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Eider Infotech Ltd.

BSE: 531958 Sector: IT
NSE: EIDERTELE ISIN Code: INE210B01015
BSE 05:30 | 01 Jan Eider Infotech Ltd
NSE 05:30 | 01 Jan Eider Infotech Ltd

Eider Infotech Ltd. (EIDERTELE) - Auditors Report

Company auditors report

EIDER INFOTECH LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Members of Eider Infotech Limited We have audited the attached Balance Sheet and Profit & Loss Account of Eider Infotech Ltd. as at 31st March, 2005 of the Company 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 theses financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 Manufacturing and Other Companies (Auditor's Report) Order, 2003 issued by the Company Law Board in terms of Section 227(4A) Central Government in terms of Section 227 (4A) of the Companies ACT, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order. Further to our comments in the Annexure referred to in paragraph 1. 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 those books. c) The Balance Sheet & Profit & Loss Account dealt with by this report are in agreement with the Books of account; d) In our opinion and to the best of our information given to us the said Balance Sheet and Profit & Loss A/c, significant accounting polices and subject to notes on accounts in Scheduled XV are not in compliance with the Accounting Standard issued u/s 211(3c) of companies Act, 1956. e) On the basis of written representation received from the Directors as on as on 31st March 2004 and taken on record by the Board of Directors, we report that none of directors is disqualified as on 31st March, 2004 from being appointed as a Director. f) In our opinion and to the best of our information and according to the explanation given to us, the annexed accounts read with notes give the information as require by The Companies Act, 1956 in the manner so required and given a true and fair view subject to note no. '19' to the notes on account. a) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2005. b) In the case of Profit & Loss Account of the Company for the ended on that date. For Varuri Koshal & Associates Chartered Accountants Place : Chandigarh. sd/- Dated : 30-06-2005 Varun Koshal Partner ANNEXURE TO THE AUDITOR'S REPORT (Referred to in paragraph 1 of our report of even date on the Accounts for the year ended 31st March, 2005 of Eider Infotech Limited) 1. The fixed assets have been physically verified by the management during the year as informed to us. We are informed that no material discrepancies have been noticed by the management on such verification 2. None of the fixed assets have been re-valued during the year. 3. No stocks of goods have been physically verified by the management at reasonable intervals. 4. The Company has satisfactory procedure of physically verification of Company's Assets in relation to the size of the Company and nature of its business. 5. No discrepancy have been noticed on verification between the physical stocks and the book records. 6. As per information & explanation given to us the Company has granted loans to the companies, firms or other parities listed in the register maintained under section 301 of the Companies Act, 1956, and to the Companies under the same management as defined under sub section (1B) of the Section 370 of the Companies Act, 1956, on which no interest has been charged. 7. As per information & explanation given to us the Company has not taken any loan secured or unsecured to companies, firms or other parities listed in the register maintained under section 301 of the Companies Act, 1956, and to the Companies under the same management as defined under sub section (1B) of the Section 370 of the Companies Act, 1956, which are prime facie prejudicial to the interest of the Company. 8. In our opinion and according to the information and explanations given to us, there are adequate & satisfactory internal control procedures commensurate with the size of the company and the nature of its business. 9. In our opinion and according to the information and explanations given to us, there are no transactions of the purchase of Stores, operating supplies and other material for repair and maintenance and sale of goods and services made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the period to Rs. 50,000/- or more in respect of each party. 10. The Company is not a Sick Industrial Company within the meaning of Section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act 1985. 11. As per the information and explanations given to us, the company has not accepted any deposit from the Public. 12. In our opinion, the Company has adequate & satisfactory internal audit systems commensurate with the size of the Company and the nature of the business. 13. The maintenance of cost records has not been prescribed by the Central Government under Section 209(1)(d) of the /companies Act, 1956 for the product of the Company. 14. According to the information and explanation given to us, the provision of Employees Provident Fund Act are not applicable to the company for year under consideration. 15. In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore the provision of clause 4 (xiii) of the Companies (Auditor's Report) order, 2003 are not applicable to the Company. 16. In our opinion, the Company is not dealing in or trading in shares, securities, debentures or other investment. Therefore the provision of clause 4 (xiv) of the Companies (Auditor's Report) order , 2003 are not applicable to the Company. 17. According to the information and explanations given to us, no undisputed amounts payable in respect of Income tax, Wealth-tax, Custom duty and Excise duty were outstanding as at 31st March, 2005 for a period of more than six months from the date they become payable. 18. According to the information and explanation given to us, no personal expenses of employees or directors have been charged to revenue account other than those payable under contractual obligations or in accordance with Generally Accepted Accounting Practices. For Varun Koshal & ASSOCIATES Chartered Accountants Sd/- Place : Chandigarh Varun Koshal Dated : 30.06.2005 Partner