Mar 31, 2015
We have audited the accompanying financial statements of Gita Renewable
Energy Limited ('the Company'), which comprise the balance sheet as at
31 March 2015, the statement of profit and loss and the cash fiow
statement for the year then ended, and a summary of significant
account- ing policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these finan- cial 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 the Companies (Accounts) Rules, 2014. This responsibility
also 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; selec- tion and application of appropriate accounting
policies; making judgements and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, 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 thereunder.
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 the 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 the accounting policies used and the reasonableness
of the accounting estimates made by the Company's 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31stMarch 2015 and its Loss and its cash fIows 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 section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 it appears from our examination of those
books;
(c) The balance sheet, the statement of profIt and loss and the cash
fIow statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has, in accordance with the generally accepted
accounting practice, disclosed the impact of pending litigations on its
financial position in its financial statements;
ii. the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses under the applicable law or accounting standards.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements of Gita Renewable
Energy Limited for the year ended 31 March 2015, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
(b) As explained to us, all the Fixed Assets have been physically
verified by the management at reasonable intervals during the year.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) (a) The Company does not have tangible Inventory. Accordingly the
provisions of to Clause 3(ii) of the order are not applicable
(c)
(iii) (a) As per the information and explanation given to us and as per
the records produced to us the Company has not granted any loans,
secured or unsecured, to companies, firms or other parties covered in
the register maintained under section 189 of the Companies Act, 2013
('the Act') and accordingly, the provisions of clause (iii) of paragraph
3 of the Order are not applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchase of Inventory and fixed assets and for
the sale of goods and services. During the course of the audit, we have
not observed any continuing failure to correct major weaknesses in such
internal control system.
(v) The Company has not accepted any deposits from the public.
(vi) We have broadly reviewed the books of account maintained by the
company in respect the products pursuant to the rule made by the
Central Government of India regarding the maintenance of cost records
and we are of the opinion that, prima facie, the prescribed account and
records have been made and maintained. We have not, however, made a
detailed examination of records with a view to determine whether they
are accurate or complete.
(vii) (a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added
Tax, Cess and other statutory dues with the appropriate authorities,
wherever applicable and no dues are pending for a period of more than
six months from the date they become payable.
(b) According to the information and explanations given to us, there
are no material dues of sales tax, income tax, customs duty, wealth
tax, service tax, excise duty, vat, cess and other material statutory
dues as applicable, which have not been deposited with the appropriate
authorities on account of any dispute.
(c) According to the information and explanations given to us there
were no amounts which were required to be transferred to the investor
education and protection fund 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 at the end of the
financial year and has not incurred cash losses during the financial
year ended on 31.03.2015 and in the immediately preceding fi financial
year.
(ix) The Company has not defaulted in the repayment of dues to banks.
The Company has no borrowings from fi financial institution and has not
issued debentures.
(x) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions the terms and conditions
whereof are prejudicial to the interest of the Company.
(xi) In our opinion, and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For CHATURVEDI & COMPANY
CHARTERED ACCOUNTANTS
FRN 302137E
S Ganesan
PARTNER
Membership No.: 217119
PLACE: Chennai
DATE: 29-05-2015
Mar 31, 2014
We have audited the accompanying financial statements of Gita Renewable
Energy Limited, which comprise the Balance Sheet as at March 31, 2014,
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended and a summary of 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 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors'' 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.
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 Loss for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the balance sheet and statement of profit and loss
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 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 and;
e) On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
(b) The Fixed Assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verification.
(c) The Company has not disposed of substantial part of the Fixed
Assets during the year which could affect the going concern status of
the Company.
(ii) (a) The company does not have tangible Inventory. Accordingly the
provisions of clause 4(ii) of the Order are not applicable.
(iii) As per the information and explanation given to us and as per the
records produced to us, the company has not granted any unsecured loans
to companies and parties covered in the register maintained under
section 301 of the Companies Act, 1956.
(iv) 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 for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weaknesses in the internal controls system.
(v) (a) We are of the opinion that particulars of contracts or
arrangements referred to in Section 301 of the Companies Act, 1956 have
been entered into the register maintained under the said section;
(b) In our opinion and according to the information and explanations
given to us, 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 deposit from the public.
(vii) In our opinion, the company''s in-house internal audit system is
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
company in respect the products pursuant to the rule made by the
Central Government of India regarding the maintenance of cost records
and we are of the opinion that, prima facie, the prescribed account and
records have been made and maintained. We have not, however, made a
detailed examination of records with a view to determine whether they
are accurate or complete.
(ix) (a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the
appropriate authorities, wherever applicable and no dues are pending
for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us and the
records of the Company, there were no dues of sales tax, income tax,
customs duty, wealth tax, service tax, excise duty and cess which have
not been deposited on account of any dispute.
(x) The Company has been registered for a period less than five years.
Accordingly the provisions of clause 4(x) of the Order are not
applicable to the company.
(xi) The company has not defaulted in repayment of loans availed from
Banks. There is no term loan availed by the Company during the year
from any bank or institution and so commenting on its application does
not arise.
(xii) The company has not granted any loan and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly the provisions of Cluase 4(xii) of the order are not
applicable to the company.
(xiii) The Company is not a chitfund, nidhi, mutual benefit fund or
society and therefore the requirements pertaining to such class of
companies is not applicable.
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments. There are no investments in shares
held by the company.
(xv) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Bank or Financial Institutions and hence the requirement as
to reporting whether the terms and conditions are prejudicial to the
interest of the Company does not arise.
(xvi) On the basis of review of utilization of funds on an overall
basis, in our opinion, the term loans have been applied for the
purposes for which they were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet and Cash Flow Statement of
the Company, we are of the opinion that there are no funds raised on
short-term basis which have been used for long term investment by the
Company.
(xviii) The Company has not made any preferential allotment of shares
during the year.
(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) Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For CHATURVEDI & COMPANY
CHARTERED ACCOUNTANTS
FRN 302137E
S. GANESAN
PARTNER
PLACE : Chennai Membership No.: 217119
DATE : 04-08-2014
Mar 31, 2013
We have audited the accompanying financial statements of Gita Renewable
Energy Limited, which comprise the Balance Sheet as at March 31,2013,
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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors'' 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.
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 Section
227(4A) of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
(e) On the basis of the written representations received from the
directors as on March 31, 2013, 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 Section 274(1)(g) of the
Act.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
(b) The Fixed Assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verification.
(c) The Company has not disposed of substantial part of the Fixed
Assets during the year which could affect the going concern status of
the Company.
(ii) (a) to (c) The company does not have tangible Inventory.
Accordingly the provisions of clause 4(ii) of the Order are not
applicable.
(iii) As per the information and explanation given to us and as per the
records produced to us, the company has not granted any unsecured loans
to companies and parties covered in the register maintained under
section 301 of the Companies Act, 1956.
(iv) 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 for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weaknesses in the internal controls system.
(v) (a) We are of the opinion that particulars of contracts or
arrangements referred to in Section 301 of the Companies Act, 1956
have been entered into the register maintained under the said
section;
(b) In our opinion and according to the information and explanations
given to us, 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 deposit from the public.
(vii) In our opinion, the company''s in-house internal audit system is
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
company in respect the products pursuant to the rule made by the
Central Government of India regarding the maintenance of cost records
and we are of the opinion that, prima facie, the prescribed account and
records have been made and maintained. We have not, however, made a
detailed examination of records with a view to determine whether they
are accurate or complete.
(ix) (a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities, wherever applicable and no dues are pending
for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us and the
records of the Company, there were no dues of sales tax, income tax,
customs duty, wealth tax, service tax, excise duty and cess which have
not been deposited on account of any dispute.
(x) The Company has been registered for a period less than five years.
Accordingly the provisions of clause 4(x) of the Order are not
applicable to the company.
(xi) The company has not defaulted in repayment of loans availed from
Banks. The company has no borrowings from financial institution and has
not issued debentures.
(xii) The company has not granted any loan and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly the provisions of Cluase 4(xii) of the order are not
applicable to the company.
(xiii) The Company is not a chitfund, nidhi, mutual benefit fund or
society and therefore the requirements pertaining to such class of
companies is not applicable.
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments. There are no investments in shares
held by the company.
(xv) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Bank or Financial Institutions and hence the requirement as
to reporting whether the terms and conditions are prejudicial to the
interest of the Company does not arise.
(xvi) On the basis of review of utilization of funds on an overall
basis, in our opinion, the term loans have been applied for the
purposes for which they were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet and Cash Flow Statement of
the Company, we are of the opinion that there are no funds raised on
short-term basis which have been used for long term investment by the
Company.
(xviii) The Company has not made any preferential allotment of shares
during the year.
(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. However the company has issued shares and made application of
the same as per the scheme of arrangement approved by the Hon''ble High
Court of Madras.
(xxi) Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For CHATURVEDI & COMPANY
CHARTERED ACCOUNTANTS
FRN 302137E
S. GANESAN
PLACE : Chennai Partner
DATE: 06-08-2013 Membership No.: 217119
Mar 31, 2012
1 We have audited the attached Balance Sheet and statement of profit &
loss of GITA RENEWABLE ENERGY LIMITED as at 31st March 2012 for the
year ended on that date annexed thereto. These financial statements are
the responsibility of the Company''s management. Our responsibility is
to express an opinion on these financial statements based on our audit.
2 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.
3 As required by the Companies (Auditor''s Report) Order 2003 (as
amended) issued by the Govt, of India in terms of sub-section (4A) of
Sec 227 of the Companies Act, 1956, we report on the matters specified
in paragraphs 4 and 5 of the said order to the extent applicable.
(j) The Company has no fixed assets and hence requirements of
(a), I (b) & 1 (c) does not arise.
(ii) (a) The Company does not have any Inventory accordingly the
provisions of clause (ii) does not arise.
(iii) (a) The Company has not granted secured / unsecured loans to any
ToCompany covered in the register maintained under Section 301
(d) of the Companies Act, 1956. Hence sub clauses (b) to (d) are
not applicable.
The company during the current year (2010-11), has taken unsecured
ban to9 the extent of Rs. Nil (Previous year fal Rs 10 000) from a
person covered in the register maintained <9> under section 301 of the Companies Act, 1956, maximum outstanding during the year- Rs. 10.000
(Previous year Rs 10 000) repaid during the year Rs. Nil (Previous
year Nil) and the closing balance - Rs 10,000 (Previousr year
Rs.10,000) As per the information given to us, there are no
terms and conditions fixed and hence commenting on the payment of the
principal amount and interest thereon does not arise.
(vi) The Company has not accepted any deposit from public.
(xi) The company has not obtained any loan from bank or financial
institution.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The Company is not a chit fund, nidhi, mutual benefit fund or
society.
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments.
(xv) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Bank or Financial Institutions the terms and conditions
whereof are prejudicial to the interest of the Company.
(xvi) The Company has not taken any term loans during the year.
(xviii) The Company has not made any preferential allotment of shares
during the year.
(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) Based on the audit procedures performed and information and
explanations given to us, we report that no fraud on or by Company has
been noticed or reported during the course of our audit.
Other Clauses of the order are not applicable to the Company and the
report thereon should be taken as NIL since the company is yet to
commence its business activities.
4. Further to our comments above, we state 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 and the 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
dealt with by this report comply with the accounting standards referred
to in sub-section (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 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
the explanations given to us, the said Balance Sheet and the Statement
of Profit and Loss read together with and subject to 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 the
accounting principles generally accepted in India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 and
(ii) In the case of the Statement of Profit and Loss, of the Loss of
the company for the year ended on that date.
For Chaturvedi & Company
Chartered Accountants
FRN 302137E
S Ganesan Partner,
Membership no.217119
Place: Chennai
Date: 25-07-2012