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Sun Infoways Ltd.

BSE: 531707 Sector: Financials
NSE: N.A. ISIN Code: INE236C01018
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Sun Infoways Ltd. (SUNINFOWAYS) - Auditors Report

Company auditors report

ANNUAL REPORT 1999-2000 SUN INFOWAYS LIMITED AUDITORS' REPORT To the Members of SUN INFOWAYS LIMITED We have audited the attached Balance Sheet of SUN INFOWAYS LTD. as on March 31, 2000 and the Profit & Loss Account annexed thereto for the year ended 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 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, we report that: a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes 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 such book; c. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account; d. In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section 3(C) of Section 211 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 in Schedule 16 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 on March 31, 2000. ii) in the case of Profit & Loss Account ot the Profit for the year ended on that date. For NABERA AND ASSOCIATES Chartered Accountants Place: Mumbai (DILIP NABERA) Date : 31st August, 2000 Proprietor ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph (1) of our Report of even date to the members of Sun Infoways Limited for the year ended March 31, 2000) i. The Company is in the process of maintaining proper records of fixed assets. As explained to us, the fixed assets have been physically verified by the management during the year. In our opinion and as per the explanations given to us, the frequency of verification of fixed assets is reasonable and if any material discrepancies noticed on such verification as compared to the book records will be taken care. 2. None of the fixed assets have been revalued during the year. 3. The Company has not taken loans from the Companies, firms or other parties as listed In the register maintained under Section 301 of the Companies Act, 1956 or from companies under the same management within the meaning of Section 370 (1 B) of the Companies Act, 1956. 4. The Company has not granted any loans, secured or unsecured to the Companies, firms or other parties as listed in the register maintained under Section 301 of the Companies Act,1956 or to companies under the same management within the meaning of Section 370 (1 B) of the Companies Act,1956. 5. In our. opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of computers, equipment's and other assets. 6. No advances in the nature of loans were given except to the employees of the Company. 7. In our opinion and according to the information and explanations given to us, the transactions of purchase of goods, materials and services and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act,1956, and 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 prevailing market prices for such goods, materials or services. 8. In our opinion and according to the explanation given to us, the company has complied with the provisions of Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,1975 with regard to the deposits accepted from the public. 9. The company did not have any formal internal audit system during the year. Its normal control procedure involves reasonable internal checking of financial records which is considered to be adequate. 10. According to the information and explanations given to us, there is no undisputed amounts payable in respect of income-tax, wealth-tax and service-tax which were outstanding at the last day of the financial year for a period of more than six months from date they become payable. 11. We have been informed that the provisions of Employees Provident Fund and Employees' State Insurance are not applicable to the company during the year under review. 12. According to the information and explanations given to us and on the basis of books of accounts and records of the Company examined by us, no personal expenses of employees and Directors other than contractual obligations with the company's employees and/or generally accepted business practices have been charged to the revenue account. 13. The Company is not a Sick Industrial Company within the meaning of Section 3(1)(0) of the Sick Industrial Companies (Special Provisions) Act,1985. 14. The Central Government has not prescribed the maintenance of any cost records under Section 209 (1)(d) of the Companies Act,1956. 15. The Company does not have any Inventories of Materials, Stores, Components etc. Therefore, Clauses (iii), (iv), (v), (vi), (xii) and (xiv) of paragraph 4A and clause (ii) of paragraph 4B of the order are not applicable to the Company. For NABERA AND ASSOCIATES Chartered Accountants Place: Mumbai (DILIP NABERA) Date : 31st August, 2000 Proprietor