Mar 31, 2015
1. Reports on the Financial Statements
We have audited the accompanying financial statements of Jindal Capital
Limited, which comprise the Balance Sheet as at March 31, 2015 the
Statement of Profit & Loss, and a cash flow statement for the year then
ended on that date, and a summary of significant accounting policies
and other explanatory information.
2. 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
preparation of the 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 specified under
section 133 of the Act, read with Companies (Accounts) Rules, 2014
("the Act").This responsibility also includes maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgements and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial control that were operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
3. 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 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.
4. 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, 2015;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of a cash flow statement, of the cash flows of the
company for the year ended on that date.
5. Report on Other Legal and Regulatory Requirements
i) 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.
ii) As required by section 143(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 & Loss and the 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 dealt with by this report comply with the
accounting standards referred specified under section 133 of the Act,
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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Jindal Capital Limited on the accounts of the company
for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted unsecured loans to any party listed in the register
maintained under Section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods and services. During the course of our
audit, no major instance of continuing failure to correct any
weaknesses in the internal controls has been noticed.
5. The Company has not accepted any deposits from the public during
the year under the Act.
6. The Company is not required to maintain cost records under sub
section (1) of section 148 of the Act.
7. (a) According to the records of the company, undisputed statutory
dues including Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, cess to the extent applicable and any other
statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
(c) Since the Company doesn't accepted any deposit from public from the
date of incorporation to till date, requirement of this clause is not
applicable.
8. The Company doesn't have accumulated losses and hasn't incurred
cash losses in the current financial year and immediately preceding
financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
11. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Mohan L Jain & Co
Chartered Accountants
Firm Registration No: 005345N
M.L. Jain
Partner
Membership No: 084190
Place: New Delhi
Date: 30/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of JINDAL CAPITAL
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 is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
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.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, 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.
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 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
ofaccount.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Jindal Capital Limited on the accounts of the company
for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (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 not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken loans from two parties listed in the register maintained under
Section 301 of the Companies Act, 1956. The maximum amount outstanding
Rs. 54,30,000/- and the year-end balance is Rs. 21,06,205/-.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, there are no
transactions in pursuance of contracts or arrangements entered in the
registers maintained u/s 301.
b) As per information & explanations given to us and in our opinion,
there are no transactions entered into by the company with parties
covered u/s 301 of the Act which exceeds five lacs rupees in a
financial year therefore requirement of reasonableness of transactions
does not arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. The Company is not required to maintain cost records under section
209(1)(d) of the Companies Act, 1956.
9. (a) According to the records of the company, 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 to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated losses and has not
incurred cash loss during the financial year covered by our audit but
hasn''t incurred cash loss in preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. 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.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Mohan L Jain & Co
Chartered Accountants
Firm Registration No. 005345N
Nitin Aggarwal
Partner
Membership No. 528066
Place: New Delhi
Date: 30/05/2014
Mar 31, 2012
1. We have audited the annexed Balance Sheet of JINDAL CAPITAL LIMITED
as at 31st March 2012 and the Profit and Loss Account and 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.
A Scheme of Amalgamation of Scan Services Pvt Ltd (the Transferor
Company) with Jindal Capital Ltd (the Transferee Company) in terms of
the Scheme of Amalgamation framed under sections 391 and 394 of the
Companies Act, 1956, was approved by the Hon'ble High Court of Delhi at
New Delhi vide its order dated 1st December, 2011 and the Appointed
Date for Amalgamation is 1st day of April, 2011.
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 as
amended by the Companies (Auditor's Report)(Amendment) Order, 2004
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the companies act, 1956, we enclose in the annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.
4. Further to our comments in the annexure referred to in paragraph 3
above, we state 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 such
books;
(c) The Balance Sheet and the annexed Profit and Loss Account refered
to in this report are in agreement with the books of accounts;
(d) In our opinion, the Profit and Loss Account and Balance Sheet
comply with the mandatory Accounting standards referred to in
Sub-Section 3(c) of section 211 of the Companies Act, 1956.
(e) As per the information and explanations given to us, and
representation obtained by the company none of the Directors of the
company are disqualified from being appointed as Directors under clause
"g" of sub- section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and annexed Profit
and Loss Account read together with the notes thereon give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view,
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 loss
for the year ended on that date.
iii) In so far as it relates to the Cash Flow Statement of the company
for the year ended on 31st March 2012.
i) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
Fixed assets were physically verified during the year by the management
in accordance with a programme of verification, which in our opinion,
provides for physical verification at reasonable intervals. According
to the information and explanations provided to us there is no
discrepancies were noticed.
ii) The Company is maintaining proper records of stock and has been
physically verified by the management at reasonable intervals. The
procedure of physical verification of inventory followed by the
management is reasonable and adequate to the size of the company.
iii) The company has not granted loans to any parties listed in the
registered maintained u/s 301 of the companies Act, 1956.
The company has not taken loan from any party listed in the registered
maintained u/s 301 of the companies Act, 1956.
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. During the course of our audit, no major weakness has been
noticed in the internal controls.
v) According to the information and explanations given to us, there is
no transation made in pursuance of contract and arrangements entered in
the registered maintained u/s 301 of the Companies Act 1956.
vi) According to the information and explanations given to us, the
company has not accepted any deposit under the provisions of Sections
58A and 58AA of the Companies Act, 1956 and the companies (Acceptance
of Deposits) Rules, 1975 with regard to the deposits accepted from the
public.
vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
viii) The Company is not required to maintain cost records under
section 209(1 )(d) of the Companies Act, 1956.
ix) The company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees' state insurance, income-tax, sales-tax,
wealth-tax, custom duty, excised-duty, cess and other statutory dues
applicable to it according to the records of the company.
According to the information and explanations given to us, no
undisputed amounts was payable in respect of income-tax, wealth-tax,
sales tax, custom duty and excise duty were outstanding, as at 31st
March 2012 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 of sale-tax,
income tax, and customs /wealth-tax, excise-duty/cess that have not
been deposited on account of any dispute.
x) The company's accumulated losses at the end of the financial year
are not more than fifty percent of its net worth. The Company has
incurred cash loss during the financial year and also has incurred cash
loss in the preceding financial year.
xi) The company has not taken any loan from financial institution, bank
or debentures holders during the year and has not defaulted in
repayment of dues to Bank.
xii) The company has not granted any loans and advances on the basis of
security by way of pledge of share, debentures and other securities.
xiii) The company is not a chit fund or a Nidhi / Mutual benefit fund /
society.
xiv) The company is dealing in or trading in share, securities,
debenture and investment. The Company has, in our opinion, maintained
proper records and contracts with respect to its investments where
timely entries of transactions are made in the former. All investments
at the close of the year are generally held in the name of the company.
xv) The company has not given any guarantee on behalf of others to any
bank or financial institution.
xvi) According to the records examined by us and the information and
explanations given to us, on an overall basis, no funds were raised
during the year.
xvii) According to the records examined by us and the information and
explanations given to us, on an overall basis, funds raised on short
term basis have, not been used during the year for long term investment
and vice versa.
xviii) According to the information and explanation given to us the
company has not made any preferential allotment of shares.
xix) There are no securities created in respect of debentures, during
the period covered by our audit report.
xx) The company has not raised any money from public issue.
xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Mohan L Jain & Co
Chartered Accountants
Firm Registration No.005345N
(Amit Kumar Goyal)
Partner
Membership No. 509499
Place: New Delhi
Dated:06/08/2012
Mar 31, 2010
1. We have audited the annexed Balance Sheet of Jindal Capital Ltd. as
at 31st March, 2010 and the Profit and Loss Account and Cash Flow
Statement for the year ended on 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 as
amended by the Companies (Auditors Report) (Amend) Order, 2004 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the annexure referred to in paragraph 3
above, we state 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 such
books;
(c) The Balance Sheet and the annexed Profit and Loss Account referred
to in this report are in agreement with the books of accounts;
(d) In our opinion, the Profit and Loss Account and Balance Sheet
comply with (he mandatory Accounting standards referred to in
Sub-Section 3(c) of section 211 of the Companies Act, 1956.
(e) As per the information and explanations given to us, and
representation obtained by the company none of the Directors of the
company are disqualified from being appointed as Directors under clause
"g" of sub- . section (I) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and annexed Profit
and Loss Account read together with the notes thereon give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view:
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 for the year ended on that date.
iii) In so far as it relates to the Cash Flow Statement, of the company
for the year ended on that date.
ANNEXURE TO THE AUDITORSREPORT
(Referred to in paragraph (3) of our report of even date)
i) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
Fixed assets were physically verified during the year by the management
in accordance with a programme of verification, which in our opinion,
provides for physical verification at reasonable intervals. According
to the information and explanations provided to us there is no
discrepancies were noticed.
ii) The inventory has been physically verified during the year by the
Management. In our opinion the procedure of physical verification of
inventory followed by the Management and the frequency of verification
are reasonable and adequate in relation to the size of the Company, and
the nature of its business.
iii) The company has however granted unsecured loans to one of its
group companies. In respect of said loans, the maximum amount
outstanding at any time during the year and year end balance is Rs
39,50,000/-
We are not in a position to comment on the repayment schedule, as the
terms of repayment thereof have not been stipulated. Other terms of the
loans are not prima facie, prejudicial to the interest of the company.
The company has not taken any loan from any person listed in the
register maintained U/S 301 ofthe companies Act, 1956.
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 purchases of inventory, fixed.assets and with
regard to the sale of goods. During the course of our audit, no major
weakness has been noticed in the internal controls.
v) In our opinion and according to the information and explanations
given to us there are no transactions made in pursuance of contract or
arrangements entered in the register maintained u/s 301 of the
Companies Act 1956.
vi) According to the information and explanations given to us, the
Company has not accepted any deposit under the provisions of Section
58A and 58AA ofthe Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposits accepted from the
public.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii) The company is not-required to maintain cost records u/s
209(l)(d) of the Companies Act, 1956.
ix) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees state insurance, income-tax, sales tax,
wealth tax, custom duty, excised-duty, cess and other statutory dues
applicable to it aecording to the records of the Company.
According to the information and explanations given to us, no
undisputed amounts was payable in respect of income-tax, wealth tax,
sales tax, custom duty and excise duty were outstanding, as at 31st
March 2010 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 of sales
tax, income tax, and customs/wealth tax, excise duty/cess that have not
been deposited on account of any dispute.
x) The company does not have any accumulated losses and has not
incurred any cash losses during the current financial year and the
immediately preceding financial period.
xi) The company has not taken any loan from financial institution, bank
or debentures holders.
xii) The company has not granted any loans and advances on the basis of
security by way of pledge of share, debentures and other securities.
xiii) The company is not a chit fund or a nidhi/mutual benefit
fund/society.
xiv) The company is dealing in or trading in share, securities,
debenture and investment & proper records have been maintained of the
transactions and contracts, and timely entries-have been made therein.
The shares, securities, debentures and other securities have been held
by the company, in its own name.
xv) The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
xvi) The company has not taken any tetm loan.
xvii) According to the information and explanation given to us and on
an overall examination of the balance sheet of the Company, we report
that no short term/long term fund have been raised by the company.
xviii) According to the information and explanation given to us the
company has not made any preferential allotment of shares.
xix) There are no securities created in respect .of debentures, during
the period covered by our audit report.
xx) The company has not raised any money from public issue during the
year.
xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the -company has been noticed or reported during the course of our
audit.
For Mohan L. Jain & Co.
Chartered Accountants
Firm Reg. No. 005345N
(Amit Kumar Goyal)
Partner
Mem. No. 509499
Place: New Delhi
Dated: 17/08/2010