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Auditor Report of Heera Ispat Ltd.

Mar 31, 2015

We have audited the accompanying Financial statements of HEERA ISPAT LIMITED ("the company"),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the 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 is 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 the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, 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 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 true and fair view 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 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:-

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015;

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 Legal and Other Regulatory Requirements :

1. As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act ( hereinafter referred to as the " Order"), and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us , we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order.

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 Flow 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 31st March 2015 are taken on record by the Board of Directors, none of the Director is disqualified as on 31st March 2015 from being appointed as a Director in terms of Section 164 (2) of the Act.

(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 disclosed the impact of pending litigations on its financial position in its financial statements ;

ii. In our opinion and as per the information and explanation provided to us the Company has not entered into any long-term contracts including derivatives contract, requiring provision under applicable laws or accounting standards, for material foreseeable losses.

iii. the company is not required to transfer any amount to Investor Education and Protection Fund .

ANNEXURE TO THE AUDITOR'S REPORT

The Annexure referred to in our report to the members of HEERA ISPAT LIMITED for the year Ended on 31st March,2015, we report that:

(1) The company has no fixed assets, thus the clause 3(i)(a) and (b) are not applicable to the company.

(2) As explained to us, the company had not engaged during the year in any activity which involves hence verification of stock and other related matter are not applicable.

(3) The company has not granted any loans, secured or unsecured to the parties covered in the register maintained U/s 189 of the companies act, 2013. Accordingly, clause(III) (a) and (b) of the order are not applicable.

(4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal controls.

(5) The company has not accepted andy loans or deposits which are "deposits" within the meaning of Rule 2(b) of the Companies

(6) The company is not dealing in any products and hence the need for maintainence of cost records under section 148(1) of the Act does not arise and hence para 3(vi) of CARO 2015 is not applicable.

(7) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees' state insurance and duty of excise.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute.

(c) The company is not required to transfer the amount of investor education and protection fund in accordance with the relevant provisions of the Companies Act.

(8) The accumulated losses of the company are not more than 50% of its net worth. The company has not incurred any cash losses during the financial year covered by our audit but has incurred cash loss in the immediately preceding financial year. .

(9) According to the records of the company the company has not borrowed from financial institutions or banks or issued debentures till 31st March, 2015. Hence in our opinion the question of reporting on defaults in repayment of dues to financial institutions or banks or debentures does not arise.

(10) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(11) According to the records of the company the company has not taken any term loans during the year, hence comments under the clause are not called for.

(12) Based on the audit procedures performed and informations and explanations given by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit.

Place : Ahmedabad For DJNV & CO. Date : Chartered Accountants Firm Regn. No. 115145W

Sd/-

Devang Doctor (Partner) M. No. 39833






Mar 31, 2014

We have audited the accompanying financial statements of Heera Ispat Limited, which comprise the Balance Sheet as at 31 March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the nine months period ended on 31st March, 2014 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 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 evidences 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 controls 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 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 statement of Profit and Loss, of the loss for the nine months period ended on that date ;

(c ) In the case of the Cash Flow Statement, of the cash flows for the nine months period ended on that date.

Report on Legal and Other 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 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, 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 and Loss, and Cash Flow Statement 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.

ANNEXURE TO THE AUDITOR''S REPORT

(1) (a) The company has no fixed assets, thus the clause 4(i)(a), (b) and (c) are not applicable to the company.

(2) As explained to us, the company had not engaged in any activity during the year under review, thus there was no closing stock at the year end, hence verification of stock and other related matter are not applicable.

(3) The company has neither granted nor taken any loans, secured or unsecured to or from parties covered in the register maintained under Section 301 of the companies Act, 1956. Accordingly, clauses III (a) to (g) of the Order are not applicable.

(4) In our opinion and according to the information and explanation given to us, as the company has not engaged itself in any activity, thus the clause does not apply to the company.

(5) (a) In our opinion and according to the information and explanation given to us, there are no transactions for the year that are needed to be entered into the register maintained under section 301 of the Companies Act, 1956, hence clause 4(v) (b) is not applicable to the company.

(6) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public which falls within the provisions of section 58 A and 58 AA of the Companies Act, 1956, and the rules framed there under.

(7) According to information and explanations given to us, the company does not have an internal audit system commensurate with the size and nature of its business.

(8) According to the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost record under section 209 (1)(d) of the Companies Act, 1956.

(9) (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including Investor education protection fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise Duty, Cess and other statutory dues to the extent applicable with the appropriate authorities. According to information and explanation given to us, there are no dues which have not been deposited on account of any dispute as on 31st March, 2014 for a period of more than six months from the date they became payable.

(b) According to information and explanation given to us, there are no dues in respect of Income Tax, Sales Tax, Excise Duty, ESI, Wealth Tax and Service Tax which have not been deposited on account of any dispute.

(10) In our opinion, the accumulated losses of the company are not more than fifty per cent of its net worth at the end of the financial year. Further, the company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(11) In our opinion and according to the information and explanation given to us, the company has not taken any loans from a financial institution / bank, thus the clause regarding the repayment is not applicable to the company.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(15) According to the information & explanations given to us, the company has not given any guarantees for the loans taken by others from banks or financial institutions

(16) According to the information & explanations given to us, the company has not taken any term loans during the year.

(17) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not raised any funds on short term basis.

(18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(19) According to the information and explanations given to us, Company has not issued any debenture during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(20) The company has not raised any fund by way of public issues during the year.

(21) Based upon the audit procedures performed and on the basis of information and explanation provided by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For, DJNV & CO. Chartered Accountants Firm Reg. No:115145W

Sd/- Jayesh Parikh Place : Ahmedabad (Partner) Date : 30/05/2014 Membership No: 40650


Jun 30, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Heera Ispat Limited, which comprise the Balance Sheet as at 30 June 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 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 controls 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 June 30, 2013;

(b) In the case of statement of Profit and Loss, of the loss for the year ended on that date ;

(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 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, 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 and Loss, and Cash Flow Statement 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 June 30, 2013, and I taken on record by the Board of Directors, none of the directors is disqualified as on June 30,

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.

ANNEXURE TO THE AUDITORS REPORT

(1) (a) In our opinion and according to the information and explanation given to us, the company has maintained all the relevant records showing full particulars including quantitative details and situation of fixed assets.

(b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us, the company has disposed off all the fixed assets during the year covered by our report and the Company has so far not made any plans to replace the fixed assets that have been sold. These factors raise a substantial doubt about company''s ability to continue as a going concern in the foreseeable future.

(2) As explained to us, the company had not engaged in any activity during the year under review, thus there was no closing stock at the year end, hence verification of stock and other related matter are not applicable.

(3) The company has neither granted nor taken any loans, secured or unsecured to or from parties covered in the register maintained under Section 301 of the companies Act, 1956. Accordingly, clauses III (a) to (g) of the Order are not applicable.

(4) In our opinion and according to the information and explanation given to us, as the company has not engaged itself in any activity, thus the clause does not apply to the company.

(5) (a) In our opinion and according to the information and explanation given to us, the transactions for the year that needed to be entered into the register maintained under section 301 of the Companies Act, 1956, have so been entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of the contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of five lakhs rupees in respect of any party during the year have been reasonable having regard to the prevailing market prices at the relevant time.

(6) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public which falls within the provisions of section 58 A and 58 AA of the Companies Act, 1956, and the rules framed there under.

(7) According to information and explanations given to us, the company does not have an internal audit system commensurate with the size and nature of its business.

(8) According to the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost record under section 209 (l)(d) of the Companies Act, 1956.

(9)(a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including Investor education protection fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise Duty, Cess and other statutory dues to the extent applicable with the appropriate authorities.

According to information and explanation given to us, there are no dues which have not been deposited on account of any dispute as on 31st March, 2011 for a period of more than six months from the date they became payable.

(b) According to information and explanation given to us, there are no dues in respect of Income Tax, Sales Tax, Excise Duty, ESI, Wealth Tax and Service Tax which have not been deposited on account of any dispute.

(10) In our opinion, the accumulated losses of the company are not more than fifty per cent of its net worth at the end of the financial year. Further, the company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(11) In our opinion and according to the information and explanation given to us, the company has not taken any loans from a financial institution / bank, thus the clause regarding the repayment is not applicable to the company.

(12) According to the information & explanation given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(15) According to the information & explanations given to us, the company has not given any guarantees for the loans taken by others from banks or financial institutions

(16) According to the information & explanations given to us, the company has not taken any term loans during the year.

(16) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not raised any funds on short term basis.

(17) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(18) According to the information and explanations given to us, Company has not issued any debenture during the year. Accordingly, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(19) The company has not raised any fund by way of public issues during the year.

(20) Based upon the audit procedures performed and on the basis of information and explanation provided by the management, we report that no fraud on or by the company has been noticed or reported during the year.



For DJNV & CO.

Chartered Accountants

Firm Regn. No. 115145W





Jayesh Parikh

(Partner)

M. No. 40650



Place : Ahmedabad

Date : 08th August, 2013.


Jun 30, 2011

1. We have audited the attached Balance Sheet of HEERA ISPAT LTD.for the year ended 30 June, 2011 and the Profit & Loss Account & cash flow 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 the auditing standards generally accepted in India . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies ( Auditor's Report ) Order, 2003 and the Companies (Auditor's Report) (Amendment) Order , 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a statement on the matter specified in paragraphs 4 & 5 of the said order.

4. Further, 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 the law have been kept by the company so far as appears from our examination of the books;

(c) The Balance Sheet, and Profit & Loss Account & cash flow dealt with by this report are in agreement with the Books of Account;

(d) In our opinion, the Balance Sheet and Profit and Loss Account & cash flow 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 written representations received from the Directors of the company as at 30th the June, 2011 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under 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 accounts read together with Accounting Policies and other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true & fair view;

(I) in case of the Balance Sheet , of the state of Affairs of the company as at 30 June, 2011

(II) in case of the Profit & Loss Account, of the loss for the year ended on that date.

(III) in case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in paragraph 1 of the Auditor's Report to even date on the accounts of HEERA ISPAT LTD. For the year ended 30 June, 2011.

(1) (a) The company has not shown us records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed to us, all fixed assets were physically verified by the management during the year. However we are unable to find any discrepancies between the book records and physical inventory in absence of book records and physical verification taken by the management.

( c) As informed to us, no substantial parts of fixed assets have been disposed of during the year. (2) As informed to us, the company has not done any activity during the year under review, & there was no closing stock at the year end, hence verification of stock and other related matter are not applicable.

(3) (a) The company has not granted any loans, secured or unsecured to parties covered in the register maintained under Section 301 of the companies Act, 1956. Accordingly, clauses III (a) to (d) of the Order are not applicable.

(b) The company has taken loan from 2 parties covered in the register maintained under section 301 of the Companies Act, 1956. The Maximum amount involved during the year was Rs.837815/- and the year end balance of loan taken from company is Rs.537815/--

(c) As per the information and explanation given to us unsecured loans granted by the company is interest free and repayable on demand.

(d) In respect of loan taken from the company, the loan is interest free and repayable on demand.

(4) In our opinion and according to the information and explanation given to us, there are no adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase.

(5) According to the information and explanation given to us there were no transaction of purchase & sale of goods & material made in pursuance of contract or arrangements entered in the register maintained under section 301 of the companies Act 1956, aggregating during the year to Rs.50000/- or more in respect of each party.

(6) The company has not accepted any deposit within the means of section 58A of the Companies Act, 1956 and the Companies (Acceptance of deposit Rules), 1975.

(7) There is no internal audit system in the Company.

(8) As informed to us, the company is not required maintain cost records u/s 209 (1) (d) of the Companies Act, 1956 as the company has not done any business activity during the year under review.

(9) (a) As informed to us, Provident fund and employee state insurance act are not applicable to the company for the year under report. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, and Customs Duty which have remained outstanding as at 30 June, 2011 for a period of more than six months from the date they became payable. However the company has not given statutory records for our verification during audit time.

(b) As informed to us, there is no disputed amount towards statutory liabilities during the year.

(10) The company has accumulated loss but it is less than 50% of the net-worth and the company has incurred cash losses in such financial year and in the financial year immediately proceeding such financial year also.

(11) The company has not defaulted in repayment of dues to a financial institution or debenture holder as the company has not taken such kind of loan.

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

(13) Provision of any special statute applicable to chit fund are not applicable to the Company.

(14) The company is not dealing and trading in shares, securities, debentures and other investment.

(15) As informed to us, the company has not given any guarantee for loan taken by others from bank or financial institution.

(16) The Company has not taken any term loan during the year under review.

(17) As inform to us, no short term funds raised have been use for long term investment.

(18) The Company has not made any preferential allotment of shares to parties and companies toward in the register maintain u/s 301 of the act.

(19) The Company has not issued any debentures.

(20) The Company has not raised money by way of public issue during the year under review.

For DJNV & Co.

Chartered Accountants

ICAI Firm No.:115145 W

(Nainesh Khandhar)

Partner

Membership no.39925

Place: Ahmedabad

Date: 21.07.2011


Jun 30, 2010

1. We have audited the attached Balance Sheet of HEERA ISPAT LTD. for the year ended 30th June, 2010 and the Profit & Loss Account & cash flow 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 the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies ( Auditor's Report ) Order, 2003 and the Companies (Auditor's Report) (Amendment) Order , 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a statement on the matter specified in paragraphs 4 & 5 of the said order.

4. Further, 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 subject to our notes forming parts of accounts;

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

(c) The Balance Sheet, and Profit & Loss Account & cash flow dealt with by this report are in agreement with the Books of Account;

(d) In our opinion, the Balance Sheet and Profit and Loss Account & cash flow dealt with by this report comply with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act, 1956 except for AS-22 in respect of Deferred Taxation.

(e) On the basis of written representations received from the Directors of the company as at 30th June, 2010 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under 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 subject to effect on the financial statements of the matter referred to in the paragraph (4), the said accounts read together with Accounting Policies and other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true & fair view;

(I) in case of the Balance Sheet, of the state of Affairs of the company as at 30th June, 2010

(II) in case of the Profit & Loss Account, of the loss for the year ended on that date.

(III) in case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 of the Auditor's Report to even date on the accounts of HEERA ISPAT LTD. For the year ended 30th June, 2010.

(1) (a) The company has not shown us records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed to us, all fixed assets were physically verified by the management during the year. However we are unable to find any discrepancies between the book records and physical inventory in absence of book records and physical verification taken by the management.

(c) As informed to us, no substantial parts of fixed assets have been disposed of during the year.

(2) As informed to us, the company has not done any activity during the year under review, & there was no closing stock at the year end, hence verification on stock and other related matter are not applicable.

(3) (a) As informed to us, the company has not taken any loans, secured or unsecured from companies, firms, or other parties listed in the register maintained under section 301 of Companies Act 1956 or from companies under the same management within the meaning of section 370(1-B) of the Companies Act, 1956.

(b) As informed to us, the Company has granted advances & loans, secured or unsecured, to companies firms, or other parties listed under section 301 of companies Act, 1956 or to companies under the same management but we are unable to verify in absence of records whether the same is granted as per Companies Act and as per terms & conditions are mutually agreed by the parties.

(c) The Company has granted unsecured loans to companies, firms or other parties. The parties has not paid any interest and repayment of loans / advances as per terms and conditions of such loans / advances mutually agreed between both the parties and to that extent it is prima facie prejudicial to the interest of the company.

(4) In our opinion and according to the information and explanation given to us, there are no adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase.

(5) According to the information and explanation given to us, no transaction of purchase & sale of goods & material made in pursuance of contract or arrangements entered in the register maintained under section 301 of the companies Act 1956, aggregating during the year to Rs.50000/-or more in respect of each party.

(6) The company has not accepted any deposit within the means of section 58A of the Companies Act, 1956 and the Companies (Acceptance of deposit Rules), 1975.



(7) The Company has not appointed a firm of chartered accountant for an internal audit system commensurate with the size of the Company and nature of it's business.

(8) As informed to us, the company is not required maintain cost records u/s 209 (1) (d) of the Companies Act, 1956 as the company has not done any business activity during the year under review.

(9) (a) As informed to us, Provident fund and employee state insurance act are not applicable to the company for the year under report. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, and Customs Duty which have remained outstanding as at 30th June, 2009 for a period of more than six months from the date they became payable. However the company has not given statutory records for our verification during audit time.

(b) As inform to us, there is no disputed amount towards statutory liabilities during the year.

(10) The company has accumulated loss but it is less than 50% of the net-worth and the company has incurred cash losses in such financial year and in the financial year immediately proceeding such financial year also.

(11) The company has not defaulted in repayment of dues to a financial institution or debenture holder as the company has not taken such kind of loan.

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

(13) Provision of any special statute applicable to chit fund are not applicable to the Company.

(14) The company is not dealing and trading in shares, securities, debentures and other investment.

(15) As inform to us, the company has not given any guarantee for loan taken by others from bank on financial institution.

(16) The Company has not taken any term loan during the year under review.

(17) As inform to us, no short term funds raised have been use for long term investment.

(18) The Company has not made any preferential allotment of shares to parties and companies toward in the register maintain u/s 301 of the act.

(19) The Company has not issued any debentures.

(20) The Company has not raised money by way of public issue during the year under review.

(21) According to the information and explanations given to us, a fraud on or by the company has not been noticed or reported during the year.

For Hiren R. Patel & Co. Chartered Accountants FRN: 128984W (Hiren R. Patel) Proprietor Membership No.: 128863

Place: Ahmedabad Date: 04.09.2010


Jun 30, 2009

1.We have audited the attached Balance Sheet of HEEHA ISPAT ITD, for the year ended 30th June, 2009 and the Profit &. Loss Account & cash flow for the year ended Of) that date, annexed thereto. These financial statements are the responsibility of the Company's management- Our responsibility is to express an opinion on 1hesc financial statements based cm our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides -a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 and the Companies (.Auditor's Report) (Amendment) Order . 2004 issued by the Central Government in term of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure n statement on the matter specified in paragraphs 4 & 5 of the said order.

4. Further, 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 with our notes forming parts of Accounts'.

(b) In our opinion, proper bocks of account as required by the law have been kepi by the company so Jar as appears front our examination of the books:

(c) The Balance Sheet, and Profit & Loss Account & cash flow dealt with by this re-port are in agreement with the Books of Account;

(d) In our opinion, the Balance Sheet and Profit and Loss Account & cash flow dealt with by this report comply with the Accounting Standards referred to in Sub Section (3C) of Section 211 of the Companies Act,. 1956 except for AS-22 in respect of Deferred Taxation.

(e) On the basis of written representations received from the Directors of the company as at 30'h June, 2009 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub- section (I) 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 subject to effect on the financial statements of the matter referred to in the paragraph (4) they said accounts read together with Accounting Policies and other notes thereon. give the information required by the Companies Act, 1956, in their manner so required and give a true & fair view;

(i) in ease of the Balance Sheet , of the- state of Affairs of the company as at 30th June, 2009

(ii) in case of die Profit & Loss Account, of the loss for the year ended on that date.

(iii) in ease of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 of the Auditor's Report to even date on the accounts of HEF.RA ISP AT LTD. For the year ended 30th June, 2009

(1) (a) The company has not shown us records showing full particulars including quantitative details and situation of fixed assets.

(b)As informed to us, alt fixed assets were physically verified by the management during the year. However, we are unable to find any discrepancies between the book records and physical inventory in absence of book records and physics! verification taken by the management,

(c) As informed to us, no substantial parts of fixed assets have been disposed of during the year,

(2) As informed to us the company has not done any activity during the year under review, & there was no closing, stock at the year end, hence verification on stock and other related matter are not applicable.

(3) (a) As informed to us, the company has not taken any bans, secured or unsecured from companies, firms, or other parties listed in the register maintained under section 301 of Companies Act 1956 or from companies under the same management within the meaning of section 370(1-11) of the Companies Act, 1956.

(b) As informed to us, the Company has granted advances & loans, secured or unsecured, to companies firms, or other parties listed under section 301 of companies Act, 1956 or to companies under the same management hut we are unable to verify in absence of records whether the same is granted as per Companies Act and as per terms & conditions are mutually agreed by the parties,

(c) The Company has granted unsecured loans to companies, firms or other parties. The parties has not paid any interest and repayment of loans / advances as per terms and conditions of such loans / advances mutually agreed between both the parties and to that extent it is prima facie prejudicial to the interest of the company.

(4) In our opinion and according to the information and explanation given to us, there are no adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase.

(5) According to the information and explanation given to us, no transaction of purchase & sale of goods & material made in pursuance of contract or arrangements entered in the register maintained under section 301 of the companies Act 1956, aggregating during the year to Rs.500000/- or more in respect of each party.

(6) The company has not accepted any deposit within the means of section 38A of the Companies Act, 1956 and the Companies (Acceptance of deposit Rules), 1975.

(7) The Company has not appointed a firm of chartered account-am for an internal audit system commensurate with the size of the Company and mature of if $ business.

(8) As informed to us, the company is not required maintain cost records u/s 209 (I) of the Companies Act. 1956 as the company has not done any business activity during the year under review,

(9) (a) As informed to us, Provident fund and employee stale insurance act arc not applicable to the company for the year under report. According to the information and explanations given to us, (here were no undisputed amounts payable in respect of Income Tax. Wealth Tax, Saks Tax, and Customs Duty which have remained outstanding as at 30,h June, 2010 for a period of more than six months from the date they became payable. However the company has not given statutory records for our verification during audit time.

(b) As inform to us, there is no disputed amount towards statutory liabilities during the year.

(10) The company has accumulated loss but it is less than 50% of the net-worth and the company has incurred cash losses in such financial year and in the financial year immediately preceding such financial year

(11) The company has not defaulted in. repayment of dues to a financial institution or debenture holder as the company has hoc taken such kind of loan

(12) The company lm not granted loans & advances on the basis id security by way of {Hedge of share*, " debenture* and other securities.

(13) Provision of any special statute applicable to chit funds are not applicable to the Company,

(14) The company is no! dealing and trading in shares* securities, debentures and other investment,

(15) As informed to US, the company has not given any guarantee for loan taken by others tram bank or financial institution.

(16) The Company has not taken any term loan during the year under review.

(17) As inform to us, no short term funds raised have been use for long terra investment.

(18) The Company has not made any preferential allotment of shares to parties and companies toward in the register maintain u/$ 301 of the act.

(19) The Company has not issued any 'debentures.

(20) The Company has not raised money by way of public issue during the year under review.

(21) According to the information and explanations given to us. a fraud on or before the company has not been noticed or reported during the year,

For Hiren R, Patel & Co.

Chartered Accountants

(Hiren R.Patel)

Proprietor

Membership NO 128863

Place: Ahmedahad

Date : 04.09.20D9


Jun 30, 2008

We have audited the attached balance sheet of HEERA ISPAT LTD. as at 30th' June, 2008, and also the profit and loss account for the year ended on that date annexed there to These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain a reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures made in the financial statements. An audit .also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 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:.

01. We have obtained all the information and explanation, which to the best of our knowledge and belief were' necessary for the purposes of our audit.

02. In our opinion, proper books of accounts as requested by law have been kept by the company so far as appears from our examination of those books except company law record.

03. The balance sheet. Profit & Loss account dealt with by this report are in agreement with' the books of accounts.

04. In our opinion, the balance sheet, profit & loss account dealt with by this report, subject to the effect on the financial statements of the matter referred to in the preceding paragraph, comply with the. Accounting standards referred to in sub-sectary (3c) of Section 211 Of the Companies Act,.1956.

05.on the basis of Written representations recycle from' the directors, as an: 30th June, 2008, and taken en record by the Board. of Directors/ we report -that the directors are disqualified as -on 50s11 June, 2008 from being, appointed as a "director in terms' of clause (g) of sub- section (I); of. section'274 of the' Companies'-Act 1956.

06. In our -opinion, and to the best of our information and according to the explanation given to us, subject to the effect on the financial statements 0f the matter:, referred to in the paragraph (4) the financial statements 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 30th June,2008

(b) in. the case of Profit and Loss Account of the loss far the year ended on, that date.,

(c) In the case of. cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITOR'S REPORT

(Referred to in paragraph 1 of the Auditor7 s Report to; even date on, the accounts of HEERA LISAPT LTD. for .the year; ended 30th June 2008.

(1) (a) The. company, has hot shown, us records showing full particulars including quantitative. details and situation of fixed assets.

(b) As informed to us, all fixed assets were physically verified by the management during the year. However we are unable to find any discrepancies between the book records and physical inventory in absence of book records and physical verification taken by the management.

© As per inform to us, no substantial parts of fixed assets have been disposed of during the. year.

(2) As informed to us, the company is not doing any activity during the year under review, hence verification on stock and other matter are not applicable and there is no closing stock. in the company.

(3) (a) As informed to us, the company has not taken any loans, secured or unsecured from companies, firms, or other parties listed in the register maintained under section 301 of Companies Act,1956 or from Companies under the same management within the meaning of section 370(1-B) of the Companies Act,1956.

(b) As informed to us, the company has granted advances loans, secured or unsecured, to companies firms, or other parties listed under section 301 of Companies Act, 1956 or to Companies under the same management but we' are unable to verify in absence of records whether the same is granted as per Companies Act and as per terms 6 conditions are- mutually, agreed by the parties. The company has granted unsecured loans to companies, firms or other parties.. The parties has not paid any interest and repayment of loans /advances as per terms and conditions of such leans/advances mutually agreed between both the parties and to that extent it is prima facie prejudicial to the interest of the company.

(4) In our opinion and- according to the information and explanation, given to us, there are no adequate internal control procedures commensurate with the size of the company and the nature of its: business With regard. to purchase.

(5) According to the information and explanation given to us, no transaction of purchase & sale of goods material made in pursuance; of contract, or arrangements -entered In the register maintained under section 301 of. 'the. companies Act 1956 aggregating during the year to Rs. 500.00/- or .more in respect of each party.

(6) The company has not accepted, any "deposit within the means of section 58A of the Companies Act, 1956 and the Companies Acceptance; of deposit Rules),1975.

(7) The Company has not appointed. of Chartered Accountant for Internal Audit. commensurate with the size and. the nature of the: business of the Company.

(8) As Inform to 'us. the company is hot required maintain cost records, u 209 (1) id) of the- Companies Act; 1956 at he company has: not done: any business activity during the year under review.

(9) (a) As informed to us, Provident fund and employee State Insurance Act are not applicable to the company for the year under report. According to the information and explanations given to us, there were no undisputed amounts payable in respect of income tax, wealth tax, sales tax, and customs .duty which have remained outstanding as at 30th June,2008 for a period of more than six months from the date they became payable. However the company has not given Statutory records for our verification during audit time.

(b) As inform to us, there is no disputed amount towards statutory liability during the year.

(10) The company has accumulated loss but it is less than 50% of the net-worth and the company has incurred cash losses in such financial year and in the financial year immediately preceding such financial year also.

(11) The company is not defaulted in repayment of dues to a financial institution or debenture holder as the company has not taken such kind of loan.

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

(13) There is no provision of any special statute applicable: to chit fund.

(14) The company is hot dealing and trading in shares, securities, debentures and: other investment.

(15) As inform to. us, the:, company has not given any guarantee for loan taken by others from bank or financial institution.

(16) The company has. not taken any term loan during, the year under review.

(17) As. inform to us, there is" no "fund raised. on short term basis have been use for long term investment.

(18) The company has. "not made any .preferential allotment of shares; to parties and, companies toward, in the register maintain 301. of the act.

(19) The company has hot issued any debentures.

(20) The company has not raised money by way of public issue during the year under review.

(21) According to the information and explanations given to us, a fraud en or by the company has hot been noticed or reported during the year.



For deepak c. Gandhi & co. Chartered Ageauntants.

Place : Kalol Date : 28.08.2008 Proprietor.

(Deepak Gandhi) Membership No.035182

 
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