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Shalibhadra Infosec Ltd.

BSE: 531773 Sector: IT
NSE: N.A. ISIN Code: INE302B01010
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Shalibhadra Infosec Ltd. (SHALIBHADRAINFO) - Auditors Report

Company auditors report

SHALIBHADRA INFOSEC LIMITED ANNUAL REPORT 2000-2001 AUDITORS' REPORT To, The Shareholders, We have audited the attached Balance Sheet of SHALIBHADRA INFOSEC LIMITED as at 30th September, 2001 and also the annexed Profit and Loss Account for the year ended on that date and report that: 1. As required by the manufacturing and other companies (Auditors' Reports) Order 1988 issued by the Company law Board and terms and section 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate, we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order. 2. Further to our comments in the annexure referred to in the paragraph 1 above, we state that: a) We have obtained all the information and explanations which to the best our knowledge and belief were necessary for the purpose of audit. b) In our opinion proper books of account as required by low have been kept by the Company, so far as appears from our examination of the books. c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books and account. d) In our opinion the Profit and Loss Account and Balance Sheet complies with the accounting standard referred in Sec.211 (3C) of the Companies Act, 1956. e) In our opinion and as per the information and according to the explanations given to us, no director is disqualified from being appointed as a director under clause (g) of sub-section (1) of Section 274. f) In our opinion and to the best of our information and according to the explanations given to us the Balance Sheet and Profit and Loss Account read together with notes thereon and attached thereto give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: i) in the case of Balance Sheet of the state of affairs of the Company as at 30th September, 2001 and ii) in the case of Profit and Loss Account of the profit of the Company for the year ended on 30th September, 2001. FOR, MITESH P. VORA & CO., CHARTERED ACCOUNTANTS PLACE: AHMEDABAD (MITESH P. VORA) DATE : 01/03/2002 PROPRIETOR ANNEXURE TO AUDITORS REPORT SHALIBHADRA INFOSEC LIMITED 30-09-2001 ANNEXURE TO OUR REPORT OF EVEN DATE TO THE SHARE HOLDERS 1. The Company has maintained proper records including quantitative detail and situation of fixed assets. According to the information an explanations given to us, fixed assets were physically verified by the management during the year and no material discrepancies were noticed of such verification as compared to the available records. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and nature of the business. 2. None of the assets have been revalued during the year under review. 3. According to information given to us, the management has conducted physical verification of stock of shares and securities at reasonable intervals and the same are verified at the end of the year. However no evidences regarding such verification etc. is produced before us. The shares and stocks; and stock register is not produced before us for verification. 4. According to information given to us the procedures of physical verification of stocks of shares and securities followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. However no evidences regarding such verification etc. is produced before us. 5. According to information given no material discrepancies were noticed on verification between the physical verification of stocks of shears and securities and the book records. However no evidences regarding such verification etc. is produced before us. 6. On the basis of our examination, we are of the opinion that the valuation of the stocks of shares and securities is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. The rate of interest and terms and conditions of the loans taken by the Company are not prima facie prejudicial to the interest of the Company. 8. As per the information and explanations given to us the Company has not granted unsecured loans to the Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 to companies under the same management within the meaning of section 370 (1-B) of the Companies Act, 1956. However no interest charged on directors debit balance. 9. The terms and conditions regarding interest and repayment of loans are not produced before us. So we can not comment whether the loans and advances in the nature of loan given by the Company are prejudicial to the interest of the Company. No interest is charged in some of the loans. 10. In our opinion and according to the information and explanation given to us there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to the purchase of stores, raw materials, components, plant & machinery equipment and other assets and with regard to the sale of shares and securities. 11. According to the explanation given to us, the transactions of purchase of shares and securities and other investment and services made by the Company in pursuant of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 aggregation during the year to Rs.50000/- on more in respect of such party have been made at price which are reasonable having regard to prevailing market price for such shares and securities or services. 12. In our opinion and according to the information and explanation given to us the Company has not invited deposit from public for which provision of section 58A of the Companies Act, 1956 are applicable. 13. considering the scope of work of the Company, the Company does not require any internal audit system. 14. According to informations given to us provident fund act and employee state insurance act are yet not applicable to the Company. 15. According to the information and explanation given to us and the books and records examined by us, there are no undisputed amount payable in respect of income-tax, sales tax, customs duty outstanding as at 30th September, 2001 for a period exceeding six month form the date they become payable. 16. 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 practices. 17. The Company is not a sick industrial Company within the meaning of clause (o) of subsection (1) of section 3 of the sick industrial companies (Special Provision) Act, 1985. 18. In our opinion and according to the information and explanation given to us, the nature of services rendered by the Company does not require any allocation of man-hours. 19. We are informed that the provisions of special statues applicable to the Chit Fund, Nidhi or Mutual Benefit Society are not Applicable to the Company. 20. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other similar securities. 21. In our opinion, the Company has maintained proper records of the transaction and contractors relating to dealing or trading in shares debentures and other securities and timely entries have been made therein. We can not verify whether the investments/shares/stocks are held in the name of the Company because neither the shares etc. nor investment stock register is produced before us. 22. In our opinion, sub-clauses (xii) and of clause (A) Sub-clauses (ii) and (iv) of clause (B) and Sub-clause (ii) of Clause (C) of para 4 of the aforesaid order are not applicable to the Company for the year under review. FOR, MITESH P. VORA & CO., CHARTERED ACCOUNTANTS PLACE: AHMEDABAD (MITESH P. VORA) DATE : 01/03/2002 PROPRIETOR