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Auditor Report of Kohinoor Techno Engineers Ltd.

Mar 31, 2014

1. We have audited the accompanying financial statements of KOHINOOR TECHNO ENGINEERS LIMITED, which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. The Company''s management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance and Cash Flow 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) read with 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

3. 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.

4. 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.

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

Opinion

6. In our opinion and to the best of our knowledge and according to the information and 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; and

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

c) In the case of Cash flow statement, of the cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor''s Report) Order, 2003 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.

8. 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, 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 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.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure "A" referred to in our main Audit report

(1) In respect of Fixed Assets :

(a) The company has maintained proper records to show 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 of the Company have been physically verified by the management in a phased periodical manner which is in our opinion is reasonable having regard to size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

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

(2) In respect of Inventories :

(a) The inventories have been physically verified by the management during the year. In our Opinion the frequency of Verification is reasonable.

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

(c) The company has maintained proper records of inventories. As informed to us that the discrepancies noticed on physical verification of raw material, stores spares, components other than finished goods and work in progress, on comparison to book records, were not material and would be dealt with the books of account after enquiry and reconciliation. As regards finished goods we are informed that there were no discrepancies as compared to available records.

(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 given interest free unsecured advances to associate company covered in the register maintained under section 301 of the Companies Act, 1956 (''the Act''). The maximum amount outstanding during the year was Rs 4.26 lacs and the year-end balance of such loan amounted to Rs 4.26 lacs. Other than the above, the Company has not granted any loans, secured or unsecured, to companies, firms or parties covered in the register maintained under section 301 of the Act.

(b) In our opinion, the rate of interest and other terms and conditions on which the loans have been granted to the bodies corporate listed in the register maintained under Section 301 of the Act are not, prima facie, prejudicial to the interest of the Company.

(c) In the case of the loans granted to the bodies corporate listed in the register maintained under section 301 of the Act, the borrowers have been regular in the payment. The terms of arrangement do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 4(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(d) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 301 of the Act.

(e) According to information and explanation given to us, the Company has during the year, not taken any loans, secured or unsecured from Companies, Firms or other parties covered in the register maintained u/s 301 of the Companies Act 1956, Accordingly, paragraphs (4(iii)(e)(f) and (g) of Order, are not applicable.

(4) In our opinion and according to information & explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and with regards to sale of goods and services. During the year of audit we have not observed any continuing failure to correct major weaknesses in internal controls system.

(5) In our opinion and according to information & explanation given to us, the company has not entered into any transaction exceeding Rs. 5 lacs in respect of any party during the financial year that need to be entered in the register pursuant to section 301 of the Companies act 1956. Consequently, the provision of Clause (v) (b) of Paragraph 4 of Order are not applicable to the Company

(6) The company has not accepted any deposits under the provisions of section 58A and 58AA of the Companies Act 1956 and the Companies (Acceptance of deposits) Rules 1975, consequently, the provision of Clause (vi) of Paragraph 4 of Order are not applicable to the Company.

(7) In our opinion and explained to us, the internal audit functions are carried out by the employees of the company and have been commensurate with its size of the company and nature of its business.

(8) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956. We are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(9) In respect of Statutory Dues :

(a) According to the books and records as produced and examined by us in accordance with the generally accepted auditing practices in India and also based on management representation, undisputed statutory dues including provident fund, investor education protection fund, employees state insurance , income tax, Service tax, sales tax, wealth taxes, custom duty, cess and other material statutory dues have generally been regularly deposited by the company during the year with the appropriate authority in India. According to information & explanation given to us, there are no undisputed amounts payable in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess were in arrears as at 31st March 2014 for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us and records of the Company examined by us, the dues of Income Tax of Rs. 1.00 lacs have not deposited on account of any dispute and the forum where the disputes are pending are as under.

Name of Statute Nature of Dues Amount Rs.in lacs

Income Tax Act 1961 Income Tax 1.00

Name of Statute Period to which Forum Where the amount Pending relates

Income Tax Act 1961 AY 2012-13 Tribunal

(10) In our opinion, the company has accumulated losses of Rs. 143.08 lacs at the end of the financial year which is 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 has not incurred cash losses during the immediately preceding financial year

(11) Based on our audit procedure and according to information & explanation given to us, the company has not defaulted in repayment of dues to a financial institution, Banks, or debenture holders.

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

(13) Clause (Xiii) is not applicable to the company as the company is not a chit fund, nidhi, mutual benefit fund or a society.

(14) In our opinion and according to information & explanation given to us, the company is not dealing 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.

(15) According to information & explanation given to us, the company has not given any guarantee for loan taken by others from bank or financial institution.

(16) In our opinion and according to information & explanation given to us, the company has not availed any term loans during the year.

(17) According to information & explanation given to us and on an overall examination of balance sheet of the company, we report that there is no funds raised on short term basis that have been used for long term investment.

(18) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(19) The clause is not applicable to the company as it has not issued any debentures.

(20) The clause is not applicable to the company as the Company has not raised the monies by public issue during the year.

(21) According to information & explanation given to us, no material fraud on or by the company has been noticed or reported during the year.

For, BHARAT & COMPANY hartered Accountants Firm Registration No 127777W

Sd/- CA. Bharat H. Gandhi ( Proprietor) M. No. 125227 Surat 30th May 2014


Mar 31, 2013

Report on the Financial Statements

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

Management''s Responsibility for the Financial Statements

The Company''s management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance and Cash Flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. 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 knowledge and according to the information and 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; and

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

c) in the case of Cash flow statement, of the cash flows of the Company 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 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, 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 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.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

(1) In respect of Fixed Assets :

(a) The company has maintained proper records to show 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 of the Company have been physically verified by the management in a phased periodical manner which is in our opinion is reasonable having regard to size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

(c) In our opinion, the Company has not disposed off a substantial pert of its fixed assets during the year, hence the going concern status of the company is not affected.

(2) In respect of Inventories :

(a) The inventories have been physically verified by the management during the year. In our Opinion the frequency of Verification is reasonable.

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

(c) The company has maintained proper records of inventories. As informed to us that the discrepancies noticed on physical verification of raw material, stores spares, components other than finished goods and work in progress, on comparison to book records, were not material and would be dealt with the books of account after enquiry and reconciliation. As regards finished goods we are informed that there were no discrepancies as compared to available records.

(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 granted loans to bodies corporate covered in the register maintained under section 301 of the Companies Act, 1956 (''the Act''). The maximum amount outstanding during the year was Rs 2.14 lacs and the year-end balance of such loan amounted to Rs 2.07

lacs. Other than the above, the Company has not granted any loans, secured or unsecured, to companies, firms or parties covered in the register maintained under section 301 of the Act.

(b) In our opinion, the rate of interest and other terms and conditions on which the loans have been granted to the bodies corporate listed in the register maintained under Section 301 of the Act are not, prima facie, prejudicial to the interest of the Company.

(c) In the case of the loans granted to the bodies corporate listed in the register maintained under section 301 of the Act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangement do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 4(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(d) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 301 of the Act.

(e) According to information and explanation given to us, the Company has during the year, not taken any loans, secured or unsecured from Companies, Firms or other parties covered in the register maintained u/s 301 of the Companies Act 1956, Accordingly, paragraphs (4(iii)(e)(f) and (g) of Order, are not applicable.

(4) In our opinion and according to information & explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and with regards to sale of goods and services. During the year of audit we have not observed any continuing failure to correct major weaknesses in internal controls system.

(5) In our opinion and according to information & explanation given to us, the company has not entered into any transaction exceeding Rs. 5 lacs in respect of any party during the financial year that need to be entered in the register pursuant to section 301 of the Companies act 1956. Consequently, the provision of Clause (v) (b) of Paragraph 4 of Order are not applicable to the Company

(6) The company has not accepted any deposits under the provisions of section 58A and 58AA of the Companies Act 1956 and the Companies (Acceptance of deposits) Rules 1975, consequently, the provision of Clause (vi) of Paragraph 4 of Order are not applicable to the Company.

(7) In our opinion and explained to us, the internal audit functions are carried out by the employees of the company and have been commensurate with its size of the company and nature of its business.

(8) We have been informed that the Central Government has not made any Order for the maintenance of the Cost Records under section 209 (1) (d) of the Companies Act 1956.

(9) In respect of Statutory Dues :

(a) According to the books and records as produced and examined by us in accordance with the generally accepted auditing practices in India and also based on management representation, undisputed statutory dues including provident fund, investor education protection fund, employees state insurance , income tax, Service tax, sales tax, wealth taxes, custom duty, cess and other material statutory dues have generally been regularly deposited by the company during the year with the appropriate authority in India. According to information & explanation given to us, there are no undisputed amounts payable in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess were in arrears as at 31st March 2012 for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us, there are no dues of sales tax, income tax, service tax, customs duty and cess which have not been deposited on account of any dispute.

(10)In our opinion, the company has accumulated losses of Rs. 152.43 lacs at the end of the financial year which is more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and have incurred cash losses during the immediately preceding financial year

(11)Based on our audit procedure and according to information & explanation given to us, the company has not defaulted in repayment of dues to a financial institution, Banks, or debenture holders.

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

(13)Clause (Xiii) is not applicable to the company as the company is not a chit fund, nidhi, mutual benefit fund or a society.

(14)In our opinion and according to information & explanation given to us, the company is not dealing 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.

(15)According to information & explanation given to us, the company has not given any guarantee for loan taken by others from bank or financial institution.

(16)In our opinion and according to information & explanation given to us, the company has not availed any term loans during the year.

(17)According to information & explanation given to us and on an overall examination of balance sheet of the company, we report that there is no funds raised on short term basis that have been used for long term investment.

(18)The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(19)The clause is not applicable to the company as it has not issued any debentures.

(20)The clause is not applicable to the company as the Company has not raised the monies by public issue during the year..

(21)According to information & explanation given to us, no material fraud on or by the company has been noticed or reported during the year.

For, BHARAT & COMPANY

Chartered Accountants

Firm Registration No 127777W

Sd/-

CA. Bharat H. Gandhi

(Proprietor)

M. No. 125227

Surat 31st May 2013


Mar 31, 2010

We have audited the attached Balance Sheet of KOHINOOR TECHNO ENGINEERS LIMITED (Previously Known as ASIAN INDEPENDENT NETWORK LIMITED) as at 31st March, 2010 and also the Profit & Loss Account for the year ended on that date annexed thereto and cash flow statements for the period ended on that date. These financial statements are responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standard 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 disclosure 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.

A. As required by Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956 and on the basis of such checks as considered appropriate, We enclose in the annexure "A" a statement on the matters specified in the said order.

B. Further, to our comment in the annexure referred to in paragraph "A" above, 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 accounts 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 profit & loss account dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

e) On the basis of written representations received from the directors and taken on record by the Board of Directors, We report that none of the director is disqualified form being appointed as a director in terms of Clause (g) of section 274 (1) of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanation given to us, the said statement of accounts read with notes thereon gives 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 principle generally accepted in India:

1) In the case of the Balance Sheet of the State of affairs of the company as at 31st March, 2010;

2) In the case of Profit & Loss Account, of the profit for the Year ended on that date. And

3) In case of Cash Flow Statement, the cash flow of the Company for the year ended on that date.

Annexure "A" referred to in our main Audit report

(1) (a) The company has broadly maintained proper records to show full particulars, including quantitative details and situation of fixed assets.

(b) We have been informed that fixed assets of the Company are physically verified by the management according to a regular program of verification which is in our opinion is reasonable having regard to nature size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. There were no disposals of fixed assets during the year.

(2)

(a) As informed to us, the procedure of physical verification of stocks followed by the management generally reasonable and adequate in relation to size and nature of its business.

(b) The company has maintained reasonable records for inventories. The discrepancies noticed on physical verification of raw material, stores spares, components other than finished goods and work in progress, on comparison to book records, were not material and as informed to us would be dealt with the books of account after enquiry and reconciliation. As regards finished goods we are informed that there were no discrepancies as compared to available records.

(3)

(a) The company has taken loans from 3 (Three) parties covered in the register maintained u/s 301 of the Act. The maximum amount involved during the year was Rs 0.71 lacs and the year end balance of loans taken from such parties was Rs Nil. The above amount also represents for which no due dates for repayment has been specified.

(b) In our opinion and according to information and explanation given to us, the rate of interest and other terms and condition of loan given to or taken from parties covered in the register maintained under section 301 of the Companies Act 1956, prima facie, are not prejudicial to the interest of the company;

(c) The parties have repaid principle amount as stipulated and have been regular in payments of interest, wherever specified. The company is regular in repaying the principal amounts as stipulated and has been regular in the payments of interest.

(d) There is no overdue amount of loan granted to or taken from companies, firms and other parties listed in the register maintained u/s 301 of the Act.

(4) In our opinion and according to information & explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and with regards to sale of goods. In our opinion and according to information and explanations given to us there is no continuing failure to correct major weaknesses in internal controls system.

(5) In our opinion and according to information & explanation given to us, the company has not entered into any transaction exceeding Rs 5 lacs in respect of any party during the financial year that need to be entered in the register pursuant to section 301 of the Companies act 1956.

(6) The company has not accepted any deposits under the provisions of section 58A and 58AA of the Companies Act 1956 and the Companies (Acceptance of deposits) Rules 1975

(7) In our opinion and explained to us, the internal audit functions are carried out by the employees of the company and have been commensurate with its size of the company and nature of its business.

(8) The maintenance of the cost records under section 209(1)(d) of the companies Act 1956 is not applicable to Company.

(9)

(a) According to the books and records as produced and examined by us in accordance with the generally accepted auditing practices in India and also based on management representation, undisputed statutory dues including provident fund, investor education protection fund, employees state insurance , income tax, Service tax, sales tax, wealth taxes, custom duty, cess and other material statutory dues have generally been regularly deposited by the company during the year with the appropriate authority in India.

(b) According to information & explanation given to us, there are no undisputed amounts payable in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty and Cess were in arrears as at 31st March 2010 for a period of more than six months from the date they became payable.

(c) According to information and explanations given to us, there are no dues of sales tax, income tax, service tax, customs duty and cess which have not been deposited on account of any dispute.

(10) In our opinion, the company has accumulated losses of Rs 185.26 lacs at the end of the financial year which is less than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and have incurred cash losses during the immediately preceding financial year

(11) In our opinion and according to information & explanation given to us, the company has not defaulted in repayment of dues to a financial institution, Banks, or debenture holders.

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

(13) Clause (Xiii) is not applicable to the company as the company is not a chit fund, nidhi, mutual benefit fund or a society.

(14) In our opinion and according to information & explanation given to us, the company is not dealing 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.

(15) According to information & explanation given to us, the company has not given any guarantee for loan taken by others from bank or financial institution.

(16) In our opinion and according to information & explanation given to us, the company has not availed any term loans during the year.

(17) According to information & explanation given to us and on an overall examination of balance sheet of the company, we report that there is no funds raised on short term basis have been used to finance short term assets except permanent working capital.

(18) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(19) The clause is not applicable to the company as it has not issued any debentures.

(20) The clause is not applicable to the company as the management has not raised the money by public issue.

(21) According to information & explanation given to us, no fraud on or by the company has been noticed or reported during the year.

For Bharat & Co

Chartered Accountants

Sd/- CA. Bharat H. Gandhi (Proprietor) M. No: 125227 FRN 127777W Place: Surat Date: 29/07/2010

 
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