Mar 31, 2015
We have audited the accompanying financial statements of Ganon Trading
and Finance Company Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, 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 Board of Directors are 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 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 Companies
(Accounts) Rules, 2014. This responsibility includes maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding 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 are 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, 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 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, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
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 Financial
Statements.
Basis for Qualified Opinion:
The Company is not accounting for liability for Gratuity as required
under Accounting Standard 15 (AS-15) relating to Employees Benefits as
referred to in Note 23 of Notes to accounts. We are unable to comment
upon the resultant effect on assets, liabilities and profit for the
year as the amount of such benefit is presently not ascertainable.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the possible effects of the matter
described in the "Basis for Qualified Opinion", paragraph above, 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/loss and its 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
(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) Except for the possible effects of the matter described in the
Basis for Qualified Opinion paragraph above, 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) Except for the possible effects of the matter described in the
Basis for Qualified Opinion paragraph above, in our opinion, the
aforesaid 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) The matter described in the Basis for Qualified Opinion paragraph
above, in our opinion, may have an adverse effect on the functioning of
the Company.
(f) 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.
(g) The qualification relating to the maintenance of accounts and other
matters connected therewith are as stated in the Basis for Qualified
Opinion paragraph above.
(h) 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 does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
The Annexure referred to in Paragraph 1 under the heading "Report on
Other Legal and Regulatory Requirements "in our Independent Auditor's
Report to the members of the Company for the year ended 31st March,
2015:
As required by the Companies (Auditors Report) Order, 2015 and
according to the information and explanations given to us during the
course of the audit and on the basis of such checks of the books and
records as were considered appropriate we report that:
i. a) Since the Company does not have any Fixed assets, clause 4(i)
(a) (b) and (c) of the said Order are not applicable to the Company.
ii. a) The inventories have been physically verified during the year
by the management at year end.
b) The procedures of physical verification of the 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 has maintained proper records of inventories and
discrepancies noticed on physical verification of inventories as
compared to book records were not material.
iii. a) During the year the Company has granted unsecured loan to one
company covered in the register maintained under Section 189 of the
Act.
b) In case of the loans granted to bodies corporate as listed in the
register maintained under section 189 of he Act, the principal amount
and interest are recoverable as stipulated.
c) There are no overdue amounts of more than one lakh in respect of the
loans granted to the bodies corporate listed in the register maintained
under section 189 of the Act.
iv. There are adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventories and fixed assets and for the sale of goods.
However taking into consideration the increase in the volume of the
business of the Company the same needs to be further strengthened. We
have not observed any continuing failure to correct major weakness in
the internal control system.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost
records under Section 148 (1) of the Companies Act, 2013.
vii. a) Accordingly to the records of the Company, the undisputed
statutory dues including Provident Fund, Employee's State Insurance,
Income tax, Service tax, Customs Duty, Excise duty, and Cess generally
have been regularly deposited with the appropriate authorities to the
extent applicable to the Company except in case of TDS and Service Tax
where delays have been noticed The undisputed amount of Service tax
payable amounting to Rs. 1,23,928 which have remained outstanding as at
31st March, 2015 for a period more than six months from the date they
became payable (Since Paid).
b) There are no dues of Income Tax, Wealth Tax, Sales Tax, Service Tax,
duty of Custom, duty of excise, value added tax and cuss which have not
been deposited on account of any dispute with the relevant authorities.
c) There is no amount which is required to be transferred to investor
education and protection fund by the Company in accordance with the
relevant provisions of the Companies Act, 1956 (1 of 1956) and rules
made there under.
viii. The Company has no accumulated losses as at end of the financial
year and it has not incurred any cash losses during the current
financial year and in the immediately preceding financial year.
ix. The Company has no facilities from banks and financial
institutions.
x. The Company has not given any guarantee for loans taken by others
from banks and financial institutions.
xi. The Company has not obtained any term loans during the year under
report.
xii. During the course of our examination of the books and records of
the Company, 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
any fraud on or by the Company, noticed or reported during the year,
nor have we been informed of such case by the management.
For Ajay Shobha & Co.
Chartered Accountants
Firm Reg No. 317031E
Ajay Gupta
Partner
Mem. No. 053071
Place: Mumbai
Date: 29th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of Ganon Trading
& Finance Company Limited ("the Company"), which comprises of 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
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") read with General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
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 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 procedure to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, including the assessment of
the risk of material misstatement of the financial statements, whether
due to fraud and 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 and 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 31,2014;
(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 the 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 accounts 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, Statement of Profit & 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
sub-section (3C) of section 211 of the Companies Act, 1956 read with
General Circular 15/2013 dated 13 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 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 clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
Annexure to Auditors Report
Annexure referred to in Paragraph 1 under the heading of "Report on
Other Legal and Regulatory Requirements" of the Auditors Report to
the members of Ganon Trading & Finance Company Limited for the year
ended 31st March, 2014:
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
i. a) Since the Company does not have any Fixed assets, clause 4(i) (a)
(b) and (c) of the said Order are not applicable to the Company.
ii. a) The inventories have been physically verified by the management
during the year at reasonable intervals.
b) The procedures of physical verification of the 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 has maintained proper records of inventories and no
discrepancies noticed on physical verification of inventories during
the year.
iii. a) The Company had granted unsecured loans to one party covered in
the register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs.
91,500,000 which has been converted to Optionally Fully Convertible
Debenture during the financial year and hence the year-end balance was
Rs. Nil .
b) Till the date of conversion the said loan is interest free and hence
to that extent, it is prejudicial to the interest of the Company. Other
terms and conditions on which these loans have been granted are prima
facie, not prejudicial to the interest of the Company;
c) In view of our comments in para (iii) (a) and (b) above, clauses 4
(iii) (c) and (d) of the said Order are not applicable.
d) The Company has not taken loans secured or unsecured from any party
covered in the register maintained under Section 301 of the Companies
Act, 1956.
e) In view of our comments in para (iii) (d) above, clause 4 (iii) (f)
and (g) of the said Order is not applicable.
iv. There are adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventories and fixed assets and for the sale of goods.
However taking into consideration the increase in the volume of the
business of the Company the same needs to be further strengthened..
v. a) The particulars of contracts or arrangements referred to in
Section 301 of the Companies Act, 1956 that needs to be entered into
the register maintained under that section have been so entered.
b) The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public.
vii. The Company does not have a formal internal audit system. However,
according to the information and explanations given to us, operating
control systems are commensurate with the size of the Company and
nature of its business.
viii. The Central Government has not prescribed for maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 for the
Company.
ix. a) Accordingly to the records of the Company, the undisputed
statutory dues including Provident Fund, Employee''s State Insurance,
Income tax, Sales tax, Wealth tax, Service tax, Customs Duty, Excise
duty, and Cess to the extent applicable to the Company have generally
been regularly deposited with the appropriate authorities. There are no
undisputed amount payable in respect of such statutory dues which have
remained outstanding as at 31st March, 2014 for a period more than six
months from the date they became payable.
b) According to the information and explanations given to us, the
Company has no dues of Income Tax, Wealth Tax, Sales Tax, Service Tax,
Custom Duty, Excise Duty and Cess which have not been deposited on
account of any dispute with the relevant authorities.
x. The Company does not have accumulated losses as at 31st March, 2014
and has not incurred cash losses during the current financial year and
in the immediately preceding financial year.
xi. The Company has no facilities from banks and financial
institutions.
xii. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
xiii. The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/ Societies are not applicable to the
Company.
xiv. The Company is not dealing or trading in shares, securities,
debentures or other investments.
xv. The Company has not given any guarantees for loan taken by others
from banks and financial institutions.
xvi. The Company has not obtained any term loans during the year.
xvii. On an overall examination of the balance sheet of the Company, we
report that no funds raised on short- term basis have been used for
long term investments.
xviii. 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. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books and records of
the Company, 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
any fraud on or by the Company, noticed or reported during the year,
nor have we been informed of such case by the management.
For K.M.Tulsian & Associates
Chartered Accountants
Firm Reg No. 111075W
Nitesh Musahib
Partner
Mem. No. 131146
Place : Mumbai
Date : 9th July 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Ganon Trading
and Finance Company Limited ("the Company"), which comprises of the
Balance Sheet as at March 31, 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 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 procedure 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 risk of material misstatement of the financial statements, whether
due to fraud and 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 and 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 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 the 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 accounts 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, Statement of Profit & 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
sub-section (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
Annexure referred to in Paragraph 1 under the heading of "Report on
Other Legal and Regulatory Requirements" of the Auditors Report to
the members of Ganon Trading and Finance Company Limited for the year
ended 31st March, 2013:
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
I. a) Since the Company does not have any Fixed assets, clause 4(i) (a)
(b) and (c) of the said Order are not applicable to the Company.
ii. a) Since the Company does not have any inventory, the clauses 4
(ii) (a) (b) and (c) of the said Order
are not applicable to the Company.
iii. a) The Company has granted unsecured loans to one party covered in
the register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs. 9.00
crores and the year-end balance was Rs. 8.99 crores.
b) The said loan is interest free and hence to that extent, it is
prejudicial to the interest of the Company. Other terms and conditions
on which these loans have been granted are prima facie, not prejudicial
to the interest of the Company;
c) In view of our comments in para (iii) (a) and (b) above, clauses 4
(iii) (c) and (d) of the said Order are not applicable.
d) The Company has not taken unsecured loans from any party covered in
the register maintained under Section 301 of the Companies Act, 1956.
e) In view of our comments in para (iii) (d) above, clause 4 (iii) (g)
of the said Order is not applicable.
iv. In our opinion and according to the information and explanation
given to us there is adequate internal control system commensurate with
the size of the Company and the nature of its business i.e. sale of
shares & securities. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control systems.
v. a) The particulars of contracts or arrangements referred to in
Section 301 of the Companies Act, 1956 that needs to be entered into
the register maintained under that section have been so entered.
b) The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public.
vii. The Company does not have a formal internal audit system. However,
according to the information and explanations given to us, operating
control systems are commensurate with the size of the Company and
nature of its business.
viii. The Central Government has not prescribed for maintenance of
cost records under section 209(1)(d) of the Companies Act, 1956 for the
Company.
xi. a) Accordingly to the records of the Company, the undisputed
statutory dues including Provident Fund, Employee''s State Insurance,
Income tax, Sales tax, Wealth tax, Service tax, Customs Duty, Excise
duty, and Cess generally have been regularly deposited with the
appropriate authorities to the extent applicable to the Company. There
are no undisputed amount payable in respect of such statutory dues
which have remained outstanding as at 31st March, 2013 for a period
more than six months from the date they became payable.
b) According to the information and explanations given to us, the
Company has no dues of Income Tax, Wealth Tax, Sales Tax, Service Tax,
Custom Duty, Excise Duty and Cess which have not been deposited on
account of any dispute with the relevant authorities.
x. The Company does not have accumulated losses as at 31st March, 2013
and has not incurred cash losses during the current financial year and
not in the immediately preceding financial year.
xi. The Company has no facilities from banks and financial
institutions.
xii. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
xiii. The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/ Societies are not applicable to the
Company.
xiv. Based on the records examined by us, the Company is maintaining
proper records of the transactions and contracts and timely entries
have been made in respect of all the securities transactions and the
same have been held by the Company in its own name except to the
exemption , if any , granted under Section 49 of the Act.
xv. The Company has not given any guarantees for loan taken by others
from banks and financial institutions.
xvi. The Company has not obtained any term loans during the year.
xvii. On an overall examination of the balance sheet of the Company,
we report that no funds raised on short-term basis have been used for
long term investments.
xviii. 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. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books and records of
the Company, 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
any material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
For K.M.Tulsian & Associates
Chartered Accountants
Firm Reg No. 111075W
Mukesh Gilda
Place : Mumbai Partner
Date : 30th May,2013 Mem. No. 118961
Mar 31, 2012
We have audited the attached Balance Sheet of GANON TRADING & FINANCE
COMPANY LIMITED as at 31st March, 2012 and also the Statement of Profit
and Loss and Cash Flow Statement for the year ended on that date
annexed thereto, 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 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 the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
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, 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 & Loss and
Cash Flow statement dealt with by this report comply with the
Accounting Standards referred in subsection (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of the written representations received from the
directors as on 31 st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said financial statements 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 accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
ii) in the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE referred to in paragraph (1) of our Report of even date on the
Accounts for the year ended 31st March, 2012 of GANON TRADING & FINANCE
COMPANY LIMITED.
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a. Shares in custody of the Company have been physically verified
by the management at reasonable intervals. For shares held with the
custodian and depository participant, statements from them have been
obtained on a regular basis.
b. In our opinion, the procedures of 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. The
discrepancies noticed on reconciliation of physical inventories as
compared to book records have been properly dealt with in the books of
accounts.
3. (a) The Company has, during the year, not granted any loans,
secured or unsecured,
to companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956. Accordingly, the clause 4(iii)(b)
to (d) of the Order are not applicable.
(b) The Company has taken interest free unsecured loan from a party
covered in the register maintained u/s.301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs.2.00 Crores & the
year-end balance of loan taken from such party was Rs. NIL/-.
(c) In our opinion, the other terms and conditions on which the loan
was taken is not prima facie prejudicial to the interest of the
Company.
(d) As per the information made available to us, the aforesaid loan
taken by the Company was repayable on demand.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to sale of shares (inventory). There is no purchase of inventory and
fixed assets. The Company does not provide any services. During the
course of our audit, no major weaknesses have been observed in the
internal control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangement that needed to
be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanation
given to us, there are no transactions in pursuance of contacts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs.500000/-
(Rupees Five Lacs only) or more in respect of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provisions of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have formal system of internal audit, but
there are adequate checks & controls at all levels.
8. The provisions of Section 209 (1 )(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a) In our opinion and according to the information and
explanations given to us, the
Company has been regular in depositing undisputed statutory dues with
the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have accumulated losses at the end of the
year and the Company has not incurred cash losses during the current
and in the immediately preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institution
or bank or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. 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, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. In respect of Company's activity for dealing in shares, proper
records have been maintained in regard to the transactions and
contracts and timely entries have been made therein. The shares have
been held by the Company in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any term loan during the year &,
therefore, provisions of Clause (xvi) of CARO, 2003 is not applicable
to the Company.
17. According to information & explanations given to us and on overall
examination of Balance Sheet of the Company, we report that Company has
not raised any short term loan during the year.
18. The Company has not made any preferential allotrqent of shares to
parties and companies covered in the register maintained under Section
301 of the Act.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by way of public issues
during the year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the year.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
(Firm Reg. NO.105013W)
AJAY DAGA
PLACE: MUMBAI PARTNER
DATED: 29th May, 2012 M.N0.44162
Mar 31, 2010
We have audited the attached Balance Sheet of GANON TRADING & FINANCE
COMPANY LIMITED as at 31st March, 2010, and also the Profit and Loss
Account and the Cash Flow Statement 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 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 the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
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 the
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow statement comply with the Accounting Standards referred in
subsection (3C) of Section 211 of the Companies Act, 1956;
e) On the basis of the written representations received from the
directors as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
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 accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE referred to in paragraph (1) of our Report of even date on the
Accounts for the year ended on 31st March, 2010 of GANON TRADING &
FINANCE COMPANY LIMITED.
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a. Shares in custody of the Company have been physically verified
by the management at reasonable intervals. For shares held with the
custodian and depository participant, statement from them have been
obtained on a regular basis.
b. In our opinion, the procedures of 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. No
discrepancies have been noticed on reconciliation of physical
inventories & with the custodian and depository participant as compared
to the book records.
3. (a) The Company has, during the year, not granted any loans,
secured or unsecured, to companies, firms or other parties covered in
the register maintained u/s.301 of the Companies Act, 1956.
Accordingly, the clause 4(iii)(b) to (d) of the Order are not
applicable.
(e) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956. Accordingly, the clause 4(iii)(f)
and (g) 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 systems commensurate
with the size of the Company and the nature of its business with regard
to purchase & sale of shares (inventory). The Company does not provide
any services. During the course of our audit, no major weaknesses have
been observed in the internal control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in sec.301 of the Act have been so entered into the
register required to be maintained under that section.
b. In our opinion and according to the information and explanations
given to us, there are no transaction in pursuance of contracts or
arrangements entered into the register maintained under Section 301 of
the Act aggregating during the year to Rs.5,00,000/- or more in respect
of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provisions of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have formal system of internal audit, but
there are adequate checks & controls at all levels.
8. The provisions of Section 209 (l)(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues with the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company has no accumulated losses and has not incurred any
cash losses during the current financial year & in the immediately
preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institutions
or banks or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. 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, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. In respect of Companys activity for dealing in shares, proper
records have been maintained in regard to the transactions and
contracts and timely entries have been made therein. The shares have
been held by the Company in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any term loan during the year &
therefore, provisions of Clause (xvi) of CARO,2003 is not applicable to
the Company.
17. According to information & explanations given to us and on overall
examination of Balance Sheet of the Company, we report that Company has
not raised any short term loan during the year.
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 during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the year.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
(Firm Reg. No.l05013W)
PLACE : MUMBAI AJAY DAGA
DATED : 29th May, 2010 PARTNER
M.NO. 44162
Mar 31, 2009
We have audited the attached Balance Sheet of GANON TRADING & FINANCE
COMPANY LIMITED as at 31st March, 2009, and also the Profit and Loss
Account and the Cash Flow Statement 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 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 the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
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 the
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow statement comply with the Accounting Standards referred in
subsection (3C) of Section 211 of the Companies Act. 1956;
e) On the basis of the written representations received from the
directors as on 31 st March, 2009 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2009 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
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 accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2009;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE referred to in paragraph (1) of our Report of even date on the
Accounts for the year ended on 31st March, 2009 of GANON TRADING &
FINANCE COMPANY LIMITED.
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a. Shares in custody of the Company have been physically verified
by the management at reasonable intervals. For shares held with the
custodian and depository participant, statement from them have been
obtained on a regular basis.
b. In our opinion, the procedures of 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. No
discrepancies have been noticed on reconciliation of physical
inventories & with the custodian and depository participant as compared
to the book records.
3. (a) The Company has, during the year, not granted any loans,
secured or unsecured, to companies, firms or other parties covered in
the register maintained u/s.301 of the Companies Act, 1956.
Accordingly, the clause 4(iii)(b) to (d) of the Order are not
applicable.
(e) The Company has taken interest free unsecured loan from a party
covered in the register maintained u/s.301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs. 125000/- & the
year-end balance of loan taken from such party was Rs. NIL/-.
(f) In our opinion, the other terms and conditions on which the loan
was taken is not prima facie prejudicial to the interest of the
Company.
(g) As per the information made available to us, the aforesaid loan
taken by the Company were repayable on demand.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase & sale of shares (inventory). The Company does not provide
any services. During the course of our audit, no major weaknesses have
been observed in the internal control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in sec.301 of the Act have been so entered into the
register required to be maintained under that section.
b. In our opinion and according to the information and explanations
given to us, there are no transaction in pursuance of contracts or
arrangements entered into the register maintained under Section 301 of
the Act aggregating during the year to Rs.5,00,000/- or more in respect
of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provisions of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have formal system of internal audit, but
there are adequate checks & controls at all levels.
8. The provisions of Section 209 (l)(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues with the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company has no accumulated losses and has not incurred any
cash losses during the current financial year & in the immediately
preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institutions
or banks or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. 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, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. In respect of Companys activity for dealing in shares, proper
records have been maintained in regard to the transactions and
contracts and timely entries have been made therein. The shares have
been held by the Company in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any term loan during the year &,
therefore, provisions of Clause (xvi) of CARO,2003 is not applicable to
the Company.
17. According to information & explanations given to us and on overall
examination of Balance Sheet of the Company, we report that Company has
not raised any short term loan during the year.
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 during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the year.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
PLACE : MUMBAI AJAY DAGA
DATED : 24th August, 2009. PARTNER
M.N0.44162
Mar 31, 2007
We have audited the attached Balance Sheet of GANON TRADING & FINANCE
COMPANY LIMITED as at 31st March, 2007, and also the Profit and Loss
Account and the Cash Flow Statement 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 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 the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
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 the
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow statement comply with Accounting Standards referred in subsection
(3C) of Section 211 of the Companies Act, 1956;
e) On the basis of the written representations received from the
directors as on 31st March, 2007 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2007 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
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 accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2007;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provision of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have formal system of internal audit, but
there are adequate checks & controls at all levels.
8. Maintainance of cost records has not been prescribed by the Central
Government u/s209(l)(d)oftheAct.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues with the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loan from financial institution or
bank or through issue of debenture. Therefore, the question of
repayment or default does not arise.
12. 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, the Company is not a chit fund or a nidhi/mutual
benefit fund/society.
14. In respect of Companys activity for dealing in shares, proper
records have been maintained in regard to the transactions and
contracts and timely entries have been made therein. The shares have
been held by the Company in its own name except to the extent & for
reason mentioned in Schedule C & Annexure I to the Accounts.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not taken any term loan during the year &
therefore provisions of Clause (xvi) of CARO,2003 is not applicable to
the Company.
17. According to information & explanation given to us and on overall
examination of Balance Sheet of the Company, we report that Company has
not raised any short term loan during the year.
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 during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the year.
For K K KHADAR1A & CO
CHARTERED ACCOUNTANTS
AJAY DAGA
PARTNER
M.NO.44162
PLACE : MUMBAI
DATED: 23rd August, 2007