Mar 31, 2015
We have audited the accompanying financial statements of MAYUR LEATHER
PRODUCTS LIMITED ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the 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
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. 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 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
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 companies Act,2013 we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the order, to the extent applicable.
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 is 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; and
(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 has disclosed the impact of pending litigation, if any
on its financial position in its financial statements - refer Note No.
39 to the financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
iii. As detailed in Note No. vii(c) of the Annexure to the Auditors
Report, There are delays in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
For the Year Ended on 31st March, 2015
Referred to Para Report on Other Legal and Regulatory Requirements' in
our Report of even date:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. (b) Fixed Assets have been physically verified by the
management during the year at reasonable intervals. No material
discrepancies were noticed on such verification.
(ii) (a) The inventory of the Company, has been physically verified by
the Management during the year. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion, the procedures of physical verification of
Inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and nature of its business.
(c) The Company has maintained proper records of inventory and the
discrepancies noticed between the physical stocks and the books record
were not material.
(iii) (a) The Company has granted loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(b) Terms & Conditions of the loan granted by the company are not
pre-defined, however the rate of interest & other term & conditions of
loan given by the company secured or unsecured are prima facie not
prejudicial to the interest of the company.
(c ) Terms & Conditions of loan granted by the company are not
pre-defined, however the company is regular in recovery of principal
and interest in respect of loan given.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business with regard to the purchases of inventories, fixed assets and
for the sale of goods. We have not observed any continuing failure to
correct major weakness in internal control system.
(v) As informed to us, the Company has not accepted any deposits under
the provisions of Section73 to 76 or any other relevant provisions of
the Act and the rules framed there under.
(vi) The Central Government has prescribed maintenance of cost records
under sub-section (1) of section 148 of the Companies Act, 2013 in
respect of manufacturing activity of the Company. We have broadly
reviewed the accounts and records of the Company in this connection and
are of the opinion, that prima facie, the prescribed accounts and
records have been made and maintained. We have not, however, carried
out a detailed examination of the same with a view to determine whether
they are accurate or complete.
(vii) (a) According to the books and records as produced and examined
by us in accordance with generally accepted auditing practices in India
and also based on Management representations, undisputed statutory dues
including Provident Fund, Employees' state Insurance Dues, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value
added tax, Cess and Other material Statutory dues have generally been
regularly deposited, by the Company during the year with the
appropriate authorities in India. According to the information and
explanation given to us, no undisputed amounts payable in respect of
the aforesaid dues were outstanding as at March 31st, 2015 for a period
of more than six months from the date of becoming payable.
(b) As at 31st March, 2015, there have been no disputed dues which have
not been deposited with the respective authorities in respect of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Custom Duty, Excise
Duty,Value Added Tax and Cess.
(c) The amount 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 there under has been
transferred to such fund within time except for Instances detailed
below:
Financial Unclaimed
Year Amount Due Date for
Transfer In Date Of Transfer
Investor
Education &
protection Fund
2002-03 39710 05/12/10 28/06/14
2003-04 26290 09/09/11 28/06/14
2004-05 142251.6 23/08/12 05/08/14
2005-06 35554 17/08/13 25/09/14
2006-07 33000 09/04/14 10/06/14
2006-07
(final) 35332 15/07/14 21/08/14
(viii) The Company has neither accumulated losses as at 31st March,
2015, nor it has incurred any cash loss either during the financial
year ended on that date or in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of its dues to
any financial institution or bank or to debenture holders during the
year.
(x) The Company has not given guarantees for loans taken by others from
banks or financial institutions.
(xi) During the year, the Company has not obtained any Term Loan.
(xii) As per the information and explanations given to us and on the
basis of examination of records, no fraud on or by the Company was
noticed or reported during the year.
for MADHUKAR GARG & COMPANY
CHARTERED ACCOUNTANTS
FRN 000866C
Place : Jaipur
Date : 30.05.2015 (SUNIL SHUKLA)
PARTNER
M.NO. 071179
Mar 31, 2014
We have audited the accompanying financial statements of MAYUR LEATHER
PRODUCTS LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, 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 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluation of the appropriateness of accounting policies used
and the reasonableness of the accounting estimates made by management,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at march 31, 2014,
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) in the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the Order.
2. As required by section 227(3) of the Act, We report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) the Balance Sheet and Statement of Profit and Loss & Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act,1956;
(e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the companies Act,1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph iunder the heading "Report on Legal and
Regulatory Requirements" of our Report of even date)
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation, of its
fixed assets.
(b) Fixed Assets have been physically verified by the management during
the year. No material discrepancies were noticed on such verification.
(c) Substantial part of fixed assets have not been disposed off during
the year.
2. (a) The inventory of the Company, has been physically verified by
the Management during the year. The frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of stocks
followed by the Management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) The Company has maintained proper records of inventory and the
discrepancies noticed between the physical stocks and the book record
were not material.
3. (a) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(b) As the company has not given any loan hence the requirement of rate
of interest & other terms & conditions of loan given by the company,
secured or unsecured are prejudicial to the interest of the company or
not is not applicable.
(c) Requirement of regular receipt of the principal amount and interest
is not applicable being no loan given by the company.
(d) Company has not given any loan hence there is no overdue amount of
more than rupees one lakh.
(e) The company has not taken any loans, secured or unsecured from
companies firm or other parties covered in the register maintained
under section 301 of the Act.
(f) As the Company has not taken any loan hence the requirement of rate
of interest and other terms & conditions of loans taken by the Company,
secured or unsecured are prejudicial to the interest of the Company or
not is not applicable.
(g) Requirement of regular payment of the principal amount and interest
is not applicable being no loan taken by the Company.
4. There are adequate internal control system commensurate with the
size of the Company and the nature of its business with regard to the
purchases of inventories, fixed assets and for the sale of goods. There
is no continuing failure to correct major weaknesses in internal
control system.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contract or arrangements
that need to be entered into 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 or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs 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 deposits under the provisions of
Section 58A and 58AA or any other relevant provisions of the Act and
the rules framed there under.
7. In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
8. On the basis of records produced to us, we are of the opinion that,
prima facie, the cost records prescribed by the Central Government of
India under section 209(1)(d) of the Act have been maintained. However,
we are not required to and have not carried out any detailed examination
of such accounts and records.
9. (a) According to the books and records as produced and examined by
us in accordance with generally accepted auditing practices in India
and also based on Management representations, undisputed statutory dues
in respect of Provident Fund, Employee''s State Insurance dues, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and Other Statutory dues
have generally been regularly deposited, by the Company during the year
with the appropriate authorities in India.
(b) As at 31st March, 2014, there have been no disputed dues which have
not been deposited with the respective authorities in respect of Income
Tax, Wealth Tax, Service Tax, Sales Tax, Custom Tax, Excise Duty and
Cess.
10. The Company has neither accumulated losses as at 31st March, 2014,
nor it has incurred any cash loss either during the financial year
ended on that date or in the immediately preceding financial year.
11. As per the records of the Company, it has not defaulted in
repayment of its dues to any financial institution or bank or to
debenture holders during the year.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. Considering the nature of activities carried on by the Company
during the year, the provisions of any special statute applicable to
chit fund/nidhi/mutual benefit fund/societies are not applicable to it.
14. The Company has not dealt or traded in shares, securities,
debentures or other investments during the year.
15. The Company has not given guarantees for loans taken by others from
banks or financial institutions.
16. The Company has not taken any term loan during the year.
17. On the basis of review of utilization of funds which is based on
overall examination of the balance sheet of the company, related
information as made available to us and as represented to us by the
Management, funds raised on short term basis have not been used for
long term investment.
18. The Company has not made preferential allotment of shares to
parties & companies covered in the register maintained under Section
301 of the Act during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. As per the information and explanations given to us and on the
basis of examination of records, no fraud on or by the Company was
noticed or reported during the year.
for MADHUKAR GARG & COMPANY
Chartered Accountants
FRN 000866C
Place : Jaipur SUNIL SHUKLA
Date : 30/5/2014 (Partner)
M. No. 0711 79
Mar 31, 2013
To the Members of Mayur Leather Products Ltd Report on the
Financial Statements
We have audited the accompanying financial statements of Mayur Leather Products Ltd
PRODUCTS LIMITED ("the Company"), 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 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluation of 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 ouraudit 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 profit for the
year ended on that date.
(c) in the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the Order.
2. As required by section 227(3) of the Act, We report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(c) the Balance Sheet and Statement of Profit and Loss & Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956;
(e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
(Referred to in paragraph lunderthe heading Report on Legal and
Regulatory Requirements of our Report of even date)
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation, of its fixed
assets.
(b) Fixed Assets have been physically verified by the management during
the year. No material discrepancies were noticed on such verification.
(c) Substantial part of fixed assets have not been disposed off during
the year.
2. (a) The inventory of the Company, has been physically verified by
the Management during the year. The frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of stocks
followed by the Management are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) The Company has maintained proper records of inventory and the
discrepancies noticed between the physical stocks and the book record
were not material.
3. (a) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
(b) As the company has not given any loan hence the requirement of rate
of interest & other terms & conditions of loan given by the company,
secured or unsecured are prejudicial to the interest of the company or
not is not applicable.
(c) Requirement of regular receipt of the principal amount and interest
is not applicable being no loan given by the company.
(d) Company has not given any loan hence there is no overdue amount of
more than rupees one lakh.
(e) The company has not taken any loans, secured or unsecured from
companies firm or other parties covered in the register maintained
under section 301 of the Act.
(f) As the Company has not taken any loan hence the requirement of rate
of interest and other terms & conditions of loans taken by the Company,
secured or unsecured are prejudicial to the interest of the Company or
not is not applicable.
(g) Requirement of regular payment of the principal amount and interest
is not applicable being no loan taken by the Company.
4. There are adequate internal control system commensurate with the
size of the Company and the nature of its business with regard to the
purchases of inventories, fixed assets and for the sale of goods. There
is no continuing failure to correct major weaknesses in internal
control system.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contract or arrangements
that need to be entered into 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 or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956
and exceeding the value of rupees five lakhs 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 deposits under the provisions of
Section 58A and 58AA or any other relevant provisions of the Act and
the rules framed there under.
7. In our opinion, the Company''s present internal audit system is
commensurate with its size and nature of its business.
8. On the basis of records produced to us, we are of the opinion that,
prima facie, the cost records prescribed by the Central Government of
India under section 209(l)(d) of the Act have been maintained. However,
we are not required to and have not carried out any detailed
examination of such accounts and records.
9. (a) According to the books and records as produced and examined by
us in accordance with generally accepted auditing practices in India
and also based on Management representations, undisputed statutory dues
in respect of Provident Fund, Employee''s State Insurance dues, Investor
Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and Other Statutory dues
have generally been regularly deposited, by the Company during the year
with the appropriate authorities in India. (b) As at 31st March, 2013,
there have been no disputed dues which have not been deposited with the
respective authorities in respect of Income Tax, Wealth Tax, Service
Tax, Sales Tax, Custom Tax, Excise Duty and Cess.
10. The Company has neither accumulated losses as at 31st March, 2013,
nor it has incurred any cash loss either during the financial year
ended on that date or in the immediately preceding financial year.
11. As per the records of the Company, it has not defaulted in
repayment of its dues to any financial institution or bank or to
debenture holders during the year.
12. The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. Considering the nature of activities carried on by the Company
during the year, the provisions of any special statute applicable to
chit fund/nidhi/mutual benefit fund/societies are not applicable to it.
14. The Company has not dealt or traded in shares, securities,
debentures or other investments during the year.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not taken any term loan during the year.
17. On the basis of review of utilization of funds which is based on
overall examination of the balance sheet of the company, related
information as made available to us and as represented to us by the
Management, funds raised on short term basis have not been used for
long term investment.
18. The Company has not made preferential allotment of shares to
parties & companies covered in the register maintained under Section
301 of the Act during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. As per the information and explanations given to us and on the
basis of examination of records, no fraud on or by the Company was
noticed or reported during the year.
For Madhukar Garg & Company
Chartered Accountants FRN 000866C
Place: Jaipur SunilShukla
Date: 30.05.13 Partner
M.NO.-071179