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Auditor Report of Innovation Software Exports Ltd.

Mar 31, 2014

1. We have audited the accompanying Financial Statements of INNOVATION SOFTWARE EXPORTS LIMITED which comprise the Balance Sheet as at 31st March 2014, Profit and Loss Account for the year then ended, and other explanatory information.

Management’s Responsibility for the Financial Statements:

2. Management of the Company is responsible for the preparation of these Financial Statements that give true and fair view of the financial position and financial performance of the Company in accordance with the Companies Act. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility:

3. 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.

4. 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 statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Audit opinion.

Opinion

6. In our opinion, and to the best of our information and according to the explanation 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, 2014; and

(b) in the case of Profit & Loss, of the Profit/Loss of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet, the Profit & Loss Account have been drawn up in accordance with provisions of Companies Act;

8. 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 the audit and have found them to be satisfactory.

b) The transactions of the Company which have come to my/our notice have been within the powers of the Company.

9. We further report that:

a) the Balance Sheet, Profit & Loss Account dealt with by this report are in agreement with the books of account and returns;

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;

Other Matters : NIL

ANNEXURE TO THE AUDITOR’S REPORT

As required by the Companies (Auditor''s Report) order, 2003 issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company, as we considered appropriate and according to the information and explanations given to us during the course of the audit, we report that,

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. In our opinion, the company has not taken / granted loans during the year from / to parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. In our opinion and in accordance with the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

4. In our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in respect of each party.

5. In our opinion, and according to the information and explanations given to us, the company has not accepted any deposits from public.

6. In our opinion, the company does not have an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

7. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 as the same is not applicable to the Company.

8. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

9. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2014, for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

10. On the basis of the financial statements, the Company has accumulated loss of Rs. 20,112,467 and the Company has incurred cash losses during the year.

11. The Company has not issued any debentures. According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the Order is not applicable.

13. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a Society. Accordingly, clause 4(xiii) of the order is not applicable.

14. According to the information and the explanations given to us and based on the records examined by us, the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

15. On the basis of information and explanations given to us, the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

16. The Company has not taken any term loans. Hence clause (xvi) of para''4(A) is not applicable.

17. On the basis of our examination of the books of account and the information and explanation given to us no funds was raised on short term basis.

18. The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act, 1956. Hence clause 4(xviii) of the Order is not applicable.

19. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

21. On the basis of financial statements, it is explained by the management that there were no investments, hence diminution in value of investments does not arise.

22. The nature of the business of the company is such that the clauses II, XIII, XIV of paragraph 4 of the Companies Act (Auditor''s Report) order 2003 are not applicable.

For RAMRAJ & Co., Chartered Accountants (FRNo.002839S)

Place: Chennai . Date : 30th August 2014. Sd/- A.Amarnatha Reddy Partner M No. 213102


Mar 31, 2012

1. We have audited the attached Balance Sheet of Innovation Software Exports Limited, Chennai as at 31st March, 2012 the Profit and Loss Account and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatements. 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 presentation of the financial statements. 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 the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. 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 to 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 appears from our examination of such books.

c) The Balance Sheet, Profit and Loss Account and cash flow statement are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who, as at 31st March 2012, are disqualified under section 274(1)(g) of the Companies Act,1956, from being appointed as Directors.

f) The Company has not levied or collected any cess for the purpose of rehabilitation or revival or production of the assets of the sick Industrial Company on its annual turnover and has not paid to the credit of the Central Government, the said levy as required u/s 441 A of the Companies Act as the same has not been notified by the Central Government.

g) In our opinion and to the best of our information and according to the explanations given to us, the said account read along with the notes thereon give the information required by the Companies Act, 1956 in the manners required and also give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March, 2012 and

ii) In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii)In so far as it relates to the Cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph '3' of our report of even date)

As required by the Companies (Auditor's Report) order, 2003 issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company, as we considered appropriate and according to the information and explanations given to us during the course of the audit, we report that,

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. In our opinion, the company has not taken / granted loans during the year from / to parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. In our opinion and in accordance with the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

4. In our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in respect of each party.

5. In our opinion, and according to the information and explanations given to us, the company has not accepted any deposits from public.

6. In our opinion, the company does not have an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

7. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 as the same is not applicable to the Company.

8. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

9. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2012, for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

10. On the basis of the financial statements, the Company has accumulated loss of Rs. 1,92,917/- and the Company has incurred cash losses during the year.

11. The Company has not issued any debentures. According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the Order is not applicable.

13. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a Society. Accordingly, clause 4(xiii) of the order is not applicable.

14. According to the information and the explanations given to us and based on the records examined by us, the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

15. On the basis of information and explanations given to us, the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

16. The Company has not taken any term loans. Hence clause (xvi) of para'4(A) is not applicable.

17. On the basis of our examination of the books of account and the information and explanation given to us, in our opinion, the funds raised on short term basis have not been used for long term investment.

18. The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act, 1956. Hence clause 4(xviii) of the Order is not applicable.

19. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

21. On the basis of financial statements, it is explained by the management that diminution in value of investments, which are not realizable as on 31.03.2012 has been charged to Profit& Loss Account. In the later year, if realizable, would be credited to Profit & Loss Account.

22. The nature of the business of the company is such that the clauses II, XIII, XIV of paragraph 4 of the Companies Act (Auditor's Report) order 2003 are not applicable.

For RAMRAJ & Co., Chartered Accountants

Chennai A. AMARNATHA REDDY Date: 22nd August, 2012. Partner M. No.213102


Mar 31, 2010

1. We have audited the attached Balance Sheet of Innovation Software Exports Limited, Chennai as at 31st March, 2010 the Profit and Loss Account and the cash flow statement for the year ended on that date. 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 the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatements. 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report), Order 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. 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 to 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 appears from our examination of such books.

c) The Balance Sheet, Profit and Loss Account and cash flow statement are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who, as at 31st March 2010, are disqualified under section 274(1)(g) of the Companies Act,1956, from being appointed as Directors.

f) The Company has not levied or collected any cess for the purpose of rehabilitation or revival or production of the assets of the sick Industrial Company on its annual turnover and has not paid to the credit of the Central Government, the said levy as required u/s 441 A of the Companies Act as the same has not been notified by the Central Government.

g) In our opinion and to the best of our information and according to the explanations given to us, the said account read along with the notes thereon give the information required by the Companies Act, 1956 in the manners

required and also give a true and fair view in conformity with the accounting principles generally accepted in India.

i. In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st March, 2010 and ii. In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date. iii. In so far as it relates to the Cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date)

As required by the Companies (Auditors Report) order, 2003 issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company, as we considered appropriate and according to the information and explanations given to us during the course of the audit, we report that,

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. In our opinion, the company has not taken / granted loans during the year from / to parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. In our opinion and in accordance with the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

4. In our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in respect of each party.

5. In our opinion, and according to the information and explanations given to us, the company has not accepted any deposits from public.

6. In our opinion, the company does not have an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

7. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 as the same is not applicable to the Company.

8. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

9. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duty as at 31st March, 2010, for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

10. On the basis of the financial statements, the Company has accumulated loss of Rs.12,460,387 and the Company has not incurred cash losses during the year.

11. The Company has not issued any debentures. According to the records of the Company examined by us, the Company has not availed any term loan or working capital limits from any bank of financial institution.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, clause 4(xii) of the Order is not applicable.

13. The Company is not a Chit Fund, Nidhi, Mutual Benefit Fund or a Society. Accordingly, clause 4(xiii) of the order is not applicable.

14. According to the information and the explanations given to us and based on the records examined by us, the company is maintaining proper records in respect of the shares dealt and the said investments (subject to note on investment) have been held by the company in its own name as per the provisions of the Section 49 of the Companies Act, 1956.

15. On the basis of information and explanations given to us, the company has not given guarantee to any Bank or Financial Institution on behalf of other parties.

16. The Company has not taken any term loans. Hence clause (xvi) of para4(A) is not applicable.

17. On the basis of our examination of the books of account and the information and explanation given to us, in our opinion, the funds raised on short term basis have not been used for long term investment.

18. The Company has not made any preferential allotment of shares to any party listed in the register maintained under section 301 of the Companies Act, 1956. Hence clause 4(xviii) of the Order is not applicable.

19. The Company has not issued debentures. Hence, clause 4(xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issues during the year. Hence clause 4(xx) of the Order is not applicable.

21. According to information and explanations furnished to us no fraud on or by the company has been noticed or reported during the year other than the shortage of cash of Rs.12, 79,248/- reported as on 31.03.2002 and same has been charged to profit and loss account during the previous year.

22. On the basis of financial statements, it is explained by the management that diminution in value of investments, which are not realizable as on 31.03.2010 has been charged to Profit& Loss Account. In the later year, if realizable, would be credited to Profit & Loss Account.

23. The nature of the business of the company is such that the clauses II, XIII, XIV of paragraph 4 of the Companies Act (Auditors Report) order 2003 are not applicable.

For RAMRAJ & Co., Chartered Accountants

Sd/-

Chennai A. AMARNATHA REDDY Date: 22nd August, 2010. Partner M. No.213102


Mar 31, 2009

1 We have audited the attached Balance Sheet of Innovation Software Exports Limited, Chennai as at 31st March, 2009 the Profit and Loss Account and the cash flow statement for the year ended on that date. 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 the auditing standards generally accepted in India. These standards require the we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatements. 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report), Order 2003 issued by the Central Government in terms of Section 227(4 A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. Further to our comments in the annexure referred to in paragraph V above we report that:

a) We have obtained all the information and explanations which to the best to 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 appears from our examination of such books.

c) The Balance Sheet, Profit and Loss Account and cash flow statement are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the information and explanations given to us and representations obtained by the company there are no directors of the company who, as at 31st March 2009, are disqualified under section 274(1 )(g) of the Companies Act, 1956, from being appointed as Directors

f) The Company has not levied or collected any cess for the purpose rehabilitation or revival or production of the assets of the sick industrial Company on its annual turnover and has not paid to the credit of the Centre Government, the said levy as required u/s 441 A of Companies Act as the same has not been notified by the Central Government. g) In our opinion and to the best of our information and according to the explanations given to us, the said account read along with the notes thereon the information required by the Companies Act, 1956 in the manners require and also give a true and fair view in conformity with the accounting principle geberally accepted in India.

i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 31st Narch, 2009 and

ii) In so far as it relates to the Profit and Loss Account of the Profit of the Company for the year ended on that date.

iii) In so far as it relates to the Cash flow statement, of the cash flow for year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 3 of our report of even date)

As required by the Companies (Auditors Report) order, 2003 issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company, as we considered appropriate and according to the information and explanations given to us during the course of the audit, we report that,

1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the assets have been physically verified by the management during the year which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No serious discrepancies were noticed on such verification. None of the Fixed Assets were disposed off during the year and therefore do not affect the going concern status of the Company.

2. In our opinion, the company has not taken / granted loans during the year from / to parties listed in the register maintained under section 301 of the Companies Act, 1956.

3. In our opinion and in accordance with the information and explanations given to us, there is adequate internal control procedure commensurate with the size of the company and nature of its business, for purchases of inventory and fixed assets and with regard to the sale of goods.

4. In our opinion, and according to the information and explanations given to us, there are no transactions for purchase / sale of goods, services made in purchase of contracts or arrangements required to be entered in the register maintained under section 301 of the register, aggregating during the year to Rs.5,00,000/- or more in respect of each party.

5. In our opinion, and according to the information and explanations given to us, the company has not accepted any deposits from public.

6. In our opinion, the company does not have an internal audit system, the scope and coverage of which needs to be strengthened to make it commensurate with the size and nature of its business.

7. The Company is not required to maintain any cost records as prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 as the same is not applicable to the Company.

8. According to the explanations given to us, the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees State Insurance Act, 1948 are not applicable to the Company.

9. According to the information and explanations given to us,- there are no undisputed amounts payable in respect of Sales Tax, Customs Duty and Excise Duly as at 31st March. 2009, for a period of more than six months from the date they became payable. Further, according to the information and explanations give to us, there are no disputed statutory dues pending payment.

10. On the basis of the financial statements, the Company has accumulated loss of Rs. 16,617,474 and the Company has not incurred cash losses during the year.

(11 to 15 Image not clear)

16. The Company has not taken any term loans. Hence clause (Xvi) of para 4(A) not applicable.

17. On the basis of our exmination of the books of account and the information a explanation given to us, in our opinion, the funds raised on short term basis had not been used for long term investment.

18. The Company has not made any preferential allotment of shares to any pay listed in the register maintained under section 301 of the Companies Act, 1975 Hence clause 4(xiii) of the Order is not applicable.

19. The Company has not issued debentures Hence, clause 4(xix) of the Order is applicable.

20. The Company has not raised any money by way of public issues during the uear Hence clause 4(xx) of the Order is not applicable.

21. According to information and explanations furnished to us no fraud on or the company has been noticed or reported during the year other than shortage of cash of Rs. 12,79,248/- reported as on 31.03.2001 and same has been charged to profit and loss account during the previous year.

22. On the basis of financial statements, it is explained by the management diminution in value of investments, which are not realizable as on 30.03.2002 has been charged to Profit & Loss Account. In the later year, if realization would be credited to Profit & Loss Account.

23. The nature of the business of the company is such that the clause II, xIII, xIV paragraph 4 of the Companies Act (Auditors Report) order 2003 are applicable.

For RAMRAJ & Co.

Chartered Accountants

A. AMARNATHA REDDY

Partner

M. No.213102 Chennai

22nd August 2009