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Auditor Report of Circuit Systems (India) Ltd.

Mar 31, 2015

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

* Management's Responsibility for the Financial Statements

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

* Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

* Opinion

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

* Report on Other Legal and Regulatory Requirements

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

As required by Section 143 (3) of the Act, we report that:

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

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

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

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

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

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

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 34 to the financial statements;

(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 AUDITOR'S REPORT

(Referred to in paragraph 5 of our report of even date)

I. Fixed Assets: -

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

(b) The management has physically verified all the fixed assets at the year-end. No material discrepancies have been noticed on such verification.

II. Inventory :

(a) The stocks of finished goods, stores and spares have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

(c) No material discrepancies have been noticed on physical verification of stocks as compared to book records.

II. Loan:

According the information and explanation given to us, the company has not granted any loans, secured or unsecured to companies, firms or their parties covered in the register maintained under section 189 of the companies Act 2013.

II. 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 stores, raw materials including components, plant & machinery, equipment, other goods, assets and job work and with regard to the sales of goods, assets and job work. To the best of our knowledge, no major weaknesses in internal control were either reported or noticed by us during the course of our audit.

III. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit during the current financial year.

IV. The Central Government has not prescribed for the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013.

V. (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 any other statutory dues with a appropriate authorities.

(b) According to the information and explanation given to us, there were no undisputed amounts payable in respect of Income-Tax, Wealth-Tax, Sales Tax, Customs Duty and Excise Duty which have remained outstanding as at 31st March, 2015 for a period of more than six months from the date they became payable.

(c) The company is not required to transfer any amount to investor educational and protection fund in accordance with provisions of Companies Act, 2013 or rules made thereunder.

VI. The Company has not incurred cash losses during the year. The Company has no accumulated losses more than 50% of its net worth.

VII. On the basis of the verification of records and information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or banks.

VIII. The Company has not given any guarantees for loans taken by others from banks and financial institutions during the year.

IX. Based on verification of records of the company, the terms loan were applied for the purpose for which loans were obtained.

X. Based on the Audit procedure performed and the representation obtained from the management, we report that no case of fraud on or by the Company has been noticed or reported during the year under Audit.

For Baheti Bhadada and Associates Chartered Accountants Firm Registration No. 100865W

(Krutesh Patel) Place : Ahmedabad Partner Date : 22 April 2015 Membership No. 140047


Mar 31, 2014

We have audited the accompanying financial statements of Circuit Systems (India) Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2014 and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

2. As required 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, and Cash Flow Statement dealt with by this Report are in agreement with the books of account ;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

e. on the basis of written representations received from the directors as on 31st March, 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to Independent Auditors'' Report

[Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date]

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

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

(c) The fixed assets disposed of during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected to the going concern status of the Company.

2. (a) The inventories have been physically verified during the year by management. In our opinion, the frequency of verification is reasonable.

(b) According to the information and explanations given to us, in our opinion the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us the Company is maintaining proper records of inventory. According to the information and explanations given to us no material discrepancies were noticed on physical verification of inventories as compared to book records.

3. (a) The Company has granted unsecured loans to two parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount at any time during the year was Rs. 37,00,000/- (P.Y. Rs. 32,51,896/-) and the year-end balance is NIL (P.Y. Nil).

(b) In our opinion and according to the information and explanations given to us, the terms and conditions on which loans have been granted to the above parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie prejudicial to the interest of the Company.

(c) We are informed that the loans granted to the above parties, do not have any stipulation for the payment of principal and interest.

(d) The Company has taken unsecured loans from three parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount at any time during the year was Rs. 3,66,81,084/- (P.Y. Rs. 5,31,96,325/-) and the year-end balance is NIL (P.Y. Nil).

(e) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of such loan are not prima facie prejudicial to the interest of the company.

(f) In respect of the aforesaid loans, the company is regular in repaying the principal amount which is repayable on demand.

4. In our opinion and according to the information and explanations given to us, there is 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. Further, on the basis of our examination of the books of account and records of the Company and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the internal control system.

5. According to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that needs to be entered in the register maintained under that section have been so entered. Transactions done in pursuance of such contracts or arrangements have made at prices which appear reasonable as per information available with the company.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the provisions contained in Sections 58A, 58AA or any other relevant provisions of the Act and Rules framed there under are not applicable to the Company.

7. In our opinion, the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

8. According to the information and explanations given to us, the Central Government has prescribed for maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 in respect of manufacturing activity of the Company and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete.

9. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Sales Tax/Value Added Tax, Gratuity, Professional Tax, Income-tax, Wealth-tax, Custom Duty, Excise duty, Service Tax, Cess and any other applicable dues, during the year with the appropriate authorities. However, minor delay has been noticed in respect of Tax Deducted at Source (TDS) during the year. According to the information and explanation given to us no undisputed amounts payable in respect of statutory dues outstanding as at 31st March 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no dues of Provident Fund, Sales tax/ Value Added Tax, Professional tax, Income tax, Wealth-tax, Custom duty, Excise duty, Service tax, Cess and any other dues to the extent applicable, which have not been deposited on account of dispute. The following are the particulars of statutory dues not deposited by the Company on account of disputes as at 31st March 2014:

Nature of Nature of Amount* Period to the Statute the Dues (Rs. In Lakhs) which amount relates pending

GST/CST of Time limit of Matter is related to F.Y. 1998-99 GST Act. deferment time limit, amount to is not quantified F.Y. 2001-02

VAT Act Demand of 1,72,284 F.Y. 2004-05 excess interest paid on refund

Income Tax Act Demand for 29,84,020 F.Y. 2009-10 income tax & A. Y. 2010-11 Interest thereon

Nature of Forum where the Statute dispute is GST/CST of Gujarat Value Added Tax, GST Act. Tribunal, Ahmedabad

VAT Act Deputy Commissioner of Commercial Tax (Appeal) Income Tax Act CIT (Appeals) 10. The Company does not have any accumulated losses at the end of the year and has not incurred cash losses in the current financial year. Company has incurred cash losses in the immediately preceding financial year.

11. In our opinion and according to the information and explanation given to us, the Company has been generally regular in repayment of dues to Banks and Financial Institutions.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. The investment in shares and other securities have been held by the Company in its own name.

15. According to the information and explanations given to us, Company has not given any guarantee for loan taken by others from banks and Financial Institutions during the year.

16. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained.

17. On the basis of the information and explanations given to us and on an overall examination of the Financial Statements of the Company, in our opinion, there are no funds raised on a short-term basis which have been used for long-term investments.

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 year.

19. The Company has not issued any debentures during the year.

20. During the year, the Company has not raised money by public issue.

21. During the course of our examination of the books of account and records of the Company, carried out in accordance with the generally accepted auditing practices in India, we have not come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the management.

For. C.R. SHAREDALAL & CO. CHARTERED ACCOUNTANTS, (Registration No.109943W)

(C. R. SHAREDALAL) PLACE : AHMEDABAD PARTNER DATE : 15th May, 2014 Membership No.002571


Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India.

Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

opinion.

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

2. As required 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, and Cash Flow Statement dealt with by this Report are in agreement with the books of account ;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on 31 March, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

[Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date]

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

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

(c) In our opinion, the Company has disposed of a substantial part of fixed assets as set out in Note 29 being the work-in-progress at SEZ Unit during the period. On the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, in our opinion, the disposal of the said assets work-in-progress has not affected the going concern status of the Company.

2. (a) The inventories have been physically verified during the year by management. In our opinion, the frequency of verification is reasonable.

(b) According to the information and explanations given to us, in our opinion the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us the Company is maintaining proper records of inventory. According to the information and explanations given to us no material discrepancies were noticed on physical verification of inventories as compared to book records.

3. (a) The Company has granted unsecured loans to two parties covered in the register maintained under

Section 301 of the Companies Act, 1956. The maximum amount at any time during the year was Rs. 32,51,896/- and the year-end balance is NIL.

(b) In our opinion and according to the information and explanations given to us, the terms and conditions on which loans have been granted to the above parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie prejudicial to the interest of the Company.

(c) We are informed that the loans granted to the above parties, do not have any stipulation for the payment of principal and interest.

(d) The Company has taken unsecured loans from three parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The maximum amount at any time during the year was Rs.5,31,96,325/- and the year-end balance is NIL

(e) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions of such loan are not prima facie prejudicial to the interest of the company.

(f) In respect of the aforesaid loans, the company is regular in repaying the principal amount which is repayable on demand.

4. In our opinion and according to the information and explanations given to us, there is 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. Further, on the basis of our examination of the books of account and records of the Company and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the internal control system.

5. According to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act,1956 that needs to be entered in the register maintained under that section have been so entered. Transactions done in pursuance of such contracts or arrangements have made at prices which appear reasonable as per information available with the company.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the provisions contained in Sections 58A, 58AA or any other relevant provisions of the Act and Rules framed there under are not applicable to the Company.

7. In our opinion, the internal audit functions carried out during the year by a firm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business.

8. According to the information and explanations given to us, the Central Government has prescribed for maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 in respect of manufacturing activity of the Company and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete.

9. (a) According to the information and explanations given to us and on the basis of our examination of the

books of account, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Sales Tax/Value Added Tax, Gratuity, Professional Tax, Income-tax, Wealth-tax, Custom Duty, Excise duty, Service Tax, Cess and any other applicable dues, during the year with the appropriate authorities. However, minor delay has been noticed in respect of Tax Deducted at Source (TDS) during the year. According to the information and explanation given to us no undisputed amounts payable in respect of statutory dues outstanding as at 31 March 2013 for a period of more than six months from the date they became payable other than a sum of Rs. 69,489/- of Tax Deducted at Source. (b) According to the information and explanation given to us, there are no dues of Provident Fund, Sales tax/ Value Added Tax, Professional tax, Income tax, Wealth-tax, Custom duty, Excise duty, Service tax, Cess and any other dues to the extent applicable, which have not been deposited on account of dispute. The following are the particulars of statutory dues not deposited by the Company on account of disputes as at 31 March 2013:

10. The Company does not have any accumulated losses at the end of the year. During the year the Company has incurred cash loss. Further during the previous year the Company has not incurred any cash losses.

11. In our opinion and according to the information and explanation given to us, the Company has been generally regular in repayment of dues to Banks and Financial Institutions.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. The investment in shares and other securities have been held by the Company in its own name.

15. According to the information and explanations given to us, Company has not given any guarantee for loan taken by others from banks and Financial Institutions during the year.

16. During the period under audit, the company has not obtained any fresh term loans; hence the provisions of clause (xvi) are not applicable to the company.

17. On the basis of the information and explanations given to us and on an overall examination of the Financial Statements of the Company, in our opinion, there are no funds raised on a short-term basis which have been used for long-term investments.

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 year.

19. The Company has not issued any debentures during the year.

20. During the year, the Company has not raised money by public issue.

21. During the course of our examination of the books of account and records of the Company, carried out in accordance with the generally accepted auditing practices in India, we have not come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have been informed of such case by the management.

For. C.R. SHAREDALAL & CO.

CHARTERED ACCOUNTANTS,

(Registration No.109943W)

(C. R. SHAREDALAL)

PLACE : AHMEDABAD PARTNER

DATE : 25-05-2013 Membership No.002571


Mar 31, 2012

We have audited the attached Balance Sheet of CIRCUIT SYSTEMS (INDIA) LTD. as at 31st March, 2012 and statement of Profit and Loss and Cash Flows Statement for the year ended on that date annexed thereto of the company, which we have signed under reference to this report. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these finan cial statements based on our Audit.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and si gnificant 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.

1. As required by Companies (Auditor's Report) Order, 2003, issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanations given to us during the course of the aud it, we enclose in the Annexure hereto a statement on the matters specified in Paragraphs 4 and 5 of the Order.

2. Further to our comments in the Annexure referred to in 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 appears from our examination of those Books;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the Books of Account of company;

(d) In our opinion, the Balance sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting standards referred to Section 211 (3C) of the companies Act, 1956;

(e) Directors of the company do not, prima facie, have any disqualification as referred to clause (g) of sub- section (1) of section 274 of the Companies A ct, 1956 which is based on written representation received from them and taken on record by the Board of Directors;

(f) Due to change in method of accounting for treatment of profit/loss on sale of SEZ project having no commercial production resulted in overstatement of profit assets of SEZ project by Rs. 16.14 lacs ( Please see note 31 to the financial statement).

(g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon and note at para (f) above give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) In the case of the Balance sheet, of the state of affairs of the company as at 31st March, 2012; and

b) In the case of the Statement of Profit and Loss of the profit for the year ended on that date.

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

Annexure to the Auditors' Report referred to in paragraph 3 our report of even date:

The comments given herein below are based on the data complied by the company in order to comply with the requirements of the new order from the effective date. On the basis of such checks as considered appropriate and examination of the books of accounts and records carried out in accordance with the generally accepted during auditing practices in India and in terms of the information and explanations given by the management, in our opinion :

(i) (a) the company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets ;

(b) physical verification of fixed assets has been carried out by the company and no material discrepancies were noticed on such verification; the frequency of verification is reasonable, having regard to the size of the company and nature of its business;

(c) during the year the company has not disposed off any substantial / major part of fixed assets ;

(ii) (a) the inventories have been physically verified at reasonable intervals during the year by the management & the frequency of verification is reasonable, having regard to the size of the company and nature of its business ;

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

(c) the company is maintaining proper records of inventory; discrepancies noticed on physical verification of stock were not material in relation to the operations of the company and the same have been properly dealt with in the books of account;

(iii) (a) the Company has granted unsecured loans to persons listed in the register maintained under Section 301 of the Act ;

The yearend balance of such loan amounts to Rs. Nil (PY Rs. 104.74 lacs) respectively; the rate of interest and other terms and conditions of such loans are in our opinion, prima facie not prejudicial to the interests of the company; the said loans were given to nil (P.Y two) party; the loan being repayable on demand, the question of overdue amount does not arise ;

(b) the company has taken unsecured loans from individual firms and other persons listed in the register maintained U/s 301 of the Act; rate of interest and other terms and conditions are not prejudicial to the interest of the company; above loans are taken from three (P.Y.four) parties, the year end balance of loans taken from such parties was Rs.336.61 lacs (PY Rs. 267.45 lacs) ; (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchases of inventory and fixed assets.

Further, on the basis of our examination of the books and r ecords of the company and according to the information and explanations given to us, we have not observed any continuing failure to correct major weakness in internal control system.

(v) (a) The transactions that are required to be entered in the Register in pursuance of Section of the Act has been so entered ;

(b) i) there are transactions made in pursuance of contract or arrangements which has to be entered in register maintained under Section 301 of Act aggregating to rupees five lacs or more in value during the year in respect of each party, have been made in prices which are reasonable having regards to prevailing market prices as available with the company for such goods, materials or services or the prices at which transactions for similar goods, materials or services have been made with other parties ;

(vi) the company has not accepted any deposits during the year from the public within the meaning of the provisions of section 58A and 58AA of the companies Act, 1956 and rules made there under;

(vii) in our opinion, the company has an internal audit system commensurate with its size & the nature of its business :

(Viii) The Central Government has prescribed maintenance of the cost records under section 209(l)(d) of the companies Act, 1956 in respect of the company's products the company has obtained compliance certificate from the qualified cost accountant:

(ix) a) the company is generally regular in depositing undisputed statutory dues including provident Fund, investor education and protection fund, employees' state insurance, income tax, sales tax, custom duty, excise duty, cess and any other material statutory dues, as may be applicable, with the appropriate authorities as observed by us during the course of our examination of the books of accounts carried out in accordance with generally accepted auditing practices in India;

b) the statutory dues which have been deposited on account of disputes and the forum where the dispute is pending are as under;

Sr. Nature of Nature of Amount Relevant No the Statute the Dues (Rs. Assessment Year

1 GST/CSTof Section 67 N.A. * 2003-04 GST Act to 2005-06

2 Service Tax Cenvat 20.87 2006-07 Rules 2004 Credit Lacs & 2007-08

3 Anti Dumping Under 13 Lacs 2003-04 Duty Refund Notification No. 141/2003 & supported by Sec. 9A of Custom Tariff Act, 1975

4 VAT Act Section 54 1.72 Lacs 2004-05

Name of statue Forum Status where dispute is pending

GST/CST of GST Act Gujarat Pending Value Added for Tax Tribunal, adjudication Ahmedabad

Srivice Tax Rules 204 The Commissioner Final order of Central awaited. Excise(Appeals), Ahmedabad

Anti Dumping Duty Refund Custom Pending Appeal in Mumbai

VAT Act Recovery of Pending interest on refund (Appeal)

* Since Matter relates to time limit, Amount is not quantifable.

(x) there are no accumulated losses as on 31st March, 2012; the company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year; (xi) as per the declaration given by the company, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders, as may be applicable;

(xii) the company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities; (xiii) the company has not given any guarantee for loans taken by others from bank or financial institution; (xiv) in absence of specification of purpose of the the term loan by the financing institution, the term loan taken has been utilized by the management as per decision of board of directors;

(xv) no fund raised on short-term basis has been used for long term investment or vice versa; however, there has been deployment of fund out of profit of the company, which is technically regarded as long-term source of fund for meeting need based working capital requirement;

(xvi) no fraud on or by the company has been noticed or reported during the year; (xvii) Other clauses such as (xi ii) with respect to Chit fund company or Nidhi / mutual fund / society, (xiv) trading in shares and securities etc., (xix) creation of securities for debenture of the order are not applicable to the company.

For Virendra Chinubhai & Co. Chartered Accountants, (F.R.No. 111567 W)

(V.C. SHAH)

Place: Visnagar Proprietor

Date : 31-08-2012 M.No. 34167


Mar 31, 2011

We have audited the attached Balance Sheet of CIRCUIT SYSTEMS (INDIA) LTD. as at 31st March, 2011 and Profit and Loss Account and Cash Flows Statement for the year ended on that date annexed thereto of the company, which we have signed under reference to this report. 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by Companies (Auditor's Report) Order, 2003, issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks as considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure hereto a statement on the matters specified in Paragraphs 4 and 5 of the Order.

2. Further to our comments in the Annexure referred to in 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 appears from our examination of those Books;

(c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the Books of Account of company;

(d) In our opinion, the Balance sheet and Profit and Loss Account comply with the Accounting standards referred to Section 211 (3C) of the companies Act, 1956;

(e) Directors of the company do not, prima facie, have any disqualification as referred to clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 which is based on written representation received from them and taken on record by the Board of Directors;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together 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 in conformity with the accounting principles generally accepted in India;

a) In the case of the Balance sheet, of the state of affairs of the company as at 31st March, 2011; and

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

c) In the case of the cash flow statement, of the Cash Flows for the year ended on that date.

Annexure to the Auditors' Report referred to in paragraph 3 our report of even date:

The comments given herein below are based on the data complied by the company in order to comply with the requirements of the new order from the effective date. On the basis of such checks as considered appropriate and examination of the books of accounts and records carried out in accordance with the generally accepted during auditing practices in India and in terms of the information and explanations given by the management, in our opinion :

(i) (a) the company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets;

(b) physical verification of fixed assets has been carried out by the company and no material discrepancies were noticed on such verification; the frequency of verification is reasonable, having regard to the size of the company and nature of its business;

(c) during the year the company has not disposed off any substantial / major part of fixed assets;

(ii) (a) the inventories have been physically verified at reasonable intervals during the year by the management & the frequency of verification is reasonable, having regard to the size of the company and nature of its business;

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

(c) the company is maintaining proper records of inventory; discrepancies noticed on physical verification of stock were not material in relation to the operations of the company and the same have been properly dealt with in the books of account;

(iii) (a) the Company has granted unsecured loans to persons listed in the register maintained under Section 301 of the Act;

maximum amount outstanding during the year and the year end balance of such loan amounts to Rs. 104.74lacs(PY Rs. 94.61 lacs) and Rs. 104.74 lacs (PY Rs. 94.61 lacs) respectively;the rate of interest and other terms and conditions of such loans are in our opinion, prima facie not prejudicial to the interests of the company;the said loans were given to one party; the loan being repayable on demand, the question of overdue amount does not arise;

(b) the company has taken unsecured loans from individual firms and other persons listed in the register maintained U/s 301 of the Act; rate of interest and other terms and conditions are not prejudicial to the interest of the company;above loans are taken from four parties, the maximum amount involved during the year was Rs. 311.44 (PY Rs. 456.88lacs) and the year end balance of loans taken from such parties was Rs. 267.45 lacs (PY Rs. 106.32 lacs);

(iv) in our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchanses of inventory and fixed assets. During the course of our audit, we have not observed any major weaknesses in the internal control system;

(v) (a) the transactions that are required to be entered in the Register in pursuance of Section 301 of the Act has been so entered;

(b) i) there are transactions made in pursuance of contract or arrangements which has to be entered in register maintained under Section 301 of Act aggregating to rupees five lacs or more in value during the year in respect of each party, have been made in prices which are reasonable having regards to prevailing market prices as available with the company for such goods, materials or services or the prices at which transactions for similar goods, materials or services have been made with other parties;

(vi) the company has not accepted any deposits during the year from the public within the meaning of the provisions of section 58A and 58AA of the companies Act, 1956 and rules made there under;

(vii) the company has internal audit system during the year under review;

(viii) the Central Government has not prescribed maintenance of the cost records under section 209 (1) (d) of the companies Act, 1956 in respect of the company's products;

(ix) (a) the company is generally regular in depositing undisputed statutory dues including provident Fund, investor education and protection fund, employees' state insurance, income tax, sales tax, custom duty, excise duty, cess and any other material statutory dues, as may be applicable, with the appropriate authorities as observed by us during the course of our examination of the books of accounts carried out in accordance with generally accepted auditing practices in India;

(b) the statutory dues which have been deposited on account of disputes and the forum where the dispute is pending are as under;

Nature of Nature of Amount Relevant the Statute the Dues (Rs.) Assement year

GST/CST of GST Ac Section 67 N.A. 2003-04 to 2005-06

Service Tax Cenvat Credit 20.87 2006-07 Rules, 2004 Lac & 2007-08

Anti Dumping Under 13 2003-04 Notification Lac Duty Refund No. 141/2003 & supported by Sec.9A of Custom Tarrif Act, 1975

VAT Act Section 54 1.72 2004-05 Lac

Nature of Forum where dispute is pending Status the Statute

GST/CST of GST Gujarat Value Added Tax Pending for Act tribunal, Ahmedabad. adjudication

Service Tax The commissioner of Central Final order Rules, 2004 Excise (Appeals), Ahmedabad awaited

Anti Dumping Custom Appeal in Mumbai Pending

VAT Act Recovery of interest on refund Pending Appeal)

* Since matter relates to Time limit, Amount is not quantifiable;

(x) there are no accumulated losses as on 31st March, 2011; the company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year;

(xi) as per the declaration given by the company, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders, as may be applicable;

(xii) the company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities;

(xv) the company has not given any guarantee for loans taken by others from bank or financial institution;

(xvi) no fresh term loan was taken by the company during the year under review;

(xvii) no fund raised on short-term basis has been used for long term investment or vice versa; however, there has been deployment of fund out of profit of the company, which is technically regarded as long-term source of fund for meeting need based working capital requirement;

(xviii) no fraud on or by the company has been noticed or reported during the year;

(xx) other clauses such as (xiii) with respect to Chit fund company or Nidhi / mutual fund / society, (xiv) trading in shares and securities etc. , (xix) creation of securities for debenture of the order are not applicable to the company;

For Virendra Chinubhai & Co. Chartered Accountants, (F.R.No. 111567 W)

(V.C. SHAH) Proprietor M.No. 34167

Place : Visnagar Date : 31.08.2011


Mar 31, 2010

We have audited the attached Balance Sheet of CIRCUIT SYSTEMS (INDIA) LTD. as at 31st March, 2010 and Profit and Loss Account and Cash Flows Statement for the year ended on that date annexed thereto of the company, which we have signed under reference to this report. 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.

We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure hereto a statement on the matters specified in Paragraphs 4 and 5 of the Order.

2. Further to our comments in the Annexure referred to in 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 appears from our examination of those Books;

(c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the Books of Account of company;

(d) In our opinion, the Balance sheet and Profit and Loss Account comply with the Accounting standards referred to Section 211 (3C) of the companies Act, 1956;

(e) Directors of the company do not, prima facie, have any disqualification as referred to clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 which is based on written representation received from them and taken on record by the Board of Directors;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together 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 in conformity with the accounting principles generally accepted in India;

a) In the case of the Balance sheet, of the state of affairs of the company as at 31st March, 2010; and

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

c) In the case of the cash flow statement, of the Cash Flows for the year ended on that date.

Annexure to the Auditors Report referred to in paragraph 3 our report of even date:

The comments given herein below are based on the data complied by the company in order to comply with the requirements of the new order from the effective date. On the basis of such checks as considered appropriate and examination of the books of accounts and records carried out in accordance with the generally accepted during auditing practices in India and in terms of the information and explanations given by the management, in our opinion :

(i) (a) the company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets,

(b) physical verification of fixed assets has been carried out by the company and no material discrepancies were noticed on such verification; the frequency of verification is reasonable, having regard to the size of the company and nature of its business;

(c) during the year the company has not disposed off any substantial / major part of fixed assets;

(ii) (a) the inventories have been physically verified at reasonable intervals during the year by the management & the frequency of verification is reasonable, having regard to the size of the company and nature of its business;

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

(c) the company is maintaining proper records of inventory; discrepancies noticed on physical verification of stock were not material in relation to the operations of the company and the same have been properly dealt with in the books of account;

(iii) (a) the Company has granted unsecured loans to persons listed in the register maintained under Section 301 of the Act; maximum amount outstanding during the year and the year end balance of such loan amounts to Rs. 94.61 lacs(PY Rs. 86.33 lacs) and Rs. 94.61 lacs (PY Rs. 86.33 lacs) respectively;the rate of interest and other terms and conditions of such loans are in our opinion, prima facie not prejudicial to the interests of the company;the said loans were given to one party; the loan being repayable on demand, the question of overdue amount does not arise;

(b) the company has taken unsecured loans from individual firms and other persons listed in the register maintained U/s 301 of the Act; rate of interest and other terms and conditions are not prejudicial to the interest of the company;above loans are taken from four parties, the maximum amount involved during the year was Rs. 456.88 lacs (PY Rs. 456.17lacs) and the year end balance of loans taken from such parties was Rs. 103.91 lacs (PY Rs. 364.30 lacs);

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its busirrss, for the purchanses of inventory and fixed assets. During the course of our audit, we have not observed any major weaknesses in the internal control system.Further, on the basis of our examination of the books and records of the company and according to the information and explanations given to us,

(v) (a) The transactions that are required to be entered in the Register in pursuance of Section 301 of the Act has been so entered.

(b) there are transactions made in pursuance of contract or arrangements which has to be entered in register maintained under Section 301 of Act aggregating to rupees five lacs or more in value during the year in respect of each party, have been made in prices which are reasonable having regards to prevailing market prices as available with the company for such goods, materials or services or the prices at which transactions for similar goods, materials or services have been made with other parties subject to following :

i) Sales to one related party, during April, 2009 to December, 2009 has been considered underassessed by Rs. 55.98 lacs by the excise authorities for calculation of assessable value of goods for levying excise duties and the management has paid necessary duties on agreed basis to avoid litigation.

(vi) the company has not accepted any deposits during the year from the public within the meaning of the provisions of section 58A and 58AA of the companies Act, 1956 and rules made there under;

(vii) the company has internal audit system during the year under review.

(viii) the Central Government has not prescribed maintenance of the cost records under section 209 (1) (d) of the companies Act, 1956 in respect of the companys products;

(ix) (a) the company is generally regular in depositing undisputed statutory dues including provident Fund, investor education and protection fund, employees state insurance, income tax, sales tax, custom duty, excise duty, cess and any other material statutory dues, as may be applicable, with the appropriate authorities as observed by us during the course of our examination of the books of accounts carried out in accordance with generally accepted auditing practices in India.

(b) the statutory dues which have been deposited on account of disputes and the forum where the dispute is pending are as under;

Nature of Nature of Amount Relevant Forum where dispute is pending the Statute the Dues (Rs.) Assement year

GST/CST Section 67 N.A.* 2003-04 Gujarat Value Added TaxTribunal, of GST Act to 2005-06 Ahmedabad.

Service Tax Cenvat Credit 20.87 Lacs 2006-07 The commissioner of Central

Rules, 2004 & 2007-08 Excise (Appeals), Ahmedabad

Anti Dumping Under Notifi cation 13 Lacs 2003-04 Custom Appeal in Mumbai Duty Refund No. 141 /2003 & supported by Sec. 9A of Custom Tarrif Act, 1975

* Since matter relates to Time limit, Amount is not quantifiable. (x) There are no accumulated losses as on 31st March, 2010; the company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year;

(xi) As per the declaration given by the company, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders, as may be applicable;

(xii) the company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities;

(xv) the company has not given any guarantee for loans taken by others from bank or financial institution;

(xvi) the term loans taken by the company have been applied for the purpose for which they were raised;

(xvii) No fund raised on short-term basis has been used for long term investment or vice versa; however, there has been deployment of fund out of profit of the company, which is technically regarded as long-term source of fund for meeting need based working capital requirement.

(xviii) the company has made preferential allotment of shares ;the price at which such preferential shares have been allotted is at the price prevailing in the market on the basis of requirement mentioned in Companies (Issue of Capital & Disclosure) Regulations, 2009.

(xix) no fraud on or by the company has been noticed or reported during the year;

(xx) other clauses such as (xiii) with respect to Chit fund company or Nidhi / mutual fund / society, (xiv) trading in shares and securities etc., (xix) creation of securities for debenture of the order are not applicable to the company;



For Virendra Chinubhai & Co.

Chartered Accountants,

(F.R.No. 111567 W)

(V.C. SHAH)

Place : Visnagar Proprietor

Date : 28th July, 2010 M.No. 34167

 
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