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Nexus Software Ltd.

BSE: 517540 Sector: IT
NSE: N.A. ISIN Code: INE901B01019
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Nexus Software Ltd. (NEXUSSOFTWARE) - Auditors Report

Company auditors report

NEXUS SOFTWARE LIMITED 1999-2000 AUDITOR'S REPORT To The Members of NEXUS SOFTWARE LIMITED Vadodara. We have Audited the attached Balance Sheet of NEXUS SOFTWARE LIMITED as at 31st March,2000 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto and report that: 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, and in terms of information and explanations given to us and on the basis of such checks as we considered appropriate, we enclose in an Annexure hereto a Statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to in Paragraph (1) above, we report that: Reference is invited regarding Non-Compliance of the provisions of section 383A of the companies Act, 1956 and the rules framed thereunder Reference is invited regarding non compliance with AS-15 Accounting for Retirement Benefits in the financial statement of employer. In absence of information relating to liability thereto, affect of the same on Profit and Loss Account and Balance Sheet can not be ascertained. Save as above. in our opinion the Profit and Loss Account and Balance Sheet comply with the Accounting Standard referred to in Section 211 (3C) of the Companies Act., 1956. (a) We have obtained all information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. (b) In our opinion, and subject to observations in para 2(d), Proper Books of Account as required by law have been kept by the Company, so far as appears from our examination of the books of accounts. (c) The Balance Sheet and the Profit and Loss Account referred to in this Report are in agreement with the Books of Account of the Company. (d) Subject to that: i) In respect of certain inoperative bank accounts aggregating Rs.62,545/-, neither bank statement nor confirmation of balances, although called for, have been received. (See Note No.: 2) and ii) The property is yet to be transfer In the name ot the Company. (See Note No.: 3) In our opinion and to the best of our informations and according to the explanations given to us the said Balance Sheet and Profit & Loss Account, read with the other 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 affairs of the Company as at 31st March, 2000 and, (b) In the case of the Profit and Loss Account of the Profit for the year ended on that date . For Mahendra P. Shah & Co. Chartered Accountants Dated: 20/8/2000 (M.P. SHAH) Place: VADODARA PROPRIETOR ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR AUDITOR'S REPORT OF EVEN DATE ON THE ACCOUNTS FOR YEAR ENDED 31ST MARCH,2000 OF NEXUS SOFTWARE LIMITED. 1) The company has not maintained proper records showing full particulars of items wise Assets, Quantity, Location and Depreciation. We are further informed that the same are under preparation. 2) None of the fixed assets have been revalued during the year. 3) The nature of the Company's activities is such that the requirements of item nos.(iii), (iv), (v), and (vi) of Clause A of paragraph 4 of the order are not applicable to the company. 4) The Company has not taken any loans, secured or unsecured from companies as listed in the Register maintained under section 301 of the Companies Act,1956 or from the Companies under the same management as defined under section 370 (1B) of the Companies Act, 1956. The Company has taken unsecured loan form Director, firm and other parties as listed in the Register maintained under section 301 of the Companies Act,1956. The rate of interest and other terms and condition of such loan are prima facie not prejudicial to the interest of the company. 5) The Company has granted loans and advances to companies, firms or other parties listed in the register maintain under Section 301 of the Companies Act,1956. 6) In respect of loans and or advances in the nature of loans given by the Company during the year, I there are no stipulations as to the repayment of principal amount as also to the payment of interest where interest is chargeable. 7) In our opinion and according to the information and explanation given to us, there is adequate internal control procedure commensurate with the size of the Company through personal supervision of the management with regard to purchase of consumable goods, plant and machineries, equipments and other assets and for the sale of goods. 8) In our opinion and according to the information and explanations givens to us, there are transaction for services made in pursuance of arrangement entered in the registers maintained under section 301 of the Companies Act., 1956 as aggregating during the year to Rs.50,000/-or more in respect of each party have been made at price which is reasonable having regard to prevailing market price for such services or price at which transaction for similar services have been made with other parties. 9) As explained to us the company has no stock of unserviceable or damaged goods. 10) The company has not accepted deposits from public during the year therefore provision of section 58 A of the Companies Act,1956 and rules framed thereunder are not applicable to the company. 11) As the company is not a manufacturing company the question of generation of scrap and by- product does not arise. 12) In our opinion, the Company does not have an internal audit system. 13) As explained to us maintenance of cost records has not been prescribed by the Central Government under Section 209(1) (d) of the Company act,1956. 14) As per the information and explanations given to us the provisions of the Employees Provident Fund Act and Miscellaneous Provisions Act,1952 and Employees State Insurance Act 1948 are at present not applicable to the Company. 15) According to the information and explanations given to us no undisputed amount payable in respect of Income Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as on 31st March,2000 for a period of more than six months from the date they became payable. 16) According to the information and explanations given to us no personal expenses of employees or directors have been charged to revenue accounts, other than those payable under contractual obligations of in accordance with generally accepted business practice. 17) The Company is not a sick industry company within the meaning of Clause (o) of Sub Section 1 of Section 3 of the Sick Industrial Companies (Special Provisions) Act,1985. For Mahendra P. Shah & Co. Chartered Accountants Dated: 20/8/2000 (M.P. SHAH) Place: VADODARA PROPRIETOR