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Auditor Report of International Pumps & Projects Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of INTERNATIONAL PUMPS AND PROJECTS LIMITED, which comprise the Balance Sheet as at 31st March, 2015 and the Statement of Profit and Loss, the Cash Row Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities: selection and application of appropriate accounting policies: making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act. the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements, The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place the adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and 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 accounting principles generally accepted in India, of the state of affairs of the company as at 31st March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by Section 143 (3) of the Act, we report that:

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

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

C) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations in its financial statements;

ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable tosses. However, company does not enter into any long-term contracts including derivative during the specified period;

iii) The Company is not required to transfer any amount to the Investor Education and Protection Fund,

g) As required by the Companies (Auditors' Report) Order 2015 (the Order) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the 'Annexure' a statement on the matters specified in paragraphs 3 and 4 of the Order.

''ANNEXURE" TO THE AUDITOR'S REPORT

(As referred in paragraphs of our report)

(i) In respect of fixed assets: -

(a) According to information and explanations given to us. the company has maintained proper records showing the full particulars including quantitative details and situation of fixed assets; and

(b) According to information and explanation given to us, fixed assets of the Company has been physically verified by its management once during the year which in our opinion, is reasonable having regard to size of business and nature of fixed assets. We have been informed that no material discrepancies have been noticed by the management on such verification; and

(ii) In respect of Inventories: -

(a) As per information, physical verification of inventories has been conducted once at the end of year which in our opinion is reasonable having regard to size and nature of business; and

(b) According to information and explanations given to us, the procedure followed by the management at the time of physical verification of inventories is reasonable and adequate in relation to size of the Company and nature of its business; and

(c) According to information and explanations given to us, the Company is maintaining proper records of inventories and we have been informed that the discrepancies noticed on verification between the physical stock and books record, have been properly dealt with in the Books of Accounts.

(iii) The Company has not granted any loans, secured and unsecured, to companies, firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013, Thus, sub- clause (iii) of the said order is not applicable.

(iv) In our opinion and according to the 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 the purchase of fixed assets and for sale of goods or supply of services. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal controls;

(v) According to information and explanations given to us. the Company has not accepted public deposits and the provision of section 73 to 76 or other relevant provisions of the Companies Act, 2013 and rules framed thereunder are not applicable to the Company;

(vi) Maintenance of cost records as prescribed under section 148(1) of the Companies Act, 2013 are not applicable to the company;

(vii) In respect of timely deposit of statutory dues as applicable to Company: -

(a) The company is generally regular in payment of its undisputed statutory dues such as Income Tax, Provident Fund, Wealth Tax, Service Tax and other statutory dues as applicable, to the appropriate authorities. There are no statutory dues outstanding as on last day of financial year for a period of more than six months from the date they became payable; and

(b) According to information and explanations given to us, there are no outstanding statutory dues on the part of Company which is not deposited on account of dispute;

(c) According to information and explanations given to us, Company is not required to transfer any amount to Investor Education and Protection Fund in accordance with the relevant provisions of Companies Act, 1956 and rules made thereunder to transfer such fund,

(viii) According to information and explanations given to us, the accumulated losses of the Company is less than fifty per cent of its net worth, and the Company has not incurred any cash losses during the financial year covered by this report and in the immediately preceding financial year:

(ix) According to information and explanation given to us, the company has not defaulted in repayment of dues to any bank or financial institution;

(x) According to information and explanation given to us, the Company has not given guarantee for loan taken by others from bank or financial institutions;

(xi) According to information and explanation given, to us, Company has not obtained any term loan during the year and hence provision of sub clause (xi) of para 3 of the order are not applicable;

(xii) During the course of our examination of books of accounts and according to information and explanation given to us, no fraud on or by the company has been noticed or informed during the year.

Signed for the purpose of identification

FOR V.N. RUROHIT & CO. Chartered Accountants Firm Regn. No. 304040E

Sd/- O.P. Pareek Partner Membership No. 014238

New Delhi, the 27th day of May 2015


Mar 31, 2014

We have audited the accompanying financial statements of INTERNATIONAL PUMPS AND PROJECTS LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March. 2014 and a summary of the significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. These Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error In making those risk assessments, the auditor considers the 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 cf the accounting estimates made by the 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 31st March. 2014

(b) In the case of Profit and Loss Account, of the profit of the Company for the year ended as on date

(c) In the case of 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. are applicable to the Company. We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said 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 cur knowledge and belief were necessary for the purposes of our audit.

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

(c) The Balance Sheet dealt with by this Report is in agreement with the books of account.

(d) In our opinion, the Balance Sheet complies with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March. 2014 taker: on record by the Board of Directors, none of the directors is disqualified as on 31st March. 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE REFERRED TO IN PARAGRAPH (3) OF OUR AUDIT REPORT OF EVEN DATE TO MEMBERS OF INTERNATIONAL PUMPS AND PROJECTS LIMITED

1. a) The company is maintaining proper records, showing full particulars, descriptions of its Fixed Assets being building and situation of the same.

b) Fixed Assets have been physically verified by the Management during the yea/ based on a phased programmed of verifying all the assets, which in our opinion is reasonable having regard to the size of the company and the nature of its Fixed Assets. No discrepancy has been noticed on such verification.

c) There was no disposal of any fixed assets during the year.

2. a) The company does not have any inventory as on 1st day of the accounting year as well as at the end of the accounting year therefore the requirement of para 2(a), (b), (c) of the order are not applicable to the company.

3 a) The company has not granted unsecured loans or advances in the nature of loans to the companies except one loan of Rs 82,10,000/- M/s Capital Electricals Ltd and other parties listed in the register maintained under section 301 of the Companies Act, 1956.

b) The company has not taken any secured or unsecured loan from any company, firm or other parties covered in the register maintained under section 301 of the Companies Act. 1956

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of fixed assets. During the course of our audit, no major weaknesses have been noticed in the internal controls.

5. a) According to the information and explanation given to us we are of the opinion that the transactions that need to be entered in to the register maintained u/s 301 of the Companies Act, 1956 have been so entered

b) In our opinion and according to the information and explanation given to us the transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act. 1956, and exceeding the value of Rs. 5.00.000/- in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time

6. The company has not accepted any deposit within the meaning of the provision of section 58A and section 58AA of the Companies Act, 1956 and the rules framed there under, therefore the requirements of this clause are not applicable to the company.

7. The Company has adequate internal audit system with regard to its size and nature of business managed by qualified and experienced staff In our opinion, such internal audit system is adequate and commensurate with the size and the nature of the business.

8. The Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956.

9. a) According to the information and explanations given to us and on the basis of our examination of the books of account, the company has been generally regular in depositing undisputed statutory dues including, Income Tax. During the previous year there were no statutory dues with regard to Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, CESS and any other statutory dues.

b) According to the information and explanations given to us. there are no undisputed amounts payable in respect of income tax, Wealth Tax, Customs duty and excise duty which are outstanding as at 31.03.2014 lor 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, Excise Duty and Cess, which have not been deposited on account of any dispute

10. The company has neither accumulated losses as at 31st March, 2014 nor has incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year ended 31st March 2014.

11. The company does not have any borrowing by issue of debentures, borrowing from financial institution for banks.

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

13. The company is not a chit fund/nidhi/mutual fund/society.

14. In our opinion, and according to the information and explanation given to us, to the extent the company is dealing in trading in shares, securities, debentures and other investments, is maintaining adequate record of transactions and contracts and timely entries have been made therein. The company has held the shares, securities, debentures and other securities in its own name.

15. In our opinion and according to the information and explanations given to us. the company has not given any guarantee for loan taken by others.

16. To the best of our knowledge and belief and according to the information and explanations given to us. the term loan taken from banks or financial institutions during the year has been utilized for the purposes it was obtained.

17. According to the Statement of accounts and other records examined by us and the information and explanations given to us on an overall basis, funds raised on short term basis, prima facie, have not been used during the year for long term investment and vice versa.

18. According to the information and explanations given to us, during the period under our audit, the company has not made preferential allotment of its equity shares to parties and the companies covered in the register maintained under section 301 of the Act.

19. According to the information and explanations given to us. during the period under our audit the company has not made any issue of debenture.

20. The company has not raised any monies by public issue during the year. Therefore the requirement of Clause is not applicable to the Company.

21. To the best of our knowledge and belief and according to the information and explanations given to us. no fraud on or by the company was noticed or reported during the year.

FOR ANIL RAM & ASSOCIATES CHARTERED ACCOUNTANTS

ANIL KUMAR (PARTNER) M.No. 090894 FRN No. 011986N

Place: New Delhi Date : 23.05.2014


Mar 31, 2013

We have audited the accompanying financial statements of INTERNATIONAL PUMPS AND PROJECTS LIMITED which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting priciples generally accepted in India including Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material mis-statement.

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, 2013;

b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and

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

1. As required by the Companies (Auditor's Report) Order, 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexurc a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

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

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet. Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

c) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

11. Based on audit procedures and on the information and explanation given by the management, we are of the opinion that the Company has not taken any loan from any financial institution and bank during the year. The Company does not have any borrowing by way of debentures.

12. Based on our examination of documents and records, the Company has not granted loans and advances on the basis of security by way of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us. the nature of activities of the Company does not attract any special status applicable to chit fund and nidhi/ mutual benefit fund/ societies.

14. In respect of dealing in securities and other investment, in our opinion and according to the information and explanation given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The security and other investment have been held by the Company in its own name except few shares.

15. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by its subsidiaries and associates from bank or financial institutions.

16. During the year, the Company has not taken any term loan from the bank or financial institutions.

17. We have been informed by the management, that the Company has not raised any funds on short-term basis and clause (xvii) of the said order is not applicable.

18. The Company did not have any outstanding debenture during the year.

19. The Company has not raised any money through a public issue during the year

29 Based upon the audit procedures performed and information and explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit during the year ended on 31.03.2013

Annexure referred to in paragraph [3] of our report of even date

TO MEMBERS OF INTERNATIONAL PUMPS AND PROJECTS LIMITED.

1. a. The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b. All fixed assets have been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. There was no disposal of fixed assets during the year. In our opinion and according to information and explanations given to us since the company has" not disposed off any substantial part of fixed assets during the year. Paragraph 4(i)(c) of the Company's Auditor Report Order 2004 is not applicable.

2. a. During the year the inventories has been physically verified by the management. In our opinion the frequency of verification is reasonable

b. In our opinion & explanation given to us the procedure of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company & nature of business.

c. On the basis of our examination of record of inventories we are of the opinion that the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification as compare in the books of record were not material and have been properly dealt with in the books of accounts.

3. a. As informed to us , the company has during the year not granted any loans , secured or unsecured to companies . firms or other parties covered in the register maintained under section 301 of the companies Act, 1956 and accordingly paragraph 4(iii)(a)(b)(c) & (d) of the Order are not applicable.

b. As informed to us, the company has not taken loans, secured or unsecured during the year from companies firms or other parties covered in the register maintained under section 301 of the companies Act, 1956.

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

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, that transactions is required to be entered into the register maintained under section 301, transactions with parties with whom transaction exceeding value of Rupees five lakhs have been entered into the register during the financial year.

6. The Company has not accepted any deposits from the public.

7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

8. We are of the opinion that the maintenance of cost records are not applicable as per rules framed by Central government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956.

9. According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including provident fund investor Education and protection fund. Employee's state insurance, sales tax cess and other statutory dues applicable to it except income tax with the appropriate authorities though there has been delay in a few cases payment which were not in arrears at the end of the financial year.

10. The company has accumulated losses at the end of the financial year and it has incurred loss Rs.2849316.61 in the current financial year. The Company has accumulated losses to the tune of Rs.43591511.21 as on 31.03.13.

For Anuj Garg & Company,

Chartered Accountants Place : New Delhi

Dated: 30.08.2013 (ANUJ GAR) Proprietor M.No. 082422


Mar 31, 2012

1. We have audited the attached Balance Sheet of INTERNATIONAL PI MPS AND PROJECTS LIMITED as 31st March, 2012 and also the Profit &. Loss Account 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 statement based on our audit:

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required 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 and as amended by Companies (Auditors Report) Order 2004 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act. 1956, vve enclose in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. Further to our comments in annexure referred to in the paragraph 3 above, we report that:

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

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

c) The Balance Sheet and Profit and Loss Account dealt by this report are in agreement in the books of accounts;

d) In our opinion, the Balance Sheet and Profit &. Loss Account dealt with by this report comply with the accounting standards specified by the 1CAI, referred to in sub section (3C) of section 211 of the Companies Act. 1956;

e) On the basis of the written representation received from the Directors, as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2012, from being appointment as an Director in terms of clause (g) of sub section (I) of section 274 of the Companies Act. 1956;

f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read with the notes on the accounts give the information required by the Companies Act. 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the balance sheet, of the state of the affairs of the Company as at 31st March 2012 and

ii) In the case of the Profit & Loss account, of the Loss for the year ended on that date.

iii) In the case of Cash Flow Statement of the cash flows for the year ended on that date

Annexure referred to in paragraph [3] of our report of even date

1) a. The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b. All fixed assets have been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. There was no disposal of fixed assets during the year. In our opinion and according to information and explanations given to us since the company has not disposed off any substantial part of fixed assets during the year. Paragraph 4(i)(c) of the Company's Auditor Report Order 2004 is .not applicable.

2) a. During the year the inventories has been physically verified by the management. In our opinion the frequency of verification is reasonable

b. In our opinion & explanation given to us the procedure of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company & nature of business.

c. On the basis of our examination of record of inventories we are of the opinion that the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification as compare in the books of record were not material and have been properly dealt with in the books of accounts.

3) a. As informed to us , the company has during the year not granted any loans , secured or unsecured to companies , firms or other parties covered in the register maintained under section 301 of the companies Act, 1956 and accordingly paragraph 4(iii)(a)(b)(c) & (d) of the Order are not applicable.

b. As informed to us , the company has taken loans , secured or unsecured from companies firms or other parties covered in the register maintained under section 301 of the companies Act, 1956 and the same are not prejudicial to the interest of the Company.

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

5) Based on the audit procedures applied by us and according to the information and explanations provided by the management, that no transactions is required to be entered into the register maintained under section 301. In respect of transactions with parties with whom transaction exceeding value of Rupees five lakhs have been entered into during the financial year, are at prices which are reasonable having regard to the prevailing market prices at the relevant time except in case of some transactions where we are unable to comment owing to the unique and specialized nature of the item involved and absence of any comparable prices, whether the transaction are made at prevailing market prices at the relevant time.

6) The Company has not accepted any deposits from the public.

7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

8) We are of the opinion that the maintenance of cost records are not applicable as per rules framed by Central government for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956.

9) According to the records of the Company, the Company is generally regular in deposition undisputed statutory dues including provident fund, Investor Education and protection fund, Employee's state insurance, Income tax, sales tax. cess and other statutory dues applicable to it with the appropriate authorities though there has been delay in a few cases payment which were not in arrears at the end of the financial year. Further, according to the information and explanations given to us. no undisputed amount payable in respect of income tax, sales tax were outstanding at the year end for a period of more than six months from the date they became payable According to the records of the Company, there are no dues outstanding of sales tax, income tax. and cess on account of any dispute.

10) The company has accumulated losses at the end of the financial year and it has incurred loss Rs.4069677.74 in the current financial year. The Company has accumulated losses to the tune of Rs.4032482.24 as on 31.03.12

11) Based on audit procedures and on the information and explanation given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution and bank. The Company does not have any borrowing by way of debentures.

12) Based on our examination of documents and records, the Company has not granted loans and advances on the basis of security by way of shares, debentures and other securities.

13) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special status applicable to chit fund and nidhi/ mutual benefit fund/ societies.

14) In respect of dealing in securities and other investment, in our opinion and according to the information and explanation given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The security and other investment have been held by the Company in its own name. The Company has not undertaken any dealing/ trading in shares and debentures.

15) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by its subsidiaries and associates from bank or financial institutions.

16) During the year, the Company has taken a term loan from the bank to finance a motor vehicle and same has been utilized for the same purpose for which it was taken and Company is repaying installments regularly.

17) We have been informed by the management that the funds raised on short- term basis have not been used for long- term investment and vice-versa. The Company has not made any preferential allotment of share to parties or companies covered in the register maintained under section 301 of the Companies Act. 1956.

18) The Company did not have any outstanding debenture during the year.

19) The Company has not raised any money through a public issue during the year

20) Based upon the audit procedures performed and information and explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit during the year ended on 31.03.12.

For Anuj Garg & Company, Chartered Accountants

Place: New Delhi Dated: 01st SEPT.2012 (ANUJ GARG) Proprietor M.No. 082422






Mar 31, 2011

1. We have audited the attached Balance Sheet of INTERNATIONAL PUMPS and PROJECTS LIMITED as 31st March, 2011 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements arc the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statement based on our audit:

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required 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 and as amended by Companies (Auditors Report) Order 200-1 issued by the Central Government of India 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 annexurc referred to in the paragraph 3 above, we report that:

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

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

e) The Balance Sheet and Profit and Loss Account dealt by this report are in agreement in the books of accounts;

d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards specified by the 1CAI, referred to in sub section (3C) of section 211 of the Companies Act. 1956;

e) On the basis of the written representation 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 appointment as an Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act. 1956;

f) In our opinion and to the host of our information and according to the explanation given to us, the said accounts read with the notes on the accounts give the information required by the Companies Act. 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of the balance sheet, of the state of the affairs of the Company as at 31st March 2011 and

ii) In the case of the Profit & Loss account, of the Loss for the year ended on that date.

iii) In the case of Cash Flow Statement of the cash flows for the year ended on that date

Annexure referred to in paragraph [3] of our report of even date

1) a. The Company is maintaining proper records showing full particulars, including quantitative details and Situation of fixed assets.

b. All fixed assets have been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. There was no disposal of fixed assets during the year. In our opinion and according to information and explanations given to us since the company has not disposed off any substantia! part of fixed assets during the year Paragraph 4(i)(c) of the Company's Auditor Report Order 2004 is not applicable.

2) a. During the year the inventories has been physically verified by the management. In our opinion the frequency of verification is reasonable

b. In our opinion & explanation given to us the procedure of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company & nature of business.

c. On the basis of our examination of record of inventories we are of the opinion that the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification os compare in the books of record were not material and have been properly dealt with in the books of accounts.

3) a. As informed to us , the company has during the year not granted any loans , secured or unsecured to companies , firms or other parties covered in the register maintained under section 301 of the companies Act, 1955 and accordingly paragraph 4(iii)(a)(b)(c) & (d) of the Order are not applicable.

b. As informed to us , the company has taken loans , secured or unsecured from companies firms or other parties covered in the register maintained under section 301 of the companies Act, 1956 and the same are not prejudicial to the interest of the Company.

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

5) Based on the audit procedures applied by us and according to the information and explanations provided by the management, that no transactions is required to be entered into the register maintained under section 301. In respect of transactions with parties with whom transaction exceeding value of Rupees five lakhs have been entered into during the financial year, are at prices which are reasonable having regard to the prevailing market prices at the relevant time except in case of some transactions where we are unable to comment owing to the unique and specialized nature of the item involved and absence of any comparable prices, whether the transaction are made at prevailing market prices at the relevant time.

6) The Company has not accepted any deposits from the public.

7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

8) We are of the opinion that the maintenance of cost records are not applicable as per rules framed by Central government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956.

9) According to the records of the Company, the Company is generally regular in deposition Undisputed statutory dues including provident fund, Investor Education and protection fund, Employee's state insurance, Income tax, sales tax, cess and other statutory dues applicable to it with the appropriate authorities though there has been delay in a few cases payment which were net in arrears at the end of the financial year. Further, according to the information and explanations given to us, no undisputed amount payable in respect of income tax. sales tax were outstanding at the year end for a period of more than six months from the date they became payable According to the records of the Company, there are no dues outstanding of sales tax, income tax. and cess on account of any dispute.

10) The company has accumulated losses at the end of the financial year and it has incurred loss Rs. 1255954.24 in the current financial year. The Company has accumulated losses to the tune of Rs.403.02 Lac as on 31.03.11.

11) Based on audit procedures and on the information and explanation given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution and bank. The Company does not have any borrowing by way of debentures.

12) Based on cur examination of documents and records, the Company has not granted loans and advances on the basis of security by way of shares, debentures and other securities.

13) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special status applicable to chit fund and nidhi/ mutual benefit fund/ societies.

14) In respect of dealing in securities and other investment, in our opinion and according to the information and explanation given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The security and other investment have been held by the Company in its own name. The Company has not undertaken any dealing/ trading in shares and debentures.

15) According to the information and explanation given to us. the Company has not given any guarantee for loans taken by its subsidiaries and associates from bank or financial institutions.

16) During the year, the Company has taken a term loan from the bank to finance a motor vehicle and same has been utilized for the same purpose for which it was taken and Company is repaying installments regularly.

17) We have been informed by the management that the funds raised on short- term basis have not been used for long- term investment and vice-versa. The Company has not made any preferential allotment of share to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

18) The Company did not have any outstanding debenture during the year.

19) The Company has not raised any money through a public issue during the year

20) Based upon the audit procedures performed and information and explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit during the year ended on 31.03.11.

For Anuj Garg & Company, Chartered Accountants

Place: New Delhi Dated: 31st August 2011

(ANUJ GARG) Proprietor M.No.082422



 
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