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Auditor Report of Joy Realty Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of JOY REALTY LIMITED ("the company"),which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

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

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

Emphasis of Matter

We draw your attention to Note 23-lll(a) to the financial statements which states that no provision is made for doubtful debts as the Directors are exploring the possibility of one time settlement and grant waiver which shall be accounted as bad debts after all the efforts of the management to recover the debts by one time settlement & installments granted to the debtors devolves on account of non-payment by them shall be written off as bad debts. We would also like to draw your attention to Note No. 23-lll(c) regarding the investments in the Company which is in dormant / strike off status and any short recovery of investments shall be accounted as loss duly determined on receipt of actual amount.

Our opinion is not qualified in respect of these above matters Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("The Order") issued by the Government of India in terms of sub section (11) of Section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, we report that:

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

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

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

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

e) On the basis of 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) Rule, 2014, in our opinion and to the best of our information and according to the explanation given to us:

i. The Company does have pending litigations but which shall not impact its financial positions.

ii. The Company does not have any long terms contracts for which provisions are required to be made.

iii. The Company is not liable to transfer any amount to the Investor Education and Protection Fund.

Annexure to the Auditors' Report

(Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our Report of even date for the year ended 31st March 2015)

(i) In respect of its Fixed Assets

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets.

(b) As explained to us and according to the practice generally followed by the Company, all the fixed assets have been verified in a periodical manner by the management during the year and no material discrepancies were noticed on such physical verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and nature of its assets.

(c) The Company has not disposed off any of its fixed assets during the year under review, so as to affect its going concern.

(ii) In respect of inventories

(a) We are informed that inventories have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of stock-in-trade followed by the management is reasonable and adequate in relation to the size of the company and nature of its business.

(c) In our opinion, the company is generally maintaining proper records of inventory. No material discrepancies have been notified between the physical stock and book records.

(iii) In respect of loans granted, secured or unsecured, by the Company to firms or other parties covered in the register maintained u/s 189 of the Companies Act, 2013;

The Company has not granted any secured / unsecured loan to any of the parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, sub clauses (a) and (b) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure and system commensurate with the size of the company and nature of its business for purchase of inventory and fixed assets and for sale of goods and services,. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

(v) The Company has not accepted any deposits from the public within the meaning of Section 73 to Section 79 of the Companies Act 2013.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government of India for the maintenance of cost records under section 148 (1) Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained being real estate construction business. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

(vii) In respect to statutory dues

(a) According to the records of the Company, the undisputed statutory dues under Income tax, Service Tax and other Statutory Dues as applicable to it have been generally regularly deposited with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st 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 were no dues of Income Tax, Service Tax and other Statutory Dues as applicable to it, which have not been deposited with the appropriate authorities on account of anydispute.

(c) According to the records of the Company, no amount is pending to be transferred to the Investor Education and Protection Fund.

(viii) The Company has been registered for a period more than five years and does not have any accumulated loss at the year end, therefore this clause is not applicable to the Company.

(ix) The Company has not defaulted in repayment of dues to any bank or financial institution during the year under review.

(x) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank and financial institutions.

(xi) In our opinion and according to the information and explanations given to us the Company has obtained term loan in the previous years and the funds have been prima facie applied for the purpose for which they were raised.

(xii) According to the information and explanation given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For Vora & Associates Chartered Accountants (ICAI Firm Reg. No.: 111612W)

Sd/- Bhakti M. Vora Partner (Membership No.148837) Place : Mumbai Dated : 22/05/2015


Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of JOY REALTY LIMITED ("The Company") which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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 principles generally accepted in India including Accounting Standards notified in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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, read together with the Notes No. 1 to 24 thereon, give the information required by the Companies 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 Statement of Profit and Loss, of the PROFIT for the year ended on that date.

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

Emphasis of Matter

We draw your attention to Note 24-lll(a) to the financial statements which states that the Company shall account trade receivables as bad debts after all the efforts of the management to recover the debts by one time settlement & instalments granted to the debtors devolves on account of non-payment by them shall be written off as bad debts. We would also like to draw your attention to Note No. 24-lll(c) regarding loss on short recovery of investments held long term in nature shall be accounted on receipt of actual amount of investments.

Our opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("The Order") issued by the Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, 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 Companies Act, 1956, we report that:

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

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

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards notified in sub section(3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

e. on the basis of written representations received from the directors as on March 31, 2014, 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.

Annexure to the Auditors'' Report

(Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our Report of even date for the year ended 31st March 2014)

(i) In respect of its Fixed Assets

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets.

(b) As explained to us and according to the practice generally followed by the Company, all the fixed assets have been verified in a periodical manner by the management during the year and no material discrepancies were noticed on such physical verification. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and nature of its assets.

(c) The Company has not disposed off any of its fixed assets during the year under review, so as to affect its going concern.

(ii) In respect of inventories

(a) We are informed that inventories in the nature of work in progress undertaken have been physically verified by the management at reasonable intervals..

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to size of the Company and nature of its business.

(c) In our opinion, the Company is generally maintaining proper records of inventory. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) In respect of loans, secured or unsecured, granted or taken by the Company to / from Companies, firms or other parties covered in the register maintained u/s301 oftheCompaniesAct,1956;

(a) During the year, the Company has not granted any secured or unsecured loans to companies, firms or other parties covered under register maintained u/s 301 of the Companies Act, 1956. Consequently, the requirements of paragraphs 4(iii) (b), (c), (d) of the "Order" are not applicable to the Company.

(e) The Company has taken unsecured loan from 1 party covered in the register maintained u/s 301*of the Companies Act, 1956. In respect of the said loan, the maximum amount outstanding at any time during the year was Rs.4,81,08,9121- and the year-end balance is Rs.4,81,08,912/-.

(f) The rate of interest and other terms and conditions of the aforesaid loan taken is prima facie not prejudicial to the interest of the Company.

(g) The Company has not repaid the principal amount and interest to the aforesaid party.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and nature of its business for purchase of inventory and fixed assets and for sale of goods and services, if any. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

(v) In respect of contracts or arrangements entered in the register maintained in pursuance of section 301 of the Companies Act, 1956;

(a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements entered in the Register maintained u/s 301 of the Companies Act, 1956 and exceeding the value of Rs. 5.00 lacs in respect of each party during the year have been made at prices which appear reasonable as per the information available with the Company.

(vi) The Company has not accepted any deposits from the public within the meaning of Section 58Aand Section 58AAof the Companies Act 1956.

(vii) As informed to us, the Company has a formal internal audit system commensurate with the size of the Company and nature of its business.

(viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government of India for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained being real estate construction business. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

(ix) In respect to statutory dues

(a) According to the records of the Company, the undisputed statutory dues under Income Tax, Wealth Tax, Value Added Tax, Service Tax and other Statutory Dues as applicable to it have been generally regularly deposited with the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us, there were no dues of Income Tax, Wealth Tax, Value Added Tax, Service Tax and other statutory dues as may be applicable to it, which have not been deposited with the appropriate authorities on account of any dispute.

(x) The accumulated losses of the company are less than 50% of the net worth. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) Based on our audit procedure and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to any bank or financial institution during the year under review.

(xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanation given to us, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the revisions of clause 4 (xiii) of "the Order" are not applicable to the Company.

(xiv) In our opinion, the Company is not a dealer in or trader in shares, securities, debentures and other investments. However, all the investments are held by the Company in its own name.

(xv) 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.

(xvi) In our opinion and according to the information and explanations given to us, the Company has obtained a term loan during the year which has been prima facie applied for the purpose for which they were raised.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956, during the year.

(xix) The Company has not raised any funds by way of debenture during the year.

(xx) The Company has not raised any money by way of public issue during the year.

(xxi) According to the information and explanation given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For SHAH & CO. For VORA & ASSOCIATES

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

Firm Regn. No.: 109430W Firm Regn. No.: 111612W



Sd/- Sd/-

A.H. SHAH BHAKTI M. VORA

PARTNER PARTNER

(Membership No. 103750) (Membership No.148837)

Place : Mumbai Place : Mumbai

Dated : 20/05/2014 Dated : 20/05/2014


Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

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 (lows of.the Company in accordance with the accounting principles 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.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error, in making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the said financial statements, read together with the notes thereon, subject to;

Note 23: III a - Regarding non-provision of doubtful debts of Rs. 83,80,299/- Note 23: Ml c - Regarding non-provision for diminution in the value of investments give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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 Statement Profit and Loss Account, of the PROFIT for the year ended on that date.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("The Order") issued by the Government of India in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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

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

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

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

d in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards 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, 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.

Annexure to the Auditors'' Report

(Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our Report of even date for the year ended 31sl March 2013)

(i) In respect of its Fixed Assets

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets.

(b) As explained to us and according to the practice generally followed by the Company, ali the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. We are informed that no material discrepancies were noticed on such physical verification.

(c) The Company has not disposed off any of its fixed assets during the year under review, so as to affect its going concern.

(ii) In respect of inventories

(a) We are informed that inventories in the nature of work in progress undertaken have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of physical verification of stock in trade followed by the management is reasonable and adequate in relation to size of the Company and nature of its business.

(c) In our opinion, the Company is generally maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained u/s301 of The Companies Act, 1956:

(a) During the year, the Company has not granted any secured or unsecured loans to companies, firms or other parties covered under register maintained u/s 301 of the Companies Act, 1956. Consequently, the requirements of paragraphs 4(iii) (b), (c), (d) of the "Order" are not applicable to the Company.

(b) During the year under review, the Company has taken one interest free unsecured loan from a party covered in the register maintained u/s 301 of the Act. In respect of the said loan, the maximum amount outstanding at any time during the year was Rs. 7,00,000/- and the year-end balance is Rs. NIL/-.

(c) The terms and conditions of the said foan is prima facie not prejudicial to the interest of the Company.

(d) The principal amount has been repaid

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company

and nature of its business for purchase of inventory and fixed assets and for sale of goods and services, if any. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. (v) In respect of contracts or arrangements referred to in Section 301 of the Companies Act, 1956;

(a) In our opinion and according to the information and explanations given to us, in respect of the transactions made during the year in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956, is under process of updating and not made available to us for our verification.

(b) In our opinion and according to the information and explanations given to us, the transactions made during the year in pursuance of contracts and arrangements referred to in (v)(a) above and exceeding the value of Rs. 5 lacs with any party have been made at.prices which are reasonable having regard to the prevailing market prices at the relevant time in the opinion of the management.

(vi) The Company has not accepted any deposits from the public within the meaning of Section 58A and Section 58AA of the Companies Act 1956 and the rules framed there under.

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

(viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government of India for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained being real estate construction business. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

(ix) In respect to statutory dues

(a) According to the records of the Company, the undisputed statutory dues under Income tax and other Statutory Dues as applicable to it have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31s1 March, 2013 for a period of more than six months from the date they became payable.

(b) There were no dues of Income Tax and other statutory dues which have not been deposited with the appropriate authorities on account of any dispute.

(x) The accumulated losses of the Company are more than 50% of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) Based on our audit procedure and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to any bank or financial institution during the year under review.

(xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanation given to us, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of "the Order" are not applicable to the Company.

(xiv) The Company has maintained proper records of the transactions and contracts in respect of dealing in shares, securities, debentures, mutual funds and other investments and timely entries have been made therein. All the shares, securities, debentures, mutual funds and other investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank and financial institutions.

(xvi) In our opinion and according to the information and explanations given to us, the Company has obtained a term loan during the year which has been prima facie applied for the purpose for which they were raised.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956, during the year.

(xix) The Company has not issued debentures during the year under review.

(xx) The Company has not raised any money by way of public issue during the year under review.

(xxi) During the year covered by our audit and as explained to us, to the best of our knowledge and belief, no material fraud has been noticed or reported by the company.

Sd/-

For SHAH & CO. For VORA& ASSOCIATES

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

Firm Regn. No,: 109430W Firm Regn. No.: 111612W

Sd/- Sd/-

A. H. SHAH MAYURA. VORA

PARTNER PARTNER

(Membership No. 103750) (Membership No.030097)

PLACE: MUMBAI DATED: 28/05/2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of JOY REALTY LIMITED (Formerly Madhusudan easing and Finance Limited) as at 31st March 2012, the Profit and Loss statement and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the Standards on Auditing 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

3. As required by 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 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in Paragraph 3 and 4 above; we report that;

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

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

(iii) the Balance Sheet, the Profit & Loss statement and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(iv) in our opinion, the Balance Sheet, the Profit & Loss statement and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956;

(v) On the basis of written representation received from the Directors as on March 31, 2012 and taken on record by the Board of Directors of the Company, we report that none of the Directors are prima-facie disqualified from being appointed as a director in terms of Section 274(1 )(g) of the Companies Act, 1956

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts are subject to:

Note- 23: III a - Regarding non-provision of doubtful debts of Rs.83,80,299/- Note-23: III d - Regarding diminution in the value of Investments give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the State of affairs of the company as at March 31, 2012;

(b) in the case of the Profit & Loss Statement, 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.

Annexure to the Auditors' Report

(Referred to in paragraph 3 of our Report of even date for the year ended 31st March 2012.)

(i) In respect of its Fixed Assets

(a) The records maintained by the Company showing full particulars, including quantitative details and situation of its fixed assets are not made available to us for verification being under the process of updation.

(b) As explained to us, according to the practice generally followed by the Company, all the fixed assets of the Company are physically verified by the management in a phased periodical manner, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on physical verification;

(c) The Company has not disposed off any substantial part of its fixed assets so as to effect its going concern;

(ii) In respect of inventories

(a) We are informed that inventories in the nature of work in progress undertaken have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of stock-in-trade followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion, the company is generally maintaining proper records of inventory. No material discrepancies have been notified between the physical stock and book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered under register maintained u/s 301 of The Companies Act, 1956:

(a) The Company has not granted any secured or unsecured loans to companies, firms and other parties as covered in the register maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs 4(iii) (b) (c) and (d) of "the Order" are not applicable.

(b) The Company has not taken any secured or unsecured loans from companies, firms and other parties as covered in the register maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs 4(iii) (e) (f) and (g) of "the Order" are not applicable.

(iv) In our opinion and according to 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 purchase of fixed assets, inventories and for sale of goods, if any. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, in respect of the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under

Section 301 of the Companies Act, 1956, we report that the same was not produced before us for verification as it is under the process of updation

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements referred to in (v)(a) above and exceeding the value of Rs. 5 lacs with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from the public within the meaning of Section 58A and Section 58AA of the Companies Act 1956 and the rules framed there under.

(vii) The Company has outsourced the internal audit assignment to an external agency. In our opinion, the internal audit system commensurate with the size of the Company and nature of its business.

(viii) As informed to us, Central Government has not prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956, in respect of activities carried on by the Company.

(ix) According to information and explanation given to us, in respect to statutory dues

(a) The company is generally regular in depositing with the appropriate authorities in India the undisputed statutory dues under Provident Fund, Income tax, Wealth Tax, Value Added Tax, Service Tax, Duties and other material statutory dues as applicable to it. As at the end of the financial year there were no undisputed amounts payable for a period of more than six months from the date they become payable.

(b) There are no dues of Income Tax/Wealth Tax/ Service Tax which have not been deposited with the appropriate authorities on account of any dispute.

(x) The accumulated losses of the Company are more than 50% of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) Based on our audit procedure and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to any bank or financial institution during the year under review.

(xii) In our opinion and according to the information and explanations given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanation given to us the Company is not a chit fund or a nidhi/mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of "the Order" are not applicable to the Company.

(xiv) The Company has maintained proper records of the transactions and contracts in respect of dealing in shares, securities, debentures, mutual funds and other investments and timely entries have been made therein. All the shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) In our opinion and according to the information and explanations given to us the company has not given any guarantee for loans taken by others from bank and financial institutions.

(xvi) In our opinion and according to the information and explanations given to us the Company has not obtained term loans during the year.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956, during the year.

(xix) The Company has not raised any funds by the way of debenture issue during the year. Accordingly, the provision of clause 4 (xix) of "the Order" is not applicable to the Company.

(xx) The Company has not raised any money by way of public issue during the year under review.

(xxi) During the year covered by our audit report and as explained to us, to the best of our knowledge and belief, no material fraud has been noticed or reported by the company.

Sd/- Sd/-

For SHAH & CO. For VORA & ASSOCIATES

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

Firm Regn. No.: 109430W Firm Regn. No.: 111612W

Sd/- Sd/-

A. H. SHAH MAYURA. VORA

PARTNER PARTNER

(Membership No. 103750) (Membership No.030097)

PLACE: MUMBAI

DATED: 23/07/2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of JOY REALTY LIMITED (Formerly Madhusudan Leasing and Finance Limited) as at 31st March 2011, the Profit and Loss Account and the Cash flow statement of the Company for the year ended on that date as annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with standards of auditing 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 ("the order") 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 report that;

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

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

(iii) the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(iv) in our opinion, the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) based on the representations made by the Directors and taken on record by the Board of Directors of the Company and the information and explanations given to us, none of the Directors is, as at March 31, 2011, prima-facie disqualified from being appointed as a director in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956 and

(vi) in our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to :

Note V(i) - regarding non-provision of doubtful debts of 83,80,299/-;

Note V(ii) - regarding diminution in the value of investments;

Note VII - non amortization of miscellaneous expenditure.

Read together with other notes in Schedule 'N', give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the State of affairs of the company as at March 31, 2011;

(b) in the case of Profit & Loss Account of the PROFIT of the Company for the year ended on that date and

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

Annexure to the Auditors' Report

(Referred to in paragraph 3 of our Report of even date for the year ended 31" March 2011.)

(i) In respect of its Fixed Assets

(a) The records showing full particulars including quantitative details and situation of fixed assets needs to be updated.

(b) As explained to us according to the practice generally followed, the fixed assets of the Company are physically verified by the management at reasonable intervals, in a proper manner, which in our opinion is reasonable and no discrepancies were noticed on physical verification;

(c) The Company has not disposed off any substantial part of its fixed assets so as to effect its going concern;

(ii) In respect of inventories

(a) We are informed that inventories in the nature of work in progress undertaken have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of stock-in-trade followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion, the company is generally maintaining proper records of inventory. No material discrepancies have been notified between the physical stock and book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered under register maintained u/s 301 of The Companies Act, 1956:

(a) The Company has not granted any secured or unsecured loans to companies, firms and other parties as covered in the register maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs 4(iii) (b) (c) and (d) of "the Order" are not applicable.

(b) The Company has not taken any secured or unsecured loans from companies, firms and other parties as covered in the register maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs 4(iii) (e) (f) and (g) of "the Order" are not applicable.

(iv) In our opinion and according to 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 purchase of fixed assets, inventories and for sale of goods, if any. During the course of our audit no major weakness has been observed in the internal control procedures but it requires to be further standardized.

(v) According to the information and explanations given to us, there are transactions in pursuance of contracts and arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs.500,000/- or more in respect of any party in the year under report, but the Register needs to be updated.

(vi) The Company has not accepted any deposits from the public within the meaning of Section 58A and Section 58AA of the Companies Act 1956 and the rules framed there under.

(vii) In our opinion, the internal audit function carried out during the year by a firm of Chartered Accountants appointed by the Management has been commensurate with the size of the Company and the nature of its business but the First Internal Audit Report of the Company is not made available by the audit firm to the Company till date.

(viii) As informed to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956, in respect of activities carried on by the Company.

(ix) According to information and explanation given to us, in respect to statutory dues

(a) The company is generally regular in depositing with the appropriate authorities in India the undisputed statutory dues under Income tax Act and other material statutory dues as applicable to it.

(b) At the end of the financial year there were no undisputed amounts payable in respect of income tax and other material statutory dues as applicable, for a period of more then six months from the date they become payable.

(x) The accumulated losses of the Company are more than 50% of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to any bank or financial institution.

(xii) In our opinion and according to the information and explanations given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanation given to us the Company is not a chit fund or a nidhi/mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of "the Order" are not applicable to the Company!

(xiv) The Company has maintained proper records of the transactions and contracts in respect of dealing in shares, securities, debentures, mutual funds and other investments and timely entries have been made therein. All the shares, securities, debentures and other investments have been held by the Company in its own name.

(xv) In our opinion and according to the information and explanations given to us the company has not given any guarantee for loans taken by others from bank and financial institutions.

(xvi) In our opinion and according to the information and explanations given to us the Company has not obtained term loans during the year.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956, during the year.

(xix) The Company has not raised any funds by the way of debenture issue during the year. Accordingly, the provision of clause 4 (xix) of "the Order" is not applicable to the Company.

(xx) The Company has not raised any money by way of public issue during the year under review.

(xxi) During the year covered by our audit report and as explained to us, to the best - of our knowledge and belief, no material fraud has been noticed or reported by the company.

For SHAH & CO. For VORA & ASSOCIATES

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

Firm Regn. No.: 109430W Firm Regn. No.: 111612W

Sd/- Sd/-

H. N. SHAH MAYURA.VORA

PARTNER PARTNER

(Membership No. 008152) (Membership No.030097)

PLACE: MUMBAI

DATED: 03/09/2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of JOY REALITY LIMITED (Formerly Madhusudan Leasing and Finance Limited) as at 31 st March 2010, the Profit and Loss Account and the Cash flow statement of the Company for the year ended on that date as 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 standards of auditing 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 ("the order") 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 report that;

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

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

(iii) the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(iv) in our opinion, the Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) based on the representations made by the Directors and taken on record by the Board of Directors of the Company and the information and explanations given to us, none of the Directors is, as at March 31, 2010, prima-facie disqualified from being appointed as a director in terms of clause (g) of sub-section (1 of Section 274 of the Companies Act, 1956 and

Note V(i) - regarding non-provision of doubtful debts of Rs.83,80 299/- Note V(ii)- regarding diminution in the value of investments read together with other notes in Schedule M, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair View in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the State of affairs of the company as at March 31,2010

b) in the case of Profit & Loss Account of the PROFIT of the Company for the year ended on that date and

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in Paragraph 3 of our Report of even date for the year 31 st March 2010) (i) In respect of its Fixed Assets

(a) The records showing full particulars including quantitative details and situation of fixed assets needs to be updated.

(b) As explained to us according to the practice generally followed, the fixed assets of the Company are physically verified by the management at reasonable intervals in a proper manner, which in our opinion is reasonable and no discrepancies were noticed on physical verification;

(c) The Lease Assets has been dispensed during the year amounting to Rs.1.46.06,426/- (WDV 69,02.339/-) in view of the closure of Lease Business, and this does not affect the going concern status of the Company;

(ii) In respect of inventories

(a) We are informed that inventories in the nature of work in progress undertaken have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedure of stock-in-trade followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion, the company is generally maintaining proper records of inventory No material discrepancies have been notified between the physical stock and book records.

(iii) In respect of the loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered under register maintained u/s 301 of The Companies Act, 1956:

(a) The Company has not granted any secured or unsecured loans to companies, firms and other parties as covered in the register maintained u/s 301 of The Companies Act, 1956. Accordingly, paragraphs 4(iii) (b) (c) and (d) of "the Order" are not applicable.

(b) The Company has taken unsecured loan from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is 35,00,000/- and the year-end Balance of loans taken from such parties was NIL.

(c) The rate of interest and other terms and conditions of loans taken by the company are not prima facie prejudicial to the interest of the company.

(d) There is full repayment of principal amount.

IV. In our opinion and according to 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 purchase of fixed assets, inventories and for sale of goods, if any. During the course of our audit no major weakness has been observed in the internal control procedures.

V. According to the information and explanations given to us, there are no transactions in pursuance of contracts and arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs.500,000/- or more in respect of any party in the year under report.

VI. The Company has not accepted any deposits from the public within the meaning of Section 58A and Section 58AA of the Companies Act 1956 and the rules framed there under.

VII. As informed to us, the Company has no formal internal audit system as such but its internal control procedures ensure reasonable internal check of its financial and other records.

VIII. As informed to us, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956, in respect of activities carried on by the Company

IX. According to information and explanation given to us, in respect to statutory dues

(a) The company is generally regular in depositing with the appropriate authorities in India the undisputed statutory dues under Income tax Act and other material statutory dues as applicable to it.

(b) At the end of the financial year there were no undisputed amounts payable in respect of income tax and other material statutory dues as applicable, for a period of more then six months from the date they become payable.

x. The accumulated losses of the Company are more than 50% of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceeding financial year.

xi. In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to any bank or financial institution.

xii. In our opinion and according to the information and explanations given to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion and according to the information and explanation given to us the Company is not a chit fund or a nidhi/mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of "the Order" are not applicable to the Company.

xiv. In our opinion and according to the information and explanations given to us, the Company is not a dealer in or trader in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of "the Order" are not applicable to the Company.

xv. In our opinion and according to the information and explanations given to us the company has not given any guarantee for loans taken by others from bank and financial institutions.

xvi. In our opinion and according to the information and explanations given to us the Company has not obtained term loans during the year

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company we report that no funds raised on short-term basis have been used for long-term investment.

xviii. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956, during the year.

xix. The Company has not raised any funds by the way of debenture issue during the year. Accordingly, the provision of clause 4 (xix) of "the Order" is not applicable to the Company

xx. The Company has not raised any money by way of public issue during the year under review.

xxi. According to the information and explanations given to us no fraud on or by the Company was noticed or reported during the year.



For SHAH & COMPANY

CHARTERED ACCOUNTANTS For VORA & ASSOCIATES

Firm Regn. No. : 109430W CHARTERED ACCOUNTANTS

Firm Regn. No. : 111b12W



Sd/- MAYURA.VORA PARTNER Sd/- EMBERSHIP NO. : 030097

H.N.SHAH

PARTNER

MEMBERSHIP NO. : 008152

Place: Mumbai

Dated: August 30, 2010

 
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