Home  »  Company  »  B C Power Controls L  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of B C Power Controls Ltd.

Mar 31, 2016

Independent Auditors Report

To the Members of B.C. POWER CONTROLS LIMITED CIN N. L31300DL2008PLC179414

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of M/s B.C. POWER CONTROLS LIMITED (''the Company''), which comprise the balance sheet as at 31 March 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant Accounting Policies and other explanatory information. -

Management''s Responsibility for the Standalone 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 standalone 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 standalone 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 the 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 the 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. An audit also includes evaluating the appropriateness of the 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 audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31 March 2016 and its profit 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, 2016 ("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, a statement on the matters specified in the paragraph 3 and 4 of the order.

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 purposes 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, the statement of 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 standalone 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 the written representations received from the Directors as on 31 March 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2016 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in " B"; and

(g) 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 information and according to the explanations given to us:

i. the Company does not have any pending litigations which would impact its financial position;

ii. the Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;

iii. There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

Annexure - A to the Auditors'' Report

The Annexure referred to in Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2016, we report that:

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

(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

(ii) According to the information and explanations given to us and on the basis of our examination of the records of the Company physical verification of inventory has been conducted at reasonable

(iii) The Company has not granted any loans to parties covered by clause (76) of Section 2 of the Companies Act, 2013 (''the Act'') during the year. Accordingly, paragraph 3 (iii) of the Order is not applicable.

(iv) In our opinion and according to the information and explanations given to us, provisions of section 185 and 186 of the Act not applicable on the company since company has not granted any loan or guarantee during the year. Accordingly, paragraph 3 (iv) of the Order is not applicable.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the goods and services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees'' state insurance and duty of excise. According to the inform &on and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues were in arrears as at 31 March 2016 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 material dues of duty of customs which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of income tax, sales tax, duty of excise, service tax and value added tax have not been deposited by the Company on account of disputes:

S.No.

Particulars

Asst Year

Sections

Amount

(Rs.)

1

Income

(TDS)

Tax

2014-15

U/s 201

727

1

Income (TDS) _

Tax

2013-14

U/s 201

908

2

Income

(TDS)

Tax

2012-13

U/s 201

5546

3

Income

(TDS)

Tax

2011-12

U/s 201

63917

4

Income

(TDS)

Tax

Prior

U/s 201

197554

5

Income Tax

2012-13

143(3)

89810

(viii) The Company has not defaulted in repayment of dues to a financial institution or bank or debenture holders

(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Place: NEW DELHI For: Garg Bros. & Associates

Dated: 39/05/2016 (Chartered Accountant

Delhiy

CA Krishan Prakash

Partner M. No-011020


Mar 31, 2015

We have audited the accompanying financial statements of M/s B C POWER CONTROLS LIMITED, which Comprise the Balance Sheet as on 31st March. 2015. the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information

Management Responsibility for the Financial Statements

The Company s Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ( "the Act ") with respect to 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 the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, 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

1) Our responsibility is to express an opinion on these financial statements based on our audit

2) 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 the Rules made thereunder

3) 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 prepared free of material misstatement

4) 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 nsk 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 An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall financial statement presentation

5) 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 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 March 31. 2015;

b) in the case of the Statement of Profit and Loss, 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

Report on other Legal and Regulatory Requirements

(A) 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 section143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order

(B) 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 purposes 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, the 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 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 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015, from being appointed as a director in terms of Section 164(2) of the Act

f) With respect to the other matters included in the Auditor s Report and to our best of our information and according to the explanations given to us

I. The Company does not have any pending litigations which would impact its financial position

II The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses

III There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund The question of delay in transferring such sums does not arise

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of MIS B.C. POWER CONTROLS LIMITED for the year Ended on 2014-2015. We report that

1 In respect of its fixed assets

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information

b) As explained to us. all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets No material discrepancies were noticed on such physical verification

2 (a) The physical verification of inventory has been conducted at reasonable intervals by the management

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

(c) The Company is maintaining proper records of inventory and in our opinion no material discrepancies were noticed on physical verification

3 The Company has not granted loans to any Body Corporate covered in the register maintained under section 189 of the Companies Act. 2013 ('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 the nature of its business During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

5. According to the information and explanations given to us. the Company has not accepted any deposit from the public coyered under Section 73 to 76 of the Companies Act. 2013

6. Maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act

7. In respect of statutory dues:

a) According to the records of the Company produced before us and as per the information and explanation given to us. the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax and other statutory dues.

b) According to the records of the Company, following are the dues of income tax. which have not been deposited on account of dispute:

S Particulars Asst Year Sections Amount No (Rs)

1. Income Tax (TPS) 2014-15 U/s201 547

1 Income Tax (TPS) 2013-14 U/s 20l 926

2 Income tax (TPS) 2012-13 U/s 201 2689

3 Income Tax (TPS) 2011-12 U/s 201 63917

4 Income Tax (TPS) Poor U/s 201 197554

5 Income Tax 2012-13 143(3) 99630

c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund The question of reporting delay in transferring such sums does not arise

8 The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

9 Based on our audit procedures and according to the information and explanations given to us. we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks and debenture holders

10. According to the records of the Company produced before us and as per the information and explanation given to us, the company has given corporate guarantee amounting Rs 8.25 Crore in favour of Bank of India on behalf of Bon Lon Steels Pvt. Ltd

11. The Company did not have any term loans outstanding during the year

12. In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year

Place: New Delhi For, Garg Bros. & Associates Date: 29/05/2015 (Chartered Accountants) FRN-01005N

CA Krishan Prakash Partner M No: 011020


Mar 31, 2014

We have audited the accompanying financial statements of B.C.POWER CONTROLS LTD. (the company) which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit & 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 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 Notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. 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 evidences 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 misstatements 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. 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 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:

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

b) In the case of the Statement of Profit & Loss, of the Profit of the Company for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' 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 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, the Statement of Profit & Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the Statement of Profit & Loss, and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013.

e. On the basis of the written representations received from the directors as on March 31, 2014, taken on record by the Board of the Directors, 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 - " A" COMMENTS ON THE COMPANIES (AUDITORS REPORT) ORDER, 2003 REFERRED TO IN OUR REPORT OF EVEN DATE FOR THE YEAR ENDED ON 31 MARCH, 2014

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) In our opinion, the fixed assets have been physically verified by the managements at reasonable intervals, having regard to the size of the company and the nature of its assets. No material discrepancies between books records and the physical verification are noticed.

(c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the company during the year so as to affect the company as going concern.

(ii) (a) The inventory of the company has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory followed by the management were found reasonable and adequate in relation to the size of the company and nature of its business.

(c) In our opinion, the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification of stock as compared to book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act 1956:

(a) The company has granted loan to one party covered in the Register maintained under Section 301 of the Companies Act 1956 during the year. In respect of the said loan, the maximum amount outstanding at any time during the year was R 92.50 lakhs and the year-end balance is R 2.50 lakhs.

(b) In our opinion and according to the information and explanations given to us, terms and conditions of the loan granted by the company, are not prima facie prejudicial to the interest of the company.

(c) The principal amounts are recoverable on demand and there is no repayment schedule.

(d) There is no overdue amount in excess of Rs. 1 Lakh in respect of loan granted.

(e) The Company has taken loan from eleven parties covered in the Register maintained under Section 301 of the Companies Act 1956 during the year. In respect of the said loans, the maximum amount outstanding at any time during the year was R 186.66 lakhs and the year-end balance is R 15.38 lakhs.

(f) In our opinion and according to the information and explanations given to us, terms and conditions of the loans taken by the company, are not prima facie prejudicial to the interest of the company.

(g) The principal amounts along with interest are repayable on demand and there is no repayment schedule.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. Further on the basis of our examinations, and according to the information and explanations given to us, we have neither come across nor have been informed of any instance of major weakness in the aforesaid internal control systems.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of all contracts or arrangements that need to be entered into the Register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from the public within the meaning of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

(vii) The Company is a listed company and its paid–up capital and reserves exceeded Rs.50 lakhs as at the commencement of the financial year concerned and its average annual turnover also exceeded Rs.5 crores for a period of three consecutive financial years immediately preceding the financial year concerned. However, the Company does not have adequate internal audit system commensurate with its size and nature of its business. As per Management''s Representation the Company has decided to appoint internal auditor for the immediately succeeding year.

(viii) To the best of our knowledge, the Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 in respect of the company.

(ix) (a) According to the records of the company, the company is generally regular in depositing undisputed statutory dues as applicable to the company including, Provident Fund, Investor Education and Protection Fund, Employee'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. As informed to us, there were no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) There has not been any disputed dues of Sales Tax/Income Tax/Wealth Tax/Excise Duty/Cess for which appeal has been filed.

(x) In our opinion, the Company has no accumulated losses at the end of the financial year and it has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

(xi) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to bank and there are no dues of financial institutions and debenture holders.

(xii) In our opinion and according to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute as specified under clause 4

(xiii) of the Order are not applicable to the company.

(xiv) In our opinion and according to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) According to the information and explanations given to us, there are no term loans.

(xvii) According to the information and explanations given to us and an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on short-term basis which have been used for long-term investment.

(xviii) The company has made preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1965 during the year. In our opinion, the price at which shares have been issued is not prejudicial to the interest of the company.

(xix) As the company has not issued any debentures during the year, clause 4(xix) of the Order is not applicable to the company.

(xx) The Company has raised money by public issue during the previous year. We have verified the end use of money raised by public issue from the draft prospectus filed with SEBI, the offer document and it appears that the same is not in consonance with what was disclosed in the draft prospectus filed with SEBI.

(xxi) According to the information and explanations given to us and as per our examination of books of account, no fraud on or by the company has been noticed or reported during the year.

FOR MEHTA & COMPANY Chartered Accountants Firm''s Registration No.000772C

Sd/- PLACE:- BHIWADI DATED:- 30 MAY 2014 (PRAPHULL MEHTA) Partner Membership No.: 403372

Find IFSC