Home  »  Company  »  Auro Labs  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Auro Laboratories Ltd.

Mar 31, 2015

We have audited the attached financial statements of AURO LABORATORIES LIMITED ("the Company"), which comprises the Balance Sheet as at 31s1 March 2015, the statement of Profit and Loss Account and the Cash Flow statement for the year then ended and a summary of significant accounting policies and other explanatory information.

2. 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 principles generally accepted in India including Accounting Standards specified under section 133 of the Act, read with rule 7 of the Companies ( Accounts) Rules, 2014. 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.

3. 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 of material misstatements.

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 judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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.

4. Opinion

In our opinion, and to the best of our information and according to the explanations given to us, the aforesaid subject to the Notes regarding non provision for gratuity, non provision for diminution in the value of the investments and regarding Doubtful loans and advances of Rs. 7,49,633/-, resulting to understatement of Loss amounting to Rs. 7,49,633/- for the year, 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:

a) In the case of the balance sheet, of the state of affairs of the Company as at 31st March 2015.

b) In the case of the Profit & Loss Account, of the "Profit" for the year ended on that date.

c) In the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

5. 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 11 of section 143 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 143(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 accounts as required by law have kept by the company so far as appears from ours examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion the Balance Sheet, the Statement of Profit and Loss and the Cash Flow statement comply with the accounting standards referred to in section 133 of the Act, read with rule 7 of the Companies (Accounts) Rule 2014, except Accounting for Retirements Benefits (AS15).

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

f) With respect to the other matter to be included in the auditor's report in accordance with rule 11 of the companies (Audit and Auditors) Rule, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanation given to us:

i. The company has disclosed the impact of pending litigations as at 31st March 2015 on its financial position in its financial statements.

ii. The Company has made provision as at 31st March 2015, as required under applicable law or accounting standard for material foreseeable losses.

ANNEXURE TO THE AUDITORS REPORT

(Referred to in our Report of even date)

We have prepared this annexure on the basis of the Books of Account examined, and information and explanations obtained by us during the course of our Audit. Further, in our opinion and to the best of our knowledge we report that

i)

a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

b) As explained to us, the fixed assets are being physically verified under a phased programme of verification, which in our opinion, is reasonable and no material discrepancies have been noticed on such verification.

c) The company has not disposed off substantial part of fixed assets, during the year under review, to affect its going concern.

ii)

a) Inventories have been physically verified during the year by management at reasonable intervals.

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

c) The company is maintaining proper records of its inventories as required in the normal course of business. The discrepancies noticed on verification between physical stocks and book records were not material.

iii)

a) The company has not granted any loan secured or unsecured to Companies, firms or other parties covered in the register maintained under section 189 of the Act. The Company has not taken any unsecured loan during the year from the parties covered in the register maintained under section 189 of the Act, and the yearend balance of loans taken is Rs. 751.82 lacs.

b) In our opinion, the rate of interest and other term and condition on which the unsecured loans have been taken by the company listed in the register maintained under section 189 of the Act are not prima-facie prejudicial to the interest of the company.

c) The terms of repayment of the principal amount is not specified.

d) In our opinion, according to the information and explanation given to us, reasonable steps have been taken by the company for the payment of the principal amount and no amount is overdue for more than rupee one lacs.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchases of inventory and fixed assets and for sale of goods. We have not observed any major weakness in the internal control system during the course of our audit. The Company is continuously correcting weakness detected in internal control.

v)

a) According to the information and explanation given to us, we are of the opinion that the transaction that need to be entered into the register maintained in pursuance of section 301 of the Companies Act 1956 have generally been so entered.

b) According to the information and explanation given to us, transactions made in pursuance of contract or arrangements entered into the register maintained under section 301 of the Companies Act 1956 and exceeding the value of Rs. 5.00 lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanation given to us, the company has not accepted deposits from public within the meaning of section 73 and 74 of the Act and the rules framed there under to the extent notified.

vii) In our opinion the company has formal internal audit system commensurate with size and nature of business.

viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the order made by the Central Government for maintenance of cost records prescribed under Sub- Section (1) of section 148 of the Act, and are of the opinion that prima facie, the prescribed accounts have been made and maintained. We have, however, not made a detailed examination of the said records with a view to determining whether they are accurate or complete.

ix)

a) According to the information and explanations given to us and on the basis of examination of the records of the Company, we are of the opinion that the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investors Education and protection fund, Employees' State Insurance, Income Tax, Sales Tax/VAT, Wealth Tax, Custom Duty, Excise Duty, Cess and Other material statutory dues with the appropriate authorities and there are no outstanding unpaid amounts as at the balance sheet date for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no undisputed dues in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess.

x) In our opinion, the Accumulated losses of the company at the end of the financial year are not more than fifty per cent of its net worth. The company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding financial year.

xi) In our opinion, according to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans or advances against 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 to which the provisions of any special statue apply: accordingly the provisions of clause 4(xiii) of the Order are not applicable to the company.

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

xv) In our opinion and as explained to us the company has not given guarantee for loan taken by others from bank or financial institutions.

xvi) According to the information and explanation given to us and on overall examination of the balance sheet of the company, the Company has applied the term loans for the purpose for which the loans were obtained.

xvii) According to the information and explanation given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short- term basis have been used for long- term investments. No long- term funds have been used to finance short -term assets except Permanent Working Capital.

xviii) In our opinion, the company has not made any preferential allotment of shares to parties and Companies covered in the register maintained in pursuance of section 301 of the Companies Act 1956.

xix) In our opinion, the Company has not issued any debentures during the year under audit.

xx) The Company did not raise money through public issue during the year under review.

xxi) According to the information and explanation given to us no fraud on or by the Company has been noticed or reported during the course of our audit.

For KOTHARI JAIN & ASSOCIATES CHARTERED ACCOUNTANT FIRM REGN. NO. 113041 W

SUNIL KUMAR KOTHARI PROPRIETOR M. No.043842

Place: Mumbai 28lh MAY 2015




Mar 31, 2014

1. Report on the Financial Statements

We have audited the attached financial statements of AURO LABORATORIES LIMITED ("the Company"), which comprises the Balance Sheet as at 31st March 2014, the statement of Profit and Loss Account and the Cash Flow statement for the year then ended and a summary of significant accounting policies and other explanatory information.

2. 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 principles generally accepted in India including Accounting Standards referred to in Section 211 (3C) 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.

3. 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 of material misstatements.

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 judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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.

4. Opinion

In our opinion, and to the best of our information and according to the explanations given to us, the aforesaid subject to the Notes regarding non provision for gratuity, non provision for diminution in the value of the investments and regarding Doubtful loans and advances of Rs. 7,49,633/-, resulting to understatement of Loss amounting to Rs. 7,49,633/- for the year, 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:

In the case of the balance sheet, of the state of affairs of the Company as at 31st March, 2014.

In the case of the Profit & Loss Account, of the "Profit" for the year ended on that date.

In the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

5. 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 section 227(4A) 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 accounts as required by law have kept by the company so far as appears from ours examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion the Balance Sheet, the Statement of Profit and Loss and the Cash Flow statement comply with the accounting standards referred to in section 211 (3C) of the Act, except Accounting for Fixed Assets (AS 10), Accounting for Investments (AS 13) and Accounting for Retirements Benefits (AS15).

e) On the basic of the written representations received from the directors as on March 31, 2014, taken on record by the Board of director, None of the directors is disqualified as on March 31, 2014 from being appointed as a director in terms of section 274 (1) (g) of the Act.

ANNEXURE TO THE AUDITORS REPORT

(Referred to in our Report of even date)

We have prepared this annexure on the basis of the Books of Account examined, and information and explanations obtained by us during the course of our Audit. Further, in our opinion and to the best of our knowledge we report that -

i) a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

b) As explained to us, the fixed assets are being physically verified under a phased programme of verification, which in our opinion, is reasonable and no material discrepancies have been noticed on such verification.

c) The company has not disposed off substantial part of fixed assets, during the year under review, to affect its going concern.

ii) a) Inventories have been physically verified during the year by management at reasonable intervals.

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

c) The company is maintaining proper records of its inventories as required in the normal course of business. The discrepancies noticed on verification between physical stocks and book records were not material.

iii) a) The company has not granted any loan secured or unsecured to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956.The Company has not taken any unsecured loan from the parties covered in the register maintained under section 301 of the Companies Act 1956, and the year end balance of loans taken is Rs. 740.18 lacs.

b) In our opinion, the rate of interest and other term and condition on which the unsecured loans have been taken by the company listed in the register maintained under section 301 of the Companies Act are not prima-facie prejudicial to the interest of the company.

c) The terms of repayment of the principal amount is not specified.

d) In our opinion, according to the information and explanation given to us, reasonable steps have been taken by the company for the payment of the principal amount and no amount is overdue for more than rupee one lacs.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchases of Inventory and fixed assets and for sale of goods. We have not observed any major weakness in the internal control system during the course of our audit. The Company is continuously correcting weakness detected in internal control.

v) a) According to the information and explanation given to us, we are of the opinion that the transaction that need to be entered into the register maintained in pursuance of section 301 of the Companies Act 1956 have generally been so entered.

b) According to the information and explanation given to us, transactions made in pursuance of contract or arrangements entered into the register maintained under section 301 of the Companies Act 1956 and exceeding the value of Rs. 5.00 lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanation given to us, the company has not accepted deposits from public. Therefore, the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

vii) In our opinion the company has no formal internal audit system commensurate with size and nature of business.

viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the order made by the Central Government for maintenance of cost records prescribed under clause (d) of Sub- Section (1) of section 209 of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts have been made and maintained. We have, however, not made a detailed examination of the said records with a view to determining whether they are accurate or complete.

ix) a) According to the information and explanations given to us and on the basis of examination of the records of the Company, we are of the opinion that the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investors Education and protection fund, Employees'' State Insurance, Income Tax, Sales Tax/VAT, Wealth Tax, Custom Duty, Excise Duty, Cess and Other material statutory dues with the appropriate authorities and there are no outstanding unpaid amounts as at the balance sheet date for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no undisputed dues in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess.

x) In our opinion, the Accumulated losses of the company at the end of the financial year are not more than fifty per cent of its net worth. The company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding financial year.

xi) In our opinion, according to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans or advances against 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 to which the provisions of any special statue apply: accordingly the provisions of clause 4(xiii) of the Order are not applicable to the company.

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

xv) In our opinion and as explained to us the company has not given guarantee for loan taken by others from bank or financial institutions.

xvi) According to the information and explanation given to us and on overall examination of the balance sheet of the company, the Company has applied the term loans for the purpose for which the loans were obtained.

xvii) According to the information and explanation given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short- term basis have been used for long- term investments. No long- term funds have been used to finance short -term assets except Permanent Working Capital.

xviii) In our opinion, the company has not made any preferential allotment of shares to parties and Companies covered in the register maintained in pursuance of section 301 of the Companies Act 1956.

xix) In our opinion, the Company has not issued any debentures during the year under audit.

xx) The Company did not raise money through public issue during the year under review.

xxi) According to the information and explanation given to us no fraud on or by the Company has been noticed or reported during the course of our audit.

For KOTHARI JAIN & ASSOCIATES CHARTERED ACCOUNTANT FIRM REGN. NO. 113041 W

SUNIL KUMAR KOTHARI PROPRIETOR M. No. 043842 Place: Mumbai Dated: 30th MAY 2014


Mar 31, 2013

1. Report on the Financial Statements

We have audited the attached financial statements of AURO LABORATORIES LIMITED (the Company"), which comprises the Balance Sheet as at 31"March 2013, the statement of Profit and Loss Account and the Cash Flow statement for the year then ended and a summary of significant accounting policies and other explanatory information.

2. Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair viewof the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 (''the Ad). 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.

3. 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 of material misstatements. 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 judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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.

4. Opinion

In our opinion, and to the best of our Information and according to the explanations given to us, the aforesaid subject to the Notes regarding non provision for gratuity, non provision for diminution In the value of the Investments and regarding Doubtful loans and advances ofRs. 7,49,633/-, resulting to understatement of Loss amounting to Rs. 7,49,633/- for the year, 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:

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 & Loss Account, of the ''Profit" for the year ended on that date.

c) In the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

5. 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 section 227(4A) of the Act, we give in the amexure a statement on the matters specified in paragraphs 4 and 5 of the order.

2. AsrequiredtySectJon227(3)oftheAcLwereportthat:

a) We have obtained aH the information and explanations which to the best of our knowledge and belief were necessary forthe purpose of ouraudit;

b) Inouropir^properbooksofatxciuntsasrecpredbylawhavekeptbythecompanysolar as appears from ours examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion the Balance Sheet the Statement of Profit and Loss and the Cash Flow statement comply with the accounting standards referred to in section 211 (X) of the Act, except Accounting for Fixed Assets (AS 10),Accountlngforlnvestments(AS 13) and AccountlngforRetlrementsBeneflts(AS15).

e) On the basic of the written representations received from the directors as on March 31, 2013, taken on record by the Board of director, None of the directors is disqualified as on March 31,2013from being appointed asadirector in terms of section 274(1) (g) of the Ad.

We have prepared this annexure on the basis of the Books of Account examined, and information and explanations obtained by us during the course of our Audit Further, in our opinion and to the bestofourknowledgewereportthat-

I) a) The company has maintained proper records showing full particulars including quantitative details andsituation of Fixed Assets.

b) As explained to us, the fixed assets are being physically verified under a phased programme of verification, which in our opinion, is reasonable and no material discrepancies have been noticed on such verification.

c) The company has not disposed off substantial part of fixed assets, during the year under review, to affect its going concern.

ii) a) Inventories have been physically verified during the year by management at reasonable intervals.

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

c) The company is maintaining proper records of its inventories as required in the normal course of business. The discrepancies noticed on verification between physical stocks and book records were not material.

iii) a) The company has not granted any loan secured or unsecured to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956.The Company has taken unsecured loan from one party amounting to Rs. 110.00 lacs during the year, covered in the register maintained under section 301 of the Companies Act 1956, and the year end balance of loans taken is Rs. 726.07 lacs.

b) In our opinion, the rate of interest and other term and condition on which the unsecured loans have been taken by the company listed in the register maintained under section 301 of the Companies Act are not prima-f acie prejudicial to the interest of the company.

c) The terms of repayment of the principal amount is not specified.

d) In our opinion, according to the information and explanation given to us, reasonable steps have been taken by the company for the payment of the principal amount and no amount is overdue for more than rupee one lacs.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchases of inventory and fixed assets and for sale of goods. We have not observed any major weakness in the internal control system during the course of our audit. The Company is continuously correcting weakness detected in internal control.

v) a) According to the information and explanation given to us, we are of the opinion that the transaction that need to be entered into the register maintained in pursuance of section 301 of the Companies Act 1956 have generally been so entered.

b) According to the information and explanation given to us, transactions made in pursuance of contract or arrangements entered into the register maintained under section 301 of the Companies Act 1956 and exceeding the value of Rs. 5.00 lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanation given to us, the company has not accepted deposits from public. Therefore, the provisions of clause (vi) of paragraph 4 of the order are not applicable to the company.

vii) In our opinion the company has no formal internal audit system commensurate with size and nature of business.

viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the order made by the Central Government for maintenance of cost records prescribed under clause (d) of Sub- Section (1) of section 209 of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts have been made and maintained. We have, however, not made a detailed examination of the said records with a view to determining whether they are accurate or complete.

ix) a) According to the information and explanations given to us and on the basis of examination of the records of the Company, we are of the opinion that the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investors Education and protection fund, Employees'' State Insurance, Income Tax, Sales Tax/VAT, Wealth Tax, Custom Duty, Excise Duty, Cess and Other material statutory dues with the appropriate authorities and there are no outstanding unpaid amounts as at the balance sheet date for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no undisputed dues in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess.

x) In our opinion, the Accumulated losses of the company at the end of the financial year are not more than fifty per cent of its net worth. The company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding financial year.

xi) In our opinion, according to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans or advances against 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 to which the provisions of any special statue apply: accordingly the provisions of clause 4(xiii) of the Order are not applicable to the company.

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

xv) In our opinion and as explained to us the company has not given guarantee for loan taken by others from bank or financial institutions.

xvi) According to the information and explanation given to us and on overall examination of Unbalance sheet of the company, the Company has applied the term loans for the purpose for which the loans were obtained.

xvii) According to the information and explanation given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short- term basis have been used for long- term investments. No long- term funds have been used to finance short-term assets except Permanent Working Capital.

xviii) In our opinion, the company has not made any preferential allotment of shares to parties and Companies covered in the register maintained in pursuance of section 301 of the Companies Act 1956.

xix) lnouropinton,tl»Companynastwtissuedartydeberturesdm

xx) Trie Company did not raise money through public issue during the year under review.

xxi) According to the information and explanation given to us no fraud on or by the Company has been noticed or reported during the course of our audit.

For KOTHARIJAIN & ASSOCIATES

CHARTERED ACCOUNTANT

FIRM REGN. NO. 113041W

SUNIL KUMARKOTHARI

PROPRIETOR

M. No. 043842

Place: Mumbai

Dated: 8th MAY 2013


Mar 31, 2012

1.We have audited the attached Balance Sheet of AUROLABORATORIE SUMITED as at 31st March 2012 and also the related Profit and Loss Account annexed thereto and the Cash Flow statement for the year ended on the date, which have signed under reference to this report. These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order 2003 (the order), as amended, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 the law have been kept by the company so far as it appears from our examination of the books.

C] The Balance Sheet and Profit & Loss account and Cash Flow statement dealt with by this report are in agreement with the books of accounts.

D] In our opinion, the Balance sheet, Profit and Loss account and cash flow statement dealt with by this report complies with the Accounting Standards issued by the Institute of Chartered Accountants of India, referred to in Section 211 (X) of the Companies Act, 1956, except Accounting for Fixed Assets (AS 10), Accounting for Investments (AS 13) and Accounting for Retirements Benefits (AS15).

E] On the basis of written representation received from the Directors as on 31" March 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31" March, 2012 from being appointed as directors of the Company under 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, subject to the Notes regarding non provision for gratuity, non provision for diminution In the value of the Investments and regarding Doubtful loans and advances of Rs. 39,33,684/-, resulting to understatementotLoss amountingto Rs. 39,33,684/- forthe year, the saidaccounts read togetherwith other notes thereon, 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:

a) In the case of the balance sheet, of the state of affairs of the Company as at 31 st March 2012.

b) In the case of the Profit & Loss Account, of the 'Profit* for the year ended on that date.

c)InthecaseoftheCashFlowStatement.oftheCashFlowfortheyearendedonthatdate.

For KOTHARI JAIN & ASSOCIATES CHARTERED ACCOUNTANTS FIRMREGN.NO.113041W

SUNIL KUMAR KOTHARI PROPRIETOR M.NO. 043842 Place: Mumbai Date: 30* MAY 2012

ANNEXURE TO THE AUDITORS REPORT

(Referred to in our Report of even date)

We have prepared this annexure on the basis of the Books of Account examined, and Information and explanations obtained by us during the course of our Audit Further, in our opinion and to the best of our knowledge we report that-

i) a) The company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

b) As explained to us, the fixed assets are being physically verified under a phased programme of verification, which in ouropinion, is reasonable and no material discrepancies have been noticed on such verification.

c) The company has not disposed off substantial part of fixed assets, during the year under review, to affect its going concern.

ii) a) Inventories have been physically verified during the year by management at reasonable intervals.

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

c) The company is maintaining proper records of its inventories as required in the normal course of business. The discrepancies noticed on verification between physical stocks and book records were not material.

a)TrwainTpanyrasnotgrantedanyloansecuredorurisecuredloConvanies. misorotherpartiescoveredin the register maintained under section 301 of the Companies Act l956.The Company has taken unsecured loan from one party amounting to Rs. 13.20 lacs during the year, covered in the register maintained under section 301 of the Companies Act 1956, and the year end balance of loans taken is Rs. 684.65 lacs.

b) In our opinion, the rate of interest and other term and condition on which the unsecured loans have been taken by the company listed in the register maintained under section 301 of the Companies Act are not prima-facie prejudicial to the interest of the company.

c) The terms of repayment of the principal amount is not specified.

d) In our opinion, according to the information and explanation given to us, reasonable steps have been taken by the company for the payment of the principal amount and no amount is overdue for more than rupee one lacs.

iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchases of inventory and fixed assets and for sale of goods. We have not observed any major weakness in the internal control system during the course of our audit. The Company is continuously correcting weakness detected in internal control.

v) a) According to the information and explanation given to us, we are of the opinion that the transaction that need to be entered into the register maintained in pursuance of section 301 of the Companies Act 1956 have generally been so entered.

b) According to the information and explanation given to us, transactions made in pursuance of contract or arrangements entered into the register maintained under section 301 of the Companies Act 1956 and exceeding the value of Rs. 5.00 lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanation given to us, the company has not accepted deposits from public.

vii) In our opinion the company has no formal internal audit system commensurate with size and nature of business.

viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the order made by the Central Government for maintenance of cost records prescribed under clause (d) of Sub- Section (1) of section 209 of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts have been made and maintained. We have, however, not made a detailed examination of the said records with a view to determining whether they are accurate or complete.

ix) a) According to the information and explanations given to us and on the basis of examination of the records of the Company, we are of the opinion that the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investors Education and protection fund, Employees' State Insurance, Income Tax, Sales Tax/VAT, Wealth Tax, Custom Duty, Excise Duty, Cess and Other material statutory dues with the appropriate authorities and there are no outstanding unpaid amounts as at the balance sheet date for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no undisputed dues in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess.

x) In our opinion, the Accumulated losses of the company at the end of the financial year are not more than fifty per cent of its net worth. The company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding financial year.

xi) In our opinion, according to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans or advances against 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 to which the provisions of any special statue apply: accordingly the provisions of clause 4(xiii) of the Order are not applicable to the company.

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

xv) In our opinion and as explained to us the company has not given guarantee for loan taken by others from bank or financial institutions.

xvi) According to the information and explanation given to us and on overall examination of the balance sheet of the company, the Company has applied the term loans for the purpose for which the loans were obtained.

xvii) According to the information and explanation given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short- term basis have been used for long- term investments. No long- term funds have been used to finance short -term assets except Permanent Working Capital.

xviii) In our opinion, the company has not made any preferential allotment of shares to parties and Companies covered in the register maintained in pursuance of section 301 of the Companies Act 1956.

xix) In our opinion, the Company has not issued any debentures during the year under audit.

xx) The Company did not raise money through public issue during the year under review.

xxi) According to the information and explanation given to us no fraud on or by the Company has been noticed or reported during the course of our audit.

For KOTHARIJAIN4 ASSOCIATES CHARTERED ACCOUNTANT FIRM REGN. NO. 113041W

SUNIL KUMAR KOTHARI PROPRIETOR M. No. 043842

Place: Mumbai Dated: 30th MAY2012


Mar 31, 2010

We have audited the attached Balance Sheet of AURO LABORATORIES LIMITED as at 31st March 2010 and also the related Profit and Loss Account annexed thereto and the Cash Flow statement for the year ended on the date, which have signed under reference to this report. These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit.

We have 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order 2003 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 as we considered appropriate and according to the information and explanation given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

I. 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.

II. In our opinion proper books of accounts as required by the law have been kept by the company so far as it appears from our examination of the books.

III. The Balance Sheet and Profit & Loss account and Cash Flow statement dealt with by this report are in agreement with the books of accounts.

IV. In our opinion, the Balance sheet, Profit and Loss account and cash flow statement dealt with by this report complies with the Accounting Standards issued by the Institute of Chartered Accountants of India, referred to in Section 211 (3C) of the Companies Act, 1956, except Accounting for Fixed Assets (AS 10), Accounting for Investments (AS 13) and Accounting for Retirements Benefits (AS15).

V. On the basis of written representation received from the Directors as on 31st March 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2009 from being appointed as directors of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956

VI. In our opinion, and to the best of our information and according to the explanations given to us, subject to, Note No. 1 regarding non provision for gratuity, Note no. 3 regarding non provision for diminution in the value of the investments and Note no. 7 regarding Doubtful loans and advances Rs. 39,33,684/- in Schedule" R", resulting to understatement of Loss amounting to Rs. 39,33,684/- for the year, the said accounts read together with other notes thereon, 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:

a) In the case of the balance sheet, of the state of affairs of the Company as at 31st March 2010.

b) In the case of the Profit & Loss Account, of the "Profit" for the year ended on that date.

c) In the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT(Referred to in our Report of even date)

We have prepared this annexure on the basis of the Books of Account examined, and information and explanations obtained by us during the course of our Audit. Further, in our opinion and to the best of our knowledge we report that -

I) a) The company has maintained Fixed Assets Register and the same is updated.

b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regards to the size of the company and nature of its assets. We were informed that no material discrepancies were noticed on such verification.

c) The company has not disposed off substantial part of fixed assets, during the year under review, to affect its going concern.

ii) a) The management, during the year under review, has conducted physical verification of inventory. The Frequency of such verification is reasonable in relation to the company, nature of its business and nature of inventory.

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

c) The company is maintaining proper records of inventory as required in the normal course of business. The discrepancies noticed on verification between physical stocks and book records were not material.

iii) a) The company has not granted any loan secured or unsecured to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956.The Company has taken unsecured loan from four parties amounting to Rs. 111.00 lacs, covered in the register maintained under section 301 of the Companies Act 1956, and the year end balance of loans taken is Rs. 615.30 lacs.

b) In our opinion, the rate of interest and other term and condition on which the unsecured loans have been taken by the company listed in the register maintained under section 301 of the Companies Act are not prima-facie prejudicial to the interest of the company.

c) The terms of repayment of the principal amount is not specified.

d) In our opinion, according to the information and explanation given to us, reasonable steps have been taken by the company for payment of the principal amount and no amount is overdue for more than rupee one lacs.

iv) In our opinion, according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchases of inventory and fixed assets and for sale of goods. Company is continuously correcting weakness detected in internal control.

v) a) According to the information and explanation given to us, we are of the opinion that the transaction that need to be entered into the register maintained in pursuance of section 301 of the Companies Act 1956 have generally been so entered.

b) According to the information and explanation given to us, transactions made in pursuance of contract or arrangements entered into the register maintained under section 301 of the Companies Act 1956 and exceeding the value of Rs. 5.00 lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanation given to us, the company has not accepted deposits from public.

vii) In our opinion the company has no formal internal audit system commensurate with size and nature of business.

viii) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of Sub- Section (1) of section 209 of the Companies Act 1956 for the nature of industry in which the Company is doing business.

ix) a) According to the information and explanations given to us and according to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and Other material statutory dues with the appropriate authorities.

b) According to the information and explanations given to us, there are no undisputed dues in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess.

x) In our opinion, the Accumulated losses of the company at the end of the financial year are not more than fifty per cent of its net worth. The company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding financial year.

xi) In our opinion, according to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans or advances against security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the company is not a chit fund or a NidhiNMutual benefit fundsociety. 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 or trading in shares, securities, debentures and other investments.

xv) In our opinion and as explained to us the company has not given guarantee for loan taken by others from bank or financial institutions.

xvi) According to the information and explanation given to us and on overall examination of the balance sheet of the company, the Company has applied the term loans for the purpose for which the loans were obtained.

xvii) According to the information and explanation given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short- term basis have been used for long- term investments. No long- term funds have been used to finance short -term assets except Permanent Working Capital.

xviii) In our opinion, the company has not made any preferential allotment of shares to parties and Companies covered in the register maintained in pursuance of section 301 of the Companies Act 1956.

ix) In our opinion, the Company has not issued any debentures during the year under review.

xx) The Company did not raise money through public issue during the year under review.

xxi) According to the information and explanation given to us no fraud on or by the Company has been noticed or reported during the course of our audit.

For KOTHARI JAIN & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REGN. NO. 113041 W

SUNIL KUMAR KOTHARI

PROPRIETOR

M.NO. 043842

Piace: Mumbai

Date:31st May 2010


Mar 31, 2009

We have audited the attached Balance Sheet of AURO LABORATORIES LIMITED as at 31st March 2009 and also the related Profit and Loss Account annexed thereto and the Cash Flow statement for the year ended on the date, which have signed under reference to this report. These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit.

We have 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order 2003 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 as we considered appropriate and according to the information and explanation given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

I. 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.

II. In our opinion proper books of accounts as required by the law have been kept by the company so far as it appears from our examination of the books.

III. The Balance Sheet and Profit & Loss account and Cash Flow statement dealt with by this report are in agreement with the books of accounts.

IV. In our opinion, the Balance sheet, Profit and Loss account and cash flow statement dealt with by this report complies with the Accounting Standards issued by the Institute of Chartered Accountants of India, referred to in Section 211 (3C) of the Companies Act, 1956, except Accounting for Fixed Assets (AS 10), Accounting for Investments (AS 13) and Accounting for Retirements Benefits (AS15).

V. On the basis of written representation received from the Directors as on 31" March 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31" March, 2009 from being appointed as directors of the Company under clause (g) of sub-section (1) of Section 274 of the CompaniesAct, 1956.

VI. In our opinion, and to the best of our information and according to the explanations given to us, subject to. Note No. 1 regarding non provision for gratuity, Note no. 3 regarding non provision for diminution in the value of the investments and Note no. 7 regarding Doubtful loans and advances Rs. 39,33,684/- in Schedule " R ", resulting to understatement of Loss amounting to Rs. 39,33,684/- for the year, the said accounts read togetherwith other notes thereon, give the information required by the Companies Act, 1956 in the manner so required andgiveatrueandfairviewin 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 2009.

b) lnthecaseoftheProfit&LossAccount,ofthe"Profit"fortheyearended on that date.

c) In the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred tQ in our Report of even date)

We have prepared this annexure on the basis of the Books of Account examined, and information and explanations obtained by us during the course of our Audit. Further, in our opinion and to the best of our knowledge we report that-

i) a) The company has maintained Fixed Assets Register and the same is not updated.

b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regards to the size of the company and nature of its assets. We were informed that no material discrepancies were noticed on such verification.

c) The company has not disposed off substantial part of fixed assets, during the year under review, to affect its going concern.

ii) a) The management, during the year under review, has conducted physical verification of inventory. The Frequency of such verification is reasonable in relation to the company, nature of its business and nature of inventory.

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

c) The company is maintaining proper records of inventory as required in the normal course of business. The discrepancies noticed on verification between physical stocks and book records werenot material.

iii) a)The company has not granted any loan secured or unsecured to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956.The Company has taken unsecured loan from four parties amounting to Rs.. 182.60 lacs, covered in the register maintained under section 301 of the Compariies Act 1956, and the year end balance of loans taken is Rs.517.80 lacs.

b) In our opinion, the rate of interest and other term and condition on which the unsecured loans have been taken by the company listed in the register maintained under section 301 of the Companies Act are not prima-facie prejudicial to the interest of the company.

c) The terms of repayment of the principal amount is not specified.

d) In our opinion, according to the information and explanation given to us, reasonable steps have been taken by the company for payment of the principal amount and no amount is overdue for more than rupee one lac.

iv) In our opinion, according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchases of inventory and fixed assets and for sale of goods. Company is continuously correcting weakness detected in internal control.

v) a) According to the information and explanation given to us, we are of the opinion that the transaction that need to be entered into the register maintained in pursuance of section 301 of the Companies Act 1956 have generally been so entered.

b) According to the information and explanation given to us, transactions made in pursuance of contract or arrangements entered into the register maintained under section 301 of the Companies Act 1956 and exceeding the value of Rs. 5.00 lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanation given to us, the company has not accepted deposits from public.

vii) In our opinion the company has no formal internal audit system commensurate with size and nature of business.

viii) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of Sub- Section (1) of section 209 of the Companies Act 1956 for the nature of industry in which the Company is doing business.

ix) a) According to the information and explanations given to us and according to the records of the company, the company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance. Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and Other material statutory dues with the appropriate authorities.

b) According to the information and explanations given to us, there are no undisputed dues in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess.

x) In our opinion, the Accumulated losses of the company at the end of the financial year are not more than fifty per cent of its net worth. The company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding financial year.

xi) In our opinion, according to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

xii) In our opinion and according to the information and explanations given to us, the Company has not granted any loans or advances against security by way of pledge of shares, debentures and other securities.

xiii) I n our opinion, the company is not a chit fund or a nidhiVnutual benefit fundsociety. 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 or trading in shares, securities, debentures and other investments.

xv) In our opinion and as explained to us the company has not given guarantee for loan taken by others from bank or financial institutions.

xvi) According to the information and explanation given to us and on overall examination of the balance sheet of the company, we report that the Company has not taken any term loans.

xvii)According to the information and explanation given to us and on over all examination of the balance sheet of the company, we report that no funds raised on short- term basis have been used for long- term investments. No long- term funds have been used to finance short -term assets except Permanent Working Capital.

viii) In our opinion, the company has not made any preferential allotment of shares to parties and Companies covered in the register maintained in pursuance of section 301 of the Companies Act 1956.

ix) In our opinion, the Company has not issued any debentures during the year under review.

x) The Company did not raise money through public issue during the year under review.

xi) According to the information and explanation given to us no fraud on or by the Company has been noticed or reported during the course of our audit.

For KOTHARI JAIN & ASSOCIATES CHARTERED ACCOUNTANT

Sd/-

SUNIL KOTHARI

PROPRIETOR

M. No. 043842

Place: Mumbai Dated: 10th June 2009



 
Subscribe now to get personal finance updates in your inbox!