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Auditor Report of Meenakshi Enterprises Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of MEENAKSHI ENTERPRISES LIMITED ('the Company"), which comprises the Balance Sheet as at March 31, 2015 and the Statement of Profit & Loss and 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 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 referred to in Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes design, implementation and maintenance of internal control relevant to the preparation 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 my audit. We have conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 judgments, including the assessment of the risks of material misstatements 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 the accounting policies used and the reasonableness of 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 my 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:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015, and

ii) in the case of the Statement of the Profit & Loss, of the profit for the year ended on that date, and

iii) in 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 2015 ('the Order") issued by the Central Government of India in terms of Section 143(11) of the Companies Act,2013 we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. As required by Section 143(2) 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 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 appears from our examination of those books.

c) The Balance Sheet and the Statement of Profit & Loss dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet the Statement of Profit & Loss dealt with by this report comply with the Accounting Standards referred to in Section 133 of the Act.

e) On the basis of written representations received from the directors, as on 31st March, 2015, and 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 of the Act.

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT – MARCH 31, 2015

Re: MEENAKSHI ENTERPRISES LIMITED

(Referred to paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of my report of even date)

1. (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) According to the information and explanations given to us, fixed assets have been physically verified by the management at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification and the same have been properly dealt with in the books of account;

2. (a) According to the information given to us and explanations provided, the Physical verification of inventory has been conducted during the year at reasonable intervals by the management.

(b) The procedures followed by the management for physical verification of inventory are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory and there is no material discrepancy noticed on physical verification and the same have been properly dealt within the books of account;

3. According to the information given to me and explanations provided, the company had not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. 2013 during the year.

4. According to the information given to us and explanations provided, there is an adequate internal control system 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 and services.

5. According to the information given to us and explanations provided, the company has not accepted deposit from public to which the directives issued by the Reserve Bank of India and the provisions of section 73 to section 76 or any other relevant provisions of the Act and the rules framed thereunder apply.

6. According to the information given to us and explanations provided, the Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act for the services rendered by the company.

7. (a) According to the information given to us and explanations provided, the company is 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 or other statutory dues with appropriate authorities.

(b) There is no undisputed amounts payable in respect of income tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess that have not been deposited on account of any dispute.

(c) According to the information given to us and explanations provided, there are no amounts required to be transferred to investor education and protection fund during the year in accordance with the relevant provisions of the Companies Act, 2013) and rules framed thereunder.

8. In our opinion and according to the information given to us and explanations provided, the accumulated losses at the end of the financial year is not more than fifty percent of its net worth of the company. The Company has not incurred cash loss during the current financial year as well as in the immediately preceding financial year.

9. In our opinion and according to the information given to us and explanations provided, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

10. In our opinion and according to the information given to us and explanations provided, the company has not given any guarantee for loans taken by others from bank or financial institutions.

11. In our opinion and according to the information given to us and explanations provided, the Company had not availed any term loan during the year from any bank/ financial institution.

12. To the best of our knowledge and belief and according to the information given to us and explanations provided no material fraud on or by the company has been noticed or reported during the year.

For Vivekanandan Associates

Chartered Accountants

(Firm Regn. No.05268S)

Sd/-

N. Subramanian

Place: Chennai Partner

Date: 30th May, 2015 Membership No.021628


Mar 31, 2014

We have audited the accompanying financial statements of MEENKASHI ENTERPRISES LIMITED ('the Company"), which comprises the Balance Sheet as at March 31, 2014, the Statement of Profit & Loss and 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 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 referred to in Section 211(3C) of the Companies Act, 1956 ('the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation 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 my audit. We have conducted my audit in accordance with 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 of 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 judgments, including the assessment of the risks of material misstatements 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 the accounting policies used and the reasonableness of 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 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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014, and

(ii) in the case of the Statement of the Profit & Loss, of the profit for the year ended on that date.

(iii) 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 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 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 appears from our examination of those books.

c) The Balance Sheet and the Statement of Profit & Loss dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, the Statement of Profit & Loss and the Cash flow Statement dealt with by this report comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Act.

e) On the basis of written representations received from the directors, as on 31st March, 2014, and taken 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 Section 274(1) (g) of the Act.

1. Having regard to the nature of the Company's business/activities/ results, during the year, clauses (viii) and (xiii) of paragraph 4 of the Order are not applicable to the Company.

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

(b) All the assets have been physically verified by the management during the year in accordance with a 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) The company has not sold/disposed off any of the fixed assets during the year and therefore, do not affect the going concern assumption during the year

3. (a) The inventory of share certificates have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) 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) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

4. In respect of loans granted:

(a) The company has not granted any loans to parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) The company has not taken any loans from parties covered in the register maintained under section 301 of the Companies Act, 1956.In our opinion no interest has been paid on such loans taken from parties listed in the registers maintained under section 301 and the same are not, prima facie, prejudicial to the interest of the company.

(c) There are no terms and conditions or period specified with regard to repayment of loans taken or the interest to be charged on the loans and we are unable to express an opinion on the repayment of loans taken.

5. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchases of fixed assets and with regard to granting of loans. During the course of our audit, no major weakness has been noticed in the internal control systems.

6. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Act:

a) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act that needed to be entered into the register have been so entered;

b) According to the information and explanations given to us, there were no transactions during the year with parties covered in the Section 301 of the Act.

7. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public during the year as per the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

8. Based on our audit procedures and in accordance with the information and explanations given by the management, the company has an internal audit system in place commensurate with the size of the company and nature of its operations.

9. Statutory and other dues

(a) According to the information and explanations given to us and on the basis of our examination of the records of the company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including income tax and other material statutory dues have been generally regularly deposited during the year by the company with the appropriate authorities. As explained to us, the Company did not have any dues on account of sales tax, wealth tax, customs duty, excise duty, cess, investor education and protection fund and employees state insurance, to the extent applicable, as at March 31, 2014.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax and other material statutory dues were in arrears as at March 31, 2014 for a period of more than six months from the date they became payable.

(c) According to the information explanations given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, excise duty / cess which have not been deposited on account of any dispute.

10. The accumulated losses at the end of the year had not exceeded more than 50% of the net worth of the company at the end of the financial year. The company has not incurred cash losses during the current financial year as well as in the year immediately preceding financial year.

11. According to the information and explanations given by the management, we are of the opinion that the company has not borrowed any money from banks and hence there is no question of their repayment/default in repayment of dues arises during the year. The company does not have any debenture holders.

12. According to the information and explanations given to us and based on our examination of the documents and records, we am of the opinion that no loans or advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

13. In respect of transactions relating to dealing or trading in shares, securities, debentures and other investment, the company maintained proper records of the transaction and contracts and timely entries have been made therein; the shares, securities, debentures and other securities have been held by the company, in its own name.

14. The company has not given any guarantee for loans taken by others from bank or financial institutions.

15. In our opinion, the company had not availed any term loans during the year and hence their application for the purpose for which they were raised does not arise.

16. (i) The Company is classified as a non-deposit taking NBFC in terms of the registration granted by the Reserve Bank of India. In our opinion the company had not accepted any deposits from public during the year.

(ii) Based on our audit procedures, the company has complied with the prudential norms on income recognition and provisioning against sub-standard/default/loss assets.

(iii) The repayment schedule of loans fixed by the company is based on the repayment capacity of the borrowers and would be conducive to recovery of loans, but most of the borrowers are conforming to the repayment schedule fixed by the company.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

18. The company has made any preferential allotment of shares including parties and companies covered in the register maintained under section 301 of the Act and the same are not prejudicial to the interest of the company or its members.

19. The company had not issued any debentures in the current year.

20. The company had not raised any money through public issues during the year.

21. According to the information and explanations given to us and based on the documents and records of the company verified by us, no fraud on or by the company was noticed or reported during the course of our audit.

For VIVEKANANDAN ASSOCIATES

Chartered Accountants

(Firm Regn. No. 05268S)

Sd/-

N.SUBRAMANIAN

Place : Chennai Partner

Date : 20 May, 2014 Membership No. 21628


Mar 31, 2012

We report that I have audited the Balance Sheet of M/s. MEENAKSHI ENTERPRISES LIMITED, CHENNAI, as at March 31, 2012 and the relative Profit and Loss Account and the Cash Flow statements for the year ended on that date all of which we have signed under reference to this report. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with the auditing statement standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes 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.

III. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956, we furnish below a statement on the matters specified in paragraph 4 & 5 of the said Order.

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

(b) All the assets have been physically verified by the management during the year in accordance with a program of verification which, in my 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) The company has not sold/disposed off any of the fixed assets during the year,

2. The operation of the company is granting of loans/financing under hire purchase as well as investment in shares and securities which do not generate any inventory and hence their verification is not applicable.

3. In respect of loans granted:

(a) The company has not granted any loans to parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) The company had taken loan from 5 parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.9,91,911/- and year- end balance of loans taken from such parties was Rs.9,91,911/-.

(c) In our opinion no interest has been paid on such loans taken from parties listed in the registers maintained under section 301 and the same are not, prima facie, prejudicial to the interest of the company.

(c) There are no terms and conditions or period specified with regard to repayment of loans taken or the interest to be charged on the loans and we are unable to express an opinion on the repayment of loans taken.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchases of fixed assets and with regard to granting of loans. During the course of our audit, no major weakness has been noticed in the internal controls.

5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Act:

a) According to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act that needed to be entered into the register have been so entered;

b) According to the information and explanations given to us, except taking of loans, there were no transactions during the year with parties covered in the Section 301 of the Act.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public during the year as per the provisions of sections 58A and 58AA of the Companies Act, 1956

7. Based on our audit procedures and in accordance with the information and explanations given by the management, the company has an internal audit system in place commensurate with the size of the company and nature of its operations.

8. We have been informed by the management that no cost records have been prescribed under section 209 (1) (d) of the Companies Act, 1956 in respect of the products of the company.

9. Statutory and other dues

(a) According to the records of the company, no amount is due towards PF, ESI, sale tax, income tax, customs duty, wealth tax, excise duty, Service tax/ cess outstanding as at March 31, 2012 for a period of more than 6 months from the date they became payable.

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

10. The accumulated losses at the end of the year had not exceeded more than 50% of the net worth of the company at the end of the financial year. The company has incurred cash losses during the current financial year as well as in the year immediately preceding the current financial year.

11. According to the information and explanations given by the management, we are of the opinion that the company has not borrowed any money from banks and hence there is no question of their repayment/default in repayment of dues arises during the year. The company does not have any debenture holders.

12. According to the information and explanations given to us and based on our examination of the documents and records, we am of the opinion that no loans or 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 or nidhi/mutual benefit fund/ society. Therefore, provisions of clause (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

14. In my opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause (xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

15. According to the information and explanations given to us and based on our examination of the documents and records, we are of the opinion that the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. In our opinion, the company had not availed any term loans during the year and hence their application for the purpose for which they were raised does not arise.

17. (i) The Company is classified as a non-deposit taking NBFC in terms of the registration granted by the Reserve Bank of India. In my opinion the company had not accepted any deposits from public during the year.

(ii) Based on my audit procedures, the company has complied with the prudential norms on income recognition and provisioning against sub-standard/default/loss assets.

(iii) The repayment schedule of loans fixed by the company is based on the repayment capacity of the borrowers and would be conducive to recovery of loans, but most of the borrowers are conforming to the repayment schedule fixed by the company.

18. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

19. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act and the same are not prejudicial to the interest of the company or its members.

20. The company had not issued any debentures in the current year.

21. The company had not raised any money through public issues during the year.

22. According to the information and explanations given to us and based on the documents and records of the company verified by us, no fraud on or by the company was noticed or reported during the course of our audit. IV. Further to our comments in the Annexure referred to above, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion, proper books of 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 the Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the balance sheet and the profit and loss account dealt with by this report 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 representation received from the Directors as on 31st March, 2012 and taken on record by the Board of Directors, I report that none of the Director is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of Section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) In the case of Balance Sheet of the State of Affairs of the Company as at March 31, 2012;

ii) In the case of the profit and loss account, of the profit for the year ended on that date;

iii) In the case of the cash flow statement of the cash flows for the year ended on that date.

For VIVEKANAN DAN ASSOCIATES

Chartered Accountants

(Firm Regn. No. 05268 S)

N.SUBRAMANIAN

Place: Chennai Partner

Date: 30.05.2012 Membership Number: 21628


Mar 31, 2011

We have audited the attached Balance Sheet of M/s MEENAKSHI ENTERPRISES LIMITED as at 31st March 2011 and the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility is to express an opinion on these financial statements based on our audit management

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

As required by the Companies (Auditor's Report) Order 2003 fans (as amended) issued in terms of section 227(4A) of the companies Act, 1956 we report on the matters specified in paragraphs 4 & 5 of the said order to the extent applicable to the company for the year under audit:

(i) {a) The Company has maintained proper records showing full particulars Entire En quantitative details and situation of Fixed Assets.

(b) The Fixed Assets have been Physically verified by the management at reasonable intervals during the year and no material discrepancies were reported to have been noticed on such verification.


(ii) (a) The stock on hire and stock of securities have been physically verified during the year by the management and the frequency of verification in our opinion is reasonable having regard to the size of the Company and the nature of its stock.

(b) in our opinion and according to the information and explanation give 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 nature of its business.

(c) The Company is maintaining proper records of inventory. There is no discrepancy - between the Physical Stock and Book Record.

(iii) (a) According to the information and explanations given to us, the Company has not granted any loan secured or unsecured to any firm, Company or parties covered in the Register maintained u/s 30 of the Companies Act, 1956 during the year. In view of the above the requirements of clause (b), (c) and (d) of the Order can be taken as Nil. Attention is

We have audited the attached Balance Sheet of M/s MEENAKSHI ENTERPRISES LIMITED as at 31st March 2011 and the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility is to express an opinion on these financial statements based on our audit management.

We have conducted our audit in accordance with the auditing standards generally accepted in India Those standards require that we plan and perform the audit to obtain reasonable assurance about whether financial statements are free of material misstatement. An audit includes exam Kg 6n a test basis evidence supporting the amounts and disclosures in the financial statement assessing the accounting principles used and significant of the financial: statements we believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order 2003 (as amended) issued in terms of section 227(4A) of the companies Act, 1956 we report on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable to the company for the year under audit:

(i) {a) The Company has maintained proper records showing full particulars Entire En quantitative details and situation of Fixed Assets.

(b) The Fixed Assets have been Physically verified by the management at reasonable intervals during the year and no material discrepancies were reported to have been noticed on such verification.


(ii) (a) The stock on hire and stock of securities have been physically verified during the year by the management and the frequency of verification in our opinion is reasonable having regard to the size of the Company and the nature of its stock.

(b) in our opinion and according to the information and explanation give 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 nature of its business.

(c) The Company is maintaining proper records of inventory. There is no discrepancy - between the Physical Stock and Book Record.

(iii) (a) According to the information and explanations given to us, the Company has not granted any loan secured or unsecured to any firm, Company or parties covered in the Register maintained u/s 30 of the Companies Act, 1956 during the year. In view of the above the requirements of clause (b), (c) and (d) of the Order can be taken as Nil. Attention is

(xiv) According to the information and explanations given to us, the company is maintaining proper records to records transactions and contracts entries to record the transaction and contracts are made in time. Shares and Debentures held by the company as stock in trade are held in its own name.

(XV) In our opinion and according to the information and according to the information and explanations given to us, the any guarantee for loans taken by others from Bank or-Financial the terms and" conditions whereof are prejudicial to the interest of the Company.

(xvi) The Company has not. taken any term loan(s) during the year.

(Xvii) According to the information and explanations given to us and on overall examination of the balance sheet of the company we report that the company has used no funds raised on short-term basis for long term investment.

(xiii) The company has not made any preferential allotment of shares during the year to parties and companies covered in the Register maintained under section 301 of the companies Act, 1956.

(xix) The Company has not issued any debentures during the year.

(xx) The Company has not raised any money by way of Public Issue during the year.

(xxi) Based on the audit procedures performed and information and explanations given to us we report that no fraud on or by Company has been noticed or reported during the course of our audit.

Other clauses of Paragraph 4 of the Companies (Auditor's Report) Order, 2003 (as amended are not applicable to the company for the year under consideration and can be taken as Nil.

Further to our comments above, we state that:

a. We have obtained all the information and explanations, which, to the best of our knowledge and a. 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 appears from our examination of those books produced before us.

c. The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.

d. In our opinion subject to the Note No:7 and other notes on accounting policies given in schedule G, the Balance Sheet and Profit and Loss Account dealt with by basis report comply with the applicable according standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

e. On the basis of the written representations received from the directors as on,31st March 2011 from taken old by the Board of Directors, we report that none of the directors is discuses as on 31st March 2011 from being appointed as a 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 best of our information and according to the explanations given to us, subject to the Notes given in Schedule G mainly Note No.5 relating to non-valuation of the repossessed asset which is not ascertainable and Note No:7 relating to non provision of interest on HP Loans and also on Loans and Advances which are sticky in nature they said Balance Sheet Profit and Loss Account and the Cash Flow Statement read together with and subject to notes 'thereon, give the information required by the. Companies Act, 1956 in the .manner so required and give a true and fair view in' conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 3t5t March, 2011 and

(ii) In the case of the Profit and Loss Account, of the LOSS of the company 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.

For CHATURVED & CO.,

Chartered Accountants

Firm Registration No. 302137E

PLACE: CHENNAI

DATE: 01.06.2011

MR.Rajagopalakrishnan)

Partner. (MNR: 18933)

 
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