Mar 31, 2015
We have audited the accompanying financial statements of Howard Hotels
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2015, 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
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)
rule,2014.This responsibility also includes the maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing 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 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 gives 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 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 at March 31, 2015;
b) in the case statement of the Profit and Loss, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Companies Act,
2013 read with Rule 7 of the Companies (Accounts) rules,2014
e) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best to 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, for which there
were any material foreseeable losses.
iii) There has been no delay in transferring amounts, required to be
transferred, to the investor Education and Protection Fund by the
Company
ANNEXURE REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF HOWARD
HOTELS LIMITED FOR THE YEAR ENDED ON 31ST MARCH, 2015.WE REPORT THAT:
i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The Company has a regular programme of physical verification of its
fixed assets by which all fixed assets shall be verified in a phased
manner. Accordingly, the Company has carried out a physical
verification of fixed assets at the end of the current year. No
discrepancies were noted on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
ii) a) As explained to us, the Inventory has been physically verified
by the management at regular intervals during the year.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The company is maintaining proper records of inventory. No
discrepancies noticed on verification between the physical stocks and
the book records.
iii) The company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013. Accordingly, the clauses
iii (a) & (b) of the order are not 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 with regard to purchase of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any major weakness in internal controls.
v) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public
vi) To the best of our knowledge and as explained to us, the Central
Government has not prescribed maintenance of cost records under clause
of sub-section (!) of section 148 of the Companies Act, 2013 for the
services rendered by the Company.
vii) a) According to the information and explanations given to us and
according to the books and records produced before us, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, employees' state insurance, income tax,
sales tax, wealth tax, service tax, value added taxes and other
statutory dues with the appropriate authority, as applicable to it.
b) According to the information and explanations given to us, there are
no dues of sales tax or income tax or wealth tax or service tax or
value added tax or cess which have not been deposited on account of any
dispute except as under;
Name of the Nature of Amount Period to which Forum where
Statute Dues (Rs. in Amount relates dispute is
lacs) pending
Sales Tax Sales Tax 1.57 2009-10 to Sales Tax
Act Demand 2012-13 Appellate
tribunal
Provident Provident 9.19 01/04/1996 to Asstt. /Regional
Fund Fund Penalty 31/01/2014 Commissioner,
Provident
Fund
c) According to the information and explanations provided to us, the
company is not required to transfer to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act,1956 (1 of 1956) and rules made there under.
viii) In our opinion, the company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
ix) According to the books of accounts and records of the Company,
during the year under audit, the company has not defaulted in repayment
of dues to a financial institution, bank or debenture holders.
x) According to the information and explanations given to us, the
company has not given any guarantee or loans taken by others from banks
and financial institutions.
xi) According to the information and explanations given to us, the
company has not availed any term loans during the year under audit.
xii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For P. C. Bindal & Co.
Chartered Accountants
Firm Registration Number:003824N
Sd/-
CA. Manushree Bindal
Place of Signature: Agra (U.P.) Partner
Date: 29.05.2015 M. No. 517316
Mar 31, 2014
We have audited the accompanying financial statements of Howard Hotels
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the companies Act 1956 ("the
Act") read with the general circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013 and in accordance with accounting principles
generally accepted in India. 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 control relevant to the Company''s
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case statement of the Profit and Loss, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in 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 notified under
the companies Act 1956 ("the Act") read with the general circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013.
e) on the basis of written representations received from the directors
as on March 31, 2014, and taker 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF HOWARD HOTELS LIMITED FOR THE YEAR ENDED ON 31ST MARCH, 2014
i ) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets have been physically verified by the management
during the year. No material discrepancies
were noticed on such verification. -
c) During the year, the company has not disposed off substantial /
major part of fixed assets.
ii) a) As explained to us, the Inventory has been physically verified
during the year by the management. In our opinion, the frequency of verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) According to the information & explanation given to us, we are of
the opinion that the company is maintaining proper records of
inventory. As per records and information made available, the
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
iii) a) According to the information and explanations given to us, the
company has not granted any loan to parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Accordingly, the clauses 4 (iii) (a) to (d) of the order are
not applicable.
b) According to the information and explanations given to us, the
company had taken unsecured loan from three parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 305 lacs and the
year-end balance of loans taken from such parties was Rs 160 lacs.
c) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions on which
unsecured loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
Company.
d) According to the information and explanation given to us, the
payment of principal and interest are regular as stipulated.
iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and nature of its business with regard to
purchases of inventory and fixed assets, and with regard to the sale of
goods and services. During the course of our audit, no major weakness
has been notices in the internal controls.
v) a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts
or arrangements referred to in section 301 of the Companies Act, 1956
have been entered into the register maintained under section 301 of the
Companies Act, 1956 ; and
b) In our opinion and according to the information and explanations
given to us, the company has not made any transactions exceeding rupees
five lacs in pursuance of contracts or arrangements referred to in
section 301 of the Companies Act, 1956. Accordingly, the clauses 4 (v )
(b) of the order are not applicable
vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public to
which provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 apply. No order
has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) According to the information and explanations given to us the
Rules made by the Central Government for the maintenance of cost
records under section 209 1) (d) of the Companies Act, 1956 are not
applicable to the company.
ix) a) According to the information and explanations given to us and
according to the books and records produced
before us, the company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees'' state insurance income tax,
wealth tax, sales tax, service tax, customs duty, excise duty and cess
and other material statutory dues applicable to it were in arrears, as
at 31st March, 2014 for a period of more than six months from the date
they become payable.
c) According to the information and explanations given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute are as under;
Name of the Nature of Dues Amount (Rs.in Period to which Forum where
Statute lacs) Amount relates dispute is
pending
Sales Tax Sales Tax 0.83 2012-13 Deputy Com
Act Demand missioner,
Sales Tax
Provident Provident Fund 9.19 01/04/1996 to Asstt./Reg
Fund Penalty 31/01/2014 ional
Commissi
oner, Provi
dent
Fund
x) In our opinion, the company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
xii) According to the information and explanations 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.
xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provision of clause 4 (xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
xiv) In our opinion and according to the information and explanations
given to us , 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.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi) In our opinion, and according to the information and explanations
given to us, the company has not taken any term loans during the year.
xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have, prima facie, not
been used during the year for long-term investment.
xviii) According to the information and explanations 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.
xix) According to the information and explanations given to us, the
company had not issued any debentures during the year.
xx) According to the information and explanations given to us, the
company had 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
course of our audit.
For P. C. Bindal & Co.
Chartered Accountants
Firm Registration Number:003824N
Sd/-
CA. Manushree Bindal
Place of Signature: Agra (U.P.) Partner
Date: 30.05.2014 M. No. 517316
Mar 31, 2013
1. We have audited the attached balance sheet of Howard Hotels Limited
as at 31st March, 2013, the profit & loss account and also the cash
flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor''s Report) order, 2003 issued
by 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.
4. Further to our comments in the annexure referred to above, we
report that:
i) We Hve obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) 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
those books ;
iii) The balance sheet, profit & loss account and cash flow statement
dealt with by this report are in agreement with the woks of account;
iv) In our opinion, the balance sheet, profit & loss account and cash
flow statement dealt with this report comply with the accounting
standards referred in section 211 (3 C) of the Companies Act, 1956;
v) On the basis of the written representations 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 is 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 ;
vi) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act 1956 in the manner so required and give a
true and fair view in conformity with accounting principles generally
accepted in India:
a) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March, 2013;
b) In the case of Profit & Loss Account, of the Profit of the company
for the year ended on that date and
c) In the case of Cash Flow Statement, of the cash flow of the company
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF HOWARD HOTELS LIMITED FOR THE YEAR ENDED ON 31ST MARCH, 2013
i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off substantial /
major part of fixed assets.
ii) a) As explained to us, the Inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) According to the information & explanation given to us, we are of
the opinion that the company is maintaining proper records of
inventory. As per records and information made available the
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt . with
in the books of accounts.
iii) a) According to the information and explanations given to us, the
company has not granted any loan to parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the clauses 4 (iii) (a) to (d) of the order are not applicable.
b) According to the information and explanations given to us, the
company had taken unsecured loan from three parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 367 lacs and the
year-end balance of loans taken from such parties was 305 Lacs.
c) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions on which
unsecured loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
Company.
d) According to the information and explanation given to us, the
payment of principal and interest are regular or as stipulated.
iv) 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 nature of its business
with regard to purchases of inventory and fixed assets, and with regard
to the sale of goods and services. During the course of our audit, no
major weakness has been notices in the internal controls
v) a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the companies Act, 1956 have been entered
into the register maintained under section 301 of the Companies Act,
1956 ; and b) In our opinion and according to the information and
explanations given to us, the company has not made any transactions
exceeding rupees five lacs in pursuance of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 Accordingly, the
clauses 4 (v) (b) of the order are not applicable
vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public to
which provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 apply. No order
has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business
viii) According to the information and explanations given to us the
Rules made by the Central Government for the maintenance of cost
records under section 209(1) (d) of the Companies, 1956 are not
applicable to the company.
ix) a) According to the information and explanations given to us and
according to the books and records produced before us the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education and protection fund,
employees'' state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees'' state insurance income tax,
wealth tax, sales tax, service tax, customs duty, excise duty and cess
and other material statutory dues applicable to it were in arrears, as
at 31s''March, 2013 for a period of more than six months from the date
they become payable.
c) According to the information and explanations given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute
x) In our opinion, the company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
xii) According to the information and explanations 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
xiii) In our opinion, the company is not a chit fund or a Nidhi /
mutual benefit fund / society. Therefore, the provision of clause 4
(xiii) of the Companies (Auditor''s Report) order, 2003 are not
applicable to the company.
xiv) In our opinion and according to the information and explanations
given to us , 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.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi) In our opinion, and according to the information and explanations
given to us, the company has not taken any term loans during the year.
xvii) A- rding to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have, prima facie, not
been used during the year for long-term investment.
xviii) According to the information & explanations given to us, the
company has made preferential allotment of shares t.» parties and
companies covered in the register maintained under section 301 of the
Companies Act. In our opinion, the price at which shares have been
issued is not prejudicial to the interest of the company.
xix) According to the information and explanations given to us, the
company had not issued any debentures during the year.
xx) According to the information and explanations given to us, the
company had 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
course of our audit.
For P.CBINDAL& CO.
Chartered Accountants
FRN.No. 003824N
Sd/-
(CA K. C. Gupta )
PLACE: Agra (U.P.) Partner
DATED: May 29,2013 M.No.088638
Mar 31, 2012
1. We have audited the attached balance sheet of Howard Hotels Limited
as at 31st March, 2012, the profit & loss account and also the cash
flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) order, 2003
issued by 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.
4. Further to our comments in the annexure referred to above, we
report that:
i) 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;
ii) 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
those books ;
iii) The balance sheet, profit & loss account and cash flow statement
dealt with by this report are in agreement with the books of account ;
iv) In our opinion, the balance sheet, profit & loss account and cash
flow statement dealt with this report comply with the accounting
standards referred in section 211(3C) of the Companies Act, 1956 ;
v) On the basis of the written representations received from the
directors as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956 ;
vi) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with accounting principles generally
accepted in India:
a) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March, 2012;
b) In the case of Profit & Loss Account, of the Profit of the company
for the year ended on that date and
c) In the case of Cash Flow Statement, of the cash flow of the company
for the year ended on that date.
i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off substantial /
major part of fixed assets.
ii) a) As explained to us, the Inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) According to the information & explanation given to us, we are of
the opinion that the company is maintaining proper records of
inventory. As per records and information made available the
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
iii) a) According to the information and explanations given to us, the
company has not granted any loan to parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the clauses 4 (iii) (a) to (d) of the order are not applicable.
b) According to the information and explanations given to us, the
company had taken unsecured loan from three parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 150 lacs and the
year-end balance of loans taken from such parties was Nil.
c) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions on which
unsecured loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
Company.
d) According to the information and explanation given to us, the
payment of principal and interest are regular or as stipulated.
iv) 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 nature of its business
with regard to purchases of inventory and fixed assets, and with regard
to the sale of goods and services. During the course of our audit, no
major weakness has been notices in the internal controls.
v) a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the companies Act, 1956 have been entered
into the register maintained under section 301 of the Companies Act,
1956 ; and
b) In our opinion and according to the information and explanations
given to us, the company has not made any transactions exceeding rupees
five lacs in pursuance of contracts or arrangements referred to in
section 301 of the Companies Act, 1956. Accordingly, the clauses 4 (v)
(b) of the order are not applicable
vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public to
which provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 apply. No order
has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) According to the information and explanations given to us the
Rules made by the Central Government for the maintenance of cost
records under section 209(1) (d) of the Companies, 1956 are not
applicable to the company.
ix) a) According to the information and explanations given to us and
according to the books and records produced before us, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education and protection fund,
employees' state insurance, income tax, sales tax, wealth tax,
service tax, custom duty, excise duty, cess and other material
statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees' state insurance income tax,
wealth tax, sales tax, service tax, customs duty, excise duty and cess
and other material statutory dues applicable to it were in arrears, as
at 31st March, 2012 for a period of more than six months from the date
they become payable.
c) According to the information and explanations given to us, and the
records of the company examined by us, dues of sales tax, income tax,
customs duty, wealth tax, service tax, excise duty and cess, which have
not been deposited on account of disputes and the forum where the
disputes are pending as under:
Name of the
Statue Nature of
Dues Amount
(Rs in Period to which Forum where
Lacs.) amount relates disputes pending
UP Vat Act Vat Demand 3.09 Lacs 2007-2008 Additional
Commissioner
(Appeal)
x) In our opinion, the company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
xii) According to the information and explanations 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.
xiii) In our opinion, the company is not a chit fund or a Nidhi /
mutual benefit fund / society. Therefore, the provision of clause 4
(xiii) of the Companies (Auditor's Report) order, 2003 are not
applicable to the company.
xiv) In our opinion and according to the information and explanations
given to us , 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.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi) In our opinion, and according to the information and explanations
given to us, the company has not taken any term loans during the year.
xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have, prima facie, not
been used during the year for long-term investment.
xviii) According to the information & explanations given to us, the
company has made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Companies Act. In our opinion, the price at which shares have been
issued is not prejudicial to the interest of the company.
xix) According to the information and explanations given to us, the
company had not issued any debentures during the year.
xx) According to the information and explanations given to us, the
company had 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
course of our audit.
For P.C. BINDAL & CO.
Chartered Accountants
FRN. No. 003824N
Sd/-
(CA K. C. Gupta)
PLACE: Agra (U.P.) Partner
DATED: August 2, 2012 M.No.088638
Mar 31, 2011
1. We have audited the attached balance sheet of Howard Hotels Limited
as at 31st March, 2011, the profit & loss account and also the cash
flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditor's Report) order, 2003 issued
by 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.
4. Further to our comments in the annexure referred to above, we
report that:
i) 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;
ii) 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
those books ;
iii) The balance sheet, profit & loss account and cash flow statement
dealt with by this report are in agreement with the books of account ;
iv) In our opinion, the balance sheet, profit & loss account and cash
flow statement dealt with this report comply with the accounting
standards referred in section 211(3C) of the Companies Act, 1956 ;
v) On the basis of the written representations received from the
directors as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956 ;
vi) 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 to accounts in schedule "13" give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with accounting principles generally accepted in
India:
a) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March, 2011 ; and
b) In the case of Profit & Loss Account, of the Profit of the company
for the year ended on that date
c) In the case of Cash Flow Statement, of the cash flow of the company
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF HOWARD HOTELS LIMITED FOR THE YEAR ENDED ON 31ST MARCH, 2011
i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
( c) During the year, the company has not disposed off substantial /
major part of fixed assets. ii) a) As explained to us, the Inventory
has been physically verified during the year by the management. In our
opinion, the frequency of verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) According to the information & explanation given to us, we are of
the opinion that the company is maintaining proper records of
inventory. As per records and information made available the
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
iii) a) According to the information and explanations given to us, the
company has not granted any loan to parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the clauses 4 (iii) (a) to (d) of the order are not applicable.
b) According to the information and explanations given to us, the
company had taken unsecured loan from seven parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 316.12 lacs and the
year-end balance of loans taken from such parties was Rs. 186.25 lacs.
c) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions on which
unsecured loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
Company.
d) According to the information and explanation given to us, the
payment of principal and interest are regular or as stipulated.
iv) 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 nature of its business
with regard to purchases of inventory and fixed assets, and with regard
to the sale of goods and services. During the course of our audit, no
major weakness has been notices in the internal controls.
v) a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the companies Act, 1956 have been entered
into the register maintained under section 301 of the Companies Act,
1956 ; and b) In our opinion and according to the information and
explanations given to us, the company has not made any transactions
exceeding rupees five lacs in pursuance of contracts or arrangements
referred to in section 301 of the Companies Act, 1956. Accordingly,
the clauses 4 (v) (b) of the order are not applicable
vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public to
which provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 apply. No order
has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) According to the information and explanations given to us the
Rules made by the Central Government for the maintenance of cost
records under section 209(1) (d) of the Companies, 1956 are not
applicable to the company.
ix) a) According to the information and explanations given to us and
according to the books and records produced before us, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund,investor education and protection fund,
employees' state insurance,income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect o provident fund, investor
education and protection fund, employees' state insurance income tax,
wealth tax sales tax, service tax, customs duty, excise duty and cess
and other material statutory dues applicable to it were in arrears, as
at 31st March, 2011 for a period of more than six months from the date
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, service tax,
excise duty and cess, which have not been deposited on account of any
dispute.
Name of the
Statue Nature of Dues Amount (Rs.) Period to
which Forum where
amount
relates disputes
pending
UP Sales
Tax Act Sales Tax
Demand Rs. 8,53,
897/- (net 2007-2008 Additional
of advance) Commissioner
x) In our opinion, the company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
xii) According to the information and explanations 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.
xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provision of clause 4 (xiii) of
the Companies (Auditor's Report) order, 2003 are not applicable to the
company.
xiv) In our opinion and according to the information and explanations
given to us , 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.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi) In our opinion, and according to the information and explanations
given to us, the company has not taken any term loans during the year.
xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have , prima facie, not
been used during the year for long-term investment.
xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
xix) According to the information and explanations given to us, the
company had not issued any debentures during the year.
xx) According to the information and explanations given to us, the
company had 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
course of our audit.
For P.C. BINDAL & CO.
Chartered Accountants
Sd/-
(CA V. K. Gupta )
Partner
PLACE: Agra (U.P.)
M.No.096422
DATED: August 11, 2011
FRN No. 003824N
Mar 31, 2010
1. We have audited the attached balance sheet of Howard Hotels Limited
as at 31st March, 2010, the profit & loss account and also the cash
flow statement for the year ended oh that date annexed thereto. These
financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) order, 2003 issued
by 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.
4. Further to our comments in the annexure referred to above, we
report that:
i) 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;
ii) 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
those books ;
iii) The balance sheet, profit & loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
iv) In our opinion, the balance sheet, profit & loss account and cash
flow statement dealt with this report comply with the accounting
standards referred in section 211(3C) of the Companies Act, 1956 ;
v) On the basis of the written representations received from the
directors as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 st 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;
vi) 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 to accounts in schedule "12" give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with accounting principles generally accepted in
India:
a) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March, 2010 ; and
b) In the case of Profit & Loss Account, of the Profit of the company
for the year ended on that date
c) In the case of Cash Flow Statement, of the cash flow of the company
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF HOWARD HOTELS LIMITED FOR THE YEAR ENDED ON 31ST MARCH, 2010
i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off substantial /
major part of fixed assets.
ii) a) As explained to us, the Inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) According to the information & explanation given to us, we are of
the opinion that the company is maintaining proper records of
inventory. As per records and information made available the
discrepancies noticed on verification between the physical stocks and
the book records were not material and have been properly dealt with in
the books of accounts.
iii) a) According to the information and explanations given to us, the
company has not granted any loan to parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the clauses 4 (iii) (a) to (d) of the order are not applicable.
b) According to the information and explanations given to us, the
company had taken unsecured loan from fourteen parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs. 455.26 lacs and the
year-end balance of loans taken from such parties was Rs.303.00 lacs.
c) According to the information and explanations given to us, in our
opinion, the rate of interest and other terms and conditions on which
unsecured loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
Company.
d) According to the information and explanation given to us, the
payment of principal and interest are regular or as stipulated.
iv) 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 nature of its business
with regard to purchases of inventory and fixed assets, and with regard
to the sale of goods and services. During the course of our audit, no
major weakness has been notices in the internal controls.
v) a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the companies Act, 1956 have been entered
into the register maintained under section 301 of the Companies Act,
1956 ; and
b) In our opinion and according to the information and explanations
given to us, the company has not made any transactions exceeding rupees
five lacs in pursuance of contracts or arrangements referred to in
section 301 of the Companies Act, 1956. Accordingly, the clauses 4 (v)
(b) of the order are not applicable
vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from public to
which provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 apply. No order
has been passed by the Company Law Board or National Company Law
Tribunal or Reserve Bank of India or any Court or any other Tribunal.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) According to the information and explanations given to us the
Rules made by the Central Government for the maintenance of cost
records under section 209(1) (d) of the Companies, 1956 are not
applicable to the company.
ix) a) According to the information and explanations given to us and
according to the books and records produced before us, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees state insurance income tax,
wealth tax, sales tax, service tax, customs duty, excise duty and cess
and other material statutory dues applicable to it were in arrears, as
at 31st March, 2010 for a period of more than six months from the date
they become payable.
c) According to the information and explanations given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess, which have not been deposited on account of
any dispute.
x) In our opinion, the company does not have any accumulated losses.
The Company has not incurred cash losses during the financial year
covered by our audit and in the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
xii) According to the information and explanations 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.
xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provision of clause 4 (xiii) of
the Companies (Auditors Report) order, 2003 are not applicable to the
company.
xiv) In our opinion and according to the information and explanations
given to us , 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 (Auditors Report) order,
2003 are not applicable to the company.
xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
xvi) In our opinion, and according to the information and explanations
given to us, the company has not taken any term loans during the year.
xvii) According to the Cash Flow Statement and records examined by us
and according to the information and explanation given to us, on
overall basis, funds raised on short term basis have ,prima facie, not
been used during the year for long-term investment.
xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
xix) According to the information and explanations given to us, the
company had not issued any debentures during the year.
xx) According to the information and explanations given to us, the
company had 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
course of our audit.
For P.C. BINDAL & CO.
Chartered Accountants
Sd/-
(CA V. K. Gupta)
PLACE: New Delhi Partner
DATED: August 09, 2010 M.No.096422
FRN No. 003824N