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Transtream India.Com Ltd.

BSE: 532258 Sector: IT
NSE: N.A. ISIN Code: INE981A01013
BSE 05:30 | 01 Jan Transtream India.Com Ltd
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Transtream India.Com Ltd. (TRANSINDIACOM) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-2000 SHRI MM SOFTEK LIMITED AUDITORS' REPORT To the Members, I have audited the attached Balance Sheet of SHRI MM SOFTEK LIMITED, Bangalore as at March 31, 2000 and the annexed Profit and Loss Account of the Company for the period 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, 1 annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. (2) Further to my comments in the Annexure referred in paragraph (1) above: (a) I have obtained all information,and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit. (b) In my opinion, proper books of account as required by law have been kept by the Company so far as appears from my examination of the books. (c) The Balance Sheet and the Profit and Loss Account are in agreement with the books of account. (d) The Profit & Loss account and Balance Sheet of the Company comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. (e) In my opinion, and to the best of my information and according to the explanations given to me, the said accounts 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 the Balance Sheet, of the of the affairs of the Company as at March 31, 2000. (ii) in the case of the Profit and Loss Account, of the profit of the Company for the period ended on that date. Place : Bangalore K ULLAS KAMATH Date : May 5, 2000 Chartered Accountant ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph (1) of my report of even date) 1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. These fixed assets have been physically verified by the Management and in my opinion the program of verification seems reasonable with regard to the size of the Company and the nature of its assets and no discrepancies have been noticed on verification. 2. None of the fixed assets have been revalued during the year. 3. Physical verification was conducted by the management during the year in respect of finished goods, raw material and stores. In my opinion, having regard to the nature and location of stocks the frequency of verification is reasonable. 4. In my opinion and according to the information and explanations given to me, the procedure of verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. 5. The discrepancies noticed between the physical stocks as verified arid book records were not material 6. In my opinion on the basis of my examination of the stock records, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and practices. 7. The Company has taken unsecured loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 or from the companies under the same management as defined under sub section (1B) of Section 370 of Companies Act, 1956 and the rate of interest and other terms and conditions of such loans SHRI MM SOFTEK LIMITED are not prima facie prejudicial to the interest of the Company. 8. The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act,1956 and / or to the Companies under the same management as defined under sub section (1B) of Section 370 of Companies Act, 1956. 9. In respect of loans and advances in the nature of the loans given to employees ( free of interest ) by the Company, the employees are repaying the principal amount as stipulated. 10. In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of stores, raw materials including components, Computers, Hardware, Software and other assets. 11. The transaction of purchase of goods and materials and sale of goods, material and services made in pursuance of Contract 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 wherever it is comparable. 12. As explained to me, the Company has a regular procedure of the determination of unserviceable or damaged stores, raw materials and finished goods. Adequate provision has been made in the accounts for the loss arising on the items so determined. 13. The Company has not accepted any deposits from the public within the purview of Section 58A of the Companies Act, 1956 and the rules thereunder. 14. In my opinion the Company has adequate internal audit system commensurate with the size and nature of its business. 15. To the best of my knowledge and according to the information given to me, the Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Companies Act,1956, for any business of the Company. 16. The Company is generally regular in depositing Providend fund and Employees State Insurance dues with the appropriate authorities. 17. According to the information and explanations given to me, no undisputed amounts payable in respect of Income-tax, Wealth-tax, Sales tax, Customs duty and Excise duty were outstanding as on March 31, 2000 for a period of more than six months from the date they became payable. 18. According to the information and explanations given to me and records examined by' me, no personal expenses have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice. 19. The Company is ,rot a sick industrial company within the meaning of clause (o) of subsection (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 20. In respect of the Company's trading activity, I have been informed that there are no damaged stocks. 21. In respect of service activity of the Company, though allocation of man hours utilised is not made to relative jobs, in my opinion, control is exercised on total labour utilised on jobs. Place : Bangalore K ULLAS KAMATH Date : May 5, 2000 Chartered Accountant