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Auditor Report of Hemo Organic Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Hemo Organic Limited formerly known as Dinesh Allorga 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 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 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give 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 March 31, 2015;

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.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

a) Since there is no pending litigation against the Company the disclosure of its impact in Company's financial position is not required.

b) Note 30 in the financial statement which indicates that the Company has accumulated losses and its Net worth has been substantially eroded, the Company has incurred a net cash loss during the current year and previous year. These conditions, along with other matters indicate the existence of a material uncertainty that cast significant doubt about the Company's ability to continue as a going concern. However, the financial statements of the Company have been prepared on a going concern basis for the reasons stated in the said Note.

Our opinion is not modified in respect of these matters.

Report on other Legal and Regulatory Requirements

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 appears from our examination of those books.

c) the Balance Sheet, the 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 aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) The going concern matter described in sub-paragraph (b) under the Emphasis of Matters paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

f) On the basis of 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.

g) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us :

i. The Company does not have any pending litigations which would impact its financial position

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Education and Protection Fund by the Company.

For Darji & Associates Chartered Accountants FRN.116519W

CA L.B. Darji

Date: 29.05.2015 Partner

Place: V.V.Nagar MRN. 030992


Mar 31, 2013

We have audited the attached Balance Sheet of DINESH ALLORGA LIMITED as at 31st March,2013 and also the statement of Profit & Loss and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors Report ) Order 2003, issued by the Central Government of India in terms sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraph 4 and 5 of the said Order.

2. Further to our comments in the annexure referred to in paragraph 1 above, we report that:

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

b) In our opinion, proper books of accounts as required by law have been kept by the Company, so far as it appears from our examination of those books;

c) The Balance sheet and 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 and statement Profit and Loss and Cash Flow Statement 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 bases of written representation received from the Directors as on 31st March, 2013 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 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) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon, give the information as 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,

2013, and (ii) in case of statement of Profit & Loss of the loss for the year ended on that date, and (iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

I) In respect of fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. According to the information and explanation given to us, the fixed assets were physically verified by the management in accordance with the programmed of verification, which in our opinion, is reasonable having regards to the size of the Company and the nature of its assets. The discrepancy noticed on physical verification was not material and have been properly dealt with in the books of accounts.

c. During the year, the Company has not disposed off substantial part of fixed assets that affects the going concern of the Company.

II) In respect of inventories:

a. The Company has conducted physical verification of inventories at reasonable intervals during the year.

b. In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

III) In respect of loans, secured or unsecured, granted or taken by the Company to/from Companies,firms or other parties covered in the register maintained under Section 301 Companies Act, 1956.

a. The Company has not granted any loans, secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of sub-clause (b), (c) and (d) of clause 4(iii) of the order are not applicable to the Company.

b. The Company has not taken Unsecured loans Party covered in the register maintained under section 301 of the Companies Act,1956. Accordingly, the clauses (iii)(f) and (iii)(g) of paragraph 4 of the order are not applicable to the Company.

IV) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures, commensurate with the size of the Company and the nature of its business for the purchase of inventories, fixed assets and for sale of goods,. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

V) In respect of transaction entered in the register maintained in pursuance of Section 301 of Companies Act, 1956.

a. In our opinion and according to the information and explanations given to us, there are no transactions that requires to be entered into a register maintained under section 301 of the Companies Act,1956.

b. There are no transactions of purchase and sales of goods , materials and services made in pursuance of contracts or arrangements entered in the register under section 301 of the Companies Act,1956,aggregating during the year to Rs.5,00,000 or more in respect of each party.

VI) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public during the year. Therefore, the provisions of clause 4 (vi) of the Order are not applicable to the Company.

VII) The Company does not have an Internal Audit System.

VIII) The Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Act for any of its products. Therefore, the provisions of clause 4 (viii) of the Order are not applicable to the Company. IX) In respect of statutory and other dues:

a. The Company has been generally during the year in depositing with appropriate authorities, undisputed dues including Provident Funds, Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Cess any other statutory dues applicable to it.

b. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Funds, Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Cess were in arrears, as at 31stMarch, 2013 for a period of more than six months from the date of they become payable.

c. According to the information and explanations given to us, there are no dues of salestax,Incometax,Customduty,Wealthtax,Excise Duty and Cess etc.

X) The Company has an accumulated losses exceeding more than 50% of its net worth as on March 31,2013 at the end of the financial year. The Company has not incurred cash loss during the financial year covered by the audit . The Company has incurred Cash loss in immediately preceding financial year.

XI) The Company has not defaulted in repayment of dues to financial institutions or bank.

XII) The Company has not granted any loans and advances on the bases of security by way of pledge of shares, debentures or other securities.

XIII) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

XIV) The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the Order are not applicable to the Company.

XV) The Company has not given guarantee for loans taken by others from banks or financial institutions.

XVI) In our opinion,The Company has not raised any term loan during the year .The term loans outstanding at the beginning of the year have been applied for the purposes for which it was raised.

XVII) According to the cash flow statements and overall examination of the balance sheet of the Company and explanations given to us, on an overall basis, funds raised on short-term bases have not, prima-facie, been used during the year for long-term investment.

XVIII) The Company has not made any preferential allotment of shares during the year.

XIX) The Company has not issued any secured debentures during the year.

XX) The Company has not raised any money by public issue during the year.

XXI) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Darji And Associates

Chartered Accountants

(Registration No. 116519W)

Date: 29/05/2013

Place: V.V.Nagar CA L. B. DARJI

Partner

M.No. 030992


Mar 31, 2012

We have audited the attached Balance Sheet of DINESH ALLORGA LIMITED as at 31st March,2012 and also the statement of Profit & Loss and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. This financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors Report ) Order 2003, issued by the Central Government of India in terms sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraph 4 and 5 of the said Order.

2. Further to our comments in the annexure referred to in paragraph 1 above, we report that:

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

b) In our opinion, proper books of accounts as required by law have been kept by the Company, so far as it appears from our examination of those books;

c) The Balance sheet and 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 and statement Profit and Loss and Cash Flow Statement 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 bases of written representation 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 are 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) References invited to:

i) Note no.11 regarding no provision for doubtful long term loans and advances.

g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon, give the information as 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 case of statement of Profit & Loss of the loss for the year ended on that date, and

(iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

I) In respect of fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. According to the information and explanation given to us, the fixed assets were physically verified by the management in accordance with the programme of verification, which in our opinion, is reasonable having regards to the size of the Company and the nature of its assets the discrepancy noticed on physical verification were not material and have been properly dealt with in the books of accounts.

c. During the year, the Company has not disposed off substantial part of fixed assets that affects the going concern of the Company.

II) In respect of inventories:

a. The Company has conducted physical verification of inventories at reasonable intervals during the year.

b. In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

III) In respect of loans, secured or unsecured, granted or taken by the Company to/from Companies ,firms or other parties covered in the register maintained under Section 301 Companies Act, 1956.

a. The Company has not granted any loans, secured or unsecured to the companies,firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of sub-clause (b), (c) and (d) of clause 4(iii) of the order are not applicable to the Company.

b. The Company has taken Unsecured loans amounting to Rs. 20,43,210 from the One Parties covered in the register maintained under section 301 of the Companies Act,1956. The maximum outstanding during the year Rs.8,42,791 and also the year end balance was Rs.4,39,000.

c. In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the loans given by the Company, are not prima facie prejudicial to the interest of the Company

d. The payment of the Principal amount & the Interest was regular during the Year wherever applicable

IV) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures, commensurate with the size of the Company and the nature of its business for the purchase of inventories, fixed assets and for sale of goods,. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

V) In respect of transaction entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956.

a. In our opinion and according to the information and explanations given to us, there are no transactions that requires to be entered into a register maintained under section 301 of the Companies Act,1956.

b. There are no transactions of purchase and sales of goods , materials and services made in pursuance of contracts or arrangements entered in the register under section 301 of the Companies Act,1956,aggregating during the year to Rs.5,00,000 or more in respect of each party.

VI) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public during the year. Therefore, the provisions of clause 4 (vi) of the Order are not applicable to the Company.

VII) The Company does not have an Internal Audit System.

VIII) The Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Act for any of its products. Therefore, the provisions of clause 4 (viii) of the Order are not applicable to the Company.

IX) In respect of statutory and other dues:

a. The Company has been generally during the year in depositing with appropriate authorities, undisputed dues including Provident Funds, Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Cess any other statutory dues applicable to it.

b. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Funds, Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Cess were in arrears, as at 31stMarch, 2012 for a period of more than six months from the date of they become payable.

c. According to the information and explanations given to us, there are no dues of sales tax, Income tax, Custom duty, Wealth tax, Excise Duty and Cess etc.

X) The Company has an accumulated loss at the end of the financial year. The Company has incurred cash loss during the financial year covered by the audit . the Company has not incurred Cash loss in immediately preceding financial year.

XI) The Company has not defaulted in repayment of dues to financial institutions or bank.

XII) The Company has not granted any loans and advances on the bases of security by way of pledge of shares, debentures or other securities.

XIII) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

XIV) The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the Order are not applicable to the Company.

XV) The Company has not given guarantee for loans taken by others from banks or financial institutions.

XVI) In our opinion, The Company has not raised any term loan during the year . The term loans outstanding at the beginning of the year have been applied for the purposes for which it was raised.

XVII) According to the cash flow statements and overall examination of the balance sheet of the Company and explanations given to us, on an overall basis, funds raised on short-term bases have not, prima-facie, been used during the year for long-term investment.

XVIII) The Company has not made any preferential allotment of shares during the year.

XIX) The Company has not issued any secured debentures during the year.

XX) The Company has not raised any money by public issue during the year.

XXI) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Darji And Associates

Chartered Accountants

(Registration No. 116519W)

CA L. B. DARJI

Date: 30-05-2012 Proprietor

Place: V. V. Nagar M.No. 030992


Mar 31, 2010

We have audited the attached Balance Sheet of DINESH ALLORHA LIMITED as at 31st March,2010 and also the Profit & Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. This financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Companies (Auditors Report) Order 2003, issued by the Central Government of India in terms sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraph 4 and 5 of the said Order.

2. Further to our comments in the annexure referred to in paragraph 1 above, we report that:

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

b) In our opinion, proper books of accounts as required by law have been kept by the Company, so far as it appears from our examination of those books;

c) The Balance sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Profit and Loss Account and Cash Flow Statement 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 bases of written representation received from the Directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a Director in terms of clause (g)-of sub- section (1) of section 274 of the Companies Act, 1956.

f) References invited to:

i) Note no.4 regarding no provision for doubtful loans and advances

g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon, give the information as 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, 2010, and

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

(iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.



ANNEXURE TO AUDITORS REPORT



I) In respect of fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. According to the information and explanation given to us, the fixed assets were physically verified by the management in accordance with the programme of verification, which in our opinion, is reasonable having regards to the size of the Company and the mature of its assets, the discrepancy noticed on physical verification were not material and have been properly dealt with in the books of accounts.

c. During the year, the Company has not disposed off substantial part of fixed assets that affects the going concern of the Company.

II) In respect of inventories:

a. The Company has conducted physical verification of inventories at reasonable intervals during the year.

b. In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of its inventories and no material discrepancies were noticed on physical verification.

III) In respect of loans, secured or unsecured, granted or taken by the Company to/from Companies, firms or other parties covered in the register maintained under Section 301 Companies Act, 1956.

a. The Company has not granted any loans, secured or unsecured to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of sub-clause (b), (c) and (d) of clause 4(iii) of the order are not applicable to the Company.

b. The Company has not taken any loans , secured or unsecured , from the parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefor the provisions of sub section (f) and (g) of clause 4 (iii) are not applicable to the Company.

IV) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures, commensurate with the size of the Company and the nature of its business for the purchase of inventories, fixed assets and for sale of goods,. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

V) In respect of transaction entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956.

a. In our opinion and according to the information and explanations given to us, there are no transactions that requires to be entered into a register maintained under section 301 of the Companies Act, 1956.

b. There are no transactions of purchase and sales of goods , materials and services made in pursuance of contracts or arrangements entered in the register under section 301 of the Companies Act, 1956,aggregating during the year to Rs.5,00,000 or more in respect of each party.

VI) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public during the year. Therefore, the provisions of clause 4 (vi) of the Order are not applicable to the Company.

VII) Since the average annual turnover of the company does not exceed Rs. 5.00 Crore for a period of three consecutive financial years immediately preceding this financial year the company does not required internal audit system.

VIII) The Central Government has not prescribed the maintenance of cost records under clause (d) of sub section (1) of section 209 of the Act for any of its products. Therefore, the provisions of clause 4 (viii) of the Order are not applicable to the Company.

IX) In respect of statutory and other dues:

a. The Company has been generally during the year in depositing with appropriate authorities, undisputed dues including Provident Funds, Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Cess any other statutory dues applicable to it.

b. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Funds, Investor Education & Protection Fund, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Cess were in arrears, as at 31st March, 2010 for a period of more then six months from the date of they become payable.

c. According to the information and explanations given to us, there are no dues of sales tax.lncome tax, Custom duty, Wealth tax, Excise Duty and Cess etc.

X) The Company has not incurred a cash loss during the year. the Company have a accumulated loss, and there was cash loss in immediately preceding financial year.

XI) The Company has not defaulted in repayment of dues to financial institutions or bank.

XII) The Company has not granted any loans and advances on the bases of security by way of pledge of shares, debentures or other securities.

XIII) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the Company.

XIV) The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the Order are not applicable to the Company.

XV) The Company has not given guarantee for loans taken by others from banks or financial institutions.

XVI) In our opinion, the term loans obtained during the year have been applied for the purpose for which they were taken. •

XVII) According to the cash flow statements and overall examination of the balance sheet of the Company and explanations given to us, on an overall basis, funds raised on short-term bases have not, prima facie, been used during the year for long-term investment.

XVIII) The Company has not made any preferential allotment of shares during the year.

XIX) The Company has not issued any secured debentures during the year.

XX) The Company has not raised any money by public issue during the year.

XXI) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Darji And Associates

Chartered Accountants

(Registration No. 116519W)

CA L. B. DARJI

Vallabh Vidyanagar 25th May, 2010 Proprietor

M.No.030992

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