| Overview of Operations: |
| The software industry, which was affected badly due to the recession in USA during the recent years, has
started showing significant improvement in large companies operations. However, in the case of smaller
companies like yours the pace of recovery is slow mainly due to the constraints in the areas of working
capital availability and retention of manpower. Your company has taken the crisis as an opportunity and is in
the process of consolidating its operations. |
| Subsidiary Company Accounts: |
| Due to certain administrative difficulties the accounts of the overseas subsidiary could not be finalized and
hence the consolidation of accounts could not be completed .We have informed the auditors about the
difficulty and the auditors have qualified their report. We shall ensure to get the accounts of the subsidiary
updated and include the same in our next report. |
| Fixed Deposits: |
| Our company has not accepted any deposits and, as such no amount of principal or interest was
outstanding on the date of Balance Sheet. |
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