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Auditor Report of Justride Enterprises Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of JUSTRIDE ENTERPRISES LIMITED FORMERLY KNOUN AS TOBU ENTERPRISES LIMITED, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Acf'Xwhich continue to be applicable in respect of section 133 of companies Act,2013 in term of general circular 15/2013 dated September 13,2013 of the Ministry of corporate Affairs). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

Auditors'Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. Wc conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require ihat 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 audjt 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 relevani 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 audil evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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

a) In thf 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

1. As required by the companies (Auditors Report) Order. 2003 issued by the central government of India in terms of sub-section (4A) of section 227 of the companies act 1956, we give in the Annexure, statement of the matters specified in paragraph 4 of the said order

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

a) We have obtained all the information and explanations which to the best of 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, anu Cash Flow Statement comply with the Accounting Standards referred to in Subsection (3C) of section 211 of the Companies Act, 1956; ("the Act") (which continue to be applicable in respect of section 133 of companies Act, 2013 in term of general circular 15/2013 dated September 13,2013 of the Ministry of corporate Affairs),

c) 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 iri terms of clause (g) of sub-section 11 j of section 274 of the Act.

1. In respect of its fixed assets :

a) As explanation given to us there are certain legal disputes with regard fixed assets of the company, so the company is not maintaining any record showing any particulars including quantitative details and situation of fixed assts.

b) Not Applicable since those disputed assets are not in company's possession.

c) Not applicable.

2. In respect of its inventories :

a) As company is non operating therefore provisions of clause 4(ii)(a)/ (b)/(c) of the order relating to inventory verification are not applicable to the company.

3. 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 under section 301 of the companies act, 1956

a) The company has not taken fresn unsecured loan during the year. As explained to us none of party is covered u/s 301 of companies act. There Is no parties' u/s 301 whose loan accounts have been squared up during the year.

b) In our opinion and according to the information and explanations given to us the aforesaid loans and advances are free of interest and other terms and condition are not prima facie prejudicial to the interest of the company.

c) As explained to us, there are no fixed due date of repayments of these loans and repayment were as and when mutually agreed to between the parties.

d) There is no overdue amount above Rs. 1 lakh in respect of above loans and advances.

4. 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 for the purpose of inventory and fixed asset and for sale of goods. Further during course of our audit, we have neither come across nor have we being Informed of any major weakness in the Internal controls.

5. In respect of transactions covered under section 301 of the companies act, 1956.

a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into In the register maintained under section 301 of the companies act, 1956 have been so entered.

b) In our opinion and according to the Information and explanations given to us, there is no transaction in pursuance of the contracts or arrangements entered in the register maintained under section 301 of the company's act, 1956 aggregating during the year to Rs. Nil or more In respect of any party.

6. The company has not accepted any deposits from the public during the year.

7. The company does not have any internal audit system commensurate with its size and nature of Its business.

8. The maintenance of cost records have not been prescribed by the Central Government under section 209 (1) (d) of the companies act, 1956.

9. In respect of statutory dues ;

a] According to the information and explanations given to us and the basis of our examination of the bocks of account, the Company has been generally not regular in depositing undisputed statutory dues as applicable with appropriate authorities. According to information & explanation given to us, there are statutory liabilities outstanding for more than six months as at dose of the year from the date of becoming payable amounting to Rs 64410.

b) .As per information and explanation provided to us, tne Company is not disputing any statutory liabilities.

10. The accumulated losses exceed 100% of Its net worth. The company has incurred cash losses during the year amounting to 15.36 lacs and 11.24 lacs during preceding financial year.

11. Based on our audit procedures and the information and explanations given by the management, the company has defaulted in repayment of dues to some inter corporate loans. The Interest has also not been provided on this loan.

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

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

14. As the company not deal or trade of shares, debentures and other securities so the requirement of clause (XIV) of the order is not applicable to the company.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by subsidiaries or third parties from bank and financial institutions.

16. To the best of our knowledge & belief and according to the information and explanations give to us, term loan availed by the company were prima facie applied by company during the year for the purpose for which they were obtained.

17. According to the Information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flow Statement of the company, we report that no funds raised on short-term basis have been used for long term investment and not long-term funds have been used to finance short-term assets.

18. The company has not made any preferential allotment of shares to the parties or companies covered in its register maintained under section 301 of the companies act, 1956.

19. The company has not Issued debentures during the year so requirement of clause (XIV) of the order is not applicable to the company.

20. The company has not raised nay money through a public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management, we report the no fraud on or by the company has been noticed or reported during the course of our audit.

For BNPSY & ASSOCIATES chartered ACCOUNTANTS FRN: 507853C

(S- K- SHARM A) Partner Membership No. 086387

PLACE: New Delhi DATE: 22-05-2014


Mar 31, 2013

We have audited the accompanying financial statements of TOBU ENTERPRISES LIMITED, which comprise the Balance Sheet as at March 31. 2013. and the Statement of Profit and Loss and 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 far 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 far 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. if conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered 1 Accountants of India. Those Standards require that we comply with ethical requirements and plan an J 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, 2013;

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

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

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

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

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

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

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

e) On the basis of written reptesentat.ons director as March 31, 2013 and taken on record b, the Board of Directors, none of the director being appointed as a director in forms of clause (g) of sub-section (1) of section 274 of the companies Act,1956.

f) Since the Central Government has no, issued ,any notification as to the rate a, which the cess is to company. under section 44IA of the Companies Act, 1956 nor has it issued any Rules under the said section prescribing the manner in which such is to be paid no cess is due and payable by the company.

1. In respect of its fixed assets :

a) As explanation given to us there are certain legal disputes with regard fixed assets of the company so the company so the company is not maintain any record showing any particulars including quantitative details and situation of fixed assets company does not have any with the company, so the company is not maintaining any record showing any particulars

c) Not applicable disputed assets are not on company''s possession.

2. In respect of its inventories

3) As company is non operative therefore provisions of the order relating to inventory verification are not applicable to the company.

3. In respect of loans , secured or unsecured , granted or taken by the company o/from companies in the register maintained under section 301 of the companies act,1956

a) The company has taken fresh unsecured loan aggregating to Rs. 2855208.00 during explained to us none of party is covered u/s 301 of companies act. loans/advances are free of interest .As explained to us, the other terms and conditions are not prima facie prejudicial to the interest of the company.

c) As explained to us, there is no fixed due date of repayment of these loans and the repayments were made as and when mutually agreed between the parties.

d) As esplanade to us there were were no overdue amounts above Rs. 1 lakh in respect of procedures with the of the company

5. In respect of transactions covered under section 301 of the companies act, 1956.

a) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contracts or arrangements, that needed to be entered into In the register maintained under section 301 of the companies act 1956 have been so entered.

b) In our opinion and according to the Information and explanations given to us, tiered is no transaction in pursuance of the contracts or arrangements entered in the register maintained under section 301 of the company''s act, 1956 aggregating during the year to Rs. Nil or more in respect of any party.

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

7. The company does not have any internal audit system commensurate with its size and nature or its business.

8. The maintenance of cost records have not been prescribed by the Central Government under section 209 (1) (d) of the companies act, 1956.

9. In respect of statutory dues ;

a) According to the information and explanations given to us and the basis of our examination of the books of account, the Company has been generally not regular in depositing undisputed statutory dues as applicable with appropriate authorities. According to information & explanation given there are statutory liabilities outstanding for more than six months as at close the-year from the date of becoming payable amounting to Rs. 188026/-

b) As per information and explanation to us the company is not disputing any statutory liabilities.

10. The accumulated losses exceed 100% if its net worth the company has incurred cash losses during the year amounting to 11.13 lacs and 4.22 lacs during preceding financial year.

11. Based on our audit procedures and the information and explanations given by the managing the company has defaulted in repayment of due to premier finance & trading co. Ltd The amount is due for payment since financial year 2000-01 Balance outstaying as on 31.03.2013 is Rs,17500000/-.

12. According to the information and explanations given to us and based on the documents and records produced to us the company has granted loans and advances on the basis of security by way pledge of shares debentures and other securities.

13. In our onion and according to the information and explanations given to us the nature of activities of the company does not attract any special statute applications to chit fund and nidhi mutual benefit fund/societies.

14. As the company not deal or trade of share debentures and other securities so the requirement of clues )XIV) of the order is not applicable to the company.

15. Accounting to the information and explanations given to us the company has not given any guarantee for loans taken by subsidiaries or third parties from bank and financial institutions.

16. To the best our knowledge & belief and according to the information and explanations give to us term long available by the company were prime facie applied by company during the year for the purpose for which they were obtained.

17. According to the information and explanations given to us and overall examination of the balance sheet and cash flow statement of the company we report that no funds raised on short-term basis have been used for long term investment and not long-term funds have been used to finance short-term assets.

18. The company has not made any preferential allotment of share to the parties or companies covered in its register maintained under section 301 of the coalmines'' act,1956.

19. The company has not issued debentures during the year so requirement of clause (XIV) of the order is not applicable to the company.

20. The company has not raised nay money through a public issue during the year.

21. Based upon the audit procedures performed and information and explanations given by the management we report the no Freud on or by the company has been noticed or reported during the course of our audit.



PLACE: New Delhi

DATE: 29-05-2013 for BNPSY & ASSOCIATES

Chartered Accountants

FRN:507853C

(S.K.SHARMA)

Partner

M.N0.08IS387


Mar 31, 2012

We have audited the attached Balance Sheet of TOBU ENTERPRISES LIMITED as at 31st March 2012 and the attached Profit & 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.

1. 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 test basis' evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimate made by Management' as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by The Companies (Auditors' Report) Order' 2003 as amended by the Companies (Auditors Report) (Amendment) Order' 2004 (together the 'order') issued by the sector IV.

The Companies Act 1956 of India (the 'Act) and on the basis of such checks of the books & records of the Company as we considered appropriate and according to the information & explanations given to us' we enclosed in the Annexure a statement on the matters specified in Paragraph 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in Paragraph 2 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 purposes of our audit.

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

iii. The attached Balance Sheet' Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv. In our opinion' the Balance Sheet' Profit & Loss Account & Cash Flow Statement comply with the Accounting Standards referred to in Sub Sec 3C of Section 211 nf the Companies Act' 1956.

vi. In our opinion and to the best of our information and according to the explanations given to us' the said accounts read with the significant accounting policies and other notes thereon' give the information required by the Companies Act' 1956 in the manner so required and presents a true and fair view in conformity with the accounting principles generally accepted in India:-

a). in the case of Balance Sheet of the state of affairs of the Company as at 31s! ffla?$h' 2012 and'

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

c). in the case of Cash Flow Statement' of the Cash Flows for the year ended on that date.

4(i)(a). As explained to us' since there are certain legal disputes with regard to the fixed assets of the company' so the Company is not maintaining any record showing any particulars including quantitative details and situation of Fixed Assets.

4(i)(b). Not Applicable' since those disputed fixed assets are not in Company's possession.

4(i)(c). Not Applicable

4(ii). As the company is not operating' therefore the provisions of clause 4(ii)(a)/(b)/(c) of the order relating to Inventory verification are not applicable to the Company.

4(iii)(a)(i). During the year under review' the Company has taken fresh loans and the aggregate amount of these loans as on 31st March' 2012 was Rs.2'22'59'824/-. As explained to us' none of the said party is covered under the provisions of Section 301.

4(iii)(a)(ii). There are no Parties u/s 301 whose loan accounts have been squared up during the year.

4(iii)(b). The aforesaid loans/advances are free of interest. As explained to us' the other terms and conditions of these loans are not prima facie prejudicial to the interests of the company.

4(iii)(c). As explained to us' there are no fixed due dates of repayment of these loans and the repayments were made as and when mutually agreed to between the parties.

4(iii){d). As explained to us' there were no overdue amounts above Rs.1 lakh in respect of above loans & advances.

4(iv). In our opinion and according to information and explanations given to us' there are

adequate internal control procedures commensurate with size of the company and nature of its business for the purpose of inventory and fixed assets and for the sale of goods. Further during the course of our Audit' we have neither come across nor have we been informed of any major weakness in the internal controls.

4(v)(a).As per record provided to us' the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

4(v)(b).According to information and explanations given to us' the Company has not entered into any transactions exceeding Rs.5'00'000/- with parties in pursuance of Contracts U/s 301.

4(vi). The Company has not accepted any deposits from public during the year.

4(vii). in our opinion and as per information and explanation provided to us the Company does not have an internal audit system commensurate with its size and nature of its business. to information and explanation given to us and on the basis of our examination of the books of account' the Company has been generally not regular in depositina undisputed statutory dues as applicable with appropriate authorities. According to information & explanation given to us' there are statutory liabilities outstanding for more than six months as at close of the year from the date of becoming payable amounting to Rs. 10'30'286/-. has incurred cash losses during the financial year amounting to Rs.4 22 lacs and Rs 1 63 fars during the immediately preceding financial year.

4(xi). As per information and explanation provided to us' the company has defaulted in and Trading Co' Ltd' The amount due for paJLnt shce year 2000-01 The interest due and in default is Rs.7'86'37'967/-. The figure of principal 'n defaul fo repayment has not been provided to us. P P Ult Tor

4(xvii). Not applicable' since the company has not raised any funds during the year.

4(xviii).The Company has not made any preferential allotment of shar

4(xix). Not applicable' since the Company has not issued any Debentures.

4(xxi). According to information and explanation provided to us and as per best of our knowledge & belief' no fraud on or by the Company has been noticed or reported during the year.

By order of the Board of Directors

For TOBU ENTERPRISES Limited

Ajay Mathur

Chairman

DIN: 01609016

Date: September 01' 2012

Place: New Delhi


Mar 31, 2011

We have audited the attached Balance Sheet of Tobu Enterprises Limited, as at 31st March 2011 and the attached Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our Audit.

1. 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 test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimate made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by The Companies (Auditors' Report) Order, 2003 issued by the Central Govt, of India in terms of Sec. 227(4A) of the Companies Act, 1956, we enclosed in the Annexure a statement on the matters specified in Paragraph 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in Paragraph 2 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 purposes of our audit.

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

iii. The attached Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet and Profit & Loss Account comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

v. On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that in our opinion, none of the said Directors are disqualified as on 31st March 2011 from being appointed as Directors in terms of Clause (g) of Sub-sec. (1) of Section 274 of the Companies Act, 1956.

vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and other notes thereon, give the information required-by the Companies Act, 1956, in the manner so required and presents a true and fair view in conformity with the accounting principles generally accepted in India:-

a). in the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2011 and,

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

4(i)(a). The Company is not maintaining proper record showing full particulars including quantitative details and situation of Fixed Assets.

4(i)(b). As explained to us, the fixed assets have been physically verified by the management at regular intervals and the discrepancies noticed on such verification were not material. However, no record of such physical verification has been produced before us.

4(i)(c). The Company had sold during the year 2004-05 a substantial part of its Fixed Assets. In our opinion, the same had affected the going concern status of the company. We draw attention to Note "14" in the financial statements. The company has so far not made any plans to replace the fixed assets that have been sold. These factors, along with other matters as set forth in Note "14" raise substantial doubt about the company's ability to continue as a going concern in the foreseeable future.

4(ii)(a). Not Applicable, since there is no Inventory.

4(ii)(b). Not Applicable, since there is no Inventory.

4(ii)(c). Not Applicable, since there is no Inventory.

4(iii)(a)(i). The Company has taken fresh loans during the year from firms or other parties in the register maintained U/s 301 of the Act. There are 6 such parties and the total of maximum balance outstanding during the year was Rs.2,13,10,797/-.

4(iii)(a)(ii). There are no Parties u/s 301 whose loan accounts have been squared up during the year.

4(iii)(b). The aforesaid loans/advances are free of interest. As explained to us, the other terms and conditions of these loans are not prima facie prejudicial to the interests of the company.

4(iii)(c). As explained to us, there are no fixed due dates of repayment of these loans and the repayments were made as and when mutually agreed to between the parties.

4(iii)(d). As explained to us, there were no overdue amounts above Rs.l lakh in respect of above loans & advances.

4(iv). In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate, with size of the company and nature of its business for the purpose of inventory and fixed assets and for the sale of goods. Further during the ; course of our Audit, we have neither come across nor have we been informed of any major weakness in the internal controls.

4(v)(a). As per record provided to us, the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

4(v)(b). According to information and explanations given to us, the Company has not j entered into any transactions exceeding Rs.5,00,000/- with parties in pursuance of Contracts U/s 301.

4(vi). The Company has not accepted any deposits from public during the year.

4(vii). In our opinion and as per information and explanation provided to us, the Company does not have an internal audit system commensurate with its size and nature of its business.

4(viii). To the best of our knowledge and according to information and explanation given to us, the Central Government has not prescribed maintenance of cost records U/s 209(1) (d) of the Companies Act, for any products of the Company.

4(ix)(a). According to information and explanation given to us and on the basis of our examination of the books of account, the Company has been generally not regular in depositing undisputed statutory dues as applicable with appropriate authorities. According to information & explanation given to us, there are statutory liabilities outstanding for more than six months as at close of the year from the date of becoming payable amounting to Rs.8,80,483/-.

4(ix)(b). As per information and explanation provided to us, the Company is not disputing any statutory liabilities.

4(x). The Company's accumulated losses exceed 100% of its net worth. The company has incurred cash losses during the financial year amounting to Rs. 1.63 lacs and Rs.2.75 lacs during the immediately preceding financial year.

4(xi). As per information and explanation provided to us, the company has defaulted in repayment to Premier Finance and Trading Co. Ltd. The amount is due for payment since F/Year 2000-01. The interest due and in default is Rs.4,00,42,005/-. The figure of principal in default for repayment has not been provided to us.

4(xii). Not applicable, since the Company has not granted any loans and advances on the basis of Security.

4(xiii). Not applicable, since the Company is not a Chit Fund, Nidhi, Mutual benefit or a Society.

4(xiv). Not applicable, since the Company is not trading in Shares, Securities, Debentures and Other Investments.

4(xv). As per information and explanation provided to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions, the terms and conditions whereof are prejudicial to the interests of the company.

4(xvi). In our opinion on basis of our test check and as per information and explanation provided to us, the term loans were applied for the purpose for which the loans were obtained.

4(xvii). Not applicable, since the company has not raised any funds during the year.

4(xviii). The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained U/s 301 of the Act, during the year.

4(xix). Not applicable, since the Company has not issued any Debentures.

4(xx). The Company has not raised any funds by way of Public Issues.

4(xxi). According to information and explanation provided to us and as per best of our knowledge & belief, no fraud on or by the Company has been noticed or reported during the year.

PLACE:- NEW DELHI FOR PADAM BAHL & CO.,

DATE :- 29/8/11 CHARTERED ACCOUNTANTS,

(P.N.BAHL)


Mar 31, 2010

We have audited the attached Balance Sheet of Tobu Enterprises Limited, as at 31st March 2010 and the attached Profit & Loss Account for the year ended on that date annexed thereto. These j 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.

1. 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 test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimate made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by The Companies (Auditors' Report) Order, 2003 issued by the Central Govt. of India in terms of Sec. 227(4A) of the Companies Act, 1956, we enclosed in the Annexure a statement on the matters specified in Paragraph 4 and 5 of the said Order.

3. Further to our comments in the Annexure referred to in Paragraph 2 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 purposes of our audit.

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

iii. The attached Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account.

iv. m our opinion, the Balance Sheet and Profit & Loss Account couple- with the Accounting Standards referred to in Section 211 (C) of the Companies Act, 1956.

v. On the basis of the written representation received from the Directors and taken on record by the Board of Directors, we report that in our opinion, none of the said Directors are disqualified as on 31st March 2010 from being appointed as Directors ; in terms of Clause (g) of Sub-sec. (1) of Section 274 of the Companies Act, 1956.

vi. In our opinion and to the best of our information and according to the explanations ! given to us, the said accounts read with the significant accounting policies and other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and presents a true and fair view in conformity with the accounting principles generally accepted in India:-

a). in the case of Balance Sheet of the state of affairs of the Company as at 31st March, 2010 and,

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

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF TE AUDITORS REPORT TO THE MEMBES OF TOBU ENTERPRISES ON THE ACCOUNTS FOR THE YEARS ENDED 31s MARCH 2010

4(i)(a). The company is not maintaining proper record showing full particulars including quantitative details and situation of fixed Assets.

4(i)(b) As explained to us the fixed assets have been physically verified by the management at regular intervals and the discrepancies noticed on such verification were not material. However no record of such physical defecation has been produced before us.

4(i)(c) The company had sold during the year 2004-05 a substantial part of its Fixed Assets. In our opinion, the same had affected the going Concern status of the company. we draw ayyention no Note "14" in the financial statements. The company has so far made any plans to replace the fixed assets that have been sold. These factors, along with other matters as set forth in Note "14" raise substantial doubt the company ability as a going concern in the foreseeable future.

4(ii)(a) Not Applicable Since There is no inventory

4(ii)(b) Not Applicable Since there is no inventory

4(ii)(c) Not Applicable, since there is no Inventory

4(iii)(a)(i) The company has not taken any fresh loans during the year from firms or other parties in the register maintained U/s 301 of the Act. There was i such party and the total of maximum balance outstanding balance during the year was Rs.29,32,997/-

4(ii)(a)(ii) There are no parties u/s 3014 whose loan accounts have been squared up during the year.

4(iii)(b) The aforesaid loans/advances are free interest. As explained to us, the other terms and conditions of these loans are not facie prejudicial to the interests of the company.

4(iii)(c) As explained to us, there are no fixed due dates of repayments of these loans and the repayments were made as and when mutually agreed to between the parties.

4(iii)(d) As explained to us, there were no overdue amounts above Rs.1lakh in respect of above loans & advances.

4(iv) In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with size of the company and nature of its business for the purpose of inventory and fixed assets and for the of goods. Further durian g the course of our audit we have neither come across nor have we been informed of any major weakness in the internal controls.

4(v)(a) As per record provided to us, the transaction that need to be entered into a register in pursuance of section 301 of the Act have been so entered.

4(v)(b) According to information and explanation given to us, the company has not entered into any transaction exceeding Rs.5,00,000/- with parties in pursuance of contracts U/S 301.

4(vi) The company has not accepted any deposits from public during the year.

4(vii) In our opinion and as per information and explanations provided to us the company does not have an internal audit system commensurate with its size and nature of its business.

4(viii) To the best of our knowledge and according to information and explanations given to us, the central Government has not prescribed maintenance of cost records U/s 209(I) (d) of the companies Act, for any products of the company.

4(ix)(a) According to information and explanations given to us and on the basis of our examination of the books of account the company has been generally nor regular in depositing undisputed statutory dues as applicable with appropriate authorities. According to information & explanations given to us, there are statutory liabilities outstanding for more than six months as at close of the year from the date of becoming payable amounting to Rs.8,80,483/-

4(ix)(b) As per information and explanations provided to us, the company is not disputing any statutory liabilities.

4(x). The company accumulated losses exceed 50% of its net worth. The company has incurred cash losses during the financial year amounting to Rs.1.67 lacs and Rs.1.55 lacs during the immediately preceding financial year.

4(xi) As per information and explanations provided to us, the company has defaulted in repayment to Premier Finance and Trading co. Ltd The amount is due for payment since F/Year 2000-01. The interest due and in default is Rs.4,00,42,005/- The figure of principle in default of repayment has not been provided to us

4(xii) Not Applicable Since the company has not granted loans and advances on the basis of security

4(xiii) Not applicable, since the company is not a chit fund, nidhi, mutual benefit or a society.

4(xiv) Not applicable, since the company is not trading in shares , securities debentures an other investments.

4(xv) As per information and explanations provided to us, the company has not given any guarantee for loans by other from banks of financial institutions the terms and conditions whereof are prejudicial; to the interest of the company.

4(xvi) In our opinion on basis of our test check and as per information and explanations provided to us, the term loans were applied for the purpose for which the loans were obtained.

4(xvii) Not Applicable since the company has not raise any funds during the year.

4(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained U/s 301 of the Act, during the year.

4(xix) Not applicable since the company has not issued any debentures.

4(xx) The company has not raised any funds by way of public issued.

4(xxi) According too information and explanations provided to us and as per best of our knowledge & belief no fraud on or by the company has been noticed or reported during the year.

FOR PADAM BAHL & CO

CHARTERED ACCOUNTS

(P.N.BAHL)

PLACE: NEW DELHI

DATE:30-08-2010

 
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