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WEP Solutions Ltd.

BSE: 532373 | NSE: | Series: NA | ISIN: INE434B01029 | SECTOR: Computers - Software Medium & Small

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Oct 28, 16:00
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Dec 27, 11:22
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WEP Solutions is not listed on NSE

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of DATANET SYSTEMS LIMITED as at March 31, 2011, the Profit and Loss account for the year ended on that date annexed thereto and the Cash Flow statement for the year ended on that date. 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. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditor''s Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) 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. Further to our comments in the Annexure referred to in paragraph 3 above, we report as follows: (a) we have obtained all 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 account as required by law have been maintained by the Company, so far as it appears from our examination of those books of accounts. (c) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account. (d) in our opinion the the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) 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 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: i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011; ii) in the case of the Profit and Loss account, of the profit for the year ended on that date; and iii) in the case of Cash Flow statement of the cash flows for the year ended on that date. On the basis of written representations received from directors of the Company as at March 31, 2011, and taken on record by the Board of Directors, we report that none of the directors is prima facie disqualified from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO THE AUDITORS'' REPORT (Referred to in paragraph 3 of our report of even date) In terms of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. (b) The fixed assets have been physically verified by the Management during the year. We have been informed that no material discrepancies were noticed on such verification and there is a regular programme of verification which in our opinion is reasonable having regard to the size of the company and nature of its business. (c) Fixed assets disposed off during the year, in our opinion do not constitute a substantial part of the fixed assets of the company. (ii) (a) The inventory has been physically verified during the year by the management at reasonable intervals. (b) The procedures of physical verification of inventories 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. The discrepancies noticed on physical verification between the physical stocks and book records were not material; however the same have been properly dealt with the books of accounts. (iii) (a) The company has neither granted nor taken any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the Act. As the company has neither granted nor taken any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the Act, reporting under clause 4 (iii) (b), (c) and (d) of Companies (Auditors'' Report) Order, 2003 is not applicable. (iv) 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 nature of its business for the purchase of inventory and fixed assets and for the sale of software and other products. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control. (v) (a)According to the information and explanations given to us the particulars of contracts and arrangements that needs to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered. (b) Where each of such transaction is in excess of Rs.5.00 Lakhs in respect of any party, the transaction have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. (vi) The Company has not accepted / renewed any deposits from the public during the year. (vii) We are of the opinion that there is no internal audit system which is commensurate with the size and nature of its business. (viii) As informed to us maintenance of cost records has not been prescribed for the operations of the company by the Central Government under clause (d) of sub-section (1) of the Section 209 of the Companies Act, 1956. (ix)(a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Income-tax(TDS) and Service Tax applicable to it during the year with appropriate authorities. The undisputed dues which are payable for a period of more than six months from the date they became payable as at 31st March 2011 is NIL. (b) According to the information and explanations given to us, there are no amounts in respect of income tax, customs duty, wealth tax, cess that have not been deposited with the appropriate authorities on account of any dispute. (x) The accumulated losses of the Company does not exceed fifty percent of its net worth as at March 31, 2011. The company has not incurred cash losses during the current financial year ended March 31, 2011. (xi) In our opinion and according to the information and explanation given to us, the company has not borrowed funds from any financial institutions or banks and has not issued any debentures. (xii) According to the information and explanations given by the management, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The Company is not a chit fund / nidhi / mutual benefit fund / society. (xiv) According to the information and explanations given by the management, the Company is not dealing or trading in shares, securities, debentures & other investments. (xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions. (xvi) According to the information and explanation given to us, the company has not taken any term loan. (xvii) According to the information and explanations given to us and on overall examination of the Financial Statements of the Company, we report that no funds raised on short term basis have been used for long term investment. The company has not raised any funds on long term basis. (xviii) The company has not made any preferential allotment of shares to parties or companies to be covered in the register maintained under Section 301 of the Companies Act, 1956 and hence clause 4 (xviii) of Companies (Auditors'' Report) Order, 2003 is not applicable. (xix) The Company did not have outstanding debentures during the year. Accordingly, no securities have been created. (xx) The Company has not raised any money by public issue during the year. (xxi) According to the information and explanations given by the management, no fraud on or by the Company has been noticed or reported during the year. For CGS & Co. Chartered Accountants Registrationn No: 005830S A R Valisha Shakeel Partner Membership No. 203926 Place : Bangalore Date : 6th August, 2011