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Auditor Report of O P Chains Ltd.

Mar 31, 2013

We have audited the Balance Sheet os' M/S O P CHAINS LTD as at 31 March, 2013, and profit & loss Account for the year ended on that date annexed and report that:

These financial statements are the responsibility of the Company management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted cur audit in accordance with auditing Standards generally accepted re 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 cur opinion.

As required by the Companies (Auditors Report) Older, 2003 issued by the Cental Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclosed In the annexure a statement on the matters specified m paragraphs 4 and 5 of the said Order,

(i) 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;

(ii) In out opinion, proper books of account as required by law have been kept by the Company so far as apperars from our examination of those books (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch Auditors Reports have been forwarded to us and have been appropriately dealt with);

(iii) The Balance sheet and Profit and Less Account dealt with by this report are in agreement with the books of account (and the audited returns from the branches);

(iv) In our opinion, the Balance Sheet end Profit and Loss Account dealt with by this report comply with the accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, I956;

(v) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on that date from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

(1) insofar as it relates to the Balance Sheet, of the state of affairs of the Company as at 31, March 2013, and

(2) insofar as it relates to the Profit & Loss Account, of the Profit(Loss) of the Company for the period ended on that date,

Placa : Agra For B P N & COMPANY Date : 30-04-2013 Chartered Accountants Partner M-No-407004 B. FLOOR, PADAMDEEP TOWER G 10/8 SANJAY PLACE AGRA-282002 Firm Reg. No -013887C


Mar 31, 2011

We have audited the Balance Sheet of M/S 0 P CHAINS LTD as at 31 March, 2011 and Profit & Loss Account for the year ended on that date annexed and report that:

These financial statements are the responsibility of the Company management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have 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.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclosed in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

(i) 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;

(ii) 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 (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch Auditors Report(s) have been forwarded to us and have been appropriately dealt with);

(iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account (and the audited returns from the branches);

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on that date from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

(1) insofar as it relates to the Balance Sheet, of the state of affairs of the Company as at 31, March 2011, and

(2) insofar as it relates to the Profit & Loss Account, of the Profit/(Loss) of the Company for the period ended on that date.

ANNEXURE TO THE AUDITORS REPORT

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

1 (b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) According to the Information and Explanation and on examination of Books of Accounts, company has not disposed off any/ substantial part of Fixed Assets during the Year.

2 (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

2 (c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3 (a) The Company has not granted any Loans Secured or Unsecured to the other companies listed in the register maintained under section 301 of the Companies Act, 1956.

3 (b) As company has not granted any loan, hence it is not applicable

3 (c) As company has not granted any loan, hence it is not applicable

3 (d) As company has not granted any loan, hence it is not applicable

3 (e) The Company has not taken any Loans Secured or Unsecured from the other companies listed in the register maintained under section 301 of the Companies Act, 1956.

3 (f) As company has not taken any loan, hence it is not applicable.

3 (g) As company has not taken any loan, hence it is not applicable.

4 In our opinion an according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5 (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

5 (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts of arrangements entered in the register maintained under section 301 of the Companies Act, 1956 in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6 In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A, 58AA and all other relevant provision of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

7 In our opinion, the company has an internal audit commensurate with the size and nature of its business.

8 We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9 (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, Cess and other material statutory dues applicable to it.

9 (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, service tax, custom duty, excise duty and Cess were in arrears, as at For a period of more than six months from the date they became payable.

10 In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred ''cash losses during the financial year covered by our audit and the immediately preceding financial year.

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

12 We are of the opinion that the company has maintained adequate records where the company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13 In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

13 (a) In our opinion and as per the explanation given to us, as on the date of Balance Sheet the company is having the ratio in excess of 1:20 for net owned funds to deposit liable.

13 (b) In our opinion and as per the explanation given to us, company has complied with the prudential norms on income Recognition and provisioning against sub-standard/ default/ loss assets.

13 (c) In our opinion and as per the explanation given to us, company has adequate procedures for approval & appraisal of credit proposals/ requests, assessment of credit needs and repayment capacity of the borrowers.

13 (d) In our opinion and as per the explanation given to us, the repayment schedule of various loans granted by the nidhi is based on the repayment capacity of borrower.

14 In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

15 In our opinion and as per the explanations given to us, the terms and conditions of the guarantee given by the company for loans taken by others from bank/financial Institutions, are prejudicial to the interest of the company.

16 As per the Explanation and as per the records of the company, the term loans taken has been applied for the purpose for which the same has been taken.

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

18 According to the information and explanations given to us, the company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. In our opinion, the price at which shares have been issued is not prejudicial to the interest of the company.

19 According to the information and explanations given to us, the company has created security or charge in respect of debentures issued during the year.

20 We haft verified the end use of money raised as as disclosed in the notes to the financial statements.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed

For B P N & COMPANY Chartered Accountants

NIKHIL GARG Partner M. No - 407004

B. FLOOR, PADAMDEEP TOWER G-10/8,

SANJAY PLACE

AGRA - 282002

Firm Reg.No -013887C

Place: Agra

Date: 30-08-2011

 
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