Mar 31, 2015
We have audited the accompanying financial statements of Lippi Systems
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March 2015, 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 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 of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give 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 an adequate internal financial
controls 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 Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, 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
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") 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
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 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 31s1 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 which would impact
its financial position;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to Independent Auditors' Report
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date
1. in respect of its fixed assets:
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
b. As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
2. Inrespectofitsinventories:
a. As explained to us, the inventories have been physically verified
during the year by the management at reasonable intervals.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material
3. According to the information and explanations given to us, the
Company has not granted loans, secured or unsecured to the Companies,
firms or other parties covered in the Register maintained under section
189 of the Act. Accordingly, the provisions of clause (iii) (a) and
(Mi) (b) of paragraph 3 of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit we have not observed any major
weaknesses in such internal control system.
5. According to the information and explanations given to us, the
Company has not accepted any deposit from the public during the year.
Therefore, the provisions of Clause (v) of paragraph 3 of the Order are
not applicable to the Company.
6. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Records and Audit) Rules, 2014 read
with Companies (Cost Records and Audit) Amendment Rules, 2014
prescribed by the Central Government under Section 148 of the Companies
Act, 2013 and are of the opinion that, prima facie, the prescribed cost
records have been made and maintained. We have, however, not made a
detailed examination of the cost records with a view to determine
whether they are accurate or complete.
7. According to the information and explanations given to us in
respect of statutory dues:
a) The Company has generally been regular in depositing undisputed
statutory dues including provident fund, employees' state insurance,
income-tax, sales tax, wealth tax, service tax, duty of customs, duty
of excise, value added tax, cess and any other material statutory dues
with the appropriate authorities. There were no undisputed statutory
dues in arrears as at 31st March, 2015 for a period of more than six
months from the date they became payable.
b) Details of dues of income tax which have not been deposited on
account of disputes are given below:
Name of Nature of dues Period to which Forum where Amount
Statute the amount the dispute is (Rs.)
relates pending
Income Disputes in A.Y. 2012-13 Commissioner 67,430
Tax respect of Income -
of appeals Tax (Appeals)
pending
before CIT (A)
There are no amounts payable in respect of wealth tax, service tax,
sales tax, duty of customs, duty of excise or value added tax or cess
which have not been deposited on account of any disputes.
c) There are no amounts that are required to be transferred to Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder.
8. The Company does not have any accumulated losses as at the end of
the financial year and has not incurred any cash losses in the
financial year or in the immediately preceding financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions and banks.
The Company does not have any outstanding dues byway of debentures.
10. According to the information and explanations given to us and the
records of the Company examined by us, the Company has not given any
guarantee for the loan taken by others from banks or financial
institutions. Accordingly, the provisions of clause (x) of the
paragraph 3 of the Order are not applicable to the Company.
11. In our opinion and according to the information and explanations
given to us, the term loans have been applied by the Company for the
purposes for which they were obtained.
12. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported duringtheyear.
For Ashok Dhariwal & Co.
Chartered Accountants
(Firm Reg. No. 100648W)
Place: Ahmedabad (CA Ashok Dhariwal)
Date: 30/05/2015 Partner
M.No. 36452
Mar 31, 2014
We have audited the accompanying financial statements of Lippi Systems
Limited ("the Company"), 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 forthe Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the accounting Standards notified under the Companies
Act, 1956 ("the Act") read with the General Circular 15/2013 dated
September 13, 2013 the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013 dnd in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of inernal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from materiaI
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 thefinancia! statements are free
from materia I misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates map 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b. In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
c. In the case of the Cash Flow Statement, of the cash flows 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 ("the
Order") issued by the Central Government of India in terms of
Section 227(4A) 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 iaw have been
kept tjy'' the Company so far as 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 Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
September 13,2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is Disqualified as on March 31,
2014, from being appointed as a director in terms of Section 274(l)
(g) of the Act.
Annexure to Independent Auditors8 Report
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date
1. In respect of its fixed assets;
a. The Company has maintained proper records showing full particulars
including Quantitative details and situation of fixed assets on the
basis of available Information.
b. As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c. In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories;
a. The inventories have been physically verified during the year by the
management, in our opinion, the frequency of verification is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business. .
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956;
a. According to the information and explanations given to us and on the
basis if our examination of the books of account, the Company has
notgranted any ioans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
b. According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub cla uses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in interna I control
system.
5. In respect of the contracts or arrangements referred to in Section
III of the Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company,
6. According to the information and expla nations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our opinion, the Compa ny has an interna! audit system
commensurate with the si^e and nature of its business.
8. We have broadly reviewed the books of account relating to materials,
labour and other items of cost maintained by the company pursuant to
the Rules made by the Central Government for the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956 and we are
of the opinion that prima facie the prescribed accounts and records
have been made and maintained.
9. In respect of statutory dues:
a. According to the records of the company, undisputed statutory dues
including Provident Fund, cess to the extent applicable and any other
statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were rio outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
b. According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has no accumulated losses as at 31st March, 2014 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. Based on our audit procedures and according to the information a nd
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and othersecurities.
13. In our opinion, the Company is not a chit fund /nidhi / mutual
benefit fund / society.
Therefore, the provisions of clause (xiii) of paragraph 4 of the Order
are not applicable to the Company.
14. The Company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timeiy entries have been made
therein. All shares, securities, debentures and other investments have
been held by the Company 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 the loan taken
by others from banks or financial institutions during the year.
16. Inouropinion, the term loans have been applied forthe purpose
forwhich it were raised.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long-term investment.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit,
20. The Company has not raised any money by public issue during the
year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For Ashok Dhariwal & Co.
Chartered Accountants
(Firm Reg. No. 100648W)
(CA Ashok Dhariwal)
Partner
M, No.36452
Place: Ahmedabad
Date:30/05/2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Lippi Systems
Limited ("the Company"), 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 forthe 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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) 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 misstatements.
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 evaluatingthe overall presentation of thefinancial 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a. In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b. In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. 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 Section
227(4A) 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 forthe 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 the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
e. On the basis of the written representations received from the
directors as on March 31, 2013, 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 Section 274(l)(g) of the
Act.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including Quantitative details and situation of fixed assets on the
basis of available Information.
b. As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c. In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
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
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
b. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts /
arrangements entered in the Register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in
respect of each party during the year have been made at prices which
appear reasonable as per information available with the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
9. In respect of statutory dues:
a. According to the records of the company, undisputed statutory dues
including Provident Fund, cess to the extent applicable and any other
statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
b. According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of anydisputes.
10. The Company has no accumulated losses as at 31st March, 2013 and
it has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund /nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. The Company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. All shares, securities, debentures and other investments have
been held by the Company 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 the loan taken
by others from banks or financial institutions during the year.
16. In our opinion, the term loans have been applied for the purpose
for which it were raised.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long-term investment.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For Ashok Dhariwal & Co.
Chartered Accountants
(Firm Reg. No. 100648W)
(CA Ashok Dhariwal)
Partner
M.No. 36452
Place: Ahmedabad
Date: 30/05/2013