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Auditor Report of Dynamic Microsteppers Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of DYNAMIC MIRCOSTEPPERS LIMITED f the Company") which comprises the Balance Sheet as at 31st March. 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information. These financial statements are the responsibility of the company''s management. The 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. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the Standards on Auditing issues by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 voll as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies { Auditor''s Report ) Order , 2003 {''the order") issued by the Central Government in terms of sub-section (4A) of section 227 of the Act, 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 purpose of our Audit.

(ii) In our opinion proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

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

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

(v) On the basis of the written representation received from the Directors, as on 31st March, 2014 and taken on record by the Board of Directors, we report that 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 Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement 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, 2014,

(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.

Annexure referred to in clause 1 of paragraph on 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

(b) The fixed assets have been physical''y verified by the management during the year at reasonable intervals; which in our opinion is reasonable, having regard to the size of the company and the nature of assets. Physical verification was carried out and this revealed no material discrepancies.

(c) In our opinion, and according to the information and explanation provided to us, no substantial part of the fixed assets belonging to the company has not been disposed off thereby affecting the going concern.

2. (a) The Company has not granted any Loans, secured or unsecured to companies, firms or other Parties covered in the Register maintained under section 301 of The Companies Act, 1956. Accordingly, the provisi -ons of the clauses 4(iii)(a) to (d) of the order are not applicable to the company and hence not commented upon.

(b) The Company has taken unsecured loans from 2 parties covered in the register maintained under section 301 of the companies Act. 1956. The maximum amount involved during the year was Rs. 61,96,030/- and the year end balance was Rs. 61,96,030/- (Prev. Yr : Rs. 55,71,030/-).

(c) The rate of interest and other terms and conditions of loans taken are prima facie not prejudicial to the interest of the company.

(d) The company has not paid any amount towards the repayment of the above said loans the same being not due.

3. There is an adequate internal control system commensurate with the size of the Company and the nature of its business, the procedure & policies adopted by the Management ensure smooth functioning thereby preventing errors & frauds..

4. (a) The particulars of contracts or arrangement referred to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 of the Act have been so entered.

(b) According to the information and explanation given to us, there has been no trading activities or any arrangement of similar nature during the year.

5. The company has not accepted deposits from the public, and hence the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the rules framed there under, would not apply.

6. The company is not having paid up capital and reserves exceeding Rs. 50 lacs or having Annual Average Turnover exceeding Rs. 5 Crores and hence requirement of having an internal Audit system is not applicable to it.

7. The maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

8. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund Education and Protection Fund, Employees'' State insurance, Income Tax,Wealth Tax, Custom Duty, Excise Duty, Cess and any other statue dues, extent applicable to it.

(b) There are no dues of Sales Tax/ incorrteOtax/ Cujwffl Duty / Wealth Tax/ Excise Duty/ Cess as at 31st March 2014, for a period of more than six months from the date they became payable.

9. The company''s accumulated losses at the end of the year are more than fifty percent of its Networth and the company has incurred a cash loss of Rs. 6,30,524/- during the year (P.Y. Rs. 5,07,060/-)

10. The company has has not taken any loan from Banks or Financial Institution, accordingly disclosure referred to therein clause 4(xi) of the order is not applicable to the company.

11. The company has not granted guarantee for bank guarantees issued by Banks to others.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to information and explanations given to us, the company is not a chit fund or a Nidhi Mutual Benefit Fund society. Therefore clause no 4(xiii) of Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

14. In our opinion and according to information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore clause no 4(xiv) of Companies (Auditor''s Report) Order, 2003 amended) are not applicable to the Company.

15. In our opinion and according to information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. In our opinion and according to information and explanations given to us, there were no funds raised on term loan basis. Accordingly, the provisions of Clause 4(xvi) of the order are not applicable to the company.

17. The company has not made any preferential allotment of shares to parties or companies covered in the Register maintained under section 301 of the Act.

18. The company has not issued any debentures.

19. The Company has not raised any money through a public issue during the year.

20. Based upon the audit procedures performed for the purpose of reporting the true & fair view of the Financial Statements and as per the information and explanations given by the management, we report that no fraud on or by the company has not been noticed or reported during the year.

For: P.JASANI & ASSOCIATES [Chartered Accountants] FRN:-116628W



P R. JASAN ( Partner) Mem. No. 032477

Place : MUMBAI Date : 29.05.2014


Mar 31, 2013

We have audited the attached Balance Sheet of DYNAMIC MICROSTEPPERS LIMITED (here in after referred as ''Company ") as at 3151 March. 2013 and also the Profit and Loss Account for the year ended as on that dale annexed thereto These financial statements are !he responsibility of the company''s management- Our responsibility is to express an opinion or these financial statements based on our audit

We 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

As required by the Companies ( Auditors Report J Order , 2003 issued by the Central Government in terms of sub-section (4A) of section 227 of I he Companies Act 1956 we enclose in the Annexure a statement on I he 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 I he information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our Audit.

(iij in our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

(iii) The Balance Sheet and I he Profit and Loss Account dealt with by this report are m agreement with the books of account

In our opinion the Balance Sheet and the Profit and Loss Account dealt with by this report comply with the accounting standards referred lo in sub-section <3C} Of section 211 of the Companies Act 195d

(v) On the basis of the written re presents Lon received from the Directors, as on 31 st March, 2013 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March. 2013 from being appointed as a director in terms of clause (g) of sub-section 11) of section 274 of Companies Act. 1&56,

(vij in our opinion and to the best of our information and according to the explanations given to us. subject to the accounts get (he information required by the Companies Act, 1956 in the manner so required and give a true and fair view ran conformity with the accounting principle generality accepted m India

(a> in the case of the Balance Sheet of the state of affairs of the company as at 31In March, 2013 and ''

{b) in the case of Profit and Loss Account, of the loss for the year ended on that date

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

1 (a) The Company is maintain mg proper records snowing toll particulars including quantitative dilate and actuation of fixed assets

(bj The fixed assets have Been physically verified by the management a I reasonable intervals whether any atonal discrepancies were netted on such verification and if so who! her the same have been properly dealt within the books of account

2. In our opinion, and according to the informal ion and explanation provided to us no substantial part of me fixed assets belonging to the company has not been disposed off thereby affecting the going concern

3 (a) The company has not granted any Loans to Parties mentioned the

Register maintained under section 301 of The Companies Act, 1956 Therefore the provisions of the clauses 4ltii)(b) (c) and (d) of the said order are not applicable to the company

;b) The Company has taken unsecured loans from 2 parses covered in the register maintained under section 301 of the companies Act. 1S56 The maximum amount involved during the year was Rs. 55.71 ,£>30f- and the yearend balance was 55,71L03Q/- (Preview 44.18.287/-)

(c) The rate of interest and other terms and conditions of loans taken are penman facer not prejudicial to the interest of the company

Id) The company has not paid any amount towards the repayment of the above sad loans the same being not due

4 There is an adequate internal control system commensurate with the size of the Company and the nature of its business, the procedure & policies adopted by me Management ensure smooth functioning thereby preventing errors & frauds

5 (a) Transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered

(b) According to the information and explanation given to us. there has been no trading activities or any arrangement of similar nature dung the year

6 The company has not accepted deposits from the public, and hence the directives issued by the Reserve Bank of ands and the provisions of sections 58A and 58AA of treacle and the rules framed there under, would not apply

7 The company Is not having paid up capital and reserves exceeding Rs 50 lacs or having Annual Average Turnover exceeding Rs 5 Crones and hence requirement of having an internal Audit system is not applicable to it

8. The maintenance of cost records has not been prescribed by the Central Government under cause (d) of sub-section (1) of section 209 of the Act

9 (a) The company is generally regular in depositing undisputed statutory dues including

Provident Fund, Investor Education and Protection Fund Employees'' State Insurrected Income Tax Sales Tax. Wealth Tax, Custom Duty. Excise Duty Cess and any other statutory dues with the appropriate authorities, to the extent applicable to rt

(b) There are no dues of Sales Tax'' Income la*/ Custom Tax / Wealth Tax/ Excise Duty'' Cess as at 31" March 2013. for a period of more than six months from the date they became payable

10 The company s accumulated losses at the end of the year and more than fitly percent of its Net worth and the company has incurred a cash loss of ''4 B7 060^ during the year (P Y 43 39.917/-}

11 The company has not taken any loan from Banks or Financial institution accordingly disclosure referred to therein clause 4(''xi} of the order is not applicable to the company

12 The company has not granted guarantee for bank guarantees issued oy Banks to others

13 The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

14 In our opinion and according to information and explanations given to us. the company is not a chit fund or a Nidhr Mutual Benefit Fund surety and hence clause no 40(111) would not apply

15 In our opinion and according to information and explanations given lo us the company is not dealing Nor trading in shares securities debentures and other investments

16 fn our opinion and according to information and explanations given lo us the company has not given any guarantee for loans taken by others from bank or financial institutions

17 In our opinion and according to information and explanations given to us, there were no funds raised on term loan basis Accordingly, tire provisions of Clause 4{xvi) Of the order are not applicable to the company

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 Act.

19 The company has not issued any debentures

20 The Company has not raised any money by public issued dung the year

21 Any fraud on or by the company has not been noticed or reported during the course of our Audit

For R JASANI & ASSOCIATES

(Chartered Accountants}

FRN: 116628W

P R JASANI ( Partner)

Mem No 32477


Mar 31, 2012

1. We have audited the attached Balance Sheet of Dynamic Micro steppers Limited as at March 31, 2012 and the Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We 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.

3. As required by the Companies (Auditors'' Report) Order. 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 of India (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

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

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

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

(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards issued by The Institute Of Chartered Accountants of India referred to in Section 211(3C) of the Companies Act, 1956;s

(e) On the basis of written representations received from the directors as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read with and subject to:

(i) Note no 4 regarding non compliance of statutory requirements of various authorities. together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and give a true and fair view in conformity with the accounting principles generally accepted in India :

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012;

(ii) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and

1. (a) Tine Company is maintaining proper records to show full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets of the Company are physically verified by the management during the year, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Physical verification was carried out during the year and this revealed 110 material discrepancies.

(c) In our opinion, and according to the information and explanations given to us. Company has not disposed off substantial part of fixed assets during the year.

2. The company has no business activities during the year, and the company does not have any inventory at the end of the year.

3. As per the information & explanation given to us, the Company has not taken unsecured loans from parties covered in the register maintained under Section 301.

4. Since there was no business activities during the year question of internal control/ internal audit does not arise.

5. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the Register maintained under Section 301 of Act.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public within the meaning of Section 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.

8. We have been informed by the management that the Central Government has not prescribed, the maintenance of cost records under Section 209 (1) (d) of the Companies Act 1956 in regard to the product of the Company.

9. (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, as there were no , employees with the company and no business activity, the provisions of statutory dues in respect of provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth tax, customs duty, excise duty, cess and other material statutory dues were not applicable to the company.

(b) As at March 31, 2012, in absence of information available with the company it is not possible to commend about outstanding disputed dues on account of sales-tax, income- tax, custom duty, wealth tax, excise duty and cess matters.

10. As per the information provided to us, there is accumulated losses as at March 31. 2012 of Rs. 658.29 Lakhs and it had incurred cash losses of Rs. 43.40 Lakhs during the financial year ended on that date

11. Based on our audit procedures and on the information and explanations given by the management, in our opinion, as on 31st March 2012 there were no secured loans.

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

13. In our opinion, considering the nature of activities carried on by the Company during the year, the provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund/societies are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company have proper records and have been maintained the contract and other records of shares and securities transactions, and have made timely entries of transactions .

15. The Company has not given any guarantees for loans taken by others from banks or financial institutions, the terms and conditions, whereof, in our opinion, are prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us and on an overall examination, there were no term loans outstanding as at year end.

17. Based on the information and explanations given to us and on an overall examination of the balance sheet of the Company, in our opinion, there are no funds raised on a , short term basis, which have been used for long term investment, and vice versa.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act. 1956 during the year.

19. The Company has not issued any debentures, so question of creating any securities related to debentures does not arise.

20. The Company has not raised any money by public issue during the year.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

FOR J.H.GHUMARA & CO.

Chartered Accountants

(J.H.GHUMARA)

Proprietor

Place: Mumbai.

Date: 30th MAY 2012

 
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