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Digispice Technologies Ltd.

BSE: 517214 | NSE: DIGISPICE |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE927C01020 | SECTOR: Telecommunications - Equipment

BSE Live

Nov 30, 12:02
40.95 1.35 (3.41%)
Volume
AVERAGE VOLUME
5-Day
35,060
10-Day
25,941
30-Day
22,292
10,654
  • Prev. Close

    39.60

  • Open Price

    39.60

  • Bid Price (Qty.)

    40.15 (8)

  • Offer Price (Qty.)

    40.80 (8)

NSE Live

Nov 30, 12:01
40.05 0.65 (1.65%)
Volume
AVERAGE VOLUME
5-Day
105,467
10-Day
94,795
30-Day
90,329
33,251
  • Prev. Close

    39.40

  • Open Price

    40.20

  • Bid Price (Qty.)

    40.10 (185)

  • Offer Price (Qty.)

    40.60 (132)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of Spice Limited (Formerly Spice Net Limited) as at June 30, 2005 and also the Profit and Loss account and the Cash Flow statement for the eighteen months period ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to above, we report that: i. 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; ii. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; iii. The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; iv. In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. v. On the basis of the written representations received from the directors as on June 30, 2005, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on June 30, 2005 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India; a) in the case of the balance sheet, of the state of affairs of the Company as at June 30, 2005; b) in the case of the profit and loss account, of the profit for the period ended on that date; and c) in the case of cash flow statement, of the cash flows for the period ended on that date. For S. R. BATLIBOI & CO. Chartered Accountants per Raj Agrawal Partner Membership No.: 82028 Place : New Delhi Date : 27th September 2005 Annexure referred to in paragraph 3 of our report of even date Re: Spice Limited (Formerly Spice Net Limited) (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Fixed assets have, been physically verified by the management during the year and no material discrepancies were identified on such verification. (c) There was no substantial disposal of fixed assets during the year. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. (b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. (iii) (a) As informed, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause (iii) (b), (c) and (d) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable. (b) The Company had taken loans from two companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 67,500 thousand and the year-end balance of loans taken from such parties was Rs. 3,500 thousand. (c) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable, and other terms and conditions for such loans are not prima facie prejudicial to the interest of the Company. (d) In respect of loans taken, repayment of the principal amount is as stipulated and the payment of interest has been regular. (iv) Purchase of components for manufacturing of Passbook Printers by the Company are stated to be of proprietary nature and hence, in such cases, the comparison of prices with the market rates or with purchases from other parties cannot be made. Read with the above, in our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. (v) (a) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301, have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding the value of Rupees five lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) The Company has not accepted any deposits from the public. (vii) In our opinion, the internal audit system in the Company needs to be strengthened to be commensurate with the size and nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. (ix) (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income-tax, sales-tax, wealth-tax, service tax, custom duty, excise duty, cess have generally been regularly deposited with the appropriate authorities though there has been a slight delay in a few cases. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, custom duty, excise duty and cess on account of any dispute, are as follows : Name of the statute Period to which Nature of dues Amount of the amount Demand Rs. `000 relates Assessment Year Tamil Nadu General 1993-94 Sales Tax 359 Sales Tax Act, 1959 Tamil Nadu General 1996-97 Sales Tax 455 Sales Tax Act, 1959 Tamil Nadu General Sales 2002-03 Sales Tax 31 Tax Act, 1959 Trade Tax Act, 1948, Uttar Pradesh 1990-91 to Sales Tax 999 1992-93 and Penalty Central Sales Tax Act, 1956 read with 1992-93 Penalty 63 Trade Tax Act, 1948, Uttar Pradesh Trade Tax Act, 1948, Uttar Pradesh 1995-96 Sale Tax 339 and Penalty Trade Tax Act, 1948, Uttar Pradesh 1997-98 Sales Tax 284 Trade Tax Act, 1948, Uttar Pradesh 2003-04 Sales Tax 24 Trade Tax Act, 1948, Uttar Pradesh 2003-04 Sales Tax 17,685 West Bengal Sales Tax Act, 1994 2000-01 Sales Tax 116 Central Sales Tax Act, 1956, read with the 2000-03 Sales Tax 111 West Bengal Sales Tax Act, 1994 Delhi Sales Tax Act, 1975 2000-01 Sales Tax 214 Delhi Sales Tax Act, 1975 2002-03 Sales Tax 408 Central Sales Tax Act, 1956 2002-04 Sales Tax 3,289 Total 24,377 Forum where dispute is pending STAT, Chennai Tamil Nadu Taxation Special Tribunal Chennai Appellant Asst. Commissioner (C.T) Chennai. High Court of Allahabad High Court of Allahabad Trade Tribunal, Moradabad, Uttar Pradesh Deputy Commissioner, Trade Tax, Moradabad, Uttar Pradesh Joint Commissioner Appeals, Uttar Pradesh Deputy Commissioner, Uttar Pradesh Asst. Commissioner of Commercial Taxes, South Circle, Kolkata Asst. Commissioner of Commercial Taxes, South Circle, Kolkata Sales Tax Tribunal, New Delhi Additional Commissioner Appeals, Delhi Additional Commissioner Appeals, Delhi (x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year. (xi) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to banks. We have been informed that the Company has no dues to any financial institution nor has it issued any debentures. (xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (xvi) The Company did not have any term loans outstanding during the year. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow statement of the Company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. (xix) The Company did not have any outstanding debentures during the year, (xx) We have verified that the end use of money raised by public issues is as disclosed in the notes to the financial statements. (xxi) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. For S. R. BATLIBOI & CO. Chartered Accountants per Raj Agrawal Partner Membership No.: 82028 Place : New Delhi Date : 27th September 2005