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Sriven Multi-Tech Ltd.

BSE: 531536 Sector: IT
NSE: N.A. ISIN Code: INE004B01012
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Sriven Multi-Tech Ltd. (SRIVENMULTITEC) - Auditors Report

Company auditors report

ANNUAL REPORT 1999-2000 SRIVEN MULTI-TECH LIMITED AUDITOR'S REPORT To 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 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 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 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 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 Chartered Accountants Sd/- 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, 2000. 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 1998. 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 business. 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 Chartered Accountants Sd/- 30th September 2000. MADHUSUDANA SARMA Hyderabad Proprietor