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.

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..

Our company has not accepted any deposits and, as such no amount of principal or interest was outstanding on the date of Balance Sheet.