Auditor Report of Nalwa Sons Investments Ltd.
Mar 31, 2023
INDEPENDENT AUDITOR''S REPORT
To The Members of
Nalwa Sons Investments Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Nalwa Sons Investments Limited (âthe Company"),
which comprise the standalone balance sheet as at March 31, 2023, the standalone statement of profit and loss (including
Other Comprehensive Income), the standalone statement of changes in equity and the standalone statement of cash flows
for the year then ended, and notes to the statement financial statements, including a summary of the significant accounting
policies and other explanatory information (âthe Standalone Financial Statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone
Financial Statements give the information required by the Companies Act, 2013 (âthe 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 March 31, 2023, its profit including other comprehensive income, the changes in equity and its cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities
for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in
accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our
opinion on the Standalone Financial Statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone financial statements of the current period. These matters were addressed in the context of our audit of the
Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined the matters described below to be the key audit matters to be communicated in
our report.
The Company''s Board of Directors is responsible for the other information. The other information comprises the information
included in the Management Discussion and Analysis, Board''s report including Annexures to Board''s Report, Corporate
Governance and Shareholder''s Information but does not include the financial statements and our auditor''s report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements, or
our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these financial statements that give a true and fair view of the financial position, financial performance
including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Indian
Accounting Standard (''Ind AS'') and other accounting principles generally accepted in India. 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 the 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 Standalone Financial
Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing the Company''s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
The Board of Directors are responsible for overseeing the Company''s financial reporting process.
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion
on whether the Company has adequate internal financial controls system in place and the operating effectiveness of
such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor''s report to the related disclosures in the Standalone Financial Statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
⢠Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii)to evaluate the effect of any identified misstatements in the Standalone
Financial Statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020("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" a statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.
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 standalone balance sheet, the standalone statement of profit and loss including other comprehensive income,
the standalone statement of changes in equity and the standalone statement of cash flow dealt with by this report
are in agreement with the books of account;
d. In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of
the Act;
e. On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in
terms of Section 164(2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over
financial reporting;
g. With respect to other matters to be included in the auditor''s report in accordance with the requirements of Section
197(16) of the Act, as amended. In our opinion, the managerial remuneration for the year ended March 31, 2023
has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with
Schedule V to the Act;
h. 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, as amended, 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 litigations on its financial position in its Standalone Financial
Statements - Refer note 34 to the Standalone Financial Statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company;
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including
foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;
(b) The Management has also represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person or entity,
including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that
the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. The Company has not declared or paid any dividend during the year.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining the Books of Accounts using accounting
software which has feature of recording Audit Trail (Edit Log) is applicable to the Company with effect from 1st April
2023 and accordingly reporting under Rule 11(g) of Companies (Audit and Auditors) Rule 2014 is not applicable for the
financial year ended 31st March 2023.
Chartered Accountants
Firm Registration No: 000312S
(Partner)
Membership No: 087919
Place: Hisar
Date: 30th May 2023
Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Nalwa Sons Investments Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2018, 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 Standalone 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 standalone financial statements that give a true and fair view of the financial position, financial performance and cash fiows 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, as amended. This responsibility also includes 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 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 standalone 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 standalone 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 standalone 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 standalone 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 standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 March 31, 2018 and its profit and its cash fiows for the year ended on that date.
Emphasis of Matters
We draw attention to the following matter in Note No. 21 to the standalone financial statements: -
The Company has made long term investments in subsidiary companies of Rs. 8,269.45 Lakhs and in certain other companies of Rs. 1,840.22 Lakhs where there is diminution in value of investments. The amount of diminution is not readily ascertainable because of layer effect of accretion/diminution of investments held by those Companies. Such diminution in the opinion of the management, being long term strategic investment and future cash fiows, is temporary in nature and as such no provision is considered necessary.
Our opinion is not modified in respect of this matter.
Other Matters
The financial statements of the Company for the year ended March 31, 2017 were audited by predecessor auditor who vide their report dated May 27, 2017 expressed an unmodified opinion with Emphasis of Matter Paragraph on those financial statements.
Report on Other legal and regulatory requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of subsection (11) of section 143 of the Companies Act, 2013 we give in the "Annexure-A" a statement on the matters specified in paragraphs 3 and 4 of the said order, to the extent possible.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure-B" to this report.
g) 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 litigations on its financial position in its financial statements - Refer Note no. 20 to the Standalone Financial Statements
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There was no amount payable which was required to be transferred by the Company to the Investor Education and Protection Fund.
ANNEXURE ''A'' TO THE INDEPENDENT AUDITOR''S REPORT
(Annexure A referred to in paragraph 1 under the heading ''Report on other legal and regulatory requirements'' of our report of even date)
1. In respect of Company''s property, plant & equipment: -
a) The Company has maintained proper records showing full particulars including quantitative details and situation of property, plant & equipment.
b) We have been informed that property, plant & equipment have been physically verified by the management during the year which, in our opinion, is reasonable and no discrepancies were noted on such verification.
c) The Company does not own any immovable property in the name of the Company. Therefore, reporting under Paragraph 3(i)(c) of the Order is not applicable to the Company.
2. The Company''s business does not involve inventories and, accordingly, reporting under Paragraph 3(ii) of the Order is not applicable to the Company.
3. The Company has given interest bearing unsecured demand loans to Companies covered in the register maintained under Section 189 of the Companies Act, 2013. However, the Company has not given any loan to firms, limited liability partnership or other parties covered in the register maintained under Section 189 of the Companies Act 2013.
a) In our opinion, the terms and conditions on which the loans had been granted to the bodies corporate listed in the register maintained under Section 189 of the Act were not, prima facie, prejudicial to the interest of the Company.
b) In respect of aforesaid loan, the amount, principal as well as interest accrued thereon is repayable on demand and hence the question of repayment schedule and irregularity on payment of principal and interest does not arise.
c) The aforesaid loan is repayable on demand and therefore, the question of overdue amount does not arise.
4. According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no loans, investments, guarantees, and securities granted in respect of which provisions of section 185 and Section 186 are applicable to the Company except 186(1) and hence not commented upon. The Company has not made any investments through more than two layers of investment companies as required in Section 186(1) of the Act.
5. According to the information given to us, the Company has not accepted any deposits under the provision of Section 73 to 76 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 as amended from time to time, wherever applicable. Therefore, the provisions of clause 3(ix) of the order are not applicable to the Company.
6. According to the explanation and information given to us and to the best of our knowledge, the Central Government has not specified the maintenance of cost records under section 148(1) of the Act, for the services of the Company.
7. According to the information and explanations given to us, in respect of statutory dues:
a) The Company is generally regular in depositing undisputed statutory dues, including provident fund, employees'' state insurance, income-tax, sales tax, service tax, customs duty, excise duty, value added tax, goods and service tax, cess and other statutory dues applicable to it with the appropriate authorities and there are no undisputed statutory dues payable for a period of more than six months from the date they become payable as at March 31, 2018.
b) According to the information and explanations given to us, the dues outstanding of income tax which have not been deposited on account of any dispute, are as follows: -
|
Name of the Statute |
Period to which the amount relates (FY) |
Forum where matter is pending |
Amount (Rs. in Lacs) |
|
Income Tax Act, 1961 |
2005-06 |
Income Tax Appellate Tribunal, Delhi |
662.96 |
|
Income Tax Act, 1961 |
2012-13 |
Income Tax Appellate Tribunal, Delhi |
17.51 |
|
Income Tax Act, 1961 |
2013-14 |
Commissioner of Income Tax (Appeals), Delhi |
46.23 |
|
Income Tax Act, 1961 |
2014-15 |
Commissioner of Income Tax (Appeals), Delhi |
39.21 |
8. According to the information and explanations given to us, the Company has not taken any loan from financial institutions, banks, government and debenture holders. Therefore, the provisions of Paragraph 3 (viii) of the Order are not applicable.
9. The Company has not raised any money by way of initial public offer, further public offer (including debt instruments) or term loans. Accordingly, the provisions of clause 3(ix) of the order are not applicable to the Company.
10. According to the information and explanations given by the Management and to the best of our knowledge, we report that no fraud by the Company or no fraud on the Company by the officers and employees of the Company has been noticed or reported during the year.
11. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
12. The Company is not a Nidhi company. Accordingly, the provisions of clause 3(xii) of the order are not applicable to the Company and has not commented upon.
13. According to the information and explanations given by the Management, transactions with the related parties are in compliance with section 177 and 188 of the Act where applicable and the details have been disclosed in the notes to the standalone financial statements, as required by the applicable Accounting Standards.
14. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, the provision of clause 3(xiv) are not applicable to the company.
15. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with directors or persons connected with him as covered under Section 192 of the Companies Act, 2013.
16. According to the information and explanations given to us, we report that the Company has registered as required, under section 45-IA of the Reserve Bank of India Act, 1934.
Annexure "B" to the Independent Auditor''s Report
(Referred to in paragraph 2(f) under the heading ''Report on other legal and regulatory requirements'' of our report of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Nalwa Sons Investments limited ("the Company") as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (the "Act").
Auditor''s Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting with reference to these standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting with reference to these standalone financial statements.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that:
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly refiect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Doogar & Associates
Chartered Accountants
Firm''s Registration No. 000561N
Vardhman Doogar
Partner
Membership No.517347
Place: - Hisar
Date: - May 29, 2018
Mar 31, 2015
We have audited the accompanying financial statements of NALWA SONS
INVESTMENTS LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit and Loss, the 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
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.
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 the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place 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 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.
Emphasis of Matter
The Policy for demand Loan given by the Company as to the repayment,
interest servicing and monitoring of the loans need to be strengthened
in line with Non Banking Financial (Non Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Directions,2007-(Refer Para
No.9 of Note No.15 of Notes to the Financial Statements).
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 the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books;
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
INDEPENDENT AUDITOR'S REPORT
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note-15 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.
iii. There were no amount payable which were required to be transferred
by the company to the Investor Education and Protection Fund.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT
(Annexure referred to in our report of even date to the members of
NALWA SONS INVESTMENTS LIMITED on the accounts for the year ended 31st
March, 2015)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) We have been informed that fixed assets of the Company have been
physically verified by the management during the year, which in our
opinion is reasonable. No discrepancies between the book records and
the physical inventory were noticed.
2. The Company does not hold any inventories. Accordingly, the
provision of Para (ii) (b) & (c) of the Companies (Auditor's Report)
Order, 2015 are not applicable to the company.
3. The Company has granted demand loans to bodies corporates covered in
the register maintained under section 189 of the Companies Act, 2013
('the Act').
(a) As the aforesaid loans including interest accrued thereon is
repayable on demand and therefore, the question of irregularity of
payment does not arise.
(b) The aforesaid loans are repayable on demand and therefore, the
question of overdue amount does not arise.
4. In our opinion and according to information and explanations given
to us, the internal control system with regard to purchase and sale of
investments (held as investments) is adequate and commensurate with the
size of the Company and the nature of its business. There is no
purchase of inventories and sale of goods and services.
5. According to the information given to us, the Company has not
accepted any deposits from the public in accordance with the provisions
of section 73 to76 of the Act and rules framed there under.
6. The company has only investments activities. Hence, the clause (vi)
of the order with respect to maintenance of cost records as specified
by the Central Government under sub-section (i) of section 148 of the
Companies Act, 2013 is not applicable to the company.
7. (a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, 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 statutory dues, wherever
applicable to the company have been regularly deposited with the
appropriate authorities and there are no undisputed dues outstanding as
at 31st March, 2015 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
are no dues of Employees Provident Fund, Investor Education and
Protection Fund which have not been deposited on account of any
dispute. The disputed dues in respect of Income Tax which has not been
deposited with appropriate authorities on account of dispute and the
forum where the dispute is pending are as given below:-
Name of Statute Amount Period to which Forum where
(Rs. in lacs) the amount relates dispute is
pending
Income Tax Act,1961 49.85 2004-05 Income Tax
Appellate Tribunal,
Delhi
Income Tax Act,1961 514.74 2004-05 Commissioner of
Income Tax
(Appeals), Delhi
Income Tax Act,1961 89.08 2005-06 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 275.14 2006-07 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 0.65 2007-08 Commissioner of
Income Tax (Appeals)
Delhi
Income Tax Act,1961 173.40 2007-08 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 16.99 2007-08 Commissioner of
Income Tax (Appeals)
Delhi
Income Tax Act,1961 52.81 2008-09 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 0.31 2008-09 Commissioner of
Income Tax (Appeals)
Delhi
Income Tax Act,1961 14.94 2009-10 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 6.89 2010-11 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 46.47 2011-12 Commissioner of
Income Tax (Appeals),
Delhi
(c) There is no amount payable towards investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under. Hence,
clause (vii) (c) of the Order is not applicable to the company.'
8. The Company does not have accumulated losses as at the end of the
financial year. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
9. According to the information and explanations given to us, the
Company has not taken any loan from financial institution, bank and
debenture holder. Therefore, clause (ix) of the Order with respect to
default of repayment is not applicable to the Company.
10. According to the information and explanations given to us, the
company has given guarantee for loan taken by others from
banks/financial institutions, the terms and conditions of which are
prima facie, not prejudicial to the interest of the company.
11. According to the records of the Company examined by us, the Company
has not taken any term loan. Accordingly, the provisions of clause (xi)
of the order are not applicable to the company.
12. During the course of our examination of the books and records of
the Company, and according to the information and explanations given to
us by the management, we report that no fraud on or by the Company has
been noticed or reported during the course of our audit.
For N.C. AGGARWAL & CO.
Chartered Accountants
Firm Registration No. 003273N
(G. K. AGGARWAL)
Partner
Membership No.086622
Place: Hisar
Date: 29th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of NALWA SONS
INVESTMENTS 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 and cash flows of the Company in accordance with
accounting principles generally accepted in India, including the
Accounting Standards notified under the Companies Act,1956 read with
General Circular 1E/2013 dated 13th September 2013, issued by the
Ministry of Corporate Affairs, in respect of Section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
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 misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Emphasis of Matter;-
i) The Policy for demand Loan given by the Company as to the repayment,
interest servicing and monitoring of the loans need to be strengthened
in line with Non Banking Financial (Non Deposit Accepting or Holding)
Companies Prudential Norms(Reserve Bank) Directions,2007-(Refer Para
No.10 of Note No.15 of Notes to the Financial Statements).
ii) Investment as long term strategic investment in subsidiary
companies in equity shares exceeds the single exposure norms of Non
Banking Financial (Non Deposit Accepting or Holding ) Companies
Prudential Norms (Reserve Bank) Directions,2007, for which company has
pursued appropriate exemptions/dispensation from Reserve Bank of
India-(Refer Para No.11 of Note No.15 of Notes to the Financial
Statements).
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 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 Requirement
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 paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 read with General Circular
15/2013 dated 13th September 2013, issued by the Ministry of Corporate
Affairs, in respect of Section 133 of the Companies Act, 2013;
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, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT (REFERRED TO IN PARAGRAPH (I)
UNDER THE HEADING OF "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT"
OF OUR REPORT OF EVEN DATE FOR THE YEAR ENDED 31st MARCH, 2014)
1. a) The Company has maintained proper records in respect of its Fixed
Assets showing full particulars including quantitative details and
situation of fixed assets.
b ) We have been informed that fixed assets of the Company have been
physically verified by the management during the year, which in our
opinion is reasonable. No discrepancies between the book records and
the physical inventory were noticed.
c ) No fixed assets were disposed off during the year.
2. a) As informed to us, the Company has not given any loan, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Accordingly,
the provisions of clause 4(iii) (b) to (d) of the order are not
applicable
b) As informed to us, the Company has not taken any loan, secured or
unsecured from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4 (iii) (f) and (g) of the order
are not applicable.
3. In our opinion and according to information and explanations given
to us, the internal control system with regard to purchase and sale of
inventories (including investments) and purchase of fixed assets is
adequate and commensurate with the size of the company and the nature
of its business.
4. In our opinion and according to the information and explanations
given to us, there are no particulars of contracts or arrangements
required to be entered into the register maintained under Section 301
of the Companies Act, 1956, Hence, paragraph 4(v) (b) of the order is
not applicable.
5. The Company has not accepted any fixed deposit from the public.
Therefore the provisions of Section 58A, 58AA or any other relevant
provisions of the Act and rules framed there under are not applicable
to the Company.
6 The Company has an adequate internal audit system, commensurate with
its size and nature of business.
7. a) The company is generally regular in depositing with the
appropriate authorities undisputed statutory dues as applicable to the
company including Employees Provident Fund, Investor Education and
Protection Fund and Income Tax. There is no arrears as at 31st March
2014 for a period of more than six months from the date it become
payable.
b) According to the information and explanations given to us, there are
no dues of Employees Provident Fund, Investor Education and Protection
Fund which have not been deposited on account of any dispute. The
disputed dues in respect of Income Tax which has not been deposited
with appropriate authorities on account of dispute and the forum where
the dispute is pending are as given below:-
Name of the statue Amount Period to which Forum where dispute is
pending
In lacs) the amount relates
Income Tax Act,1961 49.85 2004-05 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 514.74 2004-05 Commissioner of Income
Tax (Appeals), Delhi
Income Tax Act,1961 89.08 2005-06 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 275.14 2006-07 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 165.68 2006-07 Commissioner of
Income Tax (Appeals),
Delhi
Income Tax Act,1961 173.40 2007-08 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 16.99 2007-08 Commissioner of
Income Tax (Appeals),
Delhi
Income Tax Act,1961 52.81 2008-09 Income Tax Appellate
Tribunal, Delhi
Income Tax Act,1961 0.31 2008-09 Commissioner of
Income Tax (Appeals),
Delhi
Income Tax Act,1961 43.91 2009-10 Commissioner of
Income Tax (Appeals),
Delhi
Income Tax Act,1961 44.76 2010-11 Commissioner of
Income Tax (Appeals),
Delhi
8. According to the books of account and records of the company, no
amount is due to financial institution or bank or debenture holders.
9. The Company does not have accumulated losses as at the end of the
financial year. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
10. The Company has not taken any loan from banks, financial
institutions or debenture holders. Accordingly paragraph 4(xi) of the
order is not applicable.
11. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly paragraph 4(xii) of the order is not applicable.
12. According to the information and explanations given to us, the
company has given guarantee for loan taken by others from
banks/financial institutions, the terms and conditions of which are
prima facie, not prejudicial to the interest of the company.
13. The Company did not have any term loans outstanding during the
year.
14. The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities,
debentures and other investments and that timely entry have been made
therein. All shares, securities, debentures and other investments have
been held by the Company in its own name except investment in a
subsidiary company pursuant to section 49(3) of the Companies Act,
1956.
15. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on short-term basis which have been
used for long-term purposes.
16. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956.
17. The company has not issued any debentures. Accordingly paragraph
4(xix) of the order is not applicable.
18. The Company has not raised any money by Public issue during the
year. Accordingly paragraph 4(xx) of the order is not applicable.
19. During the course of our examination of the books and records of
the Company, and according to the information and explanations given to
us by the management, we report that no fraud on or by the Company has
been noticed or reported during the year.
For N.C. AGGARWAL & CO.
Chartered Accountants
Firm Regn. No. 003273N
(G.K. AGGARWAL)
Place: Hisar Partner
Dated: 30th May, 2014 M. No. 086622
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of NALWA SONS
INVESTMENTS 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 and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Emphasis of Matter;-
i) The Policy for demand Loan given by the Company as to the repayment,
interest servicing and monitoring of the loans need to be strengthened
in line with Non Banking Financial (Non Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Directions,2007-(Refer Para
No.9 of Note No.15 of Notes to the Financial Statements).
ii) Investment as long term strategic investment in subsidiary
companies in equity shares exceeds the single exposure norms of Non
Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions,2007, for which company has
pursued appropriate exemptions/ dispensation from Reserve Bank of
India-(Refer Para No.10 of Note No.15 of Notes to the Financial
Statements).
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 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 Requirement
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 paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
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.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
(REFERRED TO IN PARAGRAPH (I) UNDER THE HEADING OF "REPORT ON OTHER
LEGAL AND REGULATORY REQUIREMENT" OF OUR REPORT OF EVEN DATE FOR THE
YEAR ENDED 31st MARCH, 2013)
1. a) The Company has maintained proper records in respect of its
Fixed Assets showing full particulars including quantitative details
and situation of fixed assets.
b) We have been informed that fixed assets of the Company have been
physically verified by the management during the year, which in our
opinion is reasonable. No discrepancies between the book records and
the physical inventory were noticed.
c) No fixed assets were disposed off during the year.
2. a) As informed to us, the Company has not given any loan, secured
or unsecured to companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4(iii) (b) to (d) of the order
are not applicable b) As informed to us, the Company has not taken any
loan, secured or unsecured from companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Accordingly, the provisions of clause 4 (iii) (f) and (g) of
the order are not applicable.
3. In our opinion and according to information and explanations given
to us, the internal control system with regard to purchase and sale of
inventories (including investments) and purchase of fixed assets is
adequate and commensurate with the size of the company and the nature
of its business.
4. In our opinion and according to the information and explanations
given to us, there are no particulars of contracts or arrangements
required to be entered into the register maintained under Section 301
of the Companies Act, 1956, Hence, paragraph 4(v) (b) of the order is
not applicable.
5. The Company has not accepted any fixed deposit from the public.
Therefore the provisions of Section 58A, 58AA or any other relevant
provisions of the Act and rules framed there under are not applicable
to the Company.
6. The Company has an adequate internal audit system, commensurate
with its size and nature of business.
7. The company is generally regular in depositing with the
appropriate authorities undisputed statutory dues as applicable to the
company including Employees Provident Fund, Investor Education and
Protection Fund and Income Tax. There is no arrears as at 31st March,
2013 for a period of more than six months from the date it become
payable.
8. According to the books of account and records of the company, no
amount is due to financial institution or bank or debenture holders.
9. The Company does not have accumulated losses as at the end of the
financial year. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
10. The Company has not taken any loan from banks, financial
institutions or debenture holders. Accordingly paragraph 4(xi) of the
order is not applicable.
11. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly paragraph 4(xii) of the order is not applicable.
12. According to the information and explanations given to us, the
company has given guarantee for loan taken by others from
banks/financial institutions, the terms and conditions of which are
prima facie, not prejudicial to the interest of the company.
13. The Company did not have any term loans outstanding during the
year.
14. The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities,
debentures and other investments and that timely entry have been made
therein. All shares, securities, debentures and other investments have
been held by the Company in its own name except investment in a
subsidiary company pursuant to section 49(3) of the Companies Act,
1956.
15. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on short-term basis which have been
used for long-term purposes.
16. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the companies Act, 1956.
17. The company has not issued any debentures. Accordingly paragraph
4(xix) of the order is not applicable.
18. The Company has not raised any money by Public issue during the
year. Accordingly paragraph 4(xx) of the order is not applicable.
19. During the course of our examination of the books and records of
the Company, and according to the information and explanations given to
us by the management, we report that no fraud on or by the Company has
been noticed or reported during the year.
For N.C. Aggarwal & Co
Chartered Accountants
Firm Regn. No.003273N
(G.K. Aggarwal)
Place : Hisar Partner
Dated : 30th May, 2013 M. No. 086622
Mar 31, 2012
We have audited the attached Balance Sheet of NALWA SONS INVESTMENTS
LIMITED as at 31st March 2012 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
companyî management. our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report that-
A) As required by the Companies (Auditors Report) Order 2003 and the
related amendment to Companies (Auditors Report) order 2004 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure hereto, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order, so far as applicable to the Company.
B) Further to our comments in Annexure referred to in paragraph (A)
above, we also 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, the Company has kept proper books of accounts as
required by law so far as appears from our examination of books.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company.
(d) In Our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement 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) Based on representation made by all the directors of the company to
the Board and the information and explanations as made available to us
by the company, none of the directors of the company is disqualified as
on 31st March, 2012 from being appointed as director of the company as
referred to in clause (g) of sub section (1) of section 274 of the
Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read together with notes
thereon 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, 2012, and
ii. In the case of the Profit and Loss Account, of the Profit for the
year ended on that date and
iii. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORSE REPORT
REFERRED TO IN PARAGRAPH (A) IN OUR REPORT OF EVEN DATE FOR THE YEAR
ENDED 31.03.2012
1. a) The Company has maintained proper records in respect of its
Fixed Assets showing full particulars including quantitative details
and situation of fixed assets.
b) We have been informed that fixed assets of the Company have been
physically verified by the management during the year, which in our
opinion is reasonable. No discrepancies between the book records and
the physical inventory were noticed.
c) No fixed assets were disposed off during the year.
2. a) As informed to us, the Company has not given any loan, secured
or unsecured to companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4(iii) (b) to (d) of The Order
are not applicable
b) As informed to us, the Company has not taken any loan, secured or
unsecured from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4 (iii) (f) and (g) of The Order
are not applicable.
3. In our opinion and according to information and explanations given
to us, the internal control system with regard to purchase and sale of
inventories (including investments) and purchase of fixed assets is
adequate and commensurate with the size of the company and the nature
of its business.
4. In our opinion and according to the information and explanations
given to us, there are no particulars of contracts or arrangements
required to be entered into the register maintained under Section 301
of the Companies Act, 1956, Hence, paragraph 4(v) (b) of the order is
not applicable.
5. The Company has not accepted any fixed deposit from the public.
Therefore the provisions of Section 58A, 58AA or any other relevant
provisions of the Act and rules framed there under are not applicable
to the Company.
6. The Company has an adequate internal audit system, commensurate
with its size and nature of business.
7. a) The company is regular in depositing with the appropriate
authorities undisputed statutory dues including Employees Provident
Fund, Investor Education and Protection Fund and Income Tax. There is
no arrears as at 31st March 2012 for a period of more than six months
from the date it become payable.
b) According to the information and explanations given to us, there are
no dues of Employees Provident Fund, Investor Education and Protection
Fund which have not been deposited on account of any dispute. The
disputed dues in respect of Income Tax which has not been deposited
with appropriate authorities on account of dispute and the forum where
the dispute is pending are as given below:-
Name of Amount Period to Forum where dispute is
Statute (Rs. in Lacs) which the pending
amount
relates
Income Tax
Act 49.85 2004-05 Commissioner of
Income Tax
(Appeal), Delhi
Income Tax
Act 89.08 2005-06 Commissioner of
Income Tax (Appeal), Delhi
Income Tax
Act 275.14 2006-07 Commissioner of
Income Tax (Appeal), Delhi
Income Tax
Act 173.40 2007-08 Commissioner of
Income Tax (Appeal), Delhi
Income Tax
Act 52.81 2008-09 Commissioner of
Income Tax (Appeal), Delhi
8. According to the books of account and records of the company, no
amount is due to financial institution or bank or debenture holders.
9. The Company does not have accumulated losses as at the end of the
financial year. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
10. The Company has not taken any loan from banks, financial
institutions or debenture holders. Accordingly paragraph 4(xi) of the
order is not applicable.
11. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly paragraph 4(xii) of the order is not applicable.
12. According to the information and explanations given to us, the
company has given guarantee for loan taken by others from
banks/financial institutions, the terms and conditions of which are
prima facie, not prejudicial to the interest of the company.
13. The Company did not have any term loans outstanding during the
year.
14. The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities,
debentures and other investments and that timely entry have been made
therein. All shares, securities, debentures and other investments have
been held by the Company in its own name except investment in a
subsidiary company pursuant to section 49(3) of the Companies Act,
1956.
15. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on short-term basis which have been
used for long-term purposes.
16. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the companies Act, 1956.
17. The company has not issued any debentures. Accordingly paragraph
4(xix) of the order is not applicable.
18. The Company has not raised any money by Public issue during the
year. Accordingly paragraph 4(xx) of the order is not applicable.
19. During the course of our examination of the books and records of
the Company, and according to the information and explanations given to
us by the management, we report that no fraud on or by the Company has
been noticed or reported during the year.
For N.C. AGGARWAL & Co.
Chartered Accountants
Firm Registration No.003273N
(G.K. AGGARWAL)
Partner
M.No.086622
Place : Hisar
Dated : 30th May, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of NALWA SONS INVESTMENTS
LIMITED as at 31st March, 2011 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
We report that- A) As required by the Companies (Auditor's Report)
Order 2003 and the related amendment to Companies (Auditors Report)
order 2004 issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose
in the Annexure hereto, a statement on the matters specified in
paragraphs 4 and 5 of the said Order, so far as applicable to the
Company.
B) Further to our comments in Annexure referred to in paragraph (A)
above, we also 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, the Company has kept proper books of accounts as
required by law so far as appears from our examination of books.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company.
(d) In Our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement 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) Based on representation made by all the directors of the company to
the Board and the information and explanations as made available to us
by the company, none of the directors of the company is disqualified as
on 31st March, 2011 from being appointed as director of the company as
referred to in clause (g) of sub section (1) of section 274 of the
Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read together with notes
thereon 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, 2011, and
ii. In the case of the Profit and Loss Account, of the Profit for the
year ended on that date and
iii. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
REFERRED TO IN PARAGRAPH (A) IN OUR REPORT OF EVEN DATE FOR THE YEAR
ENDED 31.03.2011
1. a) The Company has maintained proper records in respect of its
Fixed Assets showing full particulars including quantitative details
and situation of fixed assets.
b) We have been informed that fixed assets of the Company have been
physically verified by the management during the year, which in our
opinion is reasonable. No discrepancies between the book records and
the physical inventory were noticed.
c) No fixed assets were disposed off during the year.
2. a) As informed to us, the Company has not given any loan, secured
or unsecured to companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4(iii) (b) to (d) of the order
are not applicable
b) As informed to us, the Company has not taken any loan, secured or
unsecured from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4 (iii) (f) and (g) of the order
are not applicable.
3. In our opinion and according to information and explanations given
to us, the internal control system with regard to purchase and sale of
inventories (including investments) and purchase of fixed assets is
adequate and commensurate with the size of the company and the nature
of its business.
4. In our opinion and according to the information and explanations
given to us, there are no particulars of contracts or arrangements
required to be entered into the register maintained under Section 301
of the Companies Act, 1956, Paragraph 4(v) (b) of the order is not
applicable.
5. The Company has not accepted any fixed deposit from the public.
Therefore the provisions of Section 58A, 58AA or any other relevant
provisions of the Act and rules framed there under are not applicable
to the Company.
6. The Company has an adequate internal audit system, commensurate
with its size and nature of business.
7. a) The company is regular in depositing with the appropriate
authorities undisputed statutory dues including Employees Provident
Fund, Investor Education and Protection Fund and Income Tax. There is
no arrears as at 31st March, 2011 for a period of more than six months
from the date it become payable.
b) According to the information and explanations given to us, there are
no dues of Employees Provident Fund, Investor Education and Protection
Fund which have not been deposited on account of any dispute. The
disputed dues in respect of Income Tax which has not been deposited
with appropriate authorities on account of dispute and the forum where
the dispute is pending are as given below:-
Name of Amount Period to Forum where dispute is
Statute (Rs. in
Lacs) which the pending
amount
relates
Income Tax Act 97.51 2004-05 Commissioner of
Income Tax (Appeal), Delhi
Income Tax Act 89.08 2005-06 Commissioner of
Income Tax (Appeal), Delhi
Income Tax Act 275.14 2006-07 Commissioner of
Income Tax (Appeal), Delhi
Income Tax Act 49.63 2007-08 Commissioner of
Income Tax (Appeal), Delhi
8. The Company does not have accumulated losses as at the end of the
financial year. The Company has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
9. The Company has not taken any loan from banks, financial
institutions or debenture holders. Accordingly paragraph 4(xi) of the
order is not applicable.
10. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly paragraph 4(xii) of the order is not applicable.
11. According to the information and explanations given to us, the
company has given guarantee for loan taken by others from
banks/financial institutions, the terms and conditions of which are
prima facie, not prejudicial to the interest of the company.
12. The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities,
debentures and other investments and that timely entry have been made
therein. All shares, securities, debentures and other investments have
been held by the Company in its own name except investment in a
subsidiary company pursuant to section 49(3) of the Companies Act,
1956.
13. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on short-term basis which have been
used for long-term purposes.
14. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the companies Act, 1956.
15. The company has not issued any debentures. Accordingly paragraph
4(xix) of the order is not applicable.
16. The Company has not raised any money by Public issue during the
year. Accordingly paragraph 4(xx) of the order is not applicable.
17. During the course of our examination of the books and records of
the Company, and according to the information and explanations given to
us by the management, we report that no fraud on or by the Company has
been noticed or reported during the year.
For N.C. AGGARWAL & Co.
Chartered Accountants
Firm Registration No.003273N
(G.K. Aggarwal)
Partner
M.No.086622
Place : Hisar
Dated : 30th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of NALWA SONS INVESTMENTS
LIMITED as at 31st March, 2010 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on
our audit.
We conducted our audit in accordance with auditing 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report that-
A) As required by the Companies (Auditors Report) Order 2003 and the
related amendment to Companies (Auditors Report) order 2004 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure hereto, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order, so far as applicable to the Company.
B) Further to our comments in Annexure referred to in paragraph (A)
above, we also 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, the Company has kept proper books of accounts as
required by law so far as appears from our examination of books.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account of
the Company.
(d) In Our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement 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) Based on representation made by all the directors of the company to
the Board and the .information.and explanations as made available to us
by the company, none of the directors of the company is disqualified as
on 31st March, 2010 from being appointed as director of the company as
referred to in clause (g) of sub section (1) of section 274 of the
Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts read together with notes
thereon 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, 2010, and
ii. In the case of the Profit and Loss Account, of the Profit for the
year ended on that date and
iii. In trie case of the Cash Flow Statement, of the cash flows for
the year ended on that date.
ANNEXURE TO AUDITORS REPORT
REFERRED TO !N PARAGRAPH (A) IN OUR REPORT OF EVEN DATE FOR THE YEAR
ENDED 31.03.2010
1. a) The Company has maintained proper records in respect of its
Fixed Assets showing full particulars including quantitative
details and situation of fixed assets.
b) We have been informed that fixed assets of the Company have been
physically verified by the management during the year, which in our
opinion is reasonable. No discrepancies between the book records and
the physical inventory were noticed.
c) No fixed assets were disposed off during the year.
2. (i) As informed to us, the Company has not given any loan, secured
or unsecured to companies, firms or other parties
covered in the register maintained under section 301 of the Companies
Act, 1956. Accordingly, the provisions of clause 4(iii) (b) to (d) of
The Order are not applicable
(ii) As informed to us, the Company has not taken any loan, secured or
unsecured from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4 (iii) (f) and (g) of The Order
are not applicable.
3. In our opinion and according to information and explanations given
to us, the internal control system with regard to purchase and sale of
inventories (including investments) and purchase of fixed assets is
adequate and commensurate with the size of the company and the nature
of its business.
4. In our opinion and according to the information and explanations
given to us, there are no particulars of contracts or arrangements
required to be entered into the register maintained under Section 301
of the Companies Act, 1956, Paragraph 4(v) (b) of the order is not
applicable.
5. The Company has not accepted any fixed deposit from the public.
Therefore the provisions of Section 58A, 58AA or any other relevant
provisions of the Act and rules framed there under are not applicable
to the Company.
6. The Company has an adequate internal audit system, commensurate
with its size and nature of business.
7. a) The company is regular in depositing with the appropriate
authorities undisputed statutory dues including Employees
Provident Fund, Investor Education and Protection Fund and Income Tax.
There is no arrears as at 31st March 2010 for a period of more than six
months from the date it become payable.
b) According to the information and explanations given to us, there are
no dues of Employees Provident Fund, Investor Education and Protection
Fund which have not been deposited on account of any dispute. The
disputed dues in respect of Income Tax which has not been deposited
with appropriate authorities on account of dispute and the forum where
the dispute is pending are as given below:-
Name of
Statute Amount Period to
which the Forum where dispute is
pending
( Rs in Lacs) amount relates
Income Tax Act 97.51 2004 - 2005 Commissioner of Income
Tax (Appeal ),Delhi
Income Tax Act 89.08 2005 - 2006 Commissioner of Income
Tax (Appeal ), Delhi
Income Tax Act 275.14 2006 - 2007 Commissioner of Income
Tax (Appeal ), Delhi
8. The Company does not have accumulated losses as at the end of the
financial year. The Company has no incurred cash losses in the current
financial year and in the immediately preceding financial year.
9. The Company has not taken any loan from banks, financial
institutions or debenture holders. Accordingly paragraph 4(xi) of the
order is not applicable.
10. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly paragraph 4(xii) of the order is not applicable.
11. According to the information and explanations given to us, the
company has given guarantee for loan taken by others from
banks/financial institutions, the terms and conditions of which are
prima facie, not prejudicial to the interest of the company.
12. The Company has maintained proper records of transactions and
contracts in respect of dealing and trading in shares, securities,
debentures and other investments and that timely entry have been made
therein. All shares, securities, debentures and other investments have
been held by the Company in its own name except investment in a
subsidiary company pursuant to section 49(3) of the Companies Act,
1956.
13. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on short-term basis which have been
used for long-term purposes.
14. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the companies Act, 1956.
15. The company has not issued any debentures. Accordingly paragraph
4(xix) of the order is not applicable.
16. The Company has not raised any money by Public issue during the
year. Accordingly paragraph 4(xx) of the order is not applicable.
17. During the course of our examination of the books and records of
the Company, and according to the information and explanations given to
us by the management, we report that no fraud on or by the Company has
been noticed or reported during the course of our audit.
For N.C. AGGARWAL & CO.
Chartered Accountants
(G.K. AGGARWAL)
Place : Hisar Partner
Dated : 2nd August, 2010 M.No.086622
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