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Kedia Infotech Ltd.

BSE: 531976 Sector: IT
NSE: N.A. ISIN Code: INE245D01025
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Kedia Infotech Ltd. (KEDIAINFOTECH) - Auditors Report

Company auditors report

KEDIA INFOTECH LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Members Kedia Infotech Limited 1. We have audited the attached Balance Sheet of KEDIA INFOTECH LIMITED as at 31st March, 2011 and also the Profit and Loss Account for the year ended on that date annexed thereto. 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. 2. 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditor's Report) Order 2003, issued by the Central Government of India in terms of Subsection (4A) of section 227 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: 2. Closing Balance of cash is as certified by the management 3. Further to our comments in the Annexure referred to in paragraph 3 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 purposes 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 the books of accounts; (c) The Balance Sheet dealt with by this report is in agreement with the books of accounts; (d) In our opinion, the Balance Sheet of the company comply with the Accounting Standards as referred in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable; (e) As per information and explanations given to us, none of the directors of the company are disqualified from being appointed as a director under 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 explanations given to us, the said accounts, read together with Significant Accounting Policies and Notes forming part of Accounts, give the information required by the Companies Act, 1956 in the manner so requi and give a true and fair view in conformity with the accounting principles generally accepted in Ind i. In case of Balance Sheet, of the state of the affairs of the company as at 31st March 2011. ii. In case of Profit & Loss Accounts, the loss of the company as at 31st March 2011. for Ritesh Burad & Co Chartered Accountants Ritesh Burad Place: MUMBAI Proprietor Date : 27-08-2011 M. NO. 103781 ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE:- (i)(a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) The fixed assets of the Company have been physically verified by the management during the year and no material discrepancies were noticed on such verification. (c) In our opinion and according to the information and explanations given to us, the company has not made any substantial disposals of fixed assets during the year. (ii)(a) The inventory of the Company has been physically verified by the management during the year at reasonable intervals. (b) In our opinion, the procedures for physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. (c) The company is maintaining proper records of inventory, the discrepancies noticed on verification between the physical stock and book records were not material. (iii) The company has not granted loans, secured or unsecured, to one companies, firms and other parties listed in the register maintained under section 301 of the Companies Act, 1956.The rate of interest and other terms and conditions of loans given by the company, secured or unsecured, are not prima facie prejudicial to the interest of the company. The payment of principal amount is regular & there are no overdue amounts. (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 the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. (v)(a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information and explanations give to us, the transactions for the purchase of goods, materials and services, sale of goods made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs.5,00,000/- in respect of any party during the year have been made at prices which are reasonable having regard to prevalent market prices for such goods/materials/services a the relevant time. (vi) In our opinion, the company's internal audit system is commensurate with its size and nature of its business. (vii)(a) The company is regular in depositing with the appropriate authorities the undisputed situation dues relating to provident fund, employees state insurance, investor education protection fund, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, there are no disputed amounts payable respect of income tax, sales tax, customs duty, excise duty and cess as at the end of the financial year covered report, for a period or more than six months from the date they became payable. (viii) The Company have accumulated losses at the end of the year, the company has incurred cash losses during the current year and have incurred cash losses in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the company has no defaulted in repayment of dues to financial institutions, banks or debenture holders. According to the records examined by us and the information and explanations give to us proper record have been maintained of the transactions and contracts & timely entries have been made therein in respect of dealing in shares, securities, debentures and other investments. The shares, securities, debentures and other securities have been held by the company in its own name. According to the records examined by us and the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment and no long-term funds have been used to finance short term assets except working capital. (xii) The Company has not made any preferential allotment during the year. (xiii) The Company has not raised any money by public issue during the year. (xiv) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. (xv) The other clauses are not applicable to the company. for Ritesh Burad & Co Chartered Accountants Ritesh Burad Place: MUMBAI Proprietor Date : 27-08-2011 M. NO. 103781