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Abacus Computers Ltd.

BSE: 508987 Sector: IT
NSE: N.A. ISIN Code: INE192D01011
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Abacus Computers Ltd. (ABACUSCOMPUTER) - Auditors Report

Company auditors report

ABACUS COMPUTERS LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT TO THE MEMBERS OF ABACUS COMPUTERS LIMITED We have audited the attached Balance Sheet of ABACUS COMPUTERS LIMITED at 30th June 2004 and also the Profit and Loss Account for the year ended on that date annexed thereto and 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. 1. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amount 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. 2. As required by the Manufacturing and other companies (Auditor's Report) Order, 1988 issued by the company Law Board in tans of Section 227 (4A) of the companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the sold Order to the extent applicable to the company. 3. Attention is invited to Note No. 2 In Schedule 'K' regarding non-receipt of accounts and other details from the Branches. We are unable to express our opinion in respect of the items detailed in the said note and included in the accounts of the company. 4. Further to our comments in the paragraph 2 and 3 above: a) 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; b) In our opinion, sub section note no.1 (d) & (e) in Schedule "K" regarding accounting of bonus and Gratuity on cash basis, proper books of account as required by law have been kept by the company so far as it appears from our examination of the Books and as mentioned in note no 2 of Schedule "K" no vouchers and other details required for the purpose of audit have been received from the branches; c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the Books of account. d) In our opinion, as per the Information and explanation given to us. subject to note no. 1(e) in Schedule 'K' regarding accounting of gratuity on cash basis, the Company has complied with all the mandatory Accounting Standards as prescribed under section 211(3C) of the Companies Act. 1956. e) On the basis of the written representation as on 30th June, 2004 and taken on record ny the Board of Directors, we report that as on 30th June 2004, none of the directors is disqualified, from being appointed as a director, in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the accounts, read together with notes (particularly note no. 10) , there an in Schedule "K", and subject to note no. 12 regarding amount payable to Small Scale Industrial Undertaking, give the information required by the Companies Act, 1956. In the manner so required and subject to our remark in Para 3 above and i) Note No. 1(d) In Schedule "K" regarding accounting of Bonus on cash basis Amount not ascertained. ii) Note No. 1 (e) In Schedule "K" regarding non-provision of accrued gratuity liability, amount not ascertained. iii) Note No 8 In Schedule "K" regarding non-provision of managerial remuneration upto 30/06/89 Rs. 935,000/-. iv) Note No. 9 In Schedule "K" regarding non provision for; doubtful debts amounting to Rs. 1,08,82,102/- and doubtful advances amounting to Rs. 74,88,795/- 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 stale of affairs of the company as at 30th June 2004. ii) In the Case of Me Profit & Loss Account of the loss for the year ended on that date. iii) In the case of cash flow statement, the cash flows for the year ended so that date. FOR CHOUDHARY & PANSARI Chartered Accountants MUMBAI (S.R. SINGRODIR) DATED : November 24, 2004 PARTNER ANNEXURE REFERRED TO IN PARAGRAPH 2 OF THE AUDITORS' REPORT OF EVEN DATE ON THE ACCOUNTS OF ABACUS COMPUTERS LIMITED FOR THE YEAR ENDED 30 - JUNE 2004. On the base of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under. No comments have been made on clauses not applicable to the Company. (1) (a) The Company has maintained proper records showing full particulars including quantitative details and situations of fixed assets. (b) As per the information and explanations given to us, except as stated in not no. 2 of Schedule, 2 fixed assets have been physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification and the same have been properly dealt with in the books of account. (ii) (a) As per the information and explanations given to us, the inventory has been physically verified by the management at the year end. (b) In our opinion, the procedures of physical verification of inventories followed by the management needs to be strengthened considering the size of the Company and nature of its business. (c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of inventory. The discrepancies noticed on verification between the physical stock and the book records were not material and the same have been properly dealt with in the books of account. (iii) As per information and explanations given to us, the Company has not taken / granted loans from/to party covered in the register maintained under section 301 of the Companies Act 1956. Accordingly sub clause (b), (c) and (d) of this clause 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 with regard to the purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness were noticed in the internal controls. (v) According to the information and explanation provided by the management we are of the opinion that there is no transactions that needs to be entered into the register maintained under section 301 of the Companies Act, 1956. Accordingly clause (b) is also not applicable. (vi) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and Rules made there under. (vii) In our opinion, based on the information and explanations given to us, the internal audit system of the Company needs to be strengthened in view of the nature of the Company's business. (vii) (a) As per the records of the Company and according to the information and explanation given to us, the Company is not regular in depositing with appropriate authorities undisputed statutory dues including provident Fund, investor education protection fund, employee's state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other statutory dues, to the extent applicable to it. According to the information and explanations given to us, except PF Rs. 236029/-., ESIC 23363/- sales tax amounting to Rs. 20904/- and Tax deducted at source Rs. 40088/- there is no undisputed amounts payable in respect of PF, investor education protection fund, employee's state insurance Income tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 30th June, 2004 for a period of more than 6 months from the date they became payable. (b) According to the records of the Company and as per the information and explanations given to us, there are no dues of sales tax, income tax, custom tax, wealth tax, excise duty, cess which have not been deposited on account of any dispute. (ix) The Company has accumulated losses of Rs. 2,20,14,197/- as on 30th June, 2004 and accumulated losses are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and also during the immediately preceding financial year. (x) Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has defaulted in repayment of dues to bank. As on 30th June, 2004, the Company has not paid Rs. 11981843/- to the bank. It was explained to us that there is dispute between the Company and the bankers. The banker has filed suit against the Company. (xi) As per information and explanations given to us during the year, the Company has not given any guarantee for loans taken by others from bank of financial institutions. (xii) According to the information and explanations given to us and on an overall examination of the records of the Company, though determination of direct relationship between investment and source of funds is not possible. Besides during the year under review no fresh funds were raised by the Company. (xiii) As per information and explanations given to us the Company has not made any allotment of shares during the year under review. (xiv) As per information and explanations given by the management, no frauds on or by the Company has been noticed or reported. FOR CHOUDHARY & PANSARI Chartered Accountants MUMBAI (S.R. SINGRODIR) DATED : November 24, 2004 PARTNER

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