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Sri Chakra Financial Services Ltd.

BSE: 507920 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Sri Chakra Financial Services Ltd. (SRICHAKRAFIN) - Auditors Report

Company auditors report

SRI CHAKRA INFOWAYS LIMITED ANNUAL REPORT 1999-2000 AUDITOR'S REPORT To The Members, M/s. SRI CHAKRA INFOWAYS LIMITED We have audited the attached Balance Sheet of M/s. Sri Chakra Infoways Limited (formerly Known as Sri Chakra Financial Services Limited) as at 31st December, 2000 and also the Profit and Loss Account of the Company for the period ended on that date annexed thereto and report that: 1. As required by the Manufacturing and other Companies (Auditor's Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4) of the Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said Order: 2. Further to the 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 so far as appears from our examination of the books. c. The Balance Sheet and Profit and Loss Account dealt by this report are in agreement with the books of account. d. In our opinion, the Balance Sheet and the profit and Loss Account Comply with the Accounting Standards referred to in Sub-Section (3-C) of Section 211 of the Companies Act, 1956. e. Based on representations made by all the Directors of the Company and the information and explanation as made available to us by the company, none of the Directors of the Company has prima facie, any disqualifications as referred to in Section 274 (i)(g) of the Act. f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with notes thereon, given the information required by the Companies Act, 1956, in the manner so required and give a true and fair view. a. In case of Balance Sheet, of the State of affairs of the company's as at 31st December, 2000. and b. In case of Profit and Loss Account of the Profit/Loss of the Company for the year ended on that data. for P SRINIVASAN & CO., Chartered Accountants Place: Hyderabad K. RANGANATHAN Date : 30.05.2001 Partner ANNEXURE TO THE AUDITOR'S REPORT 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 including equipment on lease and have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. In our opinion, 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 or from companies under the same management as defined under section (1B) of section 370 of the companies Act, 1956 where the rate of interest or the terms and conditions are prejudicial to the interest of the company. 4. The Company has not granted any loans to companies, firms or other parties listed in the register maintained Under section 301 of the Companies Act, 1956 or to companies under the same management as defined under Section (1 B) of Section 370 of the Companies Act, 1956. 5. a) In respect of loans and advances in nature of loans, the parties are repaying the principal amount as stipulated and are also regular in payment of interest where applicable. b) In respect of monies due on stock on hire, under hire purchase business transaction entered into by the Company in the ordinary course of business, where instalments are overdue, we are of the opinion that reasonable Steps have been taken by the Company for the recovery of the same. 6. In our opinion, in accordance with the informations and explanations given to us there are adequate internal control procedures, commensurate with the size of the company and nature of its business for the purchase of Assets. 7. In our opinion, and according to the information and explanations give to us, the transactions in respect of services, rendered in pursuance of arrangements with companies entered in the register maintained under section 301 of the Companies Act, 1956, aggregating during the period to Rs.50,000/- or more have been made at prices which are reasonable having regard to the prevailing market prices for such services. 8. In the case of public deposits received by the Company the directions issued by the Reserve Bank of India and provisions of Section 58A of the Companies Act, 1956, and applicable rules framed thereunder have been complied with. 9. The Company has an internal Audit System commensurate with size of the Company and the nature of its business. 10. The Company is regular in depositing the Provident Fund dues with the appropriate authorities. It was explained to us that the provisions of Employees State Insurance Act are not applicable in the case of the Company. 11. According to the information and explanations give to us no undisputed amounts payable in respect of Income Tax, Customs Duty were outstanding as at 31st December, 2000 for a period of more than six months from the date they became payable. 12. In our opinion and according to the explanations given to us personal expenses of Employees or Directors have been charged to revenue account, other than those payable under contractual oblations are in accordance with generally accepted business practice. 13. The company is not a 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. 14. In our opinion and according to information and explanations given to us the Company has not granted any loans and advances on the basis of securities by way pledge of shares, debentures and other securities. 15. The Company is maintaining proper records of transactions and contracts with respect to trading in shares, securities, debentures and other investments. The shares, securities, debentures and investments held by the Company are in its own name. 16. Items No. 4 (A) III, IV, V, VI, XII, XIV, XVI and (D) (iii) of the said orders are not applicable in the case of the Company. for P SRINIVASAN & CO., Chartered Accountants Place: Hyderabad K. RANGANATHAN Date : 30.05.2001 Partner