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Orient Information Technology | Auditor's Report > Computers - Software Medium/Small > Auditor's Report from Orient Information Technology - BSE: 531167, NSE: ORIENTINFO
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Orient Information Technology
BSE: 531167|NSE: ORIENTINFO|ISIN: INE067B01019|SECTOR: Computers - Software Medium/Small
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Orient Information Technology is not traded in the last 30 days
Orient Information Technology is not traded in the last 30 days
Mar 06
Auditor's Report (Orient Information Technology) Year End : Mar '07
We have audited the attached Balance Sheet of ORIENT INFORMATION
 TECHNOLOGY LIMITED as at 31st March 2007, together with the annexed
 Profit and Loss Account & Cash Flow Statement for the year ended on
 that date annexed thereto.:
 
 1.  These Financial statements are the responsibility of the Companys
 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.
 
 3.  As required by the Companies (Auditors Report) Order, 2003, issued
 by the Central Government of India in terms Sub-section (4A) of Section
 227 of the Companies Act, 1956, We enclose in the annexure a statement
 on matters specified in paragraph 4 and 5 of the above said order.
 
 4.  Further to my comments in the annexure referred to in paragraph 3
 above, We report that:
 
 (a) We have obtained all the information and explanation 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 examinations of
 those books.
 
 (c) The Balance Sheet and Profit and Loss Account and Cash Flow
 Statement dealt by this report are in agreement with the books of
 account.
 
 (d) In our opinion, the Balance Sheet and Profit & Loss Account and
 Cash Flow Statement dealt with by this report are in compliance with
 the Accounting Standards referred to in Sub Section (3C) of Section 211
 of the Companies Act, 1956, in so far as they are applicable to the
 Company.
 
 (e) On the basis of written representations received from the Directors
 and taken on record by the Board of Directors we report that none of
 the Directors are disqualified as on 31st March 2007 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 said accounts read with Note No.5 to
 Schedule 12, together with our comments in the Annexure referred to in
 paragraph 1 above, give the information required by the Companies Act,
 1956 in the manner so required and 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 state of affairs of the
 Company as at March 31s1, 2007 and
 
 ii) In the case of Profit and Loss Account of the Loss of the Company
 for the year ended on that date,
 
 iii) In the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 ANNEXURE TO AUDITORS REPORT 2006-07
 
 Statement referred to in paragraph 3 of our report of even date to the
 members of ORIENT INFORMATION TECHNOLOGY LIMITED on the accounts for
 the year ended 31st March 2007.
 
 i) (a) The Company has maintained proper records showing full
 particulars including quantitative details & situation of Fixed Assets.
 
 (b) All the assets have not been physically verified by the management
 during the year but there is a regular program of verification which,
 in our opinion, is reasonable having regard to the size and nature of
 its assets. No material discrepancies were noticed on such
 verification.
 
 (c) During the year, the Company has not disposed off a major part of
 the Fixed Assets.
 
 ii. The Company being in the business of Software Development, is not
 having any inventory the question of its physical verification and
 maintenance of records does not arise.
 
 iii (a) The company has granted an unsecured loan to the company
 covered in the register maintained under Section 301 of the Act during
 the year. The amount outstanding as on the last date of the balance
 sheet is Rs. 1.36 crores. This being in the nature of trade advance,
 there are no stipulations as regards interest and repayment of the
 loan.
 
 (b) The Company has not taken any loans from companies covered in the
 register maintained under section 301 of the Companies Act, 1956.
 
 iv. In our opinion and according to explanations given to us, there are
 adequate internal control procedures commensurate with the size of the
 Company and the nature of its business with regard to purchase of
 fixed assets and with regard to sale of Goods. During the course of our
 audit, we have not observed any continuing failure to correct major
 weaknesses in the internal controls.
 
 v. According to information and explanation given to us, there are no
 transactions entered into by the Company with the party listed in the
 register maintained under section 301 of the Companies Act, 1956.
 
 vi. In our opinion and according to the information and explanations
 given to us, the Company has not accepted any publicdeposits and
 therefore the provisions of Section 58A & 58AA of the Companies Act,
 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not
 applicable to the Company.
 
 vii. In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 viii. We have been informed that the Central Government has not
 prescribed maintenance of cost records under Section 209(1)(d) of the
 Companies Act, 1956.
 
 ix. (a) The Company is regular in depositing with appropriate
 authorities undisputed statutory dues including provident fund,
 investor education protection fund, employees state insurance, income
 tax, sales tax, wealth tax, custom duty, cess and other material
 statutory dues applicable to it.
 
 (b) According to information and explanation given to us, there are no
 dues of sale tax, customs duty, excise duty and cess were in arrears,
 as at 31st March, 2007 for a period of more than six months from the
 date they became payable.
 
 (c) According to information and explanation given to us, there are no
 dues of sales tax, income tax, customs duty, wealth tax, excise duty
 and cess which have not been deposited on account of any dispute.
 
 x. The accumulated losses of the Company as at 31st March 2007 are less
 than 50% of its net worth. However the company has not incurred any
 cash losses in the Financial Year 2006-07 and in the immediate
 preceding Financial Year i.e. 2005-06.
 
 xi.  The company has taken Car loan and Term Loan from HDFC Bank.
 
 xii. The Company has not granted any loans and advances other than
 Trade Advances which are granted in the ordinary course of the business
 of the company.
 
 xiii. In our opinion, the company is not a chit fund or a nidhi /
 mutual benefit fund/ society. Therefore, the provisions of clause 4
 (xiii) of the Companies (Auditors Report) Order, 2003 are not
 applicable to the company.
 
 xiv. In our opinion, the company is not dealing in or trading in
 shares, securities debentures and other investments. Accordingly, the
 provisions of clause 4 (xiv) of the Companies (Auditors Report) Order,
 2003 are not applicable to the company.
 
 xv. The Company has not given any guarantee for loans taken by others
 from banks or financial institutions. Therefore, the provisions of
 clause 4 (xv) of the Companies (Auditors Report) Order, 2003 are not
 applicable to the company.
 
 xvi.  The Company has raised term loans and applied them for the
 purpose for which the loans were obtained.
 
 xvii.  During the Year, the Company has not raised such short term
 funds. Therefore, the provisions of clause 4 (xvii) of the Companies
 (Auditors Report) Order, 2003 are not applicable to the company.
 
 xviii.  According to the information and explanations given to us, the
 company has not made any preferential allotment to the parties and
 companies covered in the register maintained under section 301 of the
 Act.
 
 xix.  According to the information and explanations given to us, the
 company has not issued any debentures during the period covered by our
 audit report.
 
 xx.  During the year covered by our audit no money has been raised by
 Public issue & therefore the provisions of clause 4 (xx) of the
 Companies (Auditors Report) Order, 2003 are not applicable to the
 company.
 
 xxi.  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.
 
                                                      For Gadgil & Co.
                                                 Chartered Accountants
 
                                                   Dushyant A Gadgil
                                                       Proprietor
                                                       M.NO. 17795
 Place : Mumbai
 Date  : 30th June, 2007
Source : Dion Global Solutions Limited
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