ANNUAL REPORT 1999-2000
SRIVEN MULTI-TECH LIMITED
The Members Of
SRIVEN MULTI-TECH LIMITED
We have audited the attached Balance Sheet of M/s. SRIVEN MULTI-TECH
LIMITED as at 30h June, 2000 and also the Profit & Loss Account of the
Company for the period ending on that date, annexed thereto and report
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 annex 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
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 with by this report
are in agreement with the books of account.
d) in our opinion, the said Profit & Loss account and the Balance Sheet
comply with the mandatory Accounting Standards referred to in sub-section
(3C) of Section 21 1 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 together with significant
accounting policies and notes to accounts appearing in Schedule 14, give
the information required by the Companies Act, 1956, subject to Note No. 2
in Schedule '14' of notes to accounts with reference to take over of assets
of Sriven Infotech Limited, in the manner so required the accounts give a
true and fair view
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 30th June, 2000; and-
(ii) in the case of the profit and loss account, of the profit for the
period ended on that date.
for SUSARLA & COMPANY
S. MADHUSUDANA SARMA
Hyderabad, 30th September, 2000 Proprietor
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to in paragraph 1 of the Auditors' Report to the Members
of Sriver Multi-Tech Limited on the Accounts for the year ended 30th June,
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. The fixed
assets have been physically verified by the management at reasonable
intervals and no discrepancies have been noticed on such verification.
2. one of the fixed assets has been revalued during the year.
3. As per the information and explanation provide to us, the Company has
not taken any loans, secured or unsecured, from companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. The provisions of Section 370 (1 B) of the Companies
Act,1956 are not applicable to a company on or after 31st October 1998.
4. In our opinion and as per the information and explanation provide to
us, the terms and conditions on which loans have been granted by Company to
companies, firms or other parties listed in the register maintained under
Section 301 of the Companies Act,1956 are prima facie not prejudicial to
the interest of the Company. The provisions of Section 370 (1 B) of the
Companies Act.1956 are not applicable to a company on or after 31st October
5. In respect of loans and advances in the nature of loan given by the
Company, where stipulations have been made, the parties are repaying the
principal amounts as stipulated or as rescheduled and are also regular in
the payment of interest, where applicable.
6. In our opinion and according to the information and explanations given
to us, that there are adequate internal control procedures commensurate
with the size of the company and the nature of its business with regard to
purchase of plant and machinery, equipment and other assets and with regard
to the sale of goods.
7. In our opinion and according to the information and explanations given
to us, the transactions of purchase of goods and materials and sale of
goods, materials and services, made in pursuance of contracts or agreements
entered in register maintained under Section 301 of the Companies Act, 1956
and aggregating during the year to Rs.50,000/- (Rupees fifty thousand) 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,
materials and services.
8.e Company has not accepted any deposits from the public to which the
provisions of Section 58 A of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 apply.
9. The Company does not have a formal internal audit department but the
Company's internal control procedures together with the internal checks
conducted by the management staff during the year can be considered as an
adequate internal audit system commensurate with the size and nature of its
10. We are informed that maintenance of cost records has not been
prescribed by the Central Government under Section 209 (1)(d) of the
Companies Act, 1956, in respect of the Company's products.
11. According to the records of the Company, the Company is generally
regular in depositing of provident fund dues with the appropriate
authorities by due date. As informed to us, the Company has not applied for
registration under the provisions of Employees' State insurance Act, 1948.
12. According to the information and explanations given to us, there are no
undisputed amounts payable in respect of income-tax, wealth tax, sales tax,
customs duty and excise duty as at 305t June, 2000 which are outstanding
for a period of more than six months from the date they became payable.
13 In our opinion and according to the information and explanations given
to us, personal expenses have not been charged to revenue account other
than those payable under contractual obligations or in accordance with
generally accepted business practice.
14. 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.
for SUSARLA & COMPANY
30th September 2000. MADHUSUDANA SARMA