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Proline Software & Finance Ltd.

BSE: 531955 Sector: IT
NSE: N.A. ISIN Code: INE303B01018
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Proline Software & Finance Ltd. (PROLINESOFTWARE) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 PROLINE SOFTWARE & FINANCE LIMITED AUDITORS REPORT TO THE SHAREHOLDERS OF PROLINE SOFTWARE & FINANCE LIMITED. We have audited the attached Balance Sheet of PROLINE SOFTWARE & FINANCE LIMITED, New Delhi as at 30th September, 1999 and also the attached Profit & Loss Account for the year ending on that date 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, we enclose in the annexure a statement on the matters specified in the paragraph 4 & 5 of the said order. 2. Further to our comments in the annexure referred to in paragraph 1 above: 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 law have been kept by the Company as far, as appears from our examination of the Books. c) The Company's Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts. 3. In our opinion and to the best of our information and according to the explanations given to us, the accounts 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 Balance Sheet of the state of affairs of the Company as at 30th September, 1999. b) In the case of the Profit and Loss Account of the Loss for the year ended on that date. For AGARWAL SUDEEP & CO. CHARTERED ACCOUNTANTS Sd/- (SUDEEP AGARWAL) PROPRIETOR PLACE: NEW DELHI DATED: 24th NOVEMBER, 1999 ANNEXURE REFERRED TO IN PARAGRAPH 1 OUR REPORT OF EVEN DATE 1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. The programme of verification of fixed asses is reasonable having regard to the size of the company and nature of its assets except in case of assets leased out. No material discrepancies were notified on verification. 2. None of the fixed assets have been revalued during the year. 3. As explained to us, the Company is not having stock during the period under audit. 4. According to the information & explanations given to us the Company has taken loans secured or unsecured from firms or parties listed in the register maintained under section 301 of the Companies Ad, 1956 and from Companies under the same management as definded under sub section ( 1 B) of section 370 of the Companies Act, 1956, 1956. The terms and conditions of of such loans are not prejudicial to the interest of the company. 5. According to the information & explanations given to us the company has not given loan secured or unsecured to firms or parties listed in the register maintained under Section 301 and to the companies under the same management as defined under sub section ( 1 B) of section 370 of the Companies Act, 1956. 6. In respect of loans and advances in the-nature of loans and hire/lease rentals, the parties are generally repaying the principal as well as interest as stipulated except in case of lease rentals against bottles leased out. 7. In our opinion and according to the information and explanations given to us, the internal control procedure regarding purchase of plant machinery, equipment and other assets and for the sale of goods are adequate. 8. In our opinion and according to the information and explanations given to us the transactions of purchase and sale of goods/ securities, in pursuance of contracts or arrangements entered in the register(s) 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 prices which are reasonable having regard to the prevailing market prices for such goods/securities and such transactions are not prima-facie prejudicial to the interest of the Company. 9. In our opinion and according to the information and explanations given to us, the Company has no accepted any deposits from the public within the meaning of Section 58A of the Companies Act, 1956. 10. The Company has an adequate Internal audit system commensurate with its size and nature of its business. 11. The company has been regular in depositing the Provident Fund and Employees State Insurance dues with the appropriate authorities. 12. The Central Government has not prescribed maintenance of the Cost Records under Section 209(1 )(d) of the Companies Act, 1956 for any of the activities of the Company. 13. According to the information and explanations 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 at the last date of accounting year for a period of more than six months from the date they became payable except Income Tax demand of Rupees 79,858.00 for A.Y. 1993-94 and Rupees 32,914.00 for A.Y. 1994-95. 14. According to the information and explanations 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. 15. The Company is not a Sick Industrial Company within the meaning of clause (O) of sub-section (3) of the Sick Industrial Companies (Special Provision) Act, 1985(1 of 1986). 16. In our opinion the company is maintaining proper records in respect of transactions of loans and advances granted on basis of security by way of pledge of shares, debentures and other securities. 17. In our opinion and according to the information & explanations given to us, the company has maintained proper records of transactions and contracts relating to dealings in shares, securities, debentures and other investments that have been held by the company in its own name or in the due course of being transferred in its name except to the extent of the exemption if any granted under section 49 of the Companies Act, 1956. 18. There is a reasonable system of authorisation at proper levels and an adequate system of internal control commensurate with the size of the Company and the nature of its business in respect of allocation of labour jobs and allocation of man hours utilised to the relative jobs. For AGARWAL SUDEEP & CO. CHARTERED ACCOUNTANTS Sd/- (SUDEEP AGARWAL) PROPRIETOR PLACE: NEW DELHI DATED: 24th NOVEMBER, 1999