Mar 31, 2014
We have audited the accompanying financial statements G-D.TRADING &
AGENCIES LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY STATEMENT 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 and in accordance with the accounting principles
generally accepted in India. this responsibility includes the design,
implementation and maintanenace 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 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 Profit and Loss Account, of the loss 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 explanation 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 the Cash
Flow statement dealt with by this Report are in agreement with the
books of
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of the
Section 133 of the companies Act, 2013; subject to note no 2.18.12 of
the Notes to the Accounts regarding non provision of diminution of the
value of the long term quoted investments Rs 7,40,70,921/- which is
not accordance with the Accounting Standard 13 on " Accounting of
Investments"
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 director are disqualified as on March 31,2014, from being
appointed as a director in terms of section 274(1)(g) of the Act.
ANNEXURE TO THE AUDITORS'' REPORT
Annexure referred to in the Auditors'' Report of G.D.TRADING &
AGENCIES LIMITED on the Accounts for the year ended on 31 ST MARCH
2014.
i) In respect of its Fixed Assets:
a. The Company has no fixed Assets and hence this caluse is not
applicable,
ii) In respect of Inventory of goods:
a. The inventory has been physically verified by the management during
the year.In our opinion,the frequency of verification is reasonable.
b. In our opinion, the procedure of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
c. On the basis of our examination of the inventory records,in our
opinion, the company is maintaining proper records of inventory.No
material discrepancies were noticed on physical verification as
compared to book records.
iii) In respect of loans, secured or unsecured, granted or taken by
the Company to/from Companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
a. The Company has granted loans aggregating Rs.NIL during the
previous year and the outstanding balances of such loan is Rs.NIL
b. In our opinion,the rate of interest and other terms and conditions
of such loans are not,prima facie, prejudicial to the interest of the
company.
c. In respect of loans and advances in the nature of loans given by
the company,wherever stipulations have been made,the parties a
generally repaying the principals amount and interest amount wherever
applicable;
d. There is no overdue amount in respect of loans granted to
companies,firme or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
e. The company has taken loans from party coverd under register
maintained under section 301 of the Companies Act 1956. Maximum amount
involve during the year was 7,71,75,056/- & year end balance of loan
taken was Rs.7,70,57,057/-.
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 with
regards to purchase of fixed assets and with regards to sale of
services. In our opinion and according to the information and
explanations given to us, we have not observed any major weakness in
internal control system during the course of audit,
v) Based on the audit procedure applied by us and according to the
information and explanations provided by the management, we are of the
opinon that the transaction that need to be entered in the register
mantained under Section 301 of the Companies Act, 1956, have been so
entered.
vi) The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA of companies Act,1956 and the
rules framed thereunder.
vii) In our opinion and according to the information and explanations
given to us, the Company has an internal audit system commensurate
with the size and nature of its business.
viii) The Central Government has not prescribed the maintenance of
cost records under section 209(1)(d) of the Companies Act, 1956 for
any of the services rendered by the Company.
ix) In respect of statutory dues:
a) For the year review we are informed that the provisions of
Employees Provident Fund and the Employee State Insurance Scheme were
not applicable. The company is regular with appropriate authorities
undisputed statuatory dues including Provident Fund, Investor
Education Protection Fund, Employees'' State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and
other material statuatory dues applicable to it.
b) Further, since the central Government has till date not prescribed
the amount of cess payable under section 441A of the sompanies Act,
1956, we are not in position to comment upon the regularity or
otherwise of the company in depositing the same.
c) According to the books of account and records as produces and
examined by us, there are no undisputed amount payable in respect of
Income Tax, Sales Tax, profession Tax, Cess were in arrears as on
31.03.2014 for a period of more than 6 months.
x) The company have accumulated losses to the extent of Rs. 27,11,898
(previous year Rs. 27,14,410/-)
xi) Based on our audit procedure and according to the information and
explanation given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institution, banks or
debenture holders.
xii) In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
xiii) In our opinion and according to the information and explanation
given to us, the Company is not a chit fund or a nidhi/mutual benefit
funds/spciety.
xiv) The company has maintained proper records with regards to its
transaction and contracts in respects of investments in shares and
other securities and timely entries have been held by the company in
its own name, except tp the extent of exemption granted under section
49 of the Companies Act, 1956 and save for certain shares which are
lodged for transfer or held with valid transfer forms.
xv) In our opinion and according to the information and explanation
given to us, the Company has not given any guarantees for loans given
by others from banks or financial institutions, the terms and
condition whereof are prejudicial to the interest of the company.
xvi) In our opinion and according to the information and explanation
given to us, the company has not taken any term loan during the year.
xvii) On the basis an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanation given to us, there are no funds raised on a short-term
basis, which have been used for long-term investment and vice versa.
xviii) The Company has not made any preferential allotment of shares
to companies/firms/parties covered in the register maintained under
section 301 of the companies Act, 1956.
xix) The Company has not raised funds by way of debentures.
xx) The Company has not raised any money by public issue during the
year.
xxi) In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed reported
during the year that causes the financial statements to be materially
misstated.
For J.K.Lahoti & Co.
Chartered Accountants
J.K.Lahoti
Proprietor
Mar 31, 2011
We have audited the attached Balance Sheet of G.D. TRADING & AGENCIES
LTD, as at 31st March 2011 and also the Profit and Loss Account for the
year ended on that date annexed thereto. 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 conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of . India in terms of sub-section (4-A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
Order, to the extent applicable to the Company.
Further to our comments in the annexure referred to above, we report
that:
1. 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;
2. 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;
3. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the Books of Account;
4. In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956, to the
extent applicable, except for non provision of diminution in the values
of long term investment amounting to Rs.7,40,70,921/- which is not in
accordance with Accounting Standard 13 on "Accounting for Investment"
(Refer Note No.B-4 of Schedule 17).
5. On the basis of the written representations received from the
directors as on March 31,2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2011 from being appointed as a director in terms of clause
(g) we report that of sub-section (1) of section 274 of the Companies
Act, 1956; 6. Subject to above in paragraph 4 above, in our opinion
and to the best of our information and according to the explanations
given to us, the said Accounts, read together with other Notes given in
Schedule '17', 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.
ANNEXURE TO THE AUDITORS' REPORT (REFERRED TO IN PARAGRAPH 1 OF OUR
REPORT OF EVEN DATE)
On the basis of such checks, as we considered appropriate and in terms
of the information and explanations given to us, we state that: -
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us, the fixed assets have not been physically
verified by the management during the year but there is a regular
program, which in our opinion is reasonable having regards to the size
of the company and the nature of its assets. As informed to us, no
material discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during*
the year.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) According to information & explanation given to us, the procedures
followed for physical verification of the inventory are, in our
opinion, reasonable and adequate in relation to size of the company &
nature of its business,
(c) According to record produced before us for our verification, there
were no material discrepancies noticed on physical verification of
stocks referred to in Para 2(a) as compared to book records.
(iii) (a) According to the information and explanations given to us,
the Company has granted loans, secured or unsecured, to Companies,
firms or other party listed in the register maintained under Section
301 of the Companies Act, 1956/pie maximum amount out standing during
the year out of loan granted in the previous years was Rs.2,98,94,499/-
& year end balance of the loan granted is Rs.2,98,94,499/-.
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not, prima facie, prejudicial to the interest of the
company.
(c) In respect of loans and advances in the nature of loans given by
the Company, wherever stipulations have been made, the parties are
generally repaying the principals amounts and interest amounts where
applicable;
(d) There is no overdue amount in respect of loans granted to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956;
(e)The company has taken loan from one party covered under register
maintained under section 301 of the Companies Act, 1956 .Maximum amount
involve during the year was Rs.2,83,30,986/- & yearend balance of loan
taken was Rs.2,83,30,986/-;
(f) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from the party listed in the register
maintained under section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company;
(g) During the year company is regular in repaying principal amount has
been stipulated and has not paid any interest;
(iv) 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 purchase of inventory and fixed assets and with
regards to sale of goods & services. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls;
(v) According to the information and explanations given to us and based
on our verification, we are of the opinion that there are no
transactions that need to be entered into the register maintained under
section 301 of the Companies Act, 1956;
(vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public as defined in
Non-Banking Financial Companies Acceptance of Public Deposit (Reserve
Bank) Directions, 1998;
(vii) In our opinion, the internal audit system of the company needs to
be strengthened so as to be commensurate with the size and nature of
its business;
(viii) The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of subsection (1) of section 209 of
the Act;
(ix) (a) For the year under review we are informed that the provisions
of Employees Provident Fund and the Employees State Insurance Scheme
were not applicable. The company is regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441A of the Companies Act, 1956,
we are not in a position to comment upon the regularity or otherwise of
the company in depositing the same.
(b) According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Income Tax, Sales Tax,
Custom Duty, Wealth Tax, service tax, Excise Duty and Cess, were in
arrears as at 31.03.2011 for a period of more than 6 months;
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess' which have not been deposited on account of any dispute;
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year;
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders;
(xii) According to the information's 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;
(xiii) In our opinion, 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;
(xiv) The company has maintained proper records with regards to its
transactions and contracts in respects of investments in shares and
other securities and timely entries have been made therein. All these
shares and other securities have been held by the company in its own
name, except to the extent of exemption granted under Section 49 of the
Companies Act, 1956 and save for certain shares which are lodged for
transfer or held with valid transfer forms;
(xv) According to the information's and explanations given to us, the
Company has not given any guarantee for loan taken by others from bank
or financial institutions, the terms and conditions whereof are
prejudicial to the interest of the company.
(xvi) According to the information's and explanations given to us, the
Company has not taken any term loans during the year;
(xvii) According to the information's and explanations given to us and
on an overall examination of the balance sheet of the company, we
report that the no funds raised on short-term basis have been used for
long-term investment.
(xviii)According to the information's and explanations given to us, 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;
(xix) According to the information and explanations given to us, the
Company has not issued debentures;
(xx) According to the information and explanations given to us, the
Company has not raised money by public issues during the year;
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For J.K. LAHOTI & CO.
Chartered Accountants, .
FRN. 105508W
(J- K-LAHOTI)
proprietor
Membership No.16655
Place: Mumbai
Date : 02/09/2011
Mar 31, 2009
We have audited the attached Balance Sheet of G.D. TRADING & AGENCIES
LTD, as at 31st March 2009 and also the Profit and Loss Account for the
year ended on that date annexed thereto. 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 conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basic, 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) Order, 2003 issued by
the central Government of. India in terms of sub-section (4-A) of
Section 227 of the Companies Act 1956. vc enclose in the Annexurc a
statement on the matters specified in paragraphs 4 & 5 of the said
Order, to the extent
applicable to the Company.
Further to our comments in the annexure referred to above, we report
that:
1 We have obtained all the informations and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
2 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:
3 The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the Breks of Account.
In our opinion, the Balance Sheet and Profit and Loss Account creat
with by this report comply with the Accounting Standards referred to in
sub-section of Section 211 of the Companies Act. 1956. to the extent
applicable, except for diminution in the values of long term investment
amounting to Rs.7.4070921 which is not in accordance with Accounting
Standard 13 on "Accounting for Investment" (Refer Note No.B-4 of
Schedule 17).
5. On the basis of the written representations received from the
directors as on March 31 2009 and taken on record by the Board of
Directors. we report that none of the directors is disqualified as on
March 31. 2007 from being appointed as a director in terms of clause
(g) we report that of sub-section (I) of section 274 of the Companies
Act. 1956;
6.Subject to above in paragraph 4 above, in our opinion and to the best
of our information and according to the explanations given to us, the
said Accounts, read together with other Notes given in Schedule 17 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,2008 and
b. in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)
i On the basis of such checks, as we considered appropriate and in
terms of the information and explanations given to us, we state that:
-
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) As explained to us, the fixed assets have not been physically
verified by the management during the year but there is a regular
program, which in our opinion is reasonable having regards to the size
of the company and the nature of its assets. As informed to us, no
material discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) According to information & explanation given to us, the procedures
followed for physical verification of the inventor, are, in our
opinion, reasonable and adequate in relation to size of the company &
nature of its
business,
(c) According to record produced before us for our verification, there
were no material discrepancies noticed on physical verification of
stocks referred to in Para 2(a) as compared to book records.
iiii) (a) According to the information and explanations given to as the
Company has not granted any loans, secured or unsecured, to any
Companies, firms or other party listed in the register maintained under
Section 301 of the Companies Act. 1956.The maximum amount out standing
during the year out of loan granted in the previous years was
(v) According to ihe infonnation and explanations given to us and based
on our verification, we are of the opinion that there are no
transactions that need to be entered into the register maintained under
section 301 of the Companies Act, 1956 ;
(vi) According to the infonnation and explanations given to us, the
Company has not accepted any deposits from the public as defined in
Non-Banking Financial Companies Acceptance of Public Deposit (Reserve
Bank) Directions, 1998;
(vii) In our opinion, the internal audit system of the company needs to
be strengthened so as to be commensurate with the size and nature of
its business;
(viii) The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of subsection (1) of section 209 of
the Act;
(ix) (a) For the year under review we are informed that the provisions
of Employees Provident Fund and the Employees State Insurance Scheme
were not applicable. The company is regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441A of the Companies Act, 1956,
we are not in a position to comment upon, the regularity or otherwise
of the company in depositing the same.
(b) According to the informations and explanations given to us, there
are no undisputed amounts payable in respect of Income Tax. Sales ia.
Custom Duty, Wealth tax. service tax. Excise Duty .and Cess, were in
arrears as at 31.03.2003 for a period of more than 6 months.
Rs.2,62,11,574/- & year end balance of the loan granted is
Rs.2,62,11,574/-.
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not, prima facie, prejudicial to the interest of the
company.
(c) In respect of {pans and advances in the nature of loans given by
the Company, wherever stipulations have been made, the parties are
generally repaying the principals amounts and interest amounts where
applicable;
(d) There is no overdue amount in respect of loans granted to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956;
(e)The company has taken loan from one party covered under register
maintained under section 301 of the Companies Act.1956 .Maximum amount
involve during me year was Rs.2,36,81,859/- & yearend balance of loan
taken was Rs.2,36,81,859/-;
(f) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from the party listed in the register
maintained under section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company;
(g) During the year company is regular in repaying principal amount has
been stipulated and has not paid any interest;
(iv) 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 purchase of inventory and fixed assets and with
regards to sale of goods & services. During the course of our audit,
we have not observers any continuing failure to correct major
weaknesses in internal controls.
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess, which have not been deposited on account of any dispute;
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceeding financial-year;
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders,
(xii) According to the informations 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;
(xiii) In our opinion, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company;
(xiv) The company has maintained proper records with regards to its
transactions and contracts in respects of investments in shares and
other securities and timely entries have been made therein. All these
shares and other securities have been held by the company in its own
name, except to the extent of exemption granted under Section 49 of the
Companies Act, 1956 and save for certain shares which are lodged for
transfer or held with valid transfer forms;
(xvi) According to the informations and explanations given to us. the
Company has not given any guarantee for loan taken by others from bank
or financial institutions, the terms and conditions whereof are
prejudicial to the interest of the company
(xvi) According to the informations and explanations given to us, the
Company has not taken any term loans during the year;
(xvii) According to the informations and explanations given to us and
on an overall examination of the balance sheet of the company, we
report that the no funds raised on short-term basis have been used for
long-teirm investment.
(xviii) According to the informations and explanations given to us, 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;
(xix) According to the information and explanations given to us, the
Company has not issued debentures:
(xx) According to the information and explanations given to us. the
Company has not raised money by public issues during the year;
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
ForJ.K. LAHOTI & CO.
Chartered Accountants,
(J. K.LAHOTI)
PROPRITOR
Membership No. 16655
Place : Munibai
Date : 30th June.2009