Annual Report 2011-2012 - HCL Infosystems

ANNUAL REPORT 2011-12
11. According to the records of the Company examined by us and the information and explanation given to us, the Company
has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet
date.
12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and
other securities. Therefore, the provisions of Clause 4(xii) of the Order are not applicable to the Company.
13. As the provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/ societies are not applicable to
the Company, the provisions of Clause 4(xiii) of the Order are not applicable to the Company.
14. 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 Order are not applicable to the Company.
15. In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees
given by the Company, for loans taken by others from banks or financial institutions during the year, are not prejudicial to
the interest of the Company.
16. In our opinion, and according to the information and explanations given to us, the term loans have been applied, on an
overall basis, for the purposes for which they were obtained.
17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company,
we report that the no funds raised on short-term basis have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained
under Section 301 of the Act during the year. Accordingly, the provisions of Clause 4(xviii) of the Order are not applicable to
the Company.
19. The Company had created security or charge in respect of debentures issued in earlier years and redeemed during the year
and which were not outstanding at the year-end.
20. The Company has not raised any money by public issues during the year. Accordingly, the provisions of Clause 4(xx) of the
Order are not applicable to the Company.
21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information and explanations given to us, except for processing
of fraudulent expenses by certain employees, whose services have since been terminated, resulting in an aggregate loss of
` 0.52 Crores, by way of write off of fraudulent expenses, we have neither come across any instance of fraud on or by the
Company, noticed or reported during the year, nor have we been informed of such case by the Management.
For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
Abhishek Rara
Place : Noida
Partner
Date : August 24, 2012 Membership Number: 77779
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