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Atcom Technologies Ltd.

BSE: 527007 Sector: Engineering
NSE: ATCOM ISIN Code: INE834A01014
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Atcom Technologies Ltd. (ATCOM) - Auditors Report

Company auditors report

ATCOM TECHNOLOGIES LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT TO THE MEMBERS OF ATCOM TECHNOLOGIES LIMITED We have audited the attached Balance Sheet of Atcom Technologies Limited as on 31st March, 2011 and also the Profit & Loss Account of the Company for the year ended on that date annexed hereto 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 the financial statements based on our audit. We have 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 disclosure 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 of our opinion. As required by the Companies (Auditors' Report) Order. 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act 1956 (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanation given to us, we set out in the Annexure a statement on the matters specified in the below paragraphs. Further to our comments in the Annexure referred to in paragraph above, we report that: a. 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; b. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of such books; c. The Balance Sheet. Profit and Loss Account and Cash Flow statement referred to in this report are in agreement with the books of accounts d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement have been prepared in compliance with the accounting standards as prescribed under the provisions of Section 211(3C) of the Act. e. On the basis of the written confirmation received from the Directors and taken on records by, the Board of Directors we report that none of the Directors of the Company is disqualified as on 31st March, 2011 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act. 1956; f. The accounts of the Company prepared on going concern basis. g. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the significant accounting policies together with the notes thereon and attached thereto, give in the prescribed manner, the information required by the Act and also give a true and fair view in conformity with the accounting principles generally accepted in India: i. In so far it relates to the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 and ii In so far it relates to the Profit and Loss Account, of the profit of the Company for the year ended on that date. iii In so far it relates to the Cash Flow statement, of the cash flow of the Company for the year ended on that date. For Jain Anil & Associates Chartered Accountants Sd/- Place : Mumbai (Anil Jain) Dated : 30th May, 2011 Partner Membership No. 39803. ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph of the Auditors' Report of even date to the members of Atcom Technologies Limited on the accounts for to period ended 31st March, 2011.) 1) (a) The Company has maintained proper records to show the full particulars of assets includin quantitative details and situation of fixed assets, but the updating of the same is still in progress. (b) The fixed assets have been physically verified by the management and no material discrepancies wer noticed on such verification (c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed by the Company during the year. 2) (a) Inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedure of physical verification of Inventory followed by the management is adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining the proper records of inventory. The discrepancies noticed on verificatio between the physical stocks and book records were not material and have been properly dealt with i the books of account. 3) The Company has not granted interest free loan to Companies, firms or other parties covered in th register maintained under section 301 of the Companies Act 1956. 4) In our opinion and according to the information and explanations given to us, there are adequate interna control procedures commensurate with the size of the Company and nature of its business. There is n major weakness in the internal control procedures. 5) (a) In our opinion and according to the information and explanations given to us, there are no transaction made in pursuance of contracts or arrangements enter in the register maintained under section 301 of th Companies Act 1956. (b) In our opinion, and according to the information and explanations given to us, the transactions o purchase of goods, materials or services and sale of goods, materials or services, made in pursuance o contracts or arrangements referred to in (a) above and exceeding the value of Rs. 5 lakhs with any part during the year have been made at prices which are reasonable having regard to the prevailing marke price at the relevant time. 6) In our opinion, and according to the information and explanations given to us, directives issued by th Reserve Bank of India and the provisions of sections Section 58A and 58AA or any other relevan provisions of the Companies Act, 1956 and the rules framed there under, to the extent applicable, have bee complied with. We are informed by the management that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal. 7) The Company did not have an internal audit system during the year. 8) We are informed that the maintenance of cost records has not been prescribed by the Central Governmen under section 209(1)(d) of the Companies Act, 1956, in respect of Company's product. 9) (a) The Company is regular in depositing undisputed statutory dues with the appropriate authority. (b) According to the information and explanations given to us there are no undisputed statutory due payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance Income-tax. Sales Tax, Custom Duty, Excise Duty, Cess which have not been deposited on account of an dispute, except mentioned as below. 1. Income Tax dues to the extent of Rs. 30251440/-pending before ITAT. 2. Income Tax dues to the extent of Rs. 19094077/- pending before CIT (Appeal). 3. Excise Duty to the extent of Rs. 48996442/- pending before CESAT. 4. Sales Tax to the extent of Rs. 3036714/- (Appeal) 5. DGFT/ Custom Duty to the extent of Rs. 5108995/10) The Company has not incurred any cash losses during the financial year covered by our audit. However the Company had incurred cash losses in immediately preceding financial year. 11) The Company has defaulted in repayment of dues to the financial institutions, Banks and debenture holders. The period of default is more than 365 days in each case. 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. 13) The provisions of any special statute applicable to chit fund are not applicable to the company. 14) In our opinion, the Company is not dealing in or trading in shares, debentures and other investments. 15) The Company has not given any guarantees during the year. 16) The Company has not raised any term loans. 19) The company has not issued any debentures during the year 20) The Company has not raised any money by way of public issue during the year. 21) The Company has not made any preferential allotment of shares during the year. 22) As per the information and explanation given to us no material fraud on or by the Company has been noticed during the year. For Jain Anil & Associates Chartered Accountant Sd/- (Anil Jain) Place : Mumbai Partner Dated : 30th May, 2011 Membership No. 39803.

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