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Advent Computer Services Ltd.

BSE Live

Feb 18, 16:00
1.69 -0.08 (-4.52%)
Volume
AVERAGE VOLUME
5-Day
307
10-Day
177
30-Day
411
2
  • Prev. Close

    1.77

  • Open Price

    1.69

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Advent Computer Services is not listed on NSE

Annual Report

For Year :
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Auditor's Report

1. I have audited the attached Balance Sheet of Advent Computer Services Limited, as at June 30, 2006, and the related Profit and Loss Account and Cash Flow Statement for the period ended on that date annexed thereto, which I have signed under reference to this report. These financial statements are the responsibility of the Companys management. My responsibility is to express an opinion on these financial statements based on my audit. 2. I conducted the audit in accordance with the auditing standards generally accepted in India. Those Standards require that I 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. I believe that my audit provides a reasonable basis for my opinion. 3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of such checks of the books and records of the Company as I considered appropriate and according to the information and explanations given to us, I further report that: i). (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) The fixed assets are physically verified by the management according to a phased programme designed to cover all the items over a period, which in my opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the management during the period and no material discrepancies between the book- records and the physical inventory have been noticed. (c) In my opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the Company during the period. ii). (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. (b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. iii). In my opinion and according to the, information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of services. Further, on the basis of my examination of the books and records of the Company, and according to the information and explanations given to us, I have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system. iv). The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA or any other relevant provisions of the Act and the rules framed there under. v). In my opinion, the Company has an internal audit system commensurate with its size and nature of its business. vi). The Central Government of India has not prescribed the maintenance of cost records under clause (d) of subsection (1) of Section 209 of the Act for any of the products of the Company. vii). (a) According to the information and explanations given to us and the records of the Company examined by us, in my opinion, the Company is generally regular in depositing the undisputed statutory dues including provident fund, investor education and protection fund, income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities. viii) The Company has incurred cash losses in the financial period ended 30.06.2006 and in the immediately preceding financial period. ix) Based on my audit procedures and as per the information and explanations given by the management, Im of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. x) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xi) The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund/societies are not applicable to the Company. xii) In my opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. xiii) In my opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the period. xiv) The Company has not obtained any term loans. xv) On the basis of an overall examination of the balance sheet of the company, in my opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment. xvi) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the period. xvii)The company did not have any outstanding debentures during the period. xviii) The Company has not raised any money by public issues during the period. xix) During the course of my examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, I have neither come across any instance of fraud on or by the Company, noticed or reported during the period, nor have I been informed of such case by the management. xx) Based on my audit procedures and as per the information and explanations given by the management, Im of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 4. Further to my comments in paragraph 3 above, I report that: (a) I have obtained all the information and explanations, which to the best of my knowledge and belief were necessary for the purposes of my audit; (b) In my opinion, proper books of account as required by law have been kept by the Company so far as appears from my examination of those books; (c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) In my opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Act; (e) On the basis of written representations received from the directors, as on June 30,2006 and taken on record by the Board of Directors, none of the directors is disqualified as on June 30, 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act. (f) In my opinion and to the best of my information and according to the explanations given to me, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and subject to my comments in paragraph 4 above give respectively a true and fair view in conformity with the accounting principles generally accepted in India and (i) in the case of the Balance Sheet, of the state of affairs of the Company as at June 30,2006; (ii) in the case of the Profit and Loss Account, of the loss for the period ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows for the period ended on that date. Place: Chennai Chartered Accountants Date : 18th July, 2006 K.SRINIVASAN Membership No: - 205256