To the members of WIPRO LIMITED We have audited the attached Balance Sheet of Wipro Limited as at March 31, 2000 and also the annexed Profit & Loss Account for the year ended on that date, and report that: 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. In our opinion, proper books of accounts as required by law have been kept by the Company so far appears from our examination of the books. The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account. In our opinion, the Profit and Loss Account and Balance Sheet dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956. In our opinion and to the best of our information and according to the explanations given to us, the said account, read together with the notes thereon give information required by the Companies Act, 1956, in the manner so required and a) b) give a true and fair view of the state of affairs of the Company as at March 31, 2000; in case of the Balance Sheet and subject to withdrawal of Rs. 52 Million from capital reserve to offset the impact on Profit and Loss Account of reduction in the carrying value of stock - in - trade (land) (refer Note 2 of Schedule 18), give a true and fair view of the Profit for the year ended on that date in case of the Profit & Loss Account.
As required by the Manufacturing and Other Companies (Auditor’s Report) Order, 1988, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate, we further state that: (i) The Company has maintained proper records showing quantitative details and the situation of its fixed assets. A major portion of fixed assets have been physically verified by the management