contrary to the Accounting Standard AS - 15' Accounting for Retiring Benefits in the Financial Statement of employer' issued by the Institute of Chartered Accountants of India. The effect of this on profit & liability could not be ascertain. (d) On the basis of written representations received from the directors, as on 31st March, 2006 and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31st March, 2006 from being appointed as a director in terms of Clause (g) of sub Section (I) of Section 274 of the Companies Act, 1956; (e) 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 and documents annexed thereto five the information required by the Companies Act, 1956, in the manner so required, Subject to the remark that: (i) No provision is made for net amount of fixed deposit of Rs. 386.11 lacs with Kuber Co-Op. Bank Ltd. Together with interest of Rs. 109.17 lacs accrued thereon, reliability of which in our opinion, is doubtful as the bank has discontinued its operation. AS a result of this Loss for the year are understated by Rs. 495.28 Lacs and reserves are overstated by the same amount. (ii) No provision is made in the account for liability of Rs. 1.75 lacs In respect of Fringe Benefit Tax. The effect of (i) & (ii) above is that loss for the year is understated and reserved are overstated by Rs. 497.03 Lacs. Assets are overstated by Rs. 495.88 and liabilities are understated by Rs. 1.75 Lacs. (iii) We are unable to form opinion about realisability of investments of Rs. 801.67 lacs in shares for the reasons stated in Note No. 'H' of Schedule 19. Give a true and fair view in conformity with the accounting principles generally accepted in India: (a) In the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2006; (b) In the case of Profit & Loss Account of loss for the year ended on that date; and (c) In case of cash flow statement, of the cash flows for the year ended on that date. For U.M. JINTANWALA & CO. CHARTERED ACCOUNTANTS PLACE : AHMEDBAD DATED : 04.09.2006 Sd/- Umesh M. Jintanwala PROPRIETOR ANNEXURE TO AUDITORS' REPORT (Referred to in paragraph (3) of our report of even data) (i) In respect of its Fixed Assets: (a) The Company is in the process of preparing fixed asset register showing full particulars including quantitative details and situation of fixed assets. (b) The fixed assets have been physically verified by the management during the year, according to the information and explanation given to us no material discrepancies were noticed on such verification. (c) In our opinion the company has not disused off substantial part of fixed assets during the year. (ii) In respect of its Inventories: (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The Procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature n its business; (c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. (iii) In respect of Loans, secured or unsecured, granted or taken by the company, to or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Company has not granted loans, secured or unsecured, to companies covered in the register maintained under Section 301 of the Companies Act, 1956. Hence clause iii (a) to (d) are not applicable. (b) The company has taken loans from directors listed in the register maintained under Section 301 of The Companies Act, 1956. The Maximum balance involved during the period 37542089/- and year end balance is Rs. 35892897/-. (c) In our opinion and according to the information and explanations given to us, the rate of interest wherever applicable and other terms and conditions of the loans obtained are not prime facie prejudicial to the interest to the company. (d) In respect of loans taken by the company, there are no overdue amounts. (iv) 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 for the purchase of inventory and fixed assets and with regard to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control. (v) In respect of transactions covered under Section 301 of the Companies Act, 1956: (a) The transactions that need to be entered in the register in pursuance of sections 301 of the Companies Act, 1956 have been so entered. (b) None of the said transaction are exceeding the value of five lacs rupees. (vi) The Company has not accepted deposits from the public within the meaning of Section 58A and Section 58AA of the Companies Act, 1956 and the Rules framed there under. We are informed that no Order has been passed by the Company Law Boards or National Company Law Boards or Reserve Bank of India or any court or other Tribunal. (vii) In our opinion, the Company did not have formal internal audit system during the year. However its internal checks are adequate. (viii) The Central Government has not prescribed for maintenance of cost records under section 209(1)(d) of the Companies Act, 1956. (ix) (a) In our opinion and according to the information and explanation given to us, the company has been regular in depositing undisputed statutory dues with the appropriate authorities in respect of provident fund, employee's state insurance, income-tax, wealth tax, investor Education and Protection fund and other material statutory dues applicable to it, except professional tax. Further since the Central Government has till date not prescribed the amount of cess payable u/s 441 A of Companies Act, 1956, we are not in a position to comment upon the regularity of otherwise of the Company in deposition the same. i. According to the information and explanations given to us, no undisputed amounts payable in customs duty, excise duty, and cess were in arrears, as at 31st March 2006 for a period of more than six month for the date they became payable except for in the case of professional tax, Rs. 27813/- which outstanding for more than six months as at 31st March, 2006. ii. According to the information and explanations given to us, there ate no dues of income tax, wealth tax, sales tax, excise duty, custom duty and cess which have not been deposited on account of any dispute. (x) The Company has accumulated losses as at Match 31, 2006 and has not incurred cash losses during the year of during the immediate preceding financial Year. (xi) The Company has not defaulted in repayments of any dues to Financial Institution of Banks or debenture holders except amount of overdraft of Rs. 113.89 Lac due to Kuber Co-op. Bank Ltd (See Note No. `g' in Schedule (19). (xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The company is nod dealing in or trading in shares securities, debenture and other Investment. (xiv) According to the information and explanation given to us, the company has not provided guarantees for loans taken by others from banks and financial institutions. (xv) In our opinion, the term loans have been applied for the purpose for which they were raised. (xvi) According to records examined by and the information and explanations given to us, on an overall basis, funds raised on short-term basis have not, prime facie, been used during the year for long term investments. (xvii) During the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. (xviii) There are not debentures issued and outstanding during the year. (xix) During the year, the Company has not raised money by public issue(s). (xx) 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 was noticed or reported during the year. (xxi) The nature of the Company's activities is such that the requirements of clauses (xiii) or paragraph 4 of the Order are not applicable. For U.M. JINTANWALA & CO. CHARTERED ACCOUNTANTS PLACE : AHMEDBAD DATED : 04.09.2006 Sd/- Umesh M. Jintanwala PROPRIETOR