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Auditor Report of P G Industry Ltd.

Mar 31, 2015

1. We have audited the accompanying financial statements of P G Industry Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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.

ManagementRs,s Responsibility on the Financial Statements

2. 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 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 ("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.

AuditorRs,s Responsibility

3. 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.

4. 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. 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, 2015;

b) in the case of the Profit and Loss Account, of the profit/ loss 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

7. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

8. 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 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;

e) on the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of sub-section (2) of section 164 of the Companies Act, 2013;

f) In our opinion, the company has adequate internal financial controls system in place and such controls have the operating effectiveness.

Annexure to Auditors' Report for the year ended on 31st March, 2015 The Annexure referred to in paragraph 7 of the Our Report of even date to the members of P G Industry Limited on the accounts of the company for the year ended 31st March, 2015.

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

b) We are informed that management has carried out the physical verification of the fixed assets at reasonable intervals, which is considered reasonable having regard to the size of the Company and the nature of its business and no material discrepancies have been noticed on such physical verification to the extent verification was made during the year.

c) The company has not disposed off any part of its fixed assets so as to affect its going concern assumptions.

2) a) As explained to us physical verification of inventory has been conducted by the management during the year at reasonable intervals.

b) In our opinion, procedure of physical verification of the inventories followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification.

3) The company has not granted interest free unsecured loans to any party covered in the register maintained under section 189 of the Companies Act, 2013.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventories, fixed assets and for the sale of goods and services. Further on the basis of our examination of the books and records of the company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control systems.

5) According to the information and explanation given to us, the company has not accepted any deposits during the year from the public under the provisions of the sections 73 to 76 of the Act and the rules framed there.

6) As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under sub-section (1) of section 148 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

7) (a) According to the information and explanation given to us, in our opinion, the company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and Excise Duty, Value Added Tax, Cess and any other material statutory dues as applicable with the appropriate authorities.

(b) There are no undisputed amount payable in respect of such statutory dues which have remained outstanding as at 31st March, 2015 for a period more than six months from the date they became payable.

8) According to the information and explanation given to us, No amount is required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under.

9) The company has accumulated profit of Rs, 597.25 Lacs at the end of the financial year 2014-15 and has earned profit after tax in current financial year of Rs, 60.88 Lacs.

10) According to the records of the company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of its dues to banks and financial institutions.

11) According to the information and explanation given to us, the company has given a guarantee in favor of M/s. Priceless Overseas Limited for loan taken from Vijaya Bank, Defense Colony, New Delhi and the terms & conditions whereof are not prejudicial to the interest of the company.

12) As per information and explanation given to us, the company has not obtained any term loan during the year.

For: Vishal G Goel & Co.

(Chartered Accountants)



Sd /-

Ca Vishal Goel

(Proprietor)

F.C.A., DISA

Membership No.- 094685

Firm Regn. No.- 020330 N

Place: New Delhi

Date: 30 May 2015


Mar 31, 2014

1. We have audited the accompanying financial statements of P G Industry 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 on the Financial Statements

2. 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") read with the General Circular 15/2013 dated 13 September 2013 of 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.

Auditor''s Responsibility

3. 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.

4. 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the infor -mation required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

b) in the case of the Profit and Loss Account, of the profit/ loss 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

7. 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.

8. 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 read with the General Circular 15/2013 dated 13 September 2013 of 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 Auditors'' Report for the year ended on 31st March, 2014

The Annexure referred to in paragraph 7 of the Our Report of even date to the members of P G Industry Limited on the accounts of the company for the year ended 31st March, 2014.

1) a) The company has maintained proper records showing full particulars including quantitative

details and situations of fixed assets.

b) We are informed that management has carried out the physical verification of a portion of the fixed assets, which is considered reasonable having regard to the size of the Company and the nature of its business and no material discrepancies have been noticed on such physical verification to the extent verification was made during the year.

c) The company has not disposed off any part of its fixed assets so as to affect its going concern assumptions.

2) a) As explained to us physical verification of inventory has been conducted by the management during the year at reasonable intervals.

b) In our opinion, procedure of physical verification of the inventories followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The Company has maintained proper records of inventories and no material discrepancies were noticed on physical verification.

3) a) The company has not granted interest free unsecured loans to any party covered in the register maintained under section 301 of the Companies Act, 1956.

b) The loans has been provided free of interest and the loans are repayable on demand.

c) Since loans are interest free and are repayable on demand, and hence there is no irregularity in receipt of these amounts.

d) The amount overdue is Nil and hence no steps are required to be taken for recovery.

e) The company has taken unsecured loan of '' 6,56,846.00 /- from one party covered in the register maintained under section 301 of the Companies Act, 1956.

f) The loans have been taken free of interest and are repayable on demand, and hence there is no irregularity in payment of these amounts.

f) The amount overdue is Nil and hence no steps are required to be taken for recovery.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventories, fixed assets and for the sale of goods and services. Further on the basis of our examination of the books and records of the company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control systems.

5) According to the information and explanation given to us, we are of opinion that there are no contract or arrangements referred to in Section 301 of the Act during the year that need to be entered into the register maintained under that Section. Accordingly, clause (v) (b) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 is not applicable to the company for the current year.

6) According to the information and explanation given to us, the company has not accepted any deposits during the year from the public within the meaning of the sections 58A, 58AA or any other relevant provision of the Act and the rules framed there.

7) The Company has adequate Internal Audit system commensurate with its size and nature of its business.

8) As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9) According to the information and explanation given to us, in our opinion, the company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty, Cess and any other material statutory dues as applicable with appropriate authorities. There are no undisputed amount payable in respect of such statutory which have remained outstanding as at 31st March, 2014 for a period more then six months from the date they became payable.

10) The company has accumulated profit of '' 564.05 lacs at the end of the financial year 2013-14 and has earned profit after tax in current financial year of '' 38.43 lacs.

11) According to the records of the company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of its dues to banks and financial institutions.

12) The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

13) The provisions of any Special Statute applicable to Chit Fund, Nidhi Fund or Mutual Benefit Fund/Societies are not applicable to the company.

14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments.

15) According to the information and explanation given to us, the company has given a guarantee in favour of M/s. Priceless Overseas Limited for loan taken from Vijaya Bank, Defence Colony, New Delhi.

16) As per information and explanation given to us, the company has not obtained any term loan during the year.

17) According to the information and explanation given to us and on an overall examination the Balance Sheet of the company, we report that no fund raised on short term basis have been used for long term investment.

18) 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 during the year.

19) The company has not issued any equity shares and debentures during the year.

20) The company has not raised any money by way of public issue during the year.

21) No fraud on or by the Company has been noticed or reported during the year.

For: Vishal G Goel & Co. (Chartered Accountants)

Sd/- Ca Vishal Goel (Proprietor) F.C.A., DISA Membership No.- 094685 Firm Regn. No.- 020330 N Place: New Delhi Date: 30 May 2014


Mar 31, 2011

1. We have audited the attached Balance Sheet of P G Industry 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.

2. 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.

3. As required by the Companies (Auditors Report) Order, 2003 and amendments thereto issued by the Central Government of India in terms of Sec 227(4A) of The Companies Act 1956, and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said order, to the extent applicable to the Company.

4. We further to our comments in the Annexure referred above, we report that:

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

b) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us.

c) The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Profit and 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) On the basis of written representations received from the directors, as on 31st March 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section(l) of section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Accounting Policies and Explanatory Notes in Schedule -19 give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March 2011; and

(ii) in the case of Profit and Loss Account, of the Profit for the year ended on that date: and (iii) in case of cash flow statement of the cash flows for the year ended on that date.

Annexure to Auditors' Report for the year ended on 31st March, 2011

Annexure referred to in paragraph 3 of the auditors report to the members of P G Industry Limited, for the year ended 31st March, 2011

1) a) The company has maintained proper record showing full particulars including quantitative details and situations of fixed assets.

b) We are informed that management has carried out the physical verification of a portion of the fixed assets, which is considered reasonable having regard to the size of the Company and the nature of its business and no material discrepancies have been noticed on such physical verification to the extent verification was made during the year.

c) The company has not disposed off any part of its fixed assets so as to affect its going concern assumptions.

2) a) As explained to us physical verification of inventory has been conducted by the management during the year at reasonable intervals

b) In our opinion procedure of physical verification of the inventories. followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification of inventories with regard to the size and nature of operations of the company were not material and have been properly dealt with in the books of accounts of the Company.

3) a) The company has granted interest free unsecured loans to party covered in the register maintained under section 301 of the Companies Act, 1956.

b) The loans has been provided free of interest and the loans are repayable on demand.

c) Since loans are interest free and are repayable on demand, and hence there is no irregularity in receipt of these amounts.

d) The amount overdue is Nil and hence no steps are required to be taken for recovery.

e) The company has taken unsecured loan from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

f) The loans have been taken free of interest and are repayable on demand, and hence there is no irregularity in payment of these amounts.

g) The amount overdue is Nil and hence no steps are required to be taken for recovery.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventories, fixed assets and for the sale of goods and services. Further on the basis of our examination of the books and records of the company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control systems.

5) According to the information and explanation given to us, we are of opinion that there are no contract or arrangements referred to in Section 301 of the Act during the year that need to be entered into the register maintained under that Section. Accordingly, clause (v) (b) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 is not applicable to the company for the current year.

6) According to the information and explanation given to us, the company has not accepted any deposits during the year from the public within the meaning of the sections 58A, 58AA or any other relevant provision of the Act and the rules framed there.

7) The Company has adequate Internal Audit system commensurate with its size and nature of its business.

8) No cost records has been prescribed by the Central Government under Clause (d) of sub section (1) of section 209 of the Act.

9) According to the information and explanation given to us, in our opinion, the company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty, Cess and any other material statutory dues as applicable with appropriate authorities. There are no undisputed amount payable in respect of such statutory which have remained outstanding as at 31st March, 2011 for a period more then six months from the date they became payable.

10) The company has accumulated profit of Rs.369.19 lacs at the end of the financial year 2010-11 and it has earned profit in current financial year of Rs. 96.47 lacs.

11) According to the records of the company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of its dues to banks and financial institutions.

12) The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

13) The provisions of any Special Statute applicable to Chit Fund, Nidhi Fund or Mutual Benefit Fund/Societies are not applicable to the company.

14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments.

15) In our opinion and according to the information and explanation given to us, the company has not given any guarantee for loan taken by others from banks and financial institutions.

16) As per information and explanation given to us, the company has not obtained any term loan during the year.

17) According to the information and explanation given to us and on an overall examination the Balance Sheet of the company, we report that no fund raised on short term basis have been used for long term investment.

18) 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 during the year.

19) The company has not issued any equity shares and debentures during the year.

20) The company has not raised any money by way of public issue during the year.

21) No fraud on or by the Company has been noticed or reported during the year.

For: Vishal G Goel & Co. (Chartered Accountants)

Ca Vishal Goel (Proprietor) F.C.A., DISA Membership No.- 094685 Firm Regn. No.- 020330 N

Place: New Delhi Date : 11th Aug, 2011




Mar 31, 2010

1. We have audited the attached Balance Sheet of P G Industry 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.

2. 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.

3. As required by the Companies (Auditors Report) Order, 2003 and amendments thereto issued by the Central Government of India in terms of Sec 227(4A) of The Companies Act 1956, and on the basis of such checks as we considered appropriate, and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the said order, to the extent applicable to the Company.

4. We further to our comments in the Annexure referred above, we report that:

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

b) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us.

c) The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and Profit and 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) On the basis of written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section(l) of section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Accounting Policies and Explanatory Notes in Schedule -19 give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March 2010; and

(ii) in the case of Profit and Loss Account, of the Loss for the year ended on that date: and

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



Annexure to Auditors Report for the year ended on 31st March, 2010



Annexure referred to in paragraph 3 of the auditors report to the members of P G Industry Limited, for the year ended 31st March, 2010



1} a) The company has maintained proper record showing full particulars including quantitative details and situations of fixed assets.

b) We are informed that management has carried out the physical verification of a portion of the fixed assets, which is considered reasonable having regard to the size of the Company and the nature of its business and no material discrepancies have been noticed on such physical verification to the extent verification was made during the year.

c) The company has not disposed off any part of its fixed assets so as to affect its going concern assumptions.

2) a) As explained to us physical verification of inventory has been conducted by the management during the year at reasonable intervals

b) In our opinion procedure of physical verification of the inventories followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

c) the Company has maintained proper records of inventories and discrepancies noticed on physical verification of inventories with regard to the size and nature of operations of the company were not material and have been properly dealt with in the books of accounts of the Company.

3) a) The company has granted interest free unsecured loans to party covered in the register maintained under section 301 of the Companies Act, 1956.

b) The loans has been provided free of interest and the loans are repayable on demand.

c) Since loans are interest free and are repayable on demand, and hence there is no irregularity in receipt of these amounts.

d) The amount overdue is Nil and hence no steps are required to be taken for recovery.

e) The company has taken unsecured loan from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

f) The loans have been taken free of interest and are repayable on demand, and hence there is no irregularity in payment of these amounts.

g) The amount overdue is Nil and hence no steps are required to be taken for recovery.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of inventories, fixed assets and for the sale of goods and services. Further on the basis of our examination of the books and records of the company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in interna! control systems.

5) According to the information and explanation given to us, we are of opinion that there are no contract or arrangements referred to in Section 301 of the Act during the year that need to be entered into the register maintained under that Section. Accordingly, clause (v) (b) of paragraph 4 of the Companies (Auditors Report) Order, 2003 is not applicable to the company for the current year.

6) According to the information and explanation given to us, the company has not accepted any deposits during the year from the public within the meaning of the sections 58A, 58AA or any other relevant provision of the Act and the rules framed there.

7) According to the information and explanation given to us, in our opinion, the company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty and Excise Duty, Cess and any other material statutory dues as applicable with appropriate authorities. There are no undisputed amount payable in respect of such statutory which have remained outstanding as at 31st March, 2010 for a period more then six months from the date they became payable.

8) The company has accumulated profit of Rs.272.72 lacs at the end of the financial year 2009-10 and it has incurred losses in current financial year of Rs. 112.32 lacs.

9) According to the records of the company examined by us and the information and explanation given to us, the Company has no defaulted in repayment of its dues to banks and financial institutions.

10) The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

11) The provisions of any Special Statute applicable to Chit Fund, Nidhi Fund or Mutual Benefit Fund/Societies are not applicable to the company.

12) In our opinion, the company is dealing in or trading in shares, securities, debentures and other investments. Proper records have been maintained of the transactions and contracts and timely entries have been made therein. Shares, securities, debentures and other investments have been held by the company, in its own name.

13) In our opinion and according to the information and explanation given to us, the company has not given any guarantee for loan taken by others from banks and financial institutions.

14) As per information and explanation given to us, the company has not obtained any term loan during the year.

15) According to the information and explanation given to us and on an overall examination the Balance Sheet of the company, we report that no fund raised on short term basis have been used for long term investment.

16) 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 during the year.

17) The company has not issued any equity shares and debentures during the year.

18) The company has not raised any money by way of public issue during the year.



For Vishal G Goel & Co.

Chartered Accountants

Vishal Goel

Prop.

Place: New Delhi

Date : 30th June, 2010

 
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