Mar 31, 2015
We have audited the accompanying financial statements of Divya Jyoti
Industries Limited ("the company"), which comprise the Balance Sheet as
at 31st March,2015, the Statement of Profit and Loss , 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 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 financial statements that give a true and fair
view of the financial statements to give a true and fair view of the
financial position, financial performance and cash flow 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 financial
statements based on our audit.
We have taken into account the provisions of the Act and the Rules made
there under including the accounting standards and matters which are
required to be included in the audit report.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncement issued by the Institute of Chartered
Accountants of India. Those standards and pronouncements require that
we comply with the 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
procedure selected depends on the auditor's judgment, including the
assessment of the risk of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers 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, but not for purpose of expressing an
opinion on whether the Company has in place adequate internal financial
control system over financial reporting and the operating effectiveness
of such controls. An audit 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
over 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 financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March,2015, and its profit and its cash flows for the year
ended on that date.
REPORTS ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies (Auditor's Report) Order, 2015, issued by
the Central Government of India in terms of Section 143(11) of the Act
(hereinafter referred to as the "Order"), and on the basis of such
checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraph 3 and 4 of the Order.
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 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 financial statements comply with the
Accounting Standard 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 knowledge and belief
and according to the information and explanations given to us:
i. The Company has disclosed the impact, if any, of pending
litigations as at 31st March, 2015 on its financial position in its
financial statements- Refer Note 30 to the Balance Sheet. ii. The
Company did not have any long term contracts including derivative
contracts, for which there were any material foreseeable losses as at
31st March, 2015;
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company during the year
ended 31st March, 2015.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
1. (Referred to in Paragraph 1 of our report of even date)
In respect of the records maintained by the company :-
a. The company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, all the fixed assets have been physically
verified by the Board of Directors in a phased periodical manner, which
in our opinion is reasonable having regard to the size of the Company
and the nature of its assets. No material discrepancies were noticed on
such physical verification.
2. In respect of its inventories:
a. The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
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 inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act. Therefore, the provisions of clause 3
(iii), iii (a) & iii (b) of the said order are not applicable to the
company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to the purchase of inventory, fixed assets and for the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct any major weaknesses in internal control
system.
5. In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public during
the year.
6. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 148 (1) of the Act
and are of opinion that prima facie the prescribed cost records have
been made and maintained. We have, however, not made a detailed
examination of the cost records with a view to determine whether they
are accurate or complete.
7. In respect of statutory dues:
a. The company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, service tax,
excise duty, cess and other material statutory dues applicable to it.
There were no undisputed amount payable in respect of Provident Fund,
Income tax, Wealth tax, Sales tax, Service tax, Cess & other material
statutory dues as at 31st March, 2015 for a period more than six months
from the date they became payable.
b. According to the records of the Company the disputed dues in
respect of sales tax and income tax, which have not been deposited as
on 31st March,2015 are as under:
S.
No Nature of Dues ( Rs, in Lacs) Related
Period Forum where disputes
are pending
1 Commercial Tax 6.51 2004-05 Reference application
filed to Appellate
Tribunal, Bhopal.
2 Commercial Tax 2.39 2005-06 Reference application
filed to Appellate
Tribunal, Bhopal.
3 Entry Tax 0.26 2005-06 Reference application
filed in Jabalpur High
Court.
4 Entry Tax 0.79 2006-07 Writ Petition filed at
Indore High Court
5 Entry Tax 150.41 2007-08 Writ Petition filed at
Indore High Court
6 Entry Tax 223.66 2008-09 Writ Petition filed at
Indore High Court
7 Central Sales Tax 57.85 2003-04 Writ Petition filed at
Jabalpur High Court
8 Central Sales Tax 181.46 2004-05 Writ Petition filed at
Jabalpur High Court
9 VAT 58.28 2006-07 Reference application
filed to Appellate
Authority, Commercial
Tax,Indore.
10 Income Tax 19.61 2010-11 Appeal filed at
Commissioner of Income
Tax, Indore (* net of
pre-deposit paid)
c. According to the records of the company, no amount was required to
be transferred to the Investor Education & Protection Fund by the
company.
8. In our opinion, the Company has no accumulated losses as at 31st
March 2015 and has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
9. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to any
financial institutions / banks.
10. According to information and explanations given to us, the Company
has not given any guarantees for loans taken by others from banks and
financial institutions during the year.
11. The term loans were applied for the purpose for which the loans
were obtained by the company.
12. According to the information and explanations given to us, we
report that no fraud on or by the company has been noticed or reported
during the course of our audit.
For, Dafria & Co. Chartered Accountants,
Firm Registration No. 001448C
Place: Indore
Date: 30th May 2015 Rakesh Dafria
Partner
Membership No. 081390
Mar 31, 2014
We have audited the accompanying financial statements of Divya Jyoti
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, 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
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of section
227 (4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and the 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 March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of section 274(1) (g) of the Companies
Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT (Referred to in Paragraph 1 of
our report of even date)
1. a)The company is maintaining 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 the
nature of its assets. No material discrepancies were noticed on such
physical verification.
c)In our opinion, the Company has not disposed off any substantial part
of its fixed assets during the year, and the going concern status of
the Company is not affected.
2. a)The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable. b)In our opinion and according to the information and
explanations given to us, the procedures of physical verification of
inventories 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 inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. As informed to us, the Company has neither granted nor taken loans,
secured or unsecured to/from parties listed in the register maintained
under section 301 of the Companies Act. 1956. Therefore, the
requirement of class iii (b),(c),(d) of paragraph 4 of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to the purchase of inventory, fixed assets and with regard to
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct any major weaknesses in internal
control system.
5. In our opinion and according to information and explanations given
to us, we are of the opinion that there were no such transactions that
need to be entered into the register maintained U/S 301 of the
Companies Act, 1956. Accordingly Clause (v) (b) of paragraph 4 of the
order is not applicable.
6. In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public.
Therefore, the provisions of Clause (vi) of paragraph 4 of the Order
are not applicable to the Company.
7. In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of opinion that prima facie the prescribed
cost records have been maintained. We have, however, not made a
detailed examination of the cost records with a view to determine
whether they are accurate or complete.
9. a)The company is regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, service tax,
excise duty, cess and other material statutory dues applicable to it.
b)According to the records of the Company the disputed dues in respect
of sales tax and income tax are as under:
S. Nature of Dues (Rs.in Lacs) Related Period Forum where disputes
No are pending
I. Commercial Tax 6.51 2004-05 Reference application
filed to Commissioner
of Commercial Tax
Tribunal, Bhopal
2 Commercial Tax 2.99 2005-06 Reference application
filed to Commissioner of
Commercial Tax
Tribunal, Bhopal
3. Entry Tax 0.26 2005-06 Reference application
filed in Jabalpur High
Court
4. Entry Tax 0.79 2006-07 Writ Petition filed at
Indore High Court
5. Entry Tax 150.41 2007-08 Writ Petition filed at
Indore High Court
6 Entry Tax 1.14 2007-08 Appeal filed at Add.
Commissioner of
Commercial Tax, Indore
7. Entry Tax 223.66 2008-09 Writ Petition filed at
Indore High Court
8. Entry Tax 9.83 2008-09 Appeal filed at Add.
Commissioner of
Commercial Tax, Indore
9. Central Sales Tax 57.88 2003-04 Writ Petition filed at
Jabalpur High Court
10.Central Sales Tax 181.46 2004-05 Writ Petition filed at
Jabalpur High Court
II.Income Tax 38.22 2010-11 Appeal filed at
Commissioner of Income
Tax, Indore
10. In our opinion, the Company has no accumulated losses as at 31st
March 2014 and has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
11. In our opinion and according to information and explanations given
to us, the Company has not defaulted in repayment of dues to any
financial institutions, banks or debenture holders.
12. According to information and explanations given to us, the Company
has not granted any loans and advances on the basis of the security by
the way of pledge of shares, debentures and other securities.
13. The company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
14. Since the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
15. According to information and explanations given to us, the Company
has not given any guarantees for loan taken by others from banks or
financial institutions.
16. According to information and explanations given to us, the term
loans have been applied for the purposes for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of Balance Sheet of the Company, we report that
the no funds raised on short-term basis that 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.
19. According to the information and explanations given to us, during
the period covered by our audit report, the Company has not issued any
debentures.
20. The Company has not raised any money through public issues during
the year.
21. According to the information & explanations given to us, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For Dafria & Co.
Chartered Accountants
Firm Registration No. 001448C
Rakesh Dafria
Place : Indore Partner
Membership No.: 081390
Date : May 29, 2014
Mar 31, 2010
We have audited the attached Balance sheet of DIVYA JYOTI INDUSTRIES
LIMITED, INDORE as at 31 st March, 2010 and also the Profit and Loss
Account and the cash flow statement of the company for the year ended
on that date. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
this financial statement based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. These 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 test basis evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes, assessing the accounting principle used and significant
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audit
provides a reasonable basis for our opinion.
As required by the Companies (Auditors Report) Order, 2003, issued by
the Central Government of India in terms of Sub-section
(4A) of Section 227 of the Companies Act, 1956, we enclose in the
annexure, a statement on the matters specified in paragraphs 4 and 5 of
the said order.
Further to our comments in the annexure referred to above. we report
that :
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of the
audit; ii. 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; iii. The balance sheet, Profit & Loss Account and Cash
Flow Statement referred to in this report are in agreement with the
books of accounts: iv. In our opinion and according to the explanation
given to us, the Profit and Loss Account and Balance Sheet comply with
the Accounting Standards referred to in sub-section (3C) section 211 of
the Companies Act, 1956. v. On the basis of written representation
received from the directors of the company as on 31st March, 2009 and
taken on record by the Board of Directors, we report that none of the
director is disqualified from being appointed as a director of the
company in terms of clause (g) of sub-section (1) of section 274 of the
companies Act, 1956. vi. In our opinion and to the best of our
information and according to the explanations given to us, The accounts
give the information required by the Companies Act, 1956 in the manner
so required and give a true and fair view :
a. in the case of the Balance sheet of the state of affairs of the
Company as at March 31, 2010;
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 Cash Flow Statement, of the Cash Flows for the year
ended on that date .
ANNEXURES TO THE AUDITORS REPORT
Annexure referred to in paragraph 3 of our report of even date Re:
Divya Jyoti Industries Limited, Indore
1.(a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the fixed assets have been physically verified by the
Management during the year, and there is regular system of verification
which in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. No material discrepancies were
noticed on such verification.
(c) During the year, the company has not disposed off any major part of
the Plant & machinery, thereby not effecting the going concern.
2.(a) The inventory have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
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. The
discrepancies noticed on verification between the physical stock and
book records were not material in relation to the size of the company,
and have been dealt in the books of account.
3. As informed to us, the company has neither granted nor taken loans,
Secured or Unsecured to/from parties listed in the register maintained
under section 301 of the Companies Act.1956. Therefore, the requirement
of class iii(b),(c),(d) of paragraph 4 of the order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with regard to the purchase of inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, we
have not observed any continuing failure to correct any major
weaknesses in internal controls.
5. In our opinion and according to information and explanations given
to us, we are of the opinion that there were no such transactions that
need to be entered into the register maintained U/S 301 of the
Companies Act,1956. Accordingly Clause (v) (b) of paragraph 4 of the
order is not applicable.
6. In our opinion and according to information and explanations given
to us, the company has not taken any deposits from the public within
the meaning of the provision of section 58A and 58AA of the rules
framed there under does not arise
7. In our opinion, the company has an Internal Audit System
commensurate with the size and nature of its business.
8. In our opinion and according to information and explanations given
to us, the company is not covered by the rules made by the Central
Government for the maintenance of cost record under section 209 (1)(d)
of the Companies Act, 1956.
9.(a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including, Income tax, cess and other
material statutory dues applicable to it. (b) According to the records
of the company the disputed dues in respect of sales tax are as under:
S.
No Name of Dues Amount
(In Lacs) Related
Period Forum where dispute
is pending
1 Commercial Tax 12.68(NET) 2004-05 Appellate Dy. Commissioner of
Commercial Tax
2 Commercial Tax 2.99(NET) 2005-06 Appellate Dy. Commissioner of
Commercial Tax
3 Entry Tax 0.33(NET) 2005-06 Appellate Dy. Commissioner of
Commercial
Tax
4 Entry Tax 0.99(NET) 2006-07 Appellate Dy. Commissioner of
Commercial
Tax
5 Central Sales
Tax 57.88 2003-04 Writ Petition filed at
Jabalpur High
Court
6 Central Sales
Tax 181.46 2004-05 Writ Petition
filed at Jabalpur High Court
10 In our opinion, the company has no accumulated losses as at 31 st
March 2010 and has not incurred cash losses during the financial year
covered by our audit and the immediately preceding financial year.
11. In our opinion and according to information and explanations given
to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
12. According to information and explanations given to us , the
company has not granted any loans and advances on the basis of the
security by the way of pledge of shares, debentures and other
securities.
13. The company is not a chit fund or a Nidhi / Mutual benefit fund /
Society. Therefore, the provision of clause 4(xiii) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
14. Since the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
15. According to information and explanations given to us , the
company has not given any guarantees for loan taken by others from
banks or financial institutions.
16. According to information and explanations given to us , the term
loan have been applied for the purpose for which they were raised.
17. According to the information and explanation given to us and on an
overall examination of balance sheet of the company, we report that the
no funds raised on short-term basis have been used for long term
investment.
18. According to the information and explanations given to us, the
company has re-issued forfeited equity shares to parties covered in the
register maintained U/S 301 of the companies act 1956 and the price at
which such shares have been re-issued is not prejudicial to the
interest of the company.
19. According to the information and explanations given to us, During
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money through public issue during
the year.
21. According to the information and explanations given to us, we
report that no fraud on or by the company has been noticed or reported
during the course of our audit.
For DAFRIA & CO.
Chartered Accountants FRN (0011486)
R.V. Dafria
Place: INDORE Partner
Date : July 12, 2010 M. No. : 81390