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Auditor Report of Koa Tools India Ltd.

Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under 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 and in accordance with accounting principles generally accepted in India. 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 missbtement 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 UPthe circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

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

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, 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 Comp any 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 under 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.

e) on the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF KOA TOOLS INDIA LIMITED FOR THE YEAR ENDED ON 31ST MARCH, 2014

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

(b) As explained to us, all the fixed assets have been physically verified by the management during the year, which in our opinion is reasonable , having regard to the size of the comp any and nature of its business . No material discrepancies were noticed on such verification.

(c) In our opinion, during the year, the company has not disposed off a substantial / major part of fixed assets and the going concern status of the Company is not affected.

(ii) (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the books records were not material and have been properly dealt with in the books of accounts.

(iii) a) The company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. In view of above, clauses 4(iii) (a) to (d) of the Order are not applicable to the Company and no further comments are made.

b) According to the information and explanations given to us, the company had taken interest free unsecured loan from one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 7,00,000/- and the year-end balance is Rs. Nil.

c) According to the information and explanations given to us, in our opinion, the rate of interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. *

d) In our opinion and according to the information and explanations given to us, the comp any is repaying the principal amounts as stipulated and is also regular in the payments, wherever applicable.

(iv) In our opinion and according to the information and explanation given to us, there are adequate internal control systems commensurate with the size of the company and the nature Of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

(v) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register in pursuance of Section 301 of the Act. Accordingly, clause 4(v) of the Companies (Auditors'' Report) Order 2003 (as amended) is not applicable to the company for the current year.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public to which provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 apply. We are informed by the management that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(vii) In our opinion, the company has an internal audit system commensurate with the size a and nature of its business. The Directors themselves are implementing the system.

(viii) The company is a trading company hence clause 4(viii) of Companies (Auditors''Report) Order, 2003 regarding maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 is not applicable to the company.

(ix) (a) According to the information and explanations given to us and according to the books and records produced before us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amount s payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2013 for a period of more than six months from the date they become payable.

(x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current but incurred cash loss in the immediately preceding financial year.

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

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

(xiii) In our opinion, the provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Society are not applicable to the company.

(xiv) In our opinion and according to the information and explanations given to us, the comp any is not dealing in or trading in shares, securities, debentures and other investments, Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the company.

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

(xvi) According to the information and explanations given to us, the company has not availed any term loan during the year under audit.

(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 that have been used for long-term investment.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act, during the year under audit.

(xix) According to the information and explanations given to us, the company has not issued any debentures during the year.

(xx) According to the information and explanations given to us, the company has not raised any money by public issue during the year.

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

For P.C. BINDAL & CO. Chartered Accountants FRN: 003824N

(CA K.C. GUPTA) Place: New Delhi Partner Date: 27.05.2014 M.No.088638


Mar 31, 2012

1. We have audited the attached balance sheet of KOA TOOLS INDIA LIMITED as at 31s1 March' 2012 and the profit & loss account and also 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 auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining' on a test basis' evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management' as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order' 2003 (as amended)' issued by 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 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 account as required by the law have been kept by the company' so far as appears from our examination of those books

iii) The 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 and cash flow statement dealt with this report comply with the accounting standards referred in section 211 (3C) of the Companies Act' 1956

v) On the basis of the written representations received from the directors as on 31s'March' 2012 and taken on record by the Board of Directors' we report that none of the directors is disqualified as on 31s1 March' 2012 from being appointed as a director in terms of clause

(g) of sub section (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 give the information required by 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 Balance Sheet' of the state of affairs of the company as at 31s1 March' 2012;

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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF KOA TOOLS INDIA LIMITED FOR THE YEAR ENDED ON 31st MARCH' 2012

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

(b) The fixed assets have been physically verified by the management during the year. No material discrepancies were noticed on such verification.

(c) During the year' the company has not disposed off substantial / major part of fixed assets.

(ii) (a) As explained to us' the inventory has been physically verified during the year by the management. In our opinion' the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us' the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory' the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the books records were not material and have been properly dealt with in the books of accounts.

(iii) a) The company has not granted any loan' secured or unsecured to companies' firms or other parties covered in the register maintained under section 301 of the Companies Act' 1956. In view of above' clauses 4(iii) (a) to (d) of the Order are not applicable to the Company and no further comments are made.

b) According to the information and explanations given to us' the company had taken interest free 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 was Rs. 19'50'000/- and the year-end balance is Rs. 6'50'000/-.

c) According to the information and explanations given to us' in our opinion' the rate of interest and other terms and conditions on which loans have been taken from companies' firms or other parties listed in the register maintained under section 301 of the Companies Act' 1956 are not' prima facie' prejudicial to the interest of the Company.

d) In our opinion and according to the information and explanations given to us' the company is repaying the principal amounts as stipulated and is also regular in the payments' wherever applicable.

(iv) In our opinion and according to the information and explanation given to us' there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchases of inventory' fixed assets and with regard to the sale of goods. During the course of our audit' we have not observed any major weakness in internal controls.

(v) In our opinion and according to the information and explanations given to us' there are no transactions that need to be entered into the register in pursuance of Section 301 of the Act. Accordingly' clause 4(v) of the Companies (Auditors' Report) Order 2003 is not applicable to the company for the current year.

(vi) In our opinion and according to the information and explanations given to us' the company has not accepted any deposits from public to which provisions of sections 58A and 58AA of the Companies Act' 1956 and the Companies (Acceptance of Deposits) Rules' 1975 apply. We are informed by the management that no order has been passed by the Company Law Board' National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(vii) In our opinion' the company has an internal audit system commensurate with the size and nature of its business. The Directors themselves are implementing the system.

(viii) We have broadly reviewed the books of account relating to materials' labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209( 1) (d) of the Companies Act' 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not' however' made a detailed examina- tion of the records with a view to determining whether they are accurate and correct.

(ix) (a) According to the information and explanations given to us and according to the books and records produced before us' the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund' investor education and protection fund' employees' state insurance' income tax' sales tax' wealth tax' service tax' custom duty' excise duty' cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us' no undisputed amounts payable in respect of income tax' sales tax' wealth tax' service tax' customs duty' excise duty and cess were in arrears' as at 31st March' 2012 for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us and the records of the Company examined by us ' dues of sales tax ' income tax' custom duty' wealth tax' excise duty and cess which have not been deposited on account of disputes and the forum where the dispute is pending as under:

(x) In our opinion' the accumulated losses of the company are not more than fifty percent 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 a financial institution' bank or debenture holders.

(xii) According to the information and explanations given to us' the company has not granted loans and advances on the basis of security by way of

pledge of shares' debentures and other securities. (xiii) In our opinion' the provisions of any special statute applicable to Chit Fund' Nidhi or Mutual Benefit Fund / Society are not applicable to the

company. (xiv) In our opinion and according to the information and explanations given to us' the company is not dealing in or trading in shares' securities'

debentures and other investments' Accordingly' the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order' 2003 are not

applicable to the company. (xv) The company has not given any guarantees for loans taken by others from bank/financial institutions. (xvi) According to the information and explanations given to us' the company has not availed any term loan during the year under audit.

(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) According to the information and explanations given to us' the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act' during the year under audit.

(xix) According to the information and explanations given to us' the company had not issued any debentures during the year.

(xx) According to the information and explanations given to us' the company had not raised any money by public issue during the year.

(xxi) According to the information and explanations given to us' no fraud on or by the company has been noticed or reported during the course of our audit.

For PC. BINDAL & CO.

Chartered Accountants

FRN: 003824N

CA. K.C.GUPTA

PLACE: Noida. Partner

DATED:28/05/2012 M. No. : 088638


Mar 31, 2010

1. We have audited the attached balance sheet of KOA TOOLS INDIA LIMITED as at 31st March, 2010 and the profit & loss account and also the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 (as amended), issued by 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 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 account as required by the law have been kept by the company, so far as appears from our examination of those books

iii) The 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 and cash flow statement dealt with this report comply with the accounting standards referred in section 211(3C) of the Companies Act, 1956

v) On the basis of the written representations received from the directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub section (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 together with significant accounting policies and notes to accounts in Schedule "M " thereof, give the information required by 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 Balance Sheet, of the state of affairs of the company as at 31st March, 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 REFERRED TO IN PARAGRAPH 3 OF OUR REPORT QF EVEN DATE TO THE MEMBERS OF KOA TOOLS INDIA LIMITED FOR THE YEAR ENDED ON 31st MARCH, 2010

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

(b) The fixed assets have been physically verified by the management during the year. No material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off substantial / major part of fixed assets.

(ii) (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the books records were not material and have been properly dealt with in the books of accounts.

(iii) a) The company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. In view of above, clauses 4(iii) (a) to (d) of the Order are not applicable to the Company and no further comments are made.

b) According to the information and explanations given to us, ihe company had taken interest free 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 was Rs. 25.65 lacs and the year-end balance is Rs. 19.53 Lacs.

c) According to the information and explanations given to us, in our opinion, the rate of interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company.

d) In our opinion and according to the information and explanations given to us, the company is repaying the principal amounts as stipulated and is also regular in the payments, wherever applicable.

(iv) In our opinion and according to the information and explanation given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls.

(v) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register in pursuance of Section 301 of the Act. Accordingly, clause 4(v) of the Companies (Auditors Report) Order 2003 is not applicable to the company for the current year.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public to which provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 apply. We are informed by the management that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. The Directors themselves are implementing the system.

(viii) We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determining whether they are accurate and correct.

(ix) (a) According to the information and explanations given to us and according to the books and records produced before us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2010 for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us and the records of the Company examined by us , dues of sales tax , income tax custom duty , wealth tax , excise duty and cess which have not been deposited on account of disputes and the forum where the dispute is pending as under:

Name of the Nature of Dues Amount Period to which Forum where Statute (Rs.) Amount Relates dispute is Pending

Income Tax Income Tax 7,25,719 1992-93 Income Tax Appellant Act Demand 1995-96 & Tribunal

1997-98

(x) In our opinion, the accumulated losses of the company are not more than fifty percent 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 a financial institution, bank or debenture holders.

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

(xiii) In our opinion, the provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Society are not applicable to the company.

(xiv) In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments, Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xv) The company has not given any guarantees for loans taken by others from bank/financial institutions.

(xvi) According to the information and explanations given to us, the company has not availed any term loan during the year under audit.

(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) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act, during the year under audit.

(xix) According to the information and explanations given to us, the company had not issued any debentures during the year.

(xx) According to the information and explanations given to us, the company had not raised any money by public issue during the year.

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



For P.C.BINDAL&CO.

Chartered Accountants

FRN: 003824N

CA. K.C.GUPTA

PLACE: Noida. Partner

DATED: 29.05.2010 M. No. : 088638

 
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