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Auditor Report of Agri-Tech (India) Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Agri-Tech (India) Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2015 the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ('the Act') with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and rules made there-under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2015 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet, Statement Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the directors as on 31st March, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as a director in terms of section 164(2) of the Act.

f) with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our opinion and to the best of our information and according to the explanations given to us:

i. the company has no pending litigations as on balance sheet date.

ii. the Company does not have long term contracts or derivative contracts which require provision under the Act.

iii. According to the information and explanations given to us, there is no amount required to be transferred to investor education and protection fund.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the financial statements for the year ended 31st March 2015, we report that:

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year. There is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

2. (a) As explained to us, the stock of standing crop has been physically verified by the management during the year. In our opinion, the frequency of verification of standing crop is reasonable.

(b) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material, which have been properly dealt with in the books of account.

3. (a) The company has granted loans to two bodies corporate covered in the register maintained under section 189 of the Act.

(b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, no payment of interest has been stipulated due to business exigencies/purposes. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(c) There are no overdue amounts of more than rupees one lac in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and nature of its business with regard to purchase of inventory and fixed assets and sale of goods and services. During the course of audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5. The Company has not accepted any deposits during the year in terms of provisions of Section 73 of the Act and rules framed there-under.

6. The Central Government has not prescribed for maintenance of cost records under section 148 of the Act, for the product of the Company.

7. (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including, investor education protection fund, employee's state insurance, professional tax income tax, sales tax, wealth tax, custom duty, cess and other material statutory dues applicable to it. No undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty, and cess were in arrears as at 31st March 2015 for a period more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, excise duty and cess which are outstanding as at 31st March, 2015, which have not been deposited on account of any dispute.

(c) According to the information and explanations given to us, there is no amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

8. The Company does not have accumulated losses as at 31st March, 2015. The Company has incurred cash losses during the financial year covered by our audit; however, not incurred cash losses during the immediately preceding financial year.

9. In our opinion and according to the information and explanations given to us, the Company has not defaulted in payment of dues to financial institution or bank or debenture holders.

10. According to the information given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

11. As per information & explanations provided to us, no term loans have been raised during the year.

12. During the course of our examination of the books and records of the Company, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the management.

For Gautam N Associates Chartered Accountants FRN 103117W

Gautam Nandawat Partner M No 32742 Place: Aurangabad Date: 30.05.2015


Mar 31, 2014

We have audited the accompanying financial statements of Agri-Tech (India) Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2014 and the Statement of Profit and Loss for the year ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

(b) in the case of the Statement of Profit and Loss of the loss for the year ended on that date

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, 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 purpose of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet and Statement profit and Loss dealt with by this Report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Act, and

e) On the basis of written representations received from the directors as on 31st March, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act,

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act, nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT (Referred to our report on "Report on Other Legal and Regulatory Requirements" in Paragraph "1" of our report for the financial year ended on 31st March 2014)

1. (a) The Company has maintained its records to show full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year. There is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The Company has not disposed off substantial part of its fixed assets during the year.

2. a) As explained to us, the stock of standing crop has been physically verified by the management during the year. In our opinion, the frequency of verification of standing crop is reasonable.

b) The Procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of Company and the nature of its business.

c) The Company has maintained proper records of Inventory. As explained, there were no material discrepancies noticed between the physical stocks and book records, which have been properly dealt with in the books of accounts.

3. (a) The Company has taken loan from four parties covered in the register maintained under section 301 of the Act.

The maximum amount involved during the year was Rs. 13,79,47,490 (Previous Year Rs. 8,75,53,657) and the year-end balance of loans taken from such parties was Rs. 13,30,47,490 (Previous Year Rs. 4,73,53,657). During the year, the company has granted loan to two parties covered in the register maintained under section 301 of the Act. The maximum amount involved during the year was Rs. 9,91,76,848 (previous year Rs. 8,98,06,964) and the year-end balance of loans given to such parties was Rs.9,91,76,848 (Previous Year Rs. 3,84,21,923).

(b) In our opinion, terms and conditions on which interest free loans have been taken/given from / to parties listed in the register maintained under section 301 of the Act, are, prima facie not considered to be prejudicial to the interest of the Company for the reason stated in Note no 12.

(c) The loans are payable on demand as per stipulations made by the Company.

4. In our opinion and according to the information and explanations given to us, internal control procedures are commensurate with the size of the Company and nature of its business for the purchase of inventory & fixed assets and sale of goods. During the course of audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the Act, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Act, and exceeding the value of rupees five lakhs in respect of each party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The Company has not accepted any deposits during the year in terms of the provisions of Section 58A, 58AA of the Act and rules framed there-under.

7. The internal audit system of the company is commensurate with the size of the company.

8. The Central Government has not prescribed for maintenance of cost records under section 209(1)(d) of the Act, for the product of the Company.

9. (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including investor education protection fund, income tax, wealth tax, custom duty, excise duty, provident fund, cess and other material statutory dues applicable to it except Tax on Profession. The outstanding statutory dues at the last day of the financial year concerned are as under:

Sr No Name of the Statute Nature of the dues Amount (Rs)

1. Income Tax Act, 1961 TDS on Contracts 370 Since paid

2. Income Tax Act, 1961 TDS on Salary 2,868 Since paid

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty, and cess were in arrears as at 31st March 2014 for a period more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, excise duty and cess which are outstanding as at 31st March, 2014, which have not been deposited on account of any dispute.

10. The Company does not have accumulated losses as at 31st March, 2014. The Company has not incurred cash losses during the financial year covered by our audit; however, incurred cash losses during the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has defaulted in payment of dues to financial institution of Rs. 1,48,00,000 since 31.12.2013.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund, nidhi, mutual benefit fund or a society; the provisions of clause 4 (xiii) of the order are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures, and other investments. Accordingly, the provisions of clause 4 (xii) of the Order are not applicable to the Company.

15. According to the information given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. As per information & explanation provided to us, no term loans have been raised during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that generally no funds raised on short-term basis have been used for long-term investment and vice versa.

18. According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. According to the information and explanations given to us, the Company has not issued any debentures during the year.

20. The Company has not raised any money by public issues during the year.

21. During the course of our 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, we have neither come across any instance of fraud on or by the Company, noticed or reported during the period, nor have we been informed of any such case by the Management.

For Gautam N Associates

Chartered Accountants

FRN 103117W

(Gautam Nandawat)

Partner

M No 32742

Place: Aurangabad

Date: 30 May 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Agri-tech (India) Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to

a. Note No 27 to the financial statements which describes that certain debtors, creditors, Secured and Unsecured Loans including from associate concern and ARCIL, loans and advances including associate concern, Other Liabilities and Provisions are subject to confirmation and reconciliation.

b. Note no 13 to the financial statements which describe non-receipts of consideration towards sale of land to an associate company.

c. Note no 3 to the financial statements which describe the reinstatement of liability to ARCIL as per the reschedulement of term loan.

Our opinion is not qualified in respect of above matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required under provisions of section 227(3) of the Companies Act, 1956, 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 purpose of our audit;

b. in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement 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 31st March, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Act.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT

Annexure referred to our report on "Report on Other Legal and Regulatory Requirements" in Para 1 of our report for the financial year 2012-13 to the Members of AGRI-TECH (INDIA) LIMITED.

i) a) The Company has maintained its fixed assets records to show full particulars including quantitative details and situation of its fixed assets.

b) As explained to us, the fixed assets have been physically verified by the management during the year according to the phased program of verification, which in our opinion is reasonable having regard to the size of the Company and nature of its fixed assets. According to the information and explanations given to us, no discrepancies were noticed between the physical quantity of fixed assets and book records.

c) The Company has not disposed off substantial part of its assets during the year.

ii) a) As explained to us, the stock of standing crop has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

b) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of Company and the nature of its business.

c) The Company has maintained proper records of Inventory. As explained, there were no material discrepancies noticed between the physical stocks and the book records, which have been properly dealt with in the books of the accounts.

iii) a) The Company had taken loan from five companies covered in the register maintained under section 301 of the Act. The maximum amount involved during the year was Rs. 8,75,53,657 and the year end balance of loans taken from such parties was Rs. 4,73,53,657. There were four Companies covered in the register maintained under section 301 of Act, to which the Company has granted loans. The maximum amount involved during the year was Rs. 8,98,06,964 and the year-end balance of loans granted to such parties was Rs. 3,84,21,923.

b) In our opinion, the terms and conditions on which interest free loans have been taken from/granted to companies listed in the register maintained under section 301 of the Act, are, prima facie, not prejudicial to the interest of the Company subject to our comments in Note no 13(a) to the Financial Statements.

c) There are no overdue amounts of loans taken from or granted to companies, firms or other parties listed in the register maintained under section 301 of the Act.

iv) In our opinion and according to the information and explanations given to us, internal control procedures are commensurate with the size of the Company and nature of its business with regard to purchase of inventory, fixed assets and sale of goods. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal control.

v) a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 of the Act, have been so entered.

b) As per the information and explanations given to us, there are no transactions of purchases and sale of goods and materials made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act and aggregating during the year to Rs. 5,00,000 or more in respect of each party.

vi) The Company has not accepted any deposits under the provision of Section 58A and 58AA of the Act and the rules framed there under.

vii) In our opinion, the Company''s internal audit system needs to be strengthened by expanding the scope and coverage.

viii) The Central Government has not prescribed for maintenance of cost records under Section 209(1)(d) of the Act, for the products of the Company.

ix) a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including investor education protection fund, employees'' state insurance, income-tax, wealth-tax, customs duty, cess and other statutory dues applicable to it.

b) According to the information and explanations given to us, no disputed amounts are payable in respect of dues of income tax, customs duty, wealth tax, excise duty and cess, as applicable, which are outstanding as at 31st March, 2013.

x) The accumulated losses of the Company are not more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit, however, incurred cash losses during the immediately preceding financial year.

xi) The Company has not defaulted in repayment of dues to Banker and Financial Institutions during the year.

xii) In our opinion, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society.

xiv) In our opinion, the Company is not dealing or trading in shares, securities, debenture and other investments.

xv) As per the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

xvi) In our opinion, the Company has not obtained any term loan during the year, therefore, the provisions of clause 4(xvi) of the Order are not applicable to the Company.

xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that generally, no funds raised on short-term basis have been used for long-term investment by the Company and vice versa except permanent working capital.

xviii) According to the information and explanations given to us, the Company has not made preferential allotment of shares to companies and other parties covered in the register maintained under section 301 of the Act.

xix) According to the information and explanations given to us, during the period covered by our audit report, the Company has not issued any debentures.

xx) The Company has not raised any money by public issue during the year.

xxi) During the course of our examinations of the books and records of the Company, carried out in accordance with the generally accepted audit practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For Gautam N Associates

Chartered Accountants

Firm Registration No 103117W

Sd/-

(Gautam Nandawat)

Partner

M No 32742

Place: Aurangabad

Dated: 29th May 2013

 
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