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Xedd Telecom Ltd.

BSE: 530819 Sector: Others
NSE: XEDDTELCOM ISIN Code: INE383C01018
BSE 05:30 | 01 Jan Xedd Telecom Ltd
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Xedd Telecom Ltd. (XEDDTELCOM) - Auditors Report

Company auditors report

XEDD TELECOM LIMITED ANNUAL REPORT 2000-2001 AUDITORS REPORT To, The Members of Xedd Telecom Limited We have audited die attached balance sheet of Xedd Telecom Limited as at 31-03-2001 and the profit & loss account of the company for the year ended oil that date annexed thereto and we report that: A) As required by the manufacturing and the other companies (auditors report) order, 1988 issued by the company law board in terms of section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order. B) Further to our comments in the annexure referred to in Para (A) above, we also report that: a) We have obtained all the information and explanations which to the best of our knowledge and belief, are necessary for the purpose our audit. b) In Our opinion, proper books of accounts as required by the law have been kept by the company so far as it appears from our examination of such books. c) The balance sheet and profit & Loss account dealt with by this report are in agreement with the books of accounts of accounts of the company. d) In our opinion, the balance sheet and Profit & Loss account comply with the account standards referred to i sub section 3(C) of section 211 of the companies act, 1956. And e) In our opinion and to the best of our information and according to the explanations given to us the said accounts together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and Subject to comments annexed thereto gives the true and fair view:- I) In the case of balance sheet, of the state of affairs of the company as at 31, march 2001; II) In the case of Profit & Loss account, the loss of the company for the year ended on that date. For: RAMESH ATHASNIYA & CO., Chartered Accountants Sd/- RAMESH ATHASNIYA (Proprietor) Place : Hyderabad Date : 06-08-2001 ANNEXURE TO THE AUDITOR'S REPORT (Referred to in Paragraph (A) in the Report of even (late) 01. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. The management has certified that physical verification of fixed assets was conducted at the end of the year. 02. The Fixed assets have not been revalued during the year. 03. As explained to us, physical verification has been conducted by the management at the close of year in respect of trading goods, 04. In our opinion and according to tile information given to us, the procedure of physical verification of stocks followed by the management were found areasonable and adequate in relation to the size of the company and the nature of the business. 05. The discrepancies noticed oil verification between tile physical stock and book records were not material in relation to the operations of the company and the same have been properly dealt, with in the books of accounts. 06. In my opinion that, valuation of stocks is fair and proper in accordance with tile normally accepted accounting principles and is on the same basis as in the preceding year. 07. The company has taken loans interest free loans from the parties under the same management as defined under sub-section (I-B) of the section 370 of the Companies Act, 1956 and tile parties listed in the register maintained Under section 301 of the' Companies Act, 1956. The terms and conditions of the loan are not prima facie prejudicial to the interest of the company. 08. The company has granted loans (Secured or Unsecured) to the parties listed ill the register maintained under section 301 and to the companies Under the same management as defined under section 370 (1-B) of the Companies Act, 1956, the terms and conditions of such loans are not prima facie prejudicial to the interest of the company. 09. The company has not given any loans or advances in die nature of loans to any party during the year under review, except interest free loans to employees. 10. In our opinion and according to the Information and explanations given to us, the internal procedures are not adequate and commensurate with the size of the company and the nature of its business, with regard to the purchase of stocks including components, plants & machinery, equipment and other assets and for sale of goods. 11. According to the information and explanations given to us there are no transactions of purchase of goods from the parties listed in the register maintained under section 301 of the Companies Act, 1956 and aggregating. during tile year to Rs,50,0001 or more. Further there are no transactions of sale of goods, materials and services. 12. As explained to us, no deposits from the public within the meeting of section 58A of the Companies Act, 1956 and rules framed hereunder, have been accepted by the company during the year. 13. The company, do not have any internal audit system. 14. According to information and explanations given to us the provisions of provident fund and Employees state insurance are not applicable to the company. 15. As explained to us, there are undisputed amount payable in respect of sales tax and excise duty which were outstanding as on 31st march, 2001 for the period of more than 6 months from the date they become payable as was explained in our Annual report of 1998-99. 16. According to information and explanations given to us and the records of the company examined by us, no personal expenses have been charged to revenue, other than those payable under contractual obligations or in accordance with generally accepted business practice. 17. The company is not a sick industrial company within the meaning Clause (0) of sub-section (1) of section 3 of the Sick Industrial Companies (special provisions) Act, 1985. 18. The other matters contained in the said order of Paragraph (4A) are not applicable to the company. For RAMESH ATHASNIYA & CO., Chartered Accountants Sd/- RAMESH ATHASNIYA (Proprietor) Place : Hyderabad Date : 06-08-2001