Mar 31, 2015
Report on the standalone Financial statements
1. We have audited the accompanying standalone financial statements of
Blue Star Infotech Limited, ("the Company"), which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s responsibility for the standalone Financial statements
2. 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 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 (as amended). This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act; safeguarding the assets
of the Company; preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgements 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. 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.
5. 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.
6. 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 controls relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. 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.
7. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
Opinion
8. 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 2015, and its profit and its cash
flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the companies (auditor''s Report) order, 2015 ("the
order") issued by the central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order.
10. As required by Section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b. in our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
c. the standalone financial statements 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 (as
amended);
e. on the basis of the written representations received from the
directors as on 31 March 2015 and 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 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. as detailed in Note 2.23 to the standalone financial statements,
the Company has disclosed the impact of pending litigations on its
financial position;
ii. the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors'' Report of even date to the
members of Blue Star Infotech Limited, on the financial statements for
the year ended 31 March 2015
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) the fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the company and
the nature of its assets.
(ii) the company does not have any tangible inventory. Accordingly, the
provisions of clause 3(ii) of the order are not applicable
(iii) 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. Accordingly, the provisions of clauses
3(iii)(a) and 3(iii)(b) of the order are not applicable.
(iv) In our opinion, there is an adequate internal control system
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
(v) the company has not accepted any deposits within the meaning of
Sections 73 to 76 of the act and the companies (acceptance of Deposits)
rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of
the order are not applicable.
(vi) To the best of our knowledge and belief, the central Government
has not specified maintenance of cost records under sub-section (1) of
Section 148 of the act, in respect of company''s products/ services.
Accordingly, the provisions of clause 3(vi) of the order are not
applicable.
(vii) (a) the company is regular in depositing undisputed statutory
dues including provident fund, employees'' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and other material statutory dues, as applicable,
with the appropriate authorities. Further, no undisputed amounts
payable in respect thereof were outstanding at the year-end for a
period of more than six months from the date they become payable.
(b) The dues outstanding in respect of income-tax, sales-tax, wealth
tax, service tax, duty of customs, duty of excise, value added tax and
cess on account of any dispute, are as follows:
Name of the Nature of dues Amount Amount Paid
statute (Rs in Lakhs) Under Protest
(Rs in Lakhs)
Income tax Act, Tax Deducted at Source 53.48 53.48
1961 in foreign country
Penalty u/s 271(1)(c) 50.77 -
Tax Deducted at Source 193.32 193.32
in foreign country
Income tax demand 327.47 -
Penalty u/s 271(1)(c) 63.61 -
Income tax demand 276.83 -
Name of the Period to which the Forum where dispute is
statute amount relates pending (Rs in Lakhs)
(Financial year)
Income Tax Act, 2006-07 Income Tax Appellate
1961 Tribunal
2006-07 Commissioner of Income
Tax (Appeals)
2005-06 Income Tax Appellate
Tribunal
2005-06 Commissioner of Income
Tax (Appeals)
2005-06 Commissioner of Income
Tax (Appeals)
2004-05 Deputy Commissioner of
Income Tax
(c) the company has transferred the amount required to be transferred
to the investor education and protection fund in accordance with the
relevant provisions of the companies act, 1956 (1 of 1956) and rules
made thereunder within the specified time.
(viii) In our opinion, the company has no accumulated losses at the end
of the financial year and it has not incurred cash losses in the
current and the immediately preceding financial year.
(ix) the company has not defaulted in repayment of dues to any bank or
financial institution during the year. the company did not have any
outstanding debentures during the year.
(x) In our opinion, the terms and conditions on which the company has
given guarantee for loans taken by others from banks or financial
institutions are not, prima facie, prejudicial to the interest of the
company.
(xi) The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 3(xi) of the order are not
applicable.
(xii) No fraud on or by the company has been noticed or reported during
the period covered by our audit.
For Walker Chandiok & Co LLP
(Formerly walker, chandiok & co)
chartered Accountants
firm''s Registration No.: 001076N/N500013
per Amyn Jassani
Partner
Membership No.: 46447
Place: mumbai
Date: 14 may 2015
Mar 31, 2014
Report on the Financial Statements
1. We have audited the accompanying financial statements of Blue Star
Infotech Limited, ("the Company"), which comprise the Balance Sheet as
at 31 March 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. 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 the
Accounting Standards notified under the Companies Act, 1956 ("the Act")
read with the General Circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. 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.
Auditors'' Responsibility
3. 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.
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 auditors'' judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circum-
stances, but not for the purpose of expressing an opinion on the
effectiveness of 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2014;
ii) in the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
iii) 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
7. As required by the Companies (Auditor''s Report) Order, 2003 (''''the
Order'''') issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
8. 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 financial statements dealt with by this report are in agreement
with the books of account;
d. in our opinion, the financial statements comply with the Accounting
Standards notified under the Companies Act, 1956 read with the
General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act,
2013; and
e. on the basis of written representations received from the
directors, as at 31 March 2014 and taken on record by the Board of
Directors, none of the directors is disqualified as at 31 March 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Act.
Annexure to the Independent Auditors'' Report of even date to the
members of Blue Star Infotech Limited, on the financial statements for
the year ended 31 March 2014
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and taking
into consideration the information and explanations given to us and the
books of account and other records examined by us in the normal course
of audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the fixed
assets is reasonable having regard to the size of the Company and the
nature of its assets.
(c) In our opinion, a substantial part of fixed assets has not been
disposed of during the year.
(ii) (a) The Company does not have any tangible inventory. Accordingly,
the provisions of clause 4(ii) of the Order are not applicable.
(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 Act. Accordingly, the provisions of clauses
4(iii)(b) to 4 (iii) (d) of the Order are not applicable.
(e) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Accordingly, the provisions of clauses
4(iii)(f) and 4(iii) (g) of the Order are not applicable.
(iv) In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the sale
of goods and services. During the course of our audit, no major
weakness has been noticed in the internal control system in respect of
these areas.
(v) (a) In our opinion, the particulars of all contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Act have been so entered.
(b) Owing to the unique and specialized nature of the items involved
and in the absence of any comparable prices, we are unable to comment
as to whether the transactions made in pursuance of such contracts or
arrangements have been made at 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 Act and the Companies
(Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of
clause 4(vi) of the Order are not applicable.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
(viii) To the best of our knowledge and belief, the Central Government
has not prescribed maintenance of cost records under clause (d) of
sub-section (1) of Section 209 of the Act, in respect of Company''s
products/services. Accordingly, the provisions of clause 4(viii) of
the Order are not applicable.
(ix) (a) The Company is regular in depositing undisputed statutory dues
including provident fund, investor education and protection fund,
employees'' state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues,
as applicable, with the appropriate authorities. Further, no undisputed
amounts payable in respect thereof were outstanding at the year-end for
a period of more than six months from the date they become payable.
(b) The dues outstanding in respect of income-tax, sales-tax, wealth
tax, service tax, custom duty, excise duty, cess on account of any
dispute, are as follows:
Name of
the Nature of dues Amount Amount
Paid Period to Forum where
statute (Rs.in Under
Protest which the dispute is
Lakhs) (Rs.in
Lakhs) amount
relates pending
(Assess
-ment
year)
Income
Tax
Act, Tax Deducted at 53.48 53.48 2006-07 Income Tax
1961 Source in a
foreign Appellate
country Tribunal
Penalty u/s
271(1)(c) 50.77 - 2006-07 Commissioner
of Income Tax
(Appeals)
Tax Deducted at 193.32 193.32 2005-06 Income Tax
Source in a
foreign Appellate
country Tribunal
Income tax
demand 327.47 - 2005-06 Commissioner
of Income
Tax (Appeals)
Penalty u/s
271(1)(c) 63.61 - 2005-06 Commissioner
of Income
Tax (Appeals)
Tax Deducted at 170.73 170.73 2004-05 Income Tax
Source in a
foreign Appellate
country Tribunal
Income tax
demand 276.83 - 2004-05 Deputy
Commissioner
of Income Tax
Tax Deducted at 247.27 247.27 2003-04 Income Tax
Source in a
foreign Appellate
country Tribunal
Tax Deducted at 38.05 38.05 2003-04 Income Tax
Source in a
foreign Appellate
country Tribunal
(x) In our opinion, the Company has no accumulated losses at the end of
the financial year and it has not incurred cash losses in the current
and the immediately preceding financial year.
(xi) The Company has not defaulted in repayment of dues to any bank or
financial institution during the year. The Company did not have any
outstanding debentures during the year.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities. Accordingly, the provisions of clause 4(xii) of the Order
are not applicable.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/
mutual benefit fund/ society. Accordingly, provisions of clause 4(xiii)
of the Order are not applicable.
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable.
(xv) In our opinion, the terms and conditions on which the Company has
given guarantee for loans taken by others from banks or financial
institutions are not, prima facie, prejudicial to the interest of the
Company.
(xvi) The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 4(xvi) of the Order are not
applicable.
(xvii) In our opinion, no funds raised on short-term basis have been
used for long-term investment by the Company.
(xviii) During the year, the Company has not made any preferential
allotment of shares to parties or companies covered in the register
maintained under Section 301 of the Act. Accordingly, the provisions of
clause 4(xviii) of the Order are not applicable.
(xix) The Company has neither issued nor had any outstanding debentures
during the year. Accordingly, the provisions of clause 4(xix) of the
Order are not applicable.
(xx) The Company has not raised any money by public issues during the
year. Accordingly, the provisions of clause 4(xx) of the Order are not
applicable.
(xxi) No fraud on or by the Company has been noticed or reported during
the period covered by our audit.
For Walker Chandiok & Co LLP
(formerly Walker, Chandiok & Co)
Chartered Accountants
Firm Registration No.: 001076N
per Amyn Jassani
Partner
Membership No.: F-46447
Mumbai
14 May 2014
Mar 31, 2013
Report on the Financial Statements
1 . We have audited the accompanying fnancial statements of Blue Star
Infotech Limited, ("the Company"), which comprise the Balance Sheet
as at 31 March 2013, and the Statement of Proft and Loss and Cash
Flow Statement for the year then ended, and a summary of signifcant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2 . Management is responsible for the preparation of these fnancial
statements, that give a true and fair view of the fnancial position,
fnancial performance and cash fows of the Company in accordance with
the accounting principles generally accepted in India, including 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 fnancial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
3 . Our responsibility is to express an opinion on these fnancial
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 fnancial statements are free
from material misstatement.
4 . An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the fnancial statements. The
procedures selected depend on the auditors'' judgment, including the
assessment of the risks of material misstatement of the fnancial
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 fnancial 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 fnancial statements.
5 . We believe that the audit evidence we have obtained is suffcient
and appropriate to provide a basis for our audit Opinion.
6 . In our opinion and to the best of our information and according to
the explanations given to us, the fnancial 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of Statement of Proft and Loss, of the proft for the
year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash fows for the
year ended on that date
Report on Other Legal and Regulatory Requirements
7 . As required by the Companies (Auditor''s Report) Order, 2003 (''''the
Order'''') issued by the Central Government of
India in terms of sub-section (4A) of Section 227 of the Act, we give
in the Annexure a statement on the matters specifed in paragraphs 4 and
5 of the Order.
8. 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 fnancial statements dealt with by this report are in agreement
with the books of account;
d. in our opinion, the fnancial statements comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the Act;
and
e. on the basis of written representations received from the
directors, as at 31 March 2013 and taken on record by the Board of
Directors, none of the directors is disqualifed as at 31 March 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Act.
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the fnancial statements of the Company and taking
into consideration the information and explanations given to us and the
books of account and other records examined by us in the normal course
of audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fxed
assets.
(b) The fxed assets have been physically verifed by the management
during the year and no material discrepancies were noticed on such
verifcation. In our opinion, the frequency of verifcation of the fxed
assets is reasonable having regard to the size of the Company and the
nature of its assets.
(c) In our opinion, a substantial part of fxed assets has not been
disposed off during the year.
(ii) (a) The Company does not have any tangible inventory. Accordingly,
the provisions of clause 4 (ii) of the Order are not applicable.
(iii) (a) The Company has not granted any loan, secured or unsecured to
companies, frms or other parties covered in the register maintained
under Section 301 of the Act. Accordingly, the provisions of clauses 4
(iii) (b) to 4 (iii) (d) of the Order are not applicable.
(b) The Company has not taken any loans, secured or unsecured from
companies, frms or other parties covered in the register maintained
under Section 301 of the Act. Accordingly, the provisions of clauses 4
(iii) (f) and 4 (iii) (g) of the Order are not applicable.
(iv) Owing to the nature of its business, the Company does not maintain
any physical inventories or sells any goods.
Accordingly, clause 4 (iv) of the Order with respect to purchase of
inventories and sale of goods is not applicable. In our opinion, there
is an adequate internal control system commensurate with the size of
the Company and the nature of its business for the purchase of fxed
assets and for the sale of services. During the course of our audit, no
major weakness has been noticed in the internal control system in
respect of these areas.
(v) (a) In our opinion, the particulars of all contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Act have been so entered.
(b) Owing to the unique and specialized nature of the items involved
and in the absence of any comparable prices, we are unable to comment
as to whether the transactions made in pursuance of such contracts or
arrangements have been made at 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 Act and the Companies
(Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of
clause 4 (vi) of the Order are not applicable.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
(viii) To the best of our knowledge and belief, the Central Government
has not prescribed maintenance of cost records under clause (d) of
sub-section (1) of Section 209 of the Act, in respect of Company''s
products / services. Accordingly, the provisions of clause 4 (viii) of
the Order are not applicable.
(ix) (a) The Company is regular in depositing undisputed statutory dues
including provident fund, investor education and protection fund,
employees'' state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues,
as applicable, with the appropriate authorities. Further, no undisputed
amounts payable in respect thereof were outstanding at the year-end for
a period of more than six months from the date they become payable.
(b) There are no dues in respect of income tax, sales tax, wealth tax,
service tax, customs duty, excise duty and cess that have not been
deposited with the appropriate authorities on account of any dispute.
(x) In our opinion, the Company has no accumulated losses at the end of
the fnancial year and it has not incurred cash losses in the current
and the immediately preceding fnancial year.
(xi) The Company has no dues payable to a fnancial institution or a
bank or debenture holders during the year. Accordingly, the provisions
of clause 4 (xi) of the Order are not applicable.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities. Accordingly, the provisions of clause 4 (xii) of the Order
are not applicable.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /
mutual beneft fund / society. Accordingly, provisions of clause 4
(xiii) of the Order are not applicable.
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Order are not applicable.
(xv) The Company has not given any guarantees for loans taken by others
from banks or fnancial institutions. Accordingly, the provisions of
clause 4 (xv) of the Order are not applicable.
(xvi) The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 4 (xvi) of the Order are
not applicable.
(xvii) In our opinion, no funds raised on short-term basis have been
used for long-term investment by the Company.
(xviii) During the year, the Company has not made any preferential
allotment of shares to parties or companies covered in the register
maintained under Section 301 of the Act. Accordingly, the provisions of
clause 4 (xviii) of the Order are not applicable. (xix) The Company
has neither issued nor had any outstanding debentures during the year.
Accordingly, the provisions of clause 4 (xix) of the Order are not
applicable.
xx) The Company has not raised any money by public issues during the
year. Accordingly, the provisions of clause 4 (xx) of the Order are not
applicable.
(xxi) No fraud on or by the Company has been noticed or reported during
the period covered by our audit.
For Walker, Chandiok & Co
Chartered Accountants
Firm Registration No.: 001076N
per Khushroo B. Panthaky
Partner
Membership No.: F-42423
Place : Mumbai
Date : 9 May 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Blue Star Infotech
Limited (the 'Company'), as at 31 March 2012, and also the Statement of
Profit and Loss and the Cash Flow Statement for the year ended on that
date, annexed thereto (collectively referred as the 'financial
statements'). These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the 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 mis-statement. 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 financial statement
presentation. 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 sub-section (4A) of Section 227 of the Companies Act, 1956
(the 'Act'), we enclose in the Annexurea statement on the matters
specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to 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 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 financial statements dealt with by this report are in agreement
with the books of account;
d. On the basis of written representations received from the
directors, as at 31 March 2012 and taken on record by the Board of
Directors, none of the directors is disqualified as at 31 March 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Act;
e. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements dealt with by
this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Act and 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:
i) the Balance Sheet, of the state of affairs of the Company as at 31
March 2012;
ii) the Statement of Profit and Loss, of the profit for the year ended
on that date; and
iii) the Cash Flow Statement, of the cash flows for the year ended on
that date.
Annexure to the Auditors' Report of even date to members of Blue Star
Infotech Limited on the financial statements for the year ended 31
March 2012.
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
the nature of its assets.
(c) In our opinion, a substantial part of fixed assets has not been
disposed off during the year.
(ii) (a) The Company does not have any tangible inventory. Accordingly,
the provisions of clause 4(ii) of the Order are not applicable.
(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 Act. Accordingly, the provisions of clauses
4(iii)(b) to 4 (iii)(d) of the Order are not applicable.
(b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Accordingly, the provisions of clauses
4(iii)(f) and 4(iii)(g) of the Order are not applicable.
(iv) Owing to the nature of its business, the Company does not maintain
any physical inventories or sells any goods. Accordingly, clause 4(iv)
of the Order with respect to purchase of inventories and sale of goods
is not applicable. In our opinion, there is an adequate internal
control system commensurate with the size of the Company and the nature
of its business for the purchase of fixed assets and for the sale of
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
(v) (a) In our opinion, the particulars of all contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Act have been so entered.
(b) Owing to the unique and specialized nature of the items involved
and in the absence of any comparable prices, we are unable to comment
as to whether the transactions made in pursuance of such contracts or
arrangements have been made at 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 Act and the Companies
(Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of
clause 4(vi) of the Order are not applicable.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
(viii) To the best of our knowledge and belief, the Central Government
has not prescribed maintenance of cost records under clause (d) of
sub-section (1) of Section 209 of the Act, in respect of Company's
products/ services. Accordingly, the provisions of clause 4(viii) of
the Order are not applicable.
(ix) (a) The Company is regular in depositing the undisputed statutory
dues including provident fund, investor education and protection fund,
employees' state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues,
as applicable, with the appropriate authorities. Further, no undisputed
amounts payable in respect thereof were outstanding at the year-end for
a period of more than six months from the date they become payable.
(b) There are no dues in respect of income tax, sales tax, wealth tax,
service tax, customs duty, excise duty and cess that have not been
deposited with the appropriate authorities on account of any dispute.
(x) In our opinion, the Company has no accumulated losses at the end of
the financial year and it has not incurred cash losses in the current
and the immediately preceding financial year.
(xi) The Company has no dues payable to a financial institution or a
bank or debenture holders during the year. Accordingly, the provisions
of clause 4(xi) of the Order are not applicable.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities. Accordingly, the provisions of clause 4(xii) of the Order
are not applicable.
(xiii) The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Accordingly, the provisions of clause 4(xiii) of the
Orderare not applicable.
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the Orderare not applicable.
(xv) The Company has not given any guarantees for loans taken by others
from banks or financial institutions. Accordingly, the provisions of
clause 4(xv) of the Order are not applicable.
(xvi) The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 4(xvi) of the Order are not
applicable.
(xvii) In our opinion, no funds raised on short-term basis have been
used for long-term investment.
(xviii) During the year, the Company has made preferential allotment of
shares to parties and companies covered in the register maintained
under Section 301 of the Act. In our opinion, the price at which shares
have been issued is not prejudicial to the interest of the Company.
(xix) The Company has neither issued nor had any outstanding debentures
during the year. Accordingly, the provisions of clause 4(xix) of the
Order are not applicable.
(xx) The Company has not raised any money by public issues during the
year. Accordingly, the provisions of clause 4(xx) of the Order are not
applicable.
(xxi) In our opinion, no fraud on or by the Company has been noticed or
reported during the period covered by our audit.
For Walker, Chandiok & Co
Chartered Accountants
Firm Registration No. 001076N
per Khushroo B. Panthaky
Partner
Membership No. F-42423
Place : Mumbai
Date : 3 May 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Blue Star Infotech
Limited, (the Company) as at 31 March 2011, and also the Profit and
Loss Account and the Cash Flow Statement for the year ended on that
date annexed thereto (collectively referred as the financial
statements). These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the 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 financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (the
Order) (as amended), issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956
(the Act), we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to 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 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 financial statements dealt with by this report are in agreement
with the books of account;
d) On the basis of written representations received from the directors,
as at 31 March 2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at 31 March 2011
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act;
e) In our opinion and to the best of our information and according to
the explanations given to us, the financial statements dealt with by
this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Act and the Rules framed there
under and 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:
i) the Balance Sheet, of the state of affairs of the Company as at 31
March 2011;
ii) the Profit and Loss Account, of the profit for the year ended on
that date; and
iii) the Cash Flow Statement, of the cash flows for the year ended on
that date.
Annexure to the Auditors Report
Annexure to the Auditors Report of even date to members of Blue Star
Infotech Limited on the financial statements for the year ended 31
March 2011.
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
the nature of its assets.
c) In our opinion, a substantial part of fixed assets has not been
disposed off during the year.
ii) a) The Company does not have any tangible inventory. Accordingly,
the provisions of clause 4(ii) of the Order are not applicable.
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 Act. Accordingly, the provisions of clauses
4(iii)(b) to (d) of the Order are not applicable.
b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act. Accordingly, the provisions of clauses
4(iii)(f) and 4(iii)(g) of the Order are not applicable.
iv) Owing to the nature of its business, the Company does not maintain
any physical inventories or sells any goods. Accordingly, clause 4(iv)
of the Order with respect to purchase of inventories and sale of goods
is not applicable. In our opinion, there is an adequate internal
control system commensurate with the size of the Company and the nature
of its business for the purchase of fixed assets and for the sale of
services. During the course of our audit, no major weakness has been
noticed in the aforesaid internal control system.
v) a) In our opinion, the particulars of all contracts or arrangements
that need to be entered into the register maintained under section 301
of the Act have been so entered.
b) Owing to the unique and specialized nature of the items involved and
in the absence of comparable prices, we are unable to comment as to
whether the transactions made in pursuance of such contracts or
arrangements have been made at prevailing market prices at the relevant
time.
vi) In our opinion, the Company has not accepted any deposits from the
public within the meaning of sections 58A and 58AA of the Act and the
Companies (Acceptance of Deposits) Rules, 1975. Accordingly, the
provisions of clause 4(vi) of the Order are not applicable.
vii) In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
viii) To the best of our knowledge and belief, the Central Government
has not prescribed maintenance of cost records under clause (d) of
sub-section (1) of section 209 of the Act, in respect of the services
rendered by the Company. Accordingly, the provisions of clause 4(viii)
of the Order are not applicable.
ix) a) Undisputed statutory dues including provident fund, investor
education and protection fund, employees state insurance, income-tax,
sales-tax, wealth-tax, service-tax, customs duty, excise duty, cess and
other material statutory dues, as applicable, have been regularly
deposited with the appropriate authorities. No undisputed amounts
payable in respect of above mentioned taxes were outstanding, at the
year end for a period of more than six months from the date they became
payable.
b) The dues outstanding in respect of sales-tax, income-tax, customs
duty, wealth-tax, excise duty and cess on account of any dispute, are
as follows:
Name of the statute Nature of dues Amount
(Rs. 000)
Income Tax Act, 1961 Disputed demand arising 137,009
on disallowances of
payments to related
parties, exemption
claim u/s 10A and u/s
80HHE, sales tax paid and
consequent interest u/s
234 B, C & D.
Income Tax Act, 1961 Disputed demand arising on 99,241
disallowances of payments
to related parties, exemption
claim u/s 10A and u/s 80HHE,
sales tax paid and consequent
interest u/s 234 B, C & D.
Income Tax Act, 1961 Disputed demand arising on 50,243
disallowances of exemption
claim u/s 10A, software
development expenses,
notional expenses u/s 14A
and consequent interest
u/s 234 B & D, etc.
Name of the statute Period to Forum where
which the dispute is
amount relates pending
Income Tax Act, 1961 Assessment Year Commissioner of
2004-05 Income Tax (Appeals)
Income Tax Act, 1961 Assessment Year Commissioner of
2006-07 Income Tax (Appeals)
Income Tax Act, 1961 Assessment Year Commissioner of
2007-08 Income Tax (Appeals)
x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in
the current and the immediately preceding financial year.
xi) The Company has no dues payable to a financial institution or a
bank or debenture holders during the year. Accordingly, the provisions
of clause 4(xi) of the Order are not applicable.
xii) In our opinion, the Company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities. Accordingly, the provisions of clause 4(xii) of the
Order are not applicable.
xiii) The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Accordingly, the provisions of clause 4(xiii) of the Order are
not applicable.
xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of
clause 4(xiv) of the Order are not applicable.
xv) In our opinion, the Company has not given any guarantees for loans
taken by others from banks or financial institutions. Accordingly, the
provisions of clause 4(xv) of the Order are not applicable.
(xvi) The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 4(xvi) of the Order are not
applicable.
xvii) The Company did not have any borrowings outstanding during the
year. Accordingly, the provisions of clause 4(xvii) of the Order are
not applicable.
xviii) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Act. Accordingly, the provisions of clause 4(xviii) of the
Order are not applicable.
xix) The Company has neither issued nor had any outstanding debentures
during the year. Accordingly, the provisions of clause 4(xix) of the
Order are not applicable.
xx) The Company has not raised any money by public issues during the
year. Accordingly, the provisions of clause 4(xx) of the Order are not
applicable.
xxi) No fraud on or by the Company has been noticed or reported during
the year covered by our audit.
For Walker, Chandiok & Co
Chartered Accountants
Firm Registration No: 001076N
per Khushroo B Panthaky
Partner
Membership No. F-42423
Mumbai, May 19, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Blue Star Infotech
Limited, (the Company) as at March 31, 2010, and also the Profit and
Loss Account and the Cash Flow Statement for the year ended on that
date annexed thereto (collectively referred as thefinancial
statements).These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the 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 financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (the
Order) (as amended), issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956
(the Act), we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to 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 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 financial statements dealt with by this report are in agreement
with the books of account;
d) On the basis of written representations received from the directors,
as at March 31, 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as at March 31, 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act;
e) In our opinion and to the best of our information and according to
the explanations given to us, the financial statements dealt with by
this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Act and the Rules framed there
under and 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:
i) the Balance Sheet, of the state of affairs of the Company as at
March 31, 2010;
ii) the Profit and Loss Account, of the profit for the year ended on
that date; and
iii) the Cash Flow Statement, of the cash flows for the year ended on
that date.
Annexure to the Auditors Report of even date to the members of Blue
Star Infotech Limited on the financial statements for the year ended
March 31, 2010.
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
(i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
the nature of its assets.
c) In our opinion, a substantial part of fixed assets has not been
disposed off during the year.
(ii) a) The Company does not have any tangible inventory. Accordingly,
the provisions of clause 4(ii) of the Order are not applicable.
(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 Act. Accordingly, the provisions of clauses
4(iii)(b) to (d) of the Order are not applicable.
e) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Act. Accordingly, the provisions of clauses
4(iii)(f) and 4(iii)(g) of the Order are not applicable.
(iv) Owing to the nature of its business, the Company does not maintain
any physical inventories or sells any goods. Accordingly, clause 4(iv)
of the Order with respect to purchase of inventories and sale of goods
is not applicable. In our opinion, there is an adequate internal
control system commensurate with the size of the Company and the nature
of its business for the purchase of fixed assets and for the sale of
services. During the course of our audit, no major weakness has been
noticed in the aforesaid internal control system.
(v) a) In our opinion, the particulars of all contracts or arrangements
that need to be entered into the register maintained under section 301
of the Act have been so entered.
b) Owing to the unique and specialized nature of the items involved and
in the absence of comparable prices, we are unable to comment as to
whether the transactions made in pursuance of such contracts or
arrangements have been made at prevailing market prices at the relevant
time.
(vi) In our opinion, the Company has not accepted any deposits from the
public within the meaning of sections 58A and 58AA of the Act and the
Companies (Acceptance of Deposits) Rules, 1975. Accordingly, the
provisions of clause 4(vi) of the Order are not applicable.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
(viii)To the best of our knowledge and belief, the Central Government
has not prescribed maintenance of cost records under clause (d) of
sub-section (1) of section 209 of the Act, in respect of the services
rendered by the Company. Accordingly, the provisions of clause 4(viii)
of the Order are not applicable.
(ix) a) Undisputed statutory dues including provident fund, investor
education and protection fund, employees state insurance, income-tax,
sales-tax, wealth-tax, service-tax, customs duty, excise duty, cess and
other material statutory dues, as applicable, have been regularly
deposited with the appropriate authorities. No undisputed amounts
payable in respect of above mentioned taxes were outstanding, at the
year end for a period of more than six months from the date they became
payable.
b) The dues outstanding in respect of sales-tax, income-tax, customs
duty, wealth-tax, excise duty and cess on account of any dispute, are
as follows:
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and the
immediately preceding financial year. ,
(xi) The Company has no dues payable to a financial institution or a
bank or debenture holders during the year. Accordingly, the provisions
of clause 4(xi) of the Order are not applicable.
(xii) In our opinion, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities. Accordingly, the provisions of clause
4(xii) of the Order are not applicable.
(xiii) The Company is not a chit fund or a nidhi/ mutual benefit fund/
society. Accordingly, the provisions of clause 4(xiii) of the Order are
not applicable.
(xiv) The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the Order are not applicable.
(xv) In our opinion, the Company has not given any guarantees for loans
taken by others from banks or financial institutions. Accordingly, the
provisions of clause 4(xv) of the Order are not applicable.
(xvi) The Company did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 4(xvi) of the Order are not
applicable.
(xvii) The Company did not have any borrowings outstanding during the
year. Accordingly, the provisions of clause 4(xvii) of the Order are
not applicable.
(xviii)The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Act. Accordingly, the provisions of clause 4(xviii) of the
Order are not applicable.
(xix) The Company has neither issued nor had any outstanding debentures
during the year. Accordingly, the provisions of clause 4(xix) of the
Order are not applicable.
(xx) The Company has not raised any money by public issues during the
year. Accordingly, the provisions of clause 4(xx) of the Order are not
applicable.
(xxi) No fraud on or by the Company has been noticed or reported during
the year covered by our audit.
For Walker, Chandiok and Co
Chartered Accountants
Firm Registration No. 001076N
per Khushroo B Panthaky
Partner
Membership No. F-42423
Mumbai, May 13, 2010