Mar 31, 2014
We have audited the accompanying financial statement of Blue Pearl
Texspin Ltd (Formely E-Wha Foam (India) Ltd) ("the Company"), which
comprise the Balance Sheet as at March 31, 2014, and the statement of
Profit & Loss and Cash Flow Statement for the period ended, and the
summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act,1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and 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 issues by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirement and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of financial statements, whether due
to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fare
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 Profit & Loss Account, of the profit of the Company
for the period ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
Report on Other Legal and regulatory Requirements
1. As required by required by the Companies (Auditor''s Report)
Order,2003 ("the Order") issued by Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraph 4 & 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, Statement of Profit and Loss Account and Cash
Flow Statement dealt with this report are in agreement with the books
of Accounts;
(d) In our opinion, Balance Sheet, Statement of Profit and Loss Account
and Cash Flow Statement comply with the accounting standards referred
to in Sub-Section 3(C) of sec-211 of Companies Act,1956.
(e) On the basis of written representation received from the directors
as on March 31, 2014 and taken onrecord by by the Board of Directors,
none of the directors is disqualified as on March 31, 2014 from being
appointed as the directors in terms of sec-274(1) (g) of the Companies
Act, 1956;
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure attached to and forming part of our report of even date as
referred to in paragraph (1)
1. The company has maintained proper records showing full particulars
including quantitative details and location of all its fixed assets.
During the period the management has physically verified all the fixed
assets and no material discrepancies have been noticed on such
verification. During the period, the company has not disposed off
substantial part of its fixed assets.
2. The Company does not hold any inventory and hence the question of
physical verification etc does not arise.
3. The company has not granted loans during the period to parties
covered in the registered maintained under section 301 of the Companies
Act, 1956. The Company has not taken unsecured Loans during the period
from parties covered in registered maintained u/s 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, no
major weakness has been noticed in the internal controls.
5. As explained to us, during the period, any transaction required to
be entered in the register maintained under section 301 of Companies
Act, 1956, has been entered.
6. The company has not accepted deposits from the public and hence the
provisions of Sec-58A & 58AA of the Companies Act,1956, and the rules
framed there under are not applicable. In company''s case no order has
been passed by the Company Law Board.
7. In our opinion the company does not have any formal internal
control system during the period.
8. The central government has not prescribed maintenance of cost
records under section 209(1)(d) of theCompanies Act,1956.
9. According to the information and explanations given to us and on
basis of our examination of the books of accounts, the company has been
generally regular in depositing undisputed statutory dues including
Provident fund, Investor Education and protection fund, Employee''s
state insurance, Income Tax, sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, cess and other statutory dues during the period with
the appropriate authorities. As at 31.03.2014, there were no undisputed
dues payable for a period of more than six months from the date they
become payable.
10. The Company does have accumulated losses exceeding 50% of its net
worth and it has not incurred cash losses during the financial period
covered by our audit and in the immediately preceding financial period.
11. Based on our audit procedure and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to the financial
institution or bank.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund/nidhi/mutual benefit fund/ society.
14. According to the information and explanations given to us, the
Company did not deal in or trade in shares, securities, debentures or
other investments. The shares and other investments acquired by the
company by way of investments are held by the company in its own name.
15. According to the information and explanations given to us , the
company has not given any guarantee for loans taken by others from bank
and financial institutions.
16. The company had not taken any fresh term loan during the period.
17. According to information and explanations given to us, funds
raised on short term basis have, prima facie, not been used during the
period for long term investments and vice versa.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act,1956 during the period.
19. No Security is required to be created since the company has not
issue any debentures.
20. The company has not raised any money by public issues during the
period.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
period.
For C.P.Jaria & Co
Chartered Accountants
Sd/-
Date :30/05/2014 (P.K.Jain)
Place :Mumbai Partner
M.No 112020 FRN : 104058W
Jun 30, 2013
Report on the Financial Statement
We have audited the accompanying financial statement of BLUE PEARL
TEXSPIN LIMITED (FORMERLY KNOWN AS E-WHA FOAM INDIA LIMITED) ("the
Company"), which comprise the Balance Sheet as at June 30,2013, and
the statement of Profit & Loss and Cash Flow Statement for the period
ended, and the summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act,1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and 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 issues by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirement and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment
of the risks of material misstatement of financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fare
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 June 30, 2013;
(b) In the case of Profit & Loss Account, of the profit of the Company
for the period ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
Report on Other Legal and regulatory Requirements
1. As required by required by the Companies (Auditor''s Report)
Order,2003 ("the Order") issued by Central Government of India in
terms of sub-section (4A) of section 227 of the Act, we give in the
Annexure a statement on the matters specified in paragraph 4 & 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, Statement of Profit and Loss Account and Cash
Flow Statement dealt with this report are in agreement with the books
of Accounts;
(d) In our opinion, Balance Sheet, Statement of Profit and Loss Account
and Cash Flow Statement comply with the accounting standards referred
to in Sub-Section 3(C) of sec-211 of Companies Act,1956.
(e) On the basis of written representation received from the directors
as on June 30, 2013 and taken on record by the Board of Directors, none
of the directors is disqualified as on June 30, 2013 from being
appointed as the directors in terms of sec-274(1) (g) of the Companies
Act, 1956;
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
1. (a) The company has maintained proper records showing full
particulars including quantitative details and location of all its
fixed assets.
(b) During the period the management has physically verified all the
fixed assets and no material discrepancies have been noticed on such
verification.
(c) During the period, the company has not disposed off substantial
part of its fixed assets.
2 (a) As informed to us the inventory has been physically verified by
the management during the period, In our opinion, the frequency of such
verification is reasonable.
(b) In our opinion the procedure for physical verification of inventory
followed by management are reasonable and adequate to the size of the
company and nature of its business.
(c) The company has maintained proper records of inventory. The
discrepancies noticed if any on physical verification between physical
stocks and book records were not material in relation to the operations
of the company and have been properly dealt with in the books of
account.
3. (a) The company has not granted any loan, secured or unsecured, to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act,1956. As the company has not
granted any loans, secured or unsecured, to the parties listed in the
register maintained under section 301 of the Companies Act, 1956,
paragraphs (iii) (b), (c) and (d) of the order are not applicable.
3. (b) The company has not taken any loan, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act,1956. As the company has not
taken any loans, secured or unsecured, from the parties listed in the
register maintained under section 301 of the Companies Act, 1956,
paragraphs (iii) (f), (g) and (h) of the order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to the purchase of inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, no
major weakness has been noticed in the internal controls.
5. As explained to us, during the period, there are no such
transaction made during the period in pursuance of contracts or
arrangements that need to be entered in the register maintained under
section 301 of Companies Act, 1956.
6. The company has not accepted deposits from the public and hence the
provisions of Sec-58A & 58AA of the Companies Act,1956, and the rules
framed there under are not applicable. In company''s case no order has
been passed by the Company Law Board.
7. In our opinion and as informed to us, the company has an adequate
internal audit system, commensurate with the size and nature of its
business.
8. The central government has not prescribed maintenance of cost
records under section 209(1 )(d) of the Companies Act,1956.
9. (a) According to the information and explanations given to us and
on basis of our examination of the books of accounts, the company has
been generally regular in depositing undisputed statutory dues
including Provident fund, Investor Education and protection fund,
Employee''s state insurance, Income Tax, sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, cess and other statutory dues
during the period with the appropriate authorities. As at 30.06.13,
there were no undisputed dues payable for a period of more than six
months from the date they become payable.
(b) According to the information and explanations given to us , there
is no disputed dues in respect of Provident fund, Investor Education
and protection fund, Employee''s state insurance, Income Tax, sales
Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other
statutory dues.
10. The accumulated losses of the Company are more than fifty percent
of its net worth. The Company has not incurred cash losses during the
financial period covered by our audit but has incurred cash loss in the
immediately preceding financial period.
11. The Company has neither taken any loans from the banks/financial
institution nor issued debenture, Therefore clause 4(xi) of the order
is not applicable.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund/nidhi/mutual benefit fund/ society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us , the
company has not given any guarantee for loans taken by others from bank
and financial institutions.
16. The company had not taken any term loan during the period.
17. According to information and explanations given to us, no funds
raised on short term basis which have been used for long term
application.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act,1956 during the period.
19. No Security is required to be created since the company has not
issue any debentures.
20. The company has not raised any money by public issues during the
period.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
period.
For Gupta Saharia & Co
Chartered Accountants
Sd/-
Date : August 30, 2013 Sanjay Jain
Place : Mumbai Partner
M.No112646
FRN : 103446W
Mar 31, 2011
We have audited the attached Balance Sheet of E-WHA FOAM INDIA LIMITED,
as at 31st March, 2011 and also the annexed Profit & Loss Account of
the Company for the year ended on that date annexed thereto.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said order.
1. Further to our comments in the annexure referred to in paragraph 1
above, 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 it appears from our examination of those
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement have been prepared in compliance with the Accounting
Standards referred to in Section 211 (3C) of the Companies Act, 1956,
to the extent applicable;
e) On the basis of written representations from the Directors and taken
on record by the Board of Directors, we report that none of the
Directors are disqualified as on 31st March, 2011 from being appointed
as Directors in terms of Section 274(1)(g) of the Companies Act,1956;
f) Subject to what is stated in above, in our opinion and to the best
of our information and according to the explanations given to us, the
accounts read with the notes thereon give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view:
a) In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March, 2011;
b) In the case of the Profit & Loss Account, of the Loss for the year
ended on that date;
c) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended that date.
ANNEXURE TO THE AUDITORS' REPORT The Companies (Auditor's Report)
Order, 2003 ('CARO')
As required by Companies (Auditor's Report) Order, 2003 issued by
Central Government of India in terms of sub-section (4A) of section 227
of the Companies Act, 1956 and explanations given to us and on the
basis of such checks, as we considered appropriate, we have to state
that ;
1) a) The Company has maintained proper records showing full
particulars including Quantitative details and situation of Fixed
Assets.
b) All the assets have been physically verified by the management
during the year but, according to the information and explanation given
to us, there is a regular program me of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification.
c) During the year, The Company has not disposed off any
substantial/major part of assets.
2) The company does not hold any inventory and hence the question of
physical verification etc does not arise.
3) The company has not granted loans during the year to parties covered
in the registered maintained under section 301 of the Company Act,
1956. The company has not taken unsecured loans during the year from
parties covered in registered maintained u/s 301 of the Act.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls.
5) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
6) The Company has not accepted any deposits under the provisions of
sections 58A and 58AA of the Companies Act, 1956 and the rules framed
there under.
7) In our opinion, the Company has an internal audit system
commensurate with size and nature of the business.
8) The Central Government has not prescribed the maintenance of cost
records u/s 209(1) (d) of the Companies Act, 1956 for any of the
products of the Company.
9) a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including, Income Tax, Sales Tax, Cess and any
other material statutory dues applicable to it. The Company is not liable
under the provisions of Investor Education and Protection Fund, Wealth
Tax for the financial year covered by our audit. There are no undisputed
statutory liabilities outstanding more than six months as on 31st March
2011.
b) According to the information and explanation given to us, there are
no dues of Income tax and cess, which have not been deposited on
account of any dispute.
10) The Company have accumulated losses of Rs. 51868676/- as at
31.03.2011. The Company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
11) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues a
financial institution or bank.
12) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The Company has not a chit fund, nidhi/mutual benefit fund and
therefore the requirement pertaining to such class of companies is not
applicable.
14) According to the information and explanation given to us, the
Company did not deal in or trade in shares, securities, debentures or
other investment .The shares and other investment acquired by the
company by way of investment are held by the company in its own name.
15) The Company has not given any guarantee for loans taken by others
from banks or financial institution.
16) The Company has taken term loan from Financial Institution during
the year.
17) On the basis of review of utilization of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short-term basis have not been used for
long-term investment during the year.
18) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year and
therefore, the question of creating the security in respect thereof
does not arise.
20) The Company has not made any public issue during the year and
therefore, the question of disclosing the end use of money does not
arise.
21) 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 GUPTA SAHARIA & CO.
Chartered Accountants
(SANJAY J JAIN)
Partner Place : Mumbai
Membership No.112646
Date : September 02, 2011
Firm No. 103446W
Mar 31, 2010
We have audited the attached Balance Sheet of E-WHA FOAM INDIA LIMITED,
as at 31st March, 2010 and also the annexed Profit & Loss Account of
the Company for the year ended on that date annexed there to.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said order.
1. Further to our comments in the annexure referred to in paragraph 1
above, 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 it appears from our examination of those
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement have been prepared in compliance with the Accounting
Standards referred to in Section 211 (3C) of the Companies Act, 1956,
to the extent applicable;
e) On the basis of written representations from the Directors and taken
on record by the Board of Directors, we report that none of the
Directors are disqualified as on 31st March, 2010 from being appointed
as Directors in terms of Section 274(1)(g) of the Companies Act,1956;
f) Subject to what is stated in above, in our opinion and to the best
of our information and according to the explanations given to us, the
accounts read with the notes thereon give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view:
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 Loss for the year
ended on that date;
c) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended that date.
ANNEXURE TO THE AUDITORS' REPORT The Companies (Auditor's Report)
Order, 2003 ('CARO')
As required by Companies (Auditor's Report) Order, 2003 issued by
Central Government of India in terms of sub-section (4A) of section 227
of the Companies Act, 1956 and explanations given to us and on the
basis of such checks, as we considered appropriate, we have to state
that ;
1) a) The Company has maintained proper records showing full
particulars including Quantitative details and situation of Fixed
Assets.
b) All the assets have been physically verified by the management
during the year but, according to the information and explanation given
to us, there is a regular program me of verification which, in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification.
c) During the year, The Company has not disposed off any
substantial/major part of assets.
2) The company does not hold any inventory and hence the question of
physical verification etc does not arise.
3) The company has not granted loans during the year to parties covered
in the registered maintained under section 301 of the Company Act,
1956. The company has not taken unsecured loans during the year from
parties covered in registered maintained u/s 301 of the Act.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to sale of goods and services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls.
5) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
6) The Company has not accepted any deposits under the provisions of
sections 58A and 58AA of the Companies Act, 1956 and the rules framed
there under.
7) In our opinion, the Company has an internal audit system
commensurate with size and nature of the business.
8) The Central Government has not prescribed the maintenance of cost
records u/s 209(1) (d) of the Companies Act, 1956 for any of the
products of the Company.
9) a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including, Income Tax, Sales Tax, Cess and any
other material statutory dues applicable to it. The Company is not liable
under the provisions of Investor Education and Protection Fund, Wealth
Tax for the financial year covered by our audit. There are no undisputed
statutory liabilities outstanding more than six months as on 31st March
2010.
b) According to the information and explanation given to us, there are
no dues of Income tax and cess, which have not been deposited on
account of any dispute.
10) The Company have accumulated losses of Rs. 51652204/- as at
31.03.2010. The Company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
11) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues a
financial institution or bank.
12) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The Company has not a chit fund, nidhi/mutual benefit fund and
therefore the requirement pertaining to such class of companies is not
applicable.
14) According to the information and explanation given to us, the
Company did not deal in or trade in shares, securities, debentures or
other investment .The shares and other investment acquired by the
company by way of investment are held by the company in its own name.
15) The Company has not given any guarantee for loans taken by others
from banks or financial institution.
16) The Company has taken term loan from Financial Institution during
the year.
17) On the basis of review of utilization of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short-term basis have not been used for
long-term investment during the year.
18) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year and
therefore, the question of creating the security in respect thereof
does not arise.
20) The Company has not made any public issue during the year and
therefore, the question of disclosing the end use of money does not
arise.
21) 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 GUPTA SAHARIA & CO.
Chartered Accountants
(SANJAY J JAIN)
Partner
Membership No.112646
Place : Mumbai
Firm No. 103446W
Date : 20th August, 2010