EIDER INFOTECH LIMITED
ANNUAL REPORT 2004-2005
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
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
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
For Varuri Koshal & Associates
Place : Chandigarh. sd/-
Dated : 30-06-2005 Varun Koshal
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
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
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
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
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
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
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
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
Place : Chandigarh Varun Koshal
Dated : 30.06.2005 Partner