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Auditor Report of Genomic Valley Biotech Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of M/s GENOMIC VALLEY BIOTECH LIMITED. having regd office 4 KM Stone, Berri Charra Road, Village Kherka Musalman, Tehsil Bahadurgarh, Distt. Jhajjar, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 the 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.

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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;

and

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

c) in the case of Cash Flow Statement, Cash Flow for the year ended 31.03.2014

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

As required by section 227(3) of the Act, we report that:

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

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

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

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

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

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. According to the information and explanations given to us, the fixed assets have been physically verified by the management during the period under review. In our opinion the frequency of such verification is reasonable and no material discrepancies were noticed on such verification. None of the Fixed Assets have been revalued during the year under review.

2. (a) There is no Inventory in the company.'

(b) Therefore subsequent clauses under this head are not applicable.

3. (a) The company has not taken or granted any loan, secured or unsecured from any company, firm or other parties covered in the register required to be maintained

U/s 301 of the Actin the preceding years.

b) Therefore subsequent clauses under this head are not applicable.

4. There is an adequate internal control procedure commensurate with the size of the company and the nature of its business.

5. There is no transaction exceeding Rs. 5.00 Lacs which required to be entered in pursuance of section 301 of the Act.

6. The company has not accepted any deposit from the public as per dire::tions issued by the Reserve Bank of India and the provisions of section 58A and 58M of the Act and rules framed thereunder.

7. The company has an internal Audit system commensurate with its size and nature of its business.

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

9. The company is regular in deposit of statutory dues, if any, of provident fund/ESI/Sales Tax etc. There is no outstanding statutory dues as at the last day of the financial year for a period of more than six months' from the date they became payable.

10. The accumulated losses at the end of financial year are not more than fifty percent of its net worth and cash losses has been incurred by the company during this financial year and in the immediately preceding such financial year.

11. The company has not defaulted in repayment of dues to a bank or financial institution except NHB Service charges.

12. The company has granted advances but no security by way of pledge of shares, debentures have been taken by the Company.

13. The company is not a chit fund company.

14. The company is not dealing & trading in shares, securities, debentures and other investments.

15. According to the information & explanation given to us the company has not given any guarantee for loan taken by others from bank or financial institutions.

16. No term loan has been taken by the company.

17. The funds raised on short term basis have not been used for long term investment or vice versa.

18. No preferential allotment of shares has been made.

19. The company has not issued debentures and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

20. As the company has not raised any money by public issue. So, there is no disclosure required by the management about the use of money.

21. No fraud on or by the company has been noticed or reported during the year.

For ANDROS & CO. CHARTERED ACCOUNTANTS

DATED: 18.04.2014 PLACE: DELHI (BRIJ BHUSHAN GARG) PARTNER M. No. 084865


Mar 31, 2013

We have audited the accompanying financial statements of M/s GENOMIC VALLEY BIOTECH LIMITED. having regd office 4 KM Stone, Berri Charra Road, Village Kherka Musalman, Tehsil Bahadurgarh, Distt. Jhajjar, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

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.

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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;

and

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

c) in the case of Cash Flow Statement, Cash Flow for the year ended 31.03.2013

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

As required by section 227(3) of the Act, we report that:

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

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

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

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

e) on the basis of written representations received from the directors as on March 31, 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 sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. According to the information and explanations given to us, the fixed assets have been physically verified by the management during the period under review. In our opinion the frequency of such verification is reasonable and no material discrepancies were noticed on such verification. None of the Fixed Assets have been revalued during the year under review.

2. (a) There is no Inventory in the company.'

(b) Therefore subsequent clauses under this head are not applicable.

3. (a) The company has not taken or granted any loan, secured or unsecured from any company, firm or other parties covered in the register required to be maintained U/s 301 of the Actin the preceding years.

b) Therefore subsequent clauses under this head are not applicable.

4. There is an adequate internal control procedure commensurate with the size of the company and the nature of its business.

5. There is no transaction exceeding Rs. 5.00 Lacs which required to be entered in pursuance of section 301 of the Act.

6. The company has not accepted any deposit from the public as per dire::tions issued by the Reserve Bank of India and the provisions of section 58A and 58M of the Act and rules framed thereunder.

7. The company has an internal Audit system commensurate with its size and nature of its business.

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

9. The company is regular in deposit of statutory dues, if any, of provident fund/ESI/Sales Tax etc. There is no outstanding statutory dues as at the last day of the financial year for a period of more than six months' from the date they became payable.

10. The accumulated losses at the end of financial year are not more than fifty percent of its net worth and cash losses has been incurred by the company during this financial year and in the immediately preceding such financial year.

11. The company has not defaulted in repayment of dues to a bank or financial institution.

12. The company has granted advances but no security by way of pledge of shares, debentures have been taken by the Company.

13. The company is not a chit fund company.

14. The company is not dealing & trading in shares, securities, debentures and other investments.

15. According to the information & explanation given to us the company has not given any guarantee for loan taken by others from bank or financial institutions.

16. No term loan has been taken by the company.

17. The funds raised on short term basis have not been used for long term investment or vice versa.

18. No preferential allotment of shares has been made.

19. The company has not issued debentures and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

20. As the company has not raised any money by public issue. So, there is no disclosure required by the management about the use of money.

21. No fraud on or by the company has been noticed or reported during the year.

For ANDROS & CO. CHARTERED ACCOUNTANTS

DATED: 02.09.2013 PLACE: DELHI (BRIJ BHUSHAN GARG) PARTNER M. No. 084865






Mar 31, 2012

We have audited the attached Balance Sheet of M/s Genomic Valley Valley Biotech Limited as at 31st March, 2012. The Company has not carried out any revenue-operation during the year and has, therefore, prepared Net Pre-operative Account instead of Profit and Loss Account for the year ended on the 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 conduct our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing- the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor' Report) Order, 2003 issued by the company law board in terms of section 227 (4A) of the companies Act, 1956 we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments, in the Annexure referred to above, we report that:

a) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

c) the Balance Sheet and Net Pre-operative Account referred to in this report are in agreement with the books of account;

d) in our opinion, the Balance Sheet and Net Pre-operative Account dealt with by this report comply with the mandatory accounting standards referred in Sub Section (3C) of Section 211 of the Companies Act. 1956;

e) on the basis of our review of the written representations received from the Directors and taken on record by the board of the 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 subsection (1) of section 274 of the Companies Act, 1956.

f) in our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and other accounts read together with accounting policies and notes to accounts given in Schedule No. I, give the information required by the companies Act, 1956 in the manner so required and give a true and fair view of affairs of the Company as at 31st March, 2012 are in conformity with the accounting principles generally accepted in India.

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. According to the information and explanations given to us, the fixed assets have been physically verified by the management during the period under review. In our opinion the frequency of such verification is reasonable and no material discrepancies were noticed on such verification. None of the Fixed Assets have been revalued during the year under review.

2. (a) There is no Inventory in the company.'

(b) Therefore subsequent clauses under this head are not applicable.

3. (a) The company has not taken any loan, secured or

unsecured from any company, firm or other parties covered in the register required to be maintained U/s 301 of the Actin the preceding years.

b) Therefore subsequent clauses under this head are not applicable.

4. There is an adequate internal control procedure commensurate with the size of the company and the nature of its business.

5. There is no transaction exceeding Rs. 5.00 Lacs which required to be entered in pursuance of section 301 of the Act.

6. The company has not accepted any deposit from the public as per dire::tions issued by the Reserve Bank of India and the provisions of section 58A and 58M of the Act and rules framed thereunder.

7. The company has an internal Audit system commensurate with its size and nature of its business.

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

9. The company is regular in deposit of statutory dues, if any, of provident fund/ESI/Sales Tax etc. There is no outstanding statutory dues as at the last day of the financial year for a period of more than six months' from the date they became payable.

10. The accumulated losses at the end of financial year are not more than fifty percent of its net worth and cash losses has been incurred by the company during this financial year and in the immediately preceding such financial year.

11. The company has not defaulted in repayment of dues to a bank or financial institution.

12. The company has granted advances but no security by way of pledge of shares, debentures have been taken by the Company.

13. The company is not a chit fund company.

14. The company is not dealing & trading in shares, securities, debentures and other investments.

15. According to the information & explanation given to us the company has not given any guarantee for loan taken by others from bank or financial institutions.

16. No term loan has been taken by the company.

17. The funds raised on short term basis have not been used for long term investment or vice versa.

18. No preferential allotment of shares has been made.

19. The company has not issued debentures and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

20. As the company has not raised any money by public issue. So, there is no disclosure required by the management about the use of money.

21. No fraud on or by the company has been noticed or reported during the year.

For ANDROS & COMPANY Chartered Accountants

(Brij Bhushan Garg) Partner M.No. 084865

PLACE : NEW DELHI DATED : 1st September, 2012


Mar 31, 2011

We have audited the attached Balance Sheet of M/s Genomic Valley Valley Biotech Limited as at 31st March, 2011. The Company has not carried out any revenue-operation during the year and has, therefore, prepared Net Pre-operative Account instead of Profit and Loss Account for the year ended on the 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 conduct our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing- the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor'' Report) Order, 2003 issued by the company law board in terms of section 227 (4A) of the companies Act, 1956 we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments, in the Annexure referred to above, we report that:

a) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

c) the Balance Sheet and Net Pre-operative Account referred to in this report are in agreement with the books of account;

d) in our opinion, the Balance Sheet and Net Pre-operative Account dealt with by this report comply with the mandatory accounting standards referred in Sub Section (3C) of Section 211 of the Companies Act. 1956;

e) on the basis of our review of the written representations received from the Directors and taken on record by the board of the directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956.

f) in our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and other accounts read together with accounting policies and notes to accounts given in Schedule No. I, give the information required by the companies Act, 1956 in the manner so required and give a true and fair view of affairs of the Company as at 31st March, 2011 are in conformity with the accounting principles generally accepted in India.

Encl. : As above

Enclosure to Auditor''s Report pursuant to Companies (Auditor''s Report) Order, 2003 U/s 227 (4A) COMPANIES AUDITOR''S REPORT ORDER - 2003

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. According to the information and explanations given to us, the fixed assets have been physically verified by the management during the period under review. In our opinion the frequency of such verification is reasonable and no material discrepancies were noticed on such verification. None of the Fixed Assets have been revalued during the year under review.

2. (a) There is no Inventory in the company.''

(b) Therefore subsequent clauses under this head are not applicable.

3. (a) The company has not taken any loan, secured or unsecured from any company, firm or other parties covered in the register required to be maintained U/s 301 of the Actin the preceding years.

b) Therefore subsequent clauses under this head are not applicable.

4. There is an adequate internal control procedure commensurate with the size of the company and the nature of its business.

5. There is no transaction exceeding Rs. 5.00 Lacs which required to be entered in pursuance of section 301 of the Act.

6. The company has not accepted any deposit from the public as per dire::tions issued by the Reserve Bank of India and the provisions of section 58A and 58M of the Act and rules framed thereunder.

7. The company has an internal Audit system commensurate with its size and nature of its business.

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

9. The company is regular in deposit of statutory dues, if any, of provident fund/ESI/Sales Tax etc. There is no outstanding statutory dues as at the last day of the financial year for a period of more than six months'' from the date they became payable.

10. The accumulated losses at the end of financial year are not more than fifty percent of its net worth and cash losses has been incurred by the company during this financial year and in the immediately preceding such financial year.

11. The company has not defaulted in repayment of dues to a bank or financial institution.

12. The company has granted advances but no security by way of pledge of shares, debentures have been taken by the Company.

13. The company is not a chit fund company.

14. The company is not dealing & trading in shares, securities, debentures and other investments.

15. According to the information & explanation given to us the company has not given any guarantee for loan taken by others from bank or financial institutions.

16. No term loan has been taken by the company.

17. The funds raised on short term basis have not been used for long term investment or vice versa.

18. No preferential allotment of shares has been made.

19. The company has not issued debentures and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

20. As the company has not raised any money by public issue. So, there is no disclosure required by the management about the use of money.

21. No fraud on or by the company has been noticed or reported during the year.

For ANDROS & COMPANY Chartered Accountants

(Brij Bhushan Garg)

Partner M.No. 084865

PLACE : NEW DELHI DATED : 2nd September, 2011


Mar 31, 2010

We have audited the attached Balance Sheet of M/s Genomic Valley Valley Biotech Limited as at 31st March, 2010. The Company has not carried out any revenue-operation during the year and has, therefore, prepared Net Pre-operative Account instead of Profit and Loss Account for the year ended on the 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 conduct our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing- the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor'' Report) Order, 2003 issued by the company law board in terms of section 227 (4A) of the companies Act, 1956 we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

Further to our comments, in the Annexure referred to above, we report that:

a) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

c) the Balance Sheet and Net Pre-operative Account referred to in this report are in agreement with the books of account;

d) in our opinion, the Balance Sheet and Net Pre-operative Account dealt with by this report comply with the mandatory accounting standards referred in Sub Section (3C) of Section 211 of the Companies Act. 1956;

e) on the basis of our review of the written representations received from the Directors and taken on record by the board of the 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 subsection (1) of section 274 of the Companies Act, 1956.

f) in our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and other accounts read together with accounting policies and notes to accounts given in Schedule No. I, give the information required by the companies Act, 1956 in the manner so required and give a true and fair view of affairs of the Company as at 31st March, 2010 are in conformity with the accounting principles generally accepted in India.

Encl. : As above

Enclosure to Auditor''s Report pursuant to Companies (Auditor''s Report) Order, 2003 U/s 227 (4A) COMPANIES AUDITOR''S REPORT ORDER - 2003

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. According to the information and explanations given to us, the fixed assets have been physically verified by the management during the period under review. In our opinion the frequency of such verification is reasonable and no material discrepancies were noticed on such verification. None of the Fixed Assets have been revalued during the year under review.

2. (a) There is no Inventory in the company.''

(b) Therefore subsequent clauses under this head are not applicable.

3. (a) The company has not taken any loan, secured or unsecured from any company, firm or other parties covered in the register required to be maintained U/s 301 of the Actin the preceding years.

b) Therefore subsequent clauses under this head are not applicable.

4. There is an adequate internal control procedure commensurate with the size of the company and the nature of its business.

5. There is no transaction exceeding Rs. 5.00 Lacs which required to be entered in pursuance of section 301 of the Act.

6. The company has not accepted any deposit from the public as per dire::tions issued by the Reserve Bank of India and the provisions of section 58A and 58M of the Act and rules framed thereunder.

7. The company has an internal Audit system commensurate with its size and nature of its business.

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

9. The company is regular in deposit of statutory dues, if any, of provident fund/ESI/Sales Tax etc. There is no outstanding statutory dues as at the last day of the financial year for a period of more than six months'' from the date they became payable.

10. The accumulated losses at the end of financial year are not more than fifty percent of its net worth and cash losses has been incurred by the company during this financial year and in the immediately preceding such financial year.

11. The company has not defaulted in repayment of dues to a bank or financial institution.

12. The company has granted advances but no security by way of pledge of shares, debentures have been taken by the Company.

13. The company is not a chit fund company.

14. The company is not dealing & trading in shares, securities, debentures and other investments.

15. According to the information & explanation given to us the company has not given any guarantee for loan taken by others from bank or financial institutions.

16. No term loan has been taken by the com pany.

17. The funds raised on short term basis have not been used for long term investment or vice versa.

18. No preferential allotment of shares has been made.

19. The company has not issued debentures and hence requirement of reporting regarding creation of securities in respect of debentures issued does not arise.

20. As the company has not raised any money by public issue. So, there is no disclosure required by the management about the use of money.

21. No fraud on or by the company has been noticed or reported during the year.

For SHASHI K. GARG & CO.

Chartered Accountants

(Brij Bhushan Garg)

Partner

M.No. 084865

PLACE : NEW DELHI

DATED : 2nd September, 2010

 
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