Mar 31, 2016
INDEPENDENT AUDITORâS REPORT To
The Shareholders of
INTERNATIONAL PUMPS AND PROJECTS LIMITED Report on Financial Statements
We have audited the accompanying financial statements INTERNATIONAL PUMPS AND PROJECTS LIMITED, which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place the adequate internal financial control system over financial reporting and the operating effectiveness of such controls.
An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and 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 accounting principles generally accepted in India:
i. In case of the Balance Sheet, of the state of affairs of the company as at 31st March 2016;
ii. In case of Statement of Profit and Loss, of the losses for the year ended on that date; and
iii. In case of 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 (Auditorâs Report) Order 2016 (the Order), as amended, issued by the Central Government of India in terms of sub- section (11) of Section 143 of the Act, we give in the Annexure- A, a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f. The observation of financial transactions does not reveal any matter which has any adverse effect on the functioning of the Company.
g. With respect to adequacy of internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure- B.
h. With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i) The Company does not have any pending litigations in its financial statements;
ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses. However, company does not enter into any long-term contracts including derivative during the specified period;
iii) The Company is not required to transfer any amount to the Investor Education and Protection Fund.
The Annexure referred to in Paragraph 1 under the heading of âReport on other Legal and Regulatory Requirementsâ of our report of even date to the members of International Pumps and Projects Limited (the Company) for the year ended on 31st March 2016.
(i) (a) As per information and explanation given to us, the Company is maintaining proper records showing full disclosures of the fixed assets;
(b) As per information and explanation given to us, physical verification of fixed assets has been conducted once in a year by the management and no material discrepancies were noticed during the course of verification;
(c) According to information and explanation given to us, the company does not hold any immovable property during the period dealt with by this report;
(ii) As per information and explanation given to us, physical verification of inventory has been conducted once in a year by the management and no material discrepancies were noticed during the course of verification;
(iii) According to information and explanations given to us, the Company has not granted unsecured loans to parties covered in register maintained under section 189 of the Companies Act, 2013 and hence provisions of this sub- clause are not applicable;
(iv) According to information and explanations given to us, the Company has complied with the provisions of Section 185 and section 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security so given;
(v) According to information and explanations given to us, the Company has not accepted public deposits and the provision of section 73 to 76 or other relevant provisions of the Companies Act, 2013 and rules framed there under are not applicable to the Company;
(vi) According to information and explanations given to us, the Company is not liable to maintain cost records as prescribed under section 148(1) of the Companies Act, 2013;
(vii) (a) According to information and explanations given to us, the company is generally regular in depositing undisputed statutory dues including income-tax and any other applicable statutory dues to the appropriate authorities and there are no outstanding statutory dues as on the last day of the financial year concerned 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 outstanding statutory dues on the part of Company which is not deposited on account of dispute;
(viii) According to information and explanations given to us, the company has not obtained any loans and borrowings from any financial institution, bank, government or dues to debenture holders, and hence question of default of repayment does not arise;
(ix) According to information and explanations given to us, the Company has not raised money by way of initial public offer or further public offer. The Company has not taken any term loans from any bank or financial institution;
(x) According to information and explanations given to us, there is no noticed or unreported fraud on or by the Company during the year under audit;
(xi) According to information and explanations given to us, the Company has paid managerial remuneration in accordance with applicable provisions of the Companies Act, 2013;
(xii) As per information, the Company is not a Nidhi Company, hence provisions of sub clause (xii) of the Paragraph 3 of the Order are not applicable;
(xiii) According to information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 wherever applicable and the details have been disclosed in the financial statements etc., as required by the applicable accounting standards;
(xiv) According to information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review;
(xv) According to information and explanations given to us, the Company has not entered into non- cash transactions with directors or persons connected with him;
(xvi) According to information and explanations given to us, the Company is not a Nonbanking Financial Company and does not required to be registered under Section 45-1A of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i) of Sub- section (3) of Section 143 of the Companies Act, 2013
We have audited the internal financial controls over financial reporting of INTERNATIONAL PUMPS AND PROJECTS LIMITED (the Company) as on 31st March 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for the Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Control over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of fraud and errors, the accuracy and completeness of accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013 to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material aspects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial control system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidences we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial control over financial reporting includes those policies and procedures that: -
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and the receipt and expenditures of the Company are being only in accordance with authorizations of management and directors of the Company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and could not be detected. Also, projections of any evaluation of the internal financial control over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may became inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material aspects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2016, based on âthe internal financial controls over financial reporting criteria considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of Indiaâ.
FOR V.N. PUROHIT & CO.
Chartered Accountants
Firm Regn. No. 304040E
sd/-
Gaurav Joshi
Partner
Membership No. 516027
New Delhi, the 28th day of May 2016
Mar 31, 2015
We have audited the accompanying financial statements of INTERNATIONAL
PUMPS AND PROJECTS LIMITED, which comprise the Balance Sheet as at 31st
March, 2015 and the Statement of Profit and Loss, the Cash Row
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act. read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other
irregularities: selection and application of appropriate accounting
policies: making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act. the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements, The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on whether the Company has in place the adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and 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 accounting principles generally accepted in India, of
the state of affairs of the company as at 31st March 2015 and its
profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
C) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) The Company does not have any pending litigations in its financial
statements;
ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable tosses. However,
company does not enter into any long-term contracts including
derivative during the specified period;
iii) The Company is not required to transfer any amount to the Investor
Education and Protection Fund,
g) As required by the Companies (Auditors' Report) Order 2015 (the
Order) issued by the Central Government of India in terms of section
143(11) of the Act, we give in the 'Annexure' a statement on the
matters specified in paragraphs 3 and 4 of the Order.
''ANNEXURE" TO THE AUDITOR'S REPORT
(As referred in paragraphs of our report)
(i) In respect of fixed assets: -
(a) According to information and explanations given to us. the company
has maintained proper records showing the full particulars including
quantitative details and situation of fixed assets; and
(b) According to information and explanation given to us, fixed assets
of the Company has been physically verified by its management once
during the year which in our opinion, is reasonable having regard to
size of business and nature of fixed assets. We have been informed
that no material discrepancies have been noticed by the management on
such verification; and
(ii) In respect of Inventories: -
(a) As per information, physical verification of inventories has been
conducted once at the end of year which in our opinion is reasonable
having regard to size and nature of business; and
(b) According to information and explanations given to us, the
procedure followed by the management at the time of physical
verification of inventories is reasonable and adequate in relation to
size of the Company and nature of its business; and
(c) According to information and explanations given to us, the Company
is maintaining proper records of inventories and we have been informed
that the discrepancies noticed on verification between the physical
stock and books record, have been properly dealt with in the Books of
Accounts.
(iii) The Company has not granted any loans, secured and unsecured, to
companies, firms or other parties covered in the Register maintained
under section 189 of the Companies Act, 2013, Thus, sub- clause (iii)
of the said order is not applicable.
(iv) In our opinion and according to the explanations given to us,
there are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to the
purchase of fixed assets and for sale of goods or supply of services.
During the course of audit, we have not observed any continuing failure
to correct major weaknesses in internal controls;
(v) According to information and explanations given to us. the Company
has not accepted public deposits and the provision of section 73 to 76
or other relevant provisions of the Companies Act, 2013 and rules
framed thereunder are not applicable to the Company;
(vi) Maintenance of cost records as prescribed under section 148(1) of
the Companies Act, 2013 are not applicable to the company;
(vii) In respect of timely deposit of statutory dues as applicable to
Company: -
(a) The company is generally regular in payment of its undisputed
statutory dues such as Income Tax, Provident Fund, Wealth Tax, Service
Tax and other statutory dues as applicable, to the appropriate
authorities. There are no statutory dues outstanding as on last day of
financial year for a period of more than six months from the date they
became payable; and
(b) According to information and explanations given to us, there are no
outstanding statutory dues on the part of Company which is not
deposited on account of dispute;
(c) According to information and explanations given to us, Company is
not required to transfer any amount to Investor Education and
Protection Fund in accordance with the relevant provisions of Companies
Act, 1956 and rules made thereunder to transfer such fund,
(viii) According to information and explanations given to us, the
accumulated losses of the Company is less than fifty per cent of its
net worth, and the Company has not incurred any cash losses during the
financial year covered by this report and in the immediately preceding
financial year:
(ix) According to information and explanation given to us, the company
has not defaulted in repayment of dues to any bank or financial
institution;
(x) According to information and explanation given to us, the Company
has not given guarantee for loan taken by others from bank or financial
institutions;
(xi) According to information and explanation given, to us, Company has
not obtained any term loan during the year and hence provision of sub
clause (xi) of para 3 of the order are not applicable;
(xii) During the course of our examination of books of accounts and
according to information and explanation given to us, no fraud on or by
the company has been noticed or informed during the year.
Signed for the purpose of identification
FOR V.N. RUROHIT & CO.
Chartered Accountants
Firm Regn. No. 304040E
Sd/-
O.P. Pareek
Partner
Membership No. 014238
New Delhi, the 27th day of May 2015
Mar 31, 2014
We have audited the accompanying financial statements of INTERNATIONAL
PUMPS AND PROJECTS LIMITED ("the Company"), which comprise the Balance
Sheet as at 31st March. 2014 and a summary of the significant accounting
policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Company's Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance of the Company in accordance with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement whether
due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. These Standards require that we comply with the
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 the 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 the 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 cf the accounting
estimates made by the 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 31st March. 2014
(b) In the case of Profit and Loss Account, of the profit of the
Company for the year ended as on date
(c) In the case of 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. are applicable to the
Company. We enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 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 cur knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet dealt with by this Report is in agreement with
the books of account.
(d) In our opinion, the Balance Sheet complies with the Accounting
Standards referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March. 2014 taker: on record by the Board of
Directors, none of the directors is disqualified as on 31st March. 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF OUR AUDIT REPORT OF EVEN DATE
TO MEMBERS OF INTERNATIONAL PUMPS AND PROJECTS LIMITED
1. a) The company is maintaining proper records, showing full
particulars, descriptions of its Fixed Assets being building and
situation of the same.
b) Fixed Assets have been physically verified by the Management during
the yea/ based on a phased programmed of verifying all the assets,
which in our opinion is reasonable having regard to the size of the
company and the nature of its Fixed Assets. No discrepancy has been
noticed on such verification.
c) There was no disposal of any fixed assets during the year.
2. a) The company does not have any inventory as on 1st day of the
accounting year as well as at the end of the accounting year therefore
the requirement of para 2(a), (b), (c) of the order are not applicable
to the company.
3 a) The company has not granted unsecured loans or advances in the
nature of loans to the companies except one loan of Rs 82,10,000/- M/s
Capital Electricals Ltd and other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
b) The company has not taken any secured or unsecured loan from any
company, firm or other parties covered in the register maintained under
section 301 of the Companies Act. 1956
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of fixed assets. During the course of
our audit, no major weaknesses have been noticed in the internal
controls.
5. a) According to the information and explanation given to us we are
of the opinion that the transactions that need to be entered in to the
register maintained u/s 301 of the Companies Act, 1956 have been so
entered
b) In our opinion and according to the information and explanation
given to us the transactions made in pursuance of contracts or
arrangements entered in the register maintained u/s 301 of the
Companies Act. 1956, and exceeding the value of Rs. 5.00.000/- in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time
6. The company has not accepted any deposit within the meaning of the
provision of section 58A and section 58AA of the Companies Act, 1956
and the rules framed there under, therefore the requirements of this
clause are not applicable to the company.
7. The Company has adequate internal audit system with regard to its
size and nature of business managed by qualified and experienced staff
In our opinion, such internal audit system is adequate and commensurate
with the size and the nature of the business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1 )(d) of the Companies Act, 1956.
9. a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the company has
been generally regular in depositing undisputed statutory dues
including, Income Tax. During the previous year there were no statutory
dues with regard to Provident Fund, Investor Education and Protection
Fund, Employees State Insurance, Sales Tax, Wealth Tax, Custom Duty,
Excise Duty, CESS and any other statutory dues.
b) According to the information and explanations given to us. there are
no undisputed amounts payable in respect of income tax, Wealth Tax,
Customs duty and excise duty which are outstanding as at 31.03.2014 lor
a period of more than six months from the date they become payable.
c) According to the information and explanations given to us, there are
no dues of Sales Tax Income tax Custom Duty, Wealth Tax, Excise Duty
and Cess, which have not been deposited on account of any dispute
10. The company has neither accumulated losses as at 31st March, 2014
nor has incurred any cash losses during the financial year covered by
our audit or in the immediately preceding financial year ended 31st
March 2014.
11. The company does not have any borrowing by issue of debentures,
borrowing from financial institution for banks.
12. According to the information and explanations given to us. the
company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The company is not a chit fund/nidhi/mutual fund/society.
14. In our opinion, and according to the information and explanation
given to us, to the extent the company is dealing in trading in shares,
securities, debentures and other investments, is maintaining adequate
record of transactions and contracts and timely entries have been made
therein. The company has held the shares, securities, debentures and
other securities in its own name.
15. In our opinion and according to the information and explanations
given to us. the company has not given any guarantee for loan taken by
others.
16. To the best of our knowledge and belief and according to the
information and explanations given to us. the term loan taken from
banks or financial institutions during the year has been utilized for
the purposes it was obtained.
17. According to the Statement of accounts and other records examined
by us and the information and explanations given to us on an overall
basis, funds raised on short term basis, prima facie, have not been
used during the year for long term investment and vice versa.
18. According to the information and explanations given to us, during
the period under our audit, the company has not made preferential
allotment of its equity shares to parties and the companies covered in
the register maintained under section 301 of the Act.
19. According to the information and explanations given to us. during
the period under our audit the company has not made any issue of
debenture.
20. The company has not raised any monies by public issue during the
year. Therefore the requirement of Clause is not applicable to the
Company.
21. To the best of our knowledge and belief and according to the
information and explanations given to us. no fraud on or by the company
was noticed or reported during the year.
FOR ANIL RAM & ASSOCIATES
CHARTERED ACCOUNTANTS
ANIL KUMAR
(PARTNER)
M.No. 090894
FRN No. 011986N
Place: New Delhi
Date : 23.05.2014
Mar 31, 2013
We have audited the accompanying financial statements of INTERNATIONAL
PUMPS AND PROJECTS LIMITED which comprise the Balance Sheet as at March
31, 2013, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management'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 priciples generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material mis-statement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor's Report) Order, 2003
("theOrder") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexurc a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet. Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
c) 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.
11. Based on audit procedures and on the information and explanation
given by the management, we are of the opinion that the Company has not
taken any loan from any financial institution and bank during the year.
The Company does not have any borrowing by way of debentures.
12. Based on our examination of documents and records, the Company has
not granted loans and advances on the basis of security by way 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 status applicable to chit fund and nidhi/ mutual benefit
fund/ societies.
14. In respect of dealing in securities and other investment, in our
opinion and according to the information and explanation given to us,
proper records have been maintained of the transactions and contracts
and timely entries have been made therein. The security and other
investment have been held by the Company in its own name except few
shares.
15. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by its subsidiaries
and associates from bank or financial institutions.
16. During the year, the Company has not taken any term loan from the
bank or financial institutions.
17. We have been informed by the management, that the Company has not
raised any funds on short-term basis and clause (xvii) of the said
order is not applicable.
18. The Company did not have any outstanding debenture during the
year.
19. The Company has not raised any money through a public issue during
the year
29 Based upon the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our audit
during the year ended on 31.03.2013
Annexure referred to in paragraph [3] of our report of even date
TO MEMBERS OF INTERNATIONAL PUMPS AND PROJECTS LIMITED.
1. a. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. All fixed assets have been physically verified by the management
during the year but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c. There was no disposal of fixed assets during the year. In our
opinion and according to information and explanations given to us since
the company has" not disposed off any substantial part of fixed assets
during the year. Paragraph 4(i)(c) of the Company's Auditor Report
Order 2004 is not applicable.
2. a. During the year the inventories has been physically verified by
the management. In our opinion the frequency of verification is
reasonable
b. In our opinion & explanation given to us the procedure of physical
verification of stock followed by the management are reasonable and
adequate in relation to the size of the Company & nature of business.
c. On the basis of our examination of record of inventories we are of
the opinion that the company is maintaining proper records of inventory
and no material discrepancies were noticed on physical verification as
compare in the books of record were not material and have been properly
dealt with in the books of accounts.
3. a. As informed to us , the company has during the year not granted
any loans , secured or unsecured to companies . firms or other parties
covered in the register maintained under section 301 of the companies
Act, 1956 and accordingly paragraph 4(iii)(a)(b)(c) & (d) of the Order
are not applicable.
b. As informed to us, the company has not taken loans, secured or
unsecured during the year from companies firms or other parties covered
in the register maintained under section 301 of the companies Act,
1956.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, that
transactions is required to be entered into the register maintained
under section 301, transactions with parties with whom transaction
exceeding value of Rupees five lakhs have been entered into the
register during the financial year.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We are of the opinion that the maintenance of cost records are not
applicable as per rules framed by Central government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956.
9. According to the records of the Company, the Company is generally
regular in depositing undisputed statutory dues including provident
fund investor Education and protection fund. Employee's state
insurance, sales tax cess and other statutory dues applicable to it
except income tax with the appropriate authorities though there has
been delay in a few cases payment which were not in arrears at the end
of the financial year.
10. The company has accumulated losses at the end of the financial year
and it has incurred loss Rs.2849316.61 in the current financial year.
The Company has accumulated losses to the tune of Rs.43591511.21 as on
31.03.13.
For Anuj Garg & Company,
Chartered Accountants
Place : New Delhi
Dated: 30.08.2013
(ANUJ GAR)
Proprietor
M.No. 082422
Mar 31, 2012
1. We have audited the attached Balance Sheet of INTERNATIONAL PI MPS
AND PROJECTS LIMITED as 31st March, 2012 and also the 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 statement based on our audit:
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards required 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 and as
amended by Companies (Auditors Report) Order 2004 issued by the Central
Government of India in terms of Section 227(4A) of the Companies Act.
1956, vve enclose in the Annexure, a statement on the matters specified
in paragraphs 4 & 5 of the said order.
4. Further to our comments in annexure referred to in the paragraph 3
above, we report that:
a) We have obtained all the information and explanation, 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 such
books;
c) The Balance Sheet and Profit and Loss Account dealt by this report
are in agreement in the books of accounts;
d) In our opinion, the Balance Sheet and Profit &. Loss Account dealt
with by this report comply with the accounting standards specified by
the 1CAI, referred to in sub section (3C) of section 211 of the
Companies Act. 1956;
e) On the basis of the written representation received from the
Directors, as on 31st March 2012, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2012, from being appointment as an Director in terms of
clause (g) of sub section (I) of section 274 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 accounts read with the notes on
the accounts give the information required by the Companies Act. 1956
in the manner so required and give true and fair view in conformity
with the accounting principles generally accepted in India:
i) In the case of the balance sheet, of the state of the affairs of the
Company as at 31st March 2012 and
ii) In the case of the Profit & Loss account, of the Loss for the year
ended on that date.
iii) In the case of 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
1) a. The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b. All fixed assets have been physically verified by the management
during the year but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c. There was no disposal of fixed assets during the year. In our opinion
and according to information and explanations given to us since the
company has not disposed off any substantial part of fixed assets during
the year. Paragraph 4(i)(c) of the Company's Auditor Report Order 2004
is .not applicable.
2) a. During the year the inventories has been physically verified by
the management. In our opinion the frequency of verification is
reasonable
b. In our opinion & explanation given to us the procedure of physical
verification of stock followed by the management are reasonable and
adequate in relation to the size of the Company & nature of business.
c. On the basis of our examination of record of inventories we are of
the opinion that the company is maintaining proper records of inventory
and no material discrepancies were noticed on physical verification as
compare in the books of record were not material and have been properly
dealt with in the books of accounts.
3) a. As informed to us , the company has during the year not granted
any loans , secured or unsecured to companies , firms or other parties
covered in the register maintained under section 301 of the companies
Act, 1956 and accordingly paragraph 4(iii)(a)(b)(c) & (d) of the Order
are not applicable.
b. As informed to us , the company has taken loans , secured or
unsecured from companies firms or other parties covered in the register
maintained under section 301 of the companies Act, 1956 and the same
are not prejudicial to the interest of the Company.
4) In our opinion and according to the information and 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 for the
sale of goods. During the course of our audit, no major weakness has
been noticed in the internal controls.
5) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, that no
transactions is required to be entered into the register maintained
under section 301. In respect of transactions with parties with whom
transaction exceeding value of Rupees five lakhs have been entered into
during the financial year, are at prices which are reasonable having
regard to the prevailing market prices at the relevant time except in
case of some transactions where we are unable to comment owing to the
unique and specialized nature of the item involved and absence of any
comparable prices, whether the transaction are made at prevailing
market prices at the relevant time.
6) The Company has not accepted any deposits from the public.
7) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8) We are of the opinion that the maintenance of cost records are not
applicable as per rules framed by Central government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956.
9) According to the records of the Company, the Company is generally
regular in deposition undisputed statutory dues including provident
fund, Investor Education and protection fund, Employee's state
insurance, Income tax, sales tax. cess and other statutory dues
applicable to it with the appropriate authorities though there has been
delay in a few cases payment which were not in arrears at the end of the
financial year. Further, according to the information and explanations
given to us. no undisputed amount payable in respect of income tax,
sales tax were outstanding at the year end for a period of more than six
months from the date they became payable According to the records of the
Company, there are no dues outstanding of sales tax, income tax. and
cess on account of any dispute.
10) The company has accumulated losses at the end of the financial year
and it has incurred loss Rs.4069677.74 in the current financial year.
The Company has accumulated losses to the tune of Rs.4032482.24 as on
31.03.12
11) Based on audit procedures and on the information and explanation
given by the management, we are of the opinion that the Company has not
defaulted in repayment of dues to a financial institution and bank. The
Company does not have any borrowing by way of debentures.
12) Based on our examination of documents and records, the Company has
not granted loans and advances on the basis of security by way 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 status applicable to chit fund and nidhi/ mutual benefit
fund/ societies.
14) In respect of dealing in securities and other investment, in our
opinion and according to the information and explanation given to us,
proper records have been maintained of the transactions and contracts
and timely entries have been made therein. The security and other
investment have been held by the Company in its own name. The Company
has not undertaken any dealing/ trading in shares and debentures.
15) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by its subsidiaries
and associates from bank or financial institutions.
16) During the year, the Company has taken a term loan from the bank to
finance a motor vehicle and same has been utilized for the same purpose
for which it was taken and Company is repaying installments regularly.
17) We have been informed by the management that the funds raised on
short- term basis have not been used for long- term investment and
vice-versa. The Company has not made any preferential allotment of
share to parties or companies covered in the register maintained under
section 301 of the Companies Act. 1956.
18) The Company did not have any outstanding debenture during the year.
19) The Company has not raised any money through a public issue during
the year
20) Based upon the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our audit
during the year ended on 31.03.12.
For Anuj Garg & Company,
Chartered Accountants
Place: New Delhi
Dated: 01st SEPT.2012
(ANUJ GARG)
Proprietor
M.No. 082422
Mar 31, 2011
1. We have audited the attached Balance Sheet of INTERNATIONAL PUMPS
and PROJECTS LIMITED as 31st March, 2011 and also the Profit & Loss
Account for the year ended on that date annexed thereto. These
financial statements arc the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statement based on our audit:
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards required 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 and as
amended by Companies (Auditors Report) Order 200-1 issued by the
Central Government of India in terms of Section 227(4A) of the
Companies Act. 1956, we enclose in the Annexure, a statement on the
matters specified in paragraphs 4 & 5 of the said order.
4. further to our comments in annexurc referred to in the paragraph 3
above, we report that:
a) We have obtained all the information and explanation, 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 such
books;
e) The Balance Sheet and Profit and Loss Account dealt by this report
are in agreement in the books of accounts;
d) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards specified by
the 1CAI, referred to in sub section (3C) of section 211 of the
Companies Act. 1956;
e) On the basis of the written representation received from the
Directors, as on 31st March 2011, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2011, from being appointment as an Director in terms of
clause (g) of sub section (1) of section 274 of the Companies Act.
1956;
f) In our opinion and to the host of our information and according to
the explanation given to us, the said accounts read with the notes on
the accounts give the information required by the Companies Act. 1956
in the manner so required and give true and fair view in conformity
with the accounting principles generally accepted in India:
i) In the case of the balance sheet, of the state of the affairs of the
Company as at 31st March 2011 and
ii) In the case of the Profit & Loss account, of the Loss for the year
ended on that date.
iii) In the case of 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
1) a. The Company is maintaining proper records showing full
particulars, including quantitative details and Situation of fixed
assets.
b. All fixed assets have been physically verified by the management
during the year but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c. There was no disposal of fixed assets during the year. In our opinion
and according to information and explanations given to us since the
company has not disposed off any substantia! part of fixed assets during
the year Paragraph 4(i)(c) of the Company's Auditor Report Order 2004 is
not applicable.
2) a. During the year the inventories has been physically verified by
the management. In our opinion the frequency of verification is
reasonable
b. In our opinion & explanation given to us the procedure of physical
verification of stock followed by the management are reasonable and
adequate in relation to the size of the Company & nature of business.
c. On the basis of our examination of record of inventories we are of
the opinion that the company is maintaining proper records of inventory
and no material discrepancies were noticed on physical verification os
compare in the books of record were not material and have been properly
dealt with in the books of accounts.
3) a. As informed to us , the company has during the year not granted
any loans , secured or unsecured to companies , firms or other parties
covered in the register maintained under section 301 of the companies
Act, 1955 and accordingly paragraph 4(iii)(a)(b)(c) & (d) of the Order
are not applicable.
b. As informed to us , the company has taken loans , secured or
unsecured from companies firms or other parties covered in the register
maintained under section 301 of the companies Act, 1956 and the same
are not prejudicial to the interest of the Company.
4) In our opinion and according to the information and 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 for the
sale of goods. During the course of our audit. no major weakness has
been noticed in the internal controls.
5) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, that no
transactions is required to be entered into the register maintained
under section 301. In respect of transactions with parties with whom
transaction exceeding value of Rupees five lakhs have been entered into
during the financial year, are at prices which are reasonable having
regard to the prevailing market prices at the relevant time except in
case of some transactions where we are unable to comment owing to the
unique and specialized nature of the item involved and absence of any
comparable prices, whether the transaction are made at prevailing
market prices at the relevant time.
6) The Company has not accepted any deposits from the public.
7) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8) We are of the opinion that the maintenance of cost records are not
applicable as per rules framed by Central government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956.
9) According to the records of the Company, the Company is generally
regular in deposition Undisputed statutory dues including provident
fund, Investor Education and protection fund, Employee's state
insurance, Income tax, sales tax, cess and other statutory dues
applicable to it with the appropriate authorities though there has been
delay in a few cases payment which were net in arrears at the end of
the financial year. Further, according to the information and
explanations given to us, no undisputed amount payable in respect of
income tax. sales tax were outstanding at the year end for a period of
more than six months from the date they became payable According to the
records of the Company, there are no dues outstanding of sales tax,
income tax. and cess on account of any dispute.
10) The company has accumulated losses at the end of the financial year
and it has incurred loss Rs. 1255954.24 in the current financial year.
The Company has accumulated losses to the tune of Rs.403.02 Lac as on
31.03.11.
11) Based on audit procedures and on the information and explanation
given by the management, we are of the opinion that the Company has not
defaulted in repayment of dues to a financial institution and bank. The
Company does not have any borrowing by way of debentures.
12) Based on cur examination of documents and records, the Company has
not granted loans and advances on the basis of security by way 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 status applicable to chit fund and nidhi/ mutual benefit
fund/ societies.
14) In respect of dealing in securities and other investment, in our
opinion and according to the information and explanation given to us,
proper records have been maintained of the transactions and contracts
and timely entries have been made therein. The security and other
investment have been held by the Company in its own name. The Company
has not undertaken any dealing/ trading in shares and debentures.
15) According to the information and explanation given to us. the
Company has not given any guarantee for loans taken by its subsidiaries
and associates from bank or financial institutions.
16) During the year, the Company has taken a term loan from the bank to
finance a motor vehicle and same has been utilized for the same purpose
for which it was taken and Company is repaying installments regularly.
17) We have been informed by the management that the funds raised on
short- term basis have not been used for long- term investment and
vice-versa. The Company has not made any preferential allotment of
share to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
18) The Company did not have any outstanding debenture during the year.
19) The Company has not raised any money through a public issue during
the year
20) Based upon the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our audit
during the year ended on 31.03.11.
For Anuj Garg & Company,
Chartered Accountants
Place: New Delhi
Dated: 31st August 2011
(ANUJ GARG)
Proprietor
M.No.082422