Mar 31, 2015
We have audited the accompanying financial statements of PHAARAMASIA
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.
Management's Responsibility for the Financial Statements
Management is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 ("the Act") with respect to the preparation and
presentation 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 the assets of the company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies, making judgments and estimates that
are reasonable and prudent and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing specified u/s 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 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.
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 31,2015;
(b) in the case of the Profit and Loss Account, 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 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 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 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 specified
under section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014;
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 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;
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long term contracts including the derivative contracts; and
iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Referred to in paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of our report even date
(i) In respect of its Fixed Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situations of Fixed Assets.
b. As per the information and explanation given to us, the Fixed Assets
of the company have been physically verified by the management
according to the phased programme, which is designed to cover all the
Fixed Assets, at reasonable intervals and the said programme is
considered reasonable, and no material discrepancies were noticed on
such verification.
(ii) In respect of its Inventories:
a. As explained to us, inventories have been physically verified by the
management at regular intervals during the year.
b. In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
(iii) (a) The Company has not granted any loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under section 189 of the Act,. Hence Sub-clause (a) and (b) of clause
(iii) of the Companies (Auditor's Report) Order 2015 are not
applicable.
(iv) In our opinion and according to the information and explanation
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 purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal
controls.
(v) According to the information and explanations given to us, the
company has not accepted any deposits during the year from the public
covered u/s 73 to 76 of the Act.
(vi) Central Government has prescribed for the maintenance of Cost
Records under Sec.148(1) Act. and as per the information given to us, we
are of the Opinion that prima facie the prescribed accounts and records
have been made and maintained.
(vii)
a. According to the information and explanation given to us and on the
basis of our examination of records, the company is regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax , Customs Duty, Excise Duty, Cess and
other statutory dues applicable to it. According to the Information
and explanations given to us, there are no undisputed arrears of
statutory dues are 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 and based
on the records of the company, there are no dues of Sale Tax, Income
Tax, Customs, Wealth Tax, Service Tax, Customs Duty and Excise Duty,
which have not been deposited on account of any disputes.
c. According to the information and explanations given to us, there
are no such amounts which were required to be transferred to the
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules there
under.
(viii) The company had no accumulated losses at the end of the year
under report and has not incurred cash losses during the said year or
in the immediately preceding financial year. (The accumulated losses
are wiped out in earlier years, by a scheme of arrangement approved by
High Court of Andhra Pradesh)
(ix) According to the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
repayment of any dues to Financial Institutions or banks.
(x) According to the information and explanation given to us, the terms
and conditions of guarantees given by the company for loans taken by
others from bank or financial institutions are, in our opinion, prima
facie, not prejudicial to the interest of the company. However, there
are no guarantees outstanding as on 31st March 2015.
(xi) According to the records of the company and information and
explanation given to us the company has applied the terms loans for the
purpose it is obtained.
(xii) As per the representation given by the company and relied on by
us, no material fraud on or by the company has been noticed or reported
during the year.
For K.S. Ramakrishna & Co.,
Chartered Accountants
Firm Regn. No. 002888S
Sd/-
(M. Naresh Kumar)
Place: Hyderabad Partner
Date: 29-05-2015 M.No: 223154
Mar 31, 2014
We have audited the accompanying financial statements of PHAARAMASIA
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
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"), read with General Circular
8/2014 dated 4th April, 2014 issued by the Ministry of Corporate
Affairs. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; 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 Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in 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 31,2014, 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 THE AUDITORS REPORT
Referred to in paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of our report even date
(i) In respect of its Fixed Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situations of Fixed Assets.
b. As per the information and explanation given to us, the Fixed
Assets of the company have been physically verified by the management
according to the phased programme, which is designed to cover all the
Fixed Assets, at reasonable intervals and the said programme is
considered reasonable, and no material discrepancies were noticed on
such verification.
c. As per the information and explanations given to us, during the
year that no substantial part of Fixed Assets of the Company are
disposed off, and the going concern status of the Company is not
effected.
(ii) In respect of its Inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
(iii) (a) The Company has not granted/taken any loan, secured or
unsecured to/from companies/firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956. Hence
Sub-clause (b), (c), (d), (e), (f), and (g) of clause (iii) of the
Companies (Auditor''s Report) Order 2003 are not applicable.
(iv) In our opinion and according to the information and explanation
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 purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal
controls.
(v) a. According to the information and explanations given to us and as
confirmed by 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.
b. The transactions in pursuance of such contracts or arrangements have
been made at prices reasonable having regard to the prevailing market
prices at the relevant time.
(vi) According to the information and explanations given to us, the
company has not accepted any deposits during the year from the public,
covered by the directions issued by the Reserve Bank of India and
provisions of Section 58A and 58AA of the Companies Act, 1956 and rules
framed there under where applicable and issuance of order by the
Company Law Boards in this regard does not arise.
(vii) As per the information and explanations given to us by the
management, the Company has an internal audit system commensurate with
the size of the company and the nature of its business.
(viii) We have broadly reviewed the Books of account relating to
materials, labour and other items of cost maintained by Company
pursuant to the Rules made by the Central Government for the
maintenance of Cost Records under Sec.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. And, the Central
government has directed the company to have Cost audit for the Company
and the Company has appointed Cost auditors for the period under audit.
(ix) a. According to the information and explanation given to us and
the records examined by us, the company is regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees'' State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and other statutory dues applicable to it.
According to the Information and explanations given to us, there are no
undisputed arrears of statutory dues are Outstanding as at 31st March,
2014 for a period of more than six months from the date they became
payable.
b. According to the records of the company, there are no dues of Sale
Tax, Income Tax, Customs, Wealth Tax, Service Tax, Excise Duty, Cess
and deposit of the same with the forum does not arise.
(x) The company had no accumulated losses at the end of the year under
report and it did not incur cash losses during the said year or in the
immediately preceding financial year. (The accumulated losses are wiped
out in earlier years, by a scheme of arrangement approved by High Court
of Andhra Pradesh)
(xi) According to the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
repayment of any dues to Financial Institutions or banks. However there
are no dues repayable to any Financial Institutions or Banks.
(xii) Based on our examination of the records and the information and
explanation given to us, the company has not granted any loans and/or
advances on the basis of security by way of pledge of Shares,
debentures and other securities.
(xiii) In our opinion, as the company is not a chit fund or a Nidhi or
Mutual benefit fund or society, the provisions of clause 4(xiii) of the
Companies (Audit Report) Order 2003 are not applicable to the company
for this year.
(xiv) According to the records of the company, there are no investments
made in the nature of shares in other companies and maintenance of
records of transactions and contracts in respect of shares does not
applicable.
(xv) According to the information and explanation given to us, the
terms and conditions of guarantees given by the company for loans taken
by others from bank or financial institutions are, in our opinion,
prima facie, not prejudicial to the interest of the company. However,
there are no guarantees outstanding as on 31st March 2014.
(xvi) According to the records of the company and information and
explanation given to us the company has not raised terms loans during
the year.
(xvii) As per the information and explanations given to us and on
overall examination of the balance sheet and cash flow statement of the
company, we report that no funds raised on short term basis have been
used for long term investment and vice versa.
(xviii) Accounting to the information and explanations furnished to us,
the company has not made any preferential allotment of shares during
the year to parties and companies covered in the register maintained
under section 301 of the Act.
(xix) The company has not issued any debentures during the year, which
requires the creation of security.
(xx) During the year the company has not made any public issues for
which the management has to disclose the end use of money raised
through that public issue.
(xxi) As per the representation given by the company and relied on by
us, no fraud on or by the company has been noticed or reported during
the year.
For K.S. Ramakrishna & Co.,
Chartered Accountants
Firm Regn. No: 002888S
Sd/-
(K. S. Ramakrishna)
Place: Hyderabad Partner
Date: 29th May, 2014 M.No.021154
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of PHAARAMASIA
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31,2013, 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Profit and Loss Account, of the profit/ 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 Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in 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 THE AUDITORS REPORT
Referred to in paragraph 1 under the heading "Report on Other Legal and
Regulatory Requirements" of our report even date
(i) In respect of its Fixed Assets:
a. The company has maintained proper records showing full particulars,
including quantitative details and situations of Fixed Assets.
b. As per the information and explanation given to us, the Fixed
Assets of the company have been physically verified by the management
according to the phased programme, which is designed to cover all the
Fixed Assets, at reasonable intervals and the said programme is
considered reasonable, and no material discrepancies were noticed on
such verification.
c. As per the information and explanations given to us, during the
year that no substantial part of Fixed Assets of the Company are
disposed off, and the going concern status of the Company is not
effected.
(ii) In respect of its Inventories:
a., As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
(iii) (a) The Company has not granted/ taken any loan, secured or
unsecured to/ from companies/firms or other parties covered in the
register maintained under section 301 of the Companies Act 1956. Hence
Sub-clause (b), (c), (d), (e), (f), and (g) of clause (iii) of the
Companies (Auditor''s Report) Order 2003 are not applicable.
(iv) In our opinion and according to the information and explanation
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 purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal
controls.
(v) a. According to the information and explanations given to us and as
confirmed by 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. b. The transactions in
pursuance of such contracts or arrangements have been made at prices
reasonable having regard to the prevailing market prices at the
relevant time.
(vi) According to the information and explanations given to us, the
company has not accepted any deposits during the year from the public,
covered by the directions issued by the Reserve Bank of India and
provisions of Section 58A and 58AA of the Companies Act, 1956 and rules
framed there under where applicable and issuance of order by the
Company Law Boards in this regard does not arise.
(vii) As per the information and explanations given to us by the
management, the Company has an internal audit system commensurate with
the size of the company and the nature of its business.
(viii) We have broadly reviewed the Books of account relating to
materials, labour and other items of cost maintained by Company
pursuant to the Rules made by the Central Government for the
maintenance of Cost Records under Sec.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. And, the Central government
has directed the company to have Cost audit for the Company and the
Company has appointed Cost auditors for the period under audit.
(ix) a. According to the information and explanation given to us and
the records examined by us, the company is not regular in depositing
with appropriate authorities undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax ,
Customs Duty, Excise Duty, Cess and other statutory dues applicable to
it. According to the Information and explanations given to us, the
following undisputed arrears of statutory dues were Outstanding as at
31st March, 2013 for a period of more than six months from the date
they became payable.
Name of the Nature of Amount Period to
Statute Dues involved which the
(Amt in Rs) amount relates
Provident PF 476756 Apr''12 to Sep''12
Fund Act
ESI ACT ESI 106902 Apr''12 to Sep''12
Income Tax Act, IDS 117192 Apr''12 to Sep''12
Name of the Due Date of
Statute Date Payment
Provident Fund 15th of Next 10/07/2013
Act month
ESI ACT 25th of Next 15/04/2013
month
Income Tax Act 07th of Next April 2013
month
b. According to the records of the company, there are no dues of Sale
Tax, Income Tax, Customs, Wealth Tax, Service Tax, Excise Duty, Cess
and deposit of the same with the forum does not arise.
(x) The company had no accumulated losses at the end of the year under
report and it did not incur cash losses during the said year or in the
immediately preceding financial year. (The accumulated losses are wiped
out in earlier years, by a scheme of arrangement approved by High Court
of Andhra Pradesh)
(xi) According to the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
repayment of any dues to Financial Institutions or banks. However there
are no dues repayable to any Financial Institutions or Banks.
(xii) Based on our examination of the records and the information and
explanation given to us, the company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) In our opinion, as the company is not a chit fund or a Nidhi or
Mutual benefit fund or society, the provisions of clause 4(xiii) of the
Companies (Audit Report) Order 2003 are not applicable to the company
for this year.
(xiv) According to the records of the company, there are no investments
made in the nature of shares in other companies and maintenance of
records of transactions and contracts in respect of shares does not
applicable.
(xv) According to the information and explanation given to us, the
terms and conditions of guarantees given by the company for loans taken
by others from bank or financial institutions are, in our opinion,
prima facie, not prejudicial to the interest of the company. However,
there are no guarantees outstanding as on 31st March 2013.
(xvi) According to the records of the company and information and
explanation given to us the company has not raised terms loans during
the year.
(xvii) As per the information and explanations given to us and on
overall examination of the balance sheet and cash flow statement of the
company, we report that no funds raised on short term basis have been
used for long term investment and vice versa.
(xviii)Accounting to the information and explanations furnished to us,
the company has not made any preferential allotment of shares during
the year to parties and companies covered in the register maintained
under section 301 of the Act.
(xix) The company has not issued any debentures during the year, which
requires the creation of security.
(xx) During the year the company has not made any public issues for
which the management has to disclose the end use of money raised
through that public issue.
(xxi) As per the representation given by the company and relied on by
us, no fraud on or by the company has been noticed or reported during
the year.
For K.S. Ramakrishna & Co.,
Chartered Accountants
Firm Regn. No: 002888S
Sd/-
(K. S. Ramakrishna)
Place: Hyderabad Partner
Date : 29th August, 2013 M.No.021154
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. PHAARMASIA LIMITED,
as at 31st March 2012 and also the Statement of Profit and Loss Account
and also the Cash Flow Statement of the Company 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 misstatements. 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 statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors' Report) Order,2003 as
amended by Companies (Auditors Report (Amendment) Order 2004, issued by
the Central Government in terms Section 227 (4A) of the Companies Act,
1956, we enclose in the annexure a statement on the matters specified
in paragraphs 4 and 5 of the said order.
2. Further to our comments in the annexure referred in paragraph (1)
above, we report that:
i) 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.
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
such books.
iii) 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.
iv) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement 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 representation received from Directors as on
31st March 2012 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31st March
2012 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 explanation 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.
a. In the case of the Balance Sheet, of the sate of the affairs of the
company as at 31st March 2012;
b. In the case of the Profit & Loss Account, of the profit for the
year ended on that date; and
c. In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to the paragraph 3 of our report of even date)
i. In respect of its Fixed Assets :
a. The company has maintained proper records showing full particulars,
including quantitative details and situations of Fixed Assets.
b. As per the information and explanation given to us, the Fixed Assets
of the company have been physically verified by the management
according to the phased programme, which is designed to cover all the
Fixed Assets, at reasonable intervals and the said programme is
considered reasonable, and no material discrepancies were noticed on
such verification.
c. As per the information and explanations given to us, during the year
that no substantial part of Fixed Assets of the Company are disposed
off which will affect the going concern status of the Company is not
effected.
ii. In respect of its Inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
iii. The Company has not granted taken any loan, secured or un secured
to from companies / firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Hence
Sub-clause (b), (c), (d), (e), (1), and (g) of clause (iii) of the
Companies (Auditor's Report) Order 2003 are not applicable.
iv. In our opinion and according to the information and explanation
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 purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal
controls.
v. a. According to the information and explanations given to us and as
confirmed by 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.
b. The transactions in pursuance of such contracts or arrangements have
been made at prices reasonable having regard to the prevailing market
prices at the relevant time.
vi. According to the information and explanations given to us, the
company has not accepted any deposits during the year from the public
covered by the directions issued by the Reserve Bank of India and
provisions of Section 58A and 58AA of the Companies Act, 1956 and rules
framed there under where applicable and issuance of order by the
Company Law Board in this regard does not arise.
vii. As per the information and explanations given to us by the
management, the Company has an internal audit system commensurate with
the size of the company and the nature of its business.
viii. We have broadly reviewed the Books of account relating to
materials, labour and other items of cost, maintained by Company
pursuant to the Rules made by the Central Government for the
maintenance of Cost Records under Sec.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. And, the Central government
has directed the company to have Cost audit for the Company and the
Company has appointed Cost auditors for the period under audit.
ix. a. According to the information and explanation given to us and the
records examined by us, the company is not regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and other statutory dues applicable to it.
According to the Information and explanations given to us, no
undisputed arrears of statutory dues were Outstanding as at 31st March,
2012 for a period of more than six months from the date they became
payable.
b. According to the records of the company, there are no dues of Sale
Tax, Income Tax, Customs, Wealth Tax, Service Tax, Excise Duty, and Cess
and deposit of the same with the forum does not arise.
x. The company had no accumulated losses at the end of the year under
report and it did not incur cash losses during the said year or in the
immediately preceding financial year. (The accumulated losses are wiped
out in earlier years, by a scheme of arrangement approved by High Court
of Andhra Pradesh)
xi. According to the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
repayment of any dues to the bank
xii. Based on our examination of the records and the information and
explanation given to us, the company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii. In our opinion, as the company is not a chit fund or a Nidhi or
Mutual benefit fund or society, the provisions of clause 4(xiii) of the
Companies (Audit Report) Order 2003 are not applicable to the company
for this year.
xiv. According to the records of the company, there are no investments
made in the nature of shares in other companies and maintenance of
records of transactions and contracts in respect of shares does not
applicable.
xv. According to the information and explanation given to us, the terms
and conditions of guarantees given by the company for loans taken by
others from bank or financial institutions are, in our opinion, prima
facie, not prejudicial to the interest of the company. However, there
are no guarantees outstanding as on 31st March 2012.
xvi. According to the records of the company and information and
explanation given to us the company has not raised terms loans during
the year.
xvii. As per the information and explanations given to us and on
overall examination of the balance sheet and cash flow statement of the
company, we report that no funds raised on short term basis have been
used for long term investment and vice versa.
xviii. According to the information and explanations furnished to us,
the company has not made any preferential allotment of shares during
the year to parties and companies covered in the register maintained
under section 301 of the Act.
xix. The company has not issued any debentures during the year, which
requires the creation of security.
xx. During the year the company has not made any public issues for
which the management has to disclose the end use of money raised
through that public issue.
xxi. As per the representation given by the company and relied on by
us, no fraud on or by the company has been noticed or reported during
the year.
For K.S. RAMAKRISHNA & CO.,
Chartered Accountants
Firm Registration No.002888S
Sd/-
Place: Hydeabad (K.S.RAMAKRISHNA)
Date: 31.08.2012 PARTNER.
Membership No.021154
Mar 31, 2011
We have audited the attached Balance Sheet of M/s. PHAARMASIA LIMITED,
as at 31 st March 2011 and also the Profit and Loss Account and also
the Cash Flow Statement of the Company 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 misstatements. 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 statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors' Report) Order,2003 as
amended by Companies (Auditors Report (Amendment) Order 2004, issued by
the Central Government in terms Section 227 (4A) of the Companies Act,
1956, we enclose in the annexure a statement on the matters specified
in paragraphs 4 and 5 of the said order.
2. Further to our comments in the annexure referred in paragraph (1)
above, we report that:
i) 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.
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
such books.
iii) 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.
iv) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement 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 representation received from Directors as on
31 st March 2011 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31 st March
2011 from being appointed as a Director in terms of clause (g) of sub-
section (1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanation 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.
a In the case of the Balance Sheet, of the sate of the affairs of the
company as at 31 st March 2011;
b. In the case of the Profit & Loss Account, of the profit for the
year ended on that date; and
c. In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to the paragraph 3 of our report of even date) i. In respect
of its Fixed Assets :
a. The company has maintained proper records showing full particulars,
including quantitative details and situations of Fixed Assets.
b. As per the information and explanation given to us, the Fixed
Assets have been physically verified by the management according to the
phased programme, which is designed to cover all the Fixed Assets
verified and to this programme is considered reasonable. No material
discrepancies were noticed on such verification.
c. As per the information and explanations given to us, during the
year that no substantial part of Fixed Assets of the Company are
disposed off which will affect the going concern status of the Company
ii. In respect of its Inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
iii. In respect of the Loans Secured or Unsecured, granted or taken by
the Company to/from Companies, Firm of Other Parties covered in the
register maintained under section 301 of the Companies Act, 1956. a .
The company has not taken loans secured or unsecured, to/from the
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956 . b. As the Company has
not granted any loans, secured or unsecured, to/ from companies, firms
or other parties covered in the register maintained under section 301
of the Companies Act, 1956, the (iii) (b),(c) and (d) of the order not
applicable.
iv. In our opinion and according to the information and explanation
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 purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal
controls.
v. 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.
b. The transactions in pursuance of such contracts or arrangements have
been made at prices reasonable having regard to the prevailing market
prices at the relevant time.
vi. According to the information and explanations given to us, the
company has not accepted any deposits during the year from the public
covered by the directions issued by the Reserve Bank of India and
provisions of Section 58A and 58AA of the Companies Act, 1956 and rules
framed there under where applicable and issuance of order by the
Company Law Board in this regard does not arise.
vii. As per the information and explanations given to us by the
management, the Company has an internal audit system commensurate with
the size of the company and the nature of its business.
viii. We have broadly reviewed the Books of account relating to
materials, labour and other items of cost, maintained by Company
pursuant to the Rules made by the Central Government for the
maintenance of Cost Records under Sec.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. And, the Central government
has directed the company to have Cost audit for the Company and the
Company has appointed Cost auditors for the period under audit.
ix. a. According to the information and explanation given to us and the
records examined by us, the company is not regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and other statutory dues applicable to it.
However according to the Information and explanations given to us, no
undisputed arrears of statutory dues were Outstanding as at 31st March,
2011 for a period of more than six months from the date they became
payable.
b. According to the records of the company, there are no dues of Sale
Tax, Income Tax, Customs, Wealth Tax, Service Tax Excise Duty and Cess
which have not been deposited on accounts of any dispute.
x. The company had no accumulated losses at the end of the year under
report and it did not incur cash losses during the said year or in the
immediately preceding financial year. (The accumulated losses are wiped
out in earlier years, by a scheme of arrangement approved by High Court
of Andhra Pradesh)
xi. According to the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
repayment of any dues to the bank
xii. Based on our examination of the records and the information and
explanation given to us, the company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii. In our opinion, as the company is not a chit fund or a Nidhi or
Mutual benefit fund or society, the provisions of clause 4(xiii) of the
Companies (Audit Report) Order 2003 are not applicable to the company
for this year.
xiv. According to the records of the company, there are no investments
made in the nature of shares in other companies and maintenance of
records of transactions and contracts in respect of shares does not
applicable.
xv. According to the information and explanation given to us, the terms
and conditions of guarantees given by the company for loans taken by
others from bank or financial institutions are, in our opinion, prima
facie, not prejudicial to the interest of the company. However, there
are no guarantees outstanding as on 31 st March 2011.
xvi. According to the records of the company and information and
explanation given to us the company has not raised terms loans during
the year.
xvii. As per the information and explanations given to us and on
overall examination of the balance sheet and cash flow statement of the
company, we report that no funds raised on short term basis have been
used for long term investment and vice versa.
xviii.According to the information and explanations furnished to us,
the company has not made any preferential allotment of shares during
the year to parties and companies covered in the register maintained
under section 301 of the Act.
xix. The company has not issued any debentures during the year, which
requires the creation of security.
xx. During the year the company has not made any public issues for
which the management has to disclose the end use of money raised
through that public issue.
xxi. As per the representation given by the company and relied on by
us, no fraud on or by the company has been noticed or reported during
the year.
For K.S. RAMAKRISHNA & CO.,
Chartered Accountants
F.R.N.002888S
Sd/-
Place: Hydeabad (K.S.RAMAKRISHNA)
Date: 31.08.2011 PARTNER.
M.No.021154
Mar 31, 2010
The Members of M/s. PHAARMASIA LIMITED, We have audited the attached
Balance Sheet of M/s. PHAARMASIA LIMITED, as at 31s March 2010 and
also the Profit and Loss Account and also the Cash Flow Statement of
the Company 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 misstatements. 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 statements
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) Order,2003 as
amended by Companies (Auditors Report) (Amendment) Order 2004, issued
by the Central Government in terms Section 227 (4A) of the Companies
Act, 1956, we enclose in the annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order.
2. Further to our comments in the annexure referred in paragraph (1)
above, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief where necessary for the purpose 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
such books.
iii) 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.
iv) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement 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 representation received from Directors as on
31s March 2010 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31" March 2010
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 explanation 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.
a. In the case of the Balance Sheet, of the sate of the affairs of the
company as at 31st March 2010
b. In the case of the Profit & Loss Account, of the profit for the
year ended on that date; and
c. In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to the paragraph 3 of our report of even date)
(i) In respect of its FixedAssets :
(a) The company has maintained proper records showing full particulars,
including quantitative details and situations of Fixed Assets.
(b) As per the information and æ..xplanation given to us, the Fixed
Assets have been physically verified by the management according to the
phased programme, which is designed to cover all the Fixed Assets
verified according to this programme considered reasonable, no material
discrepancies were noticed on such verification.
(c) As perthe information and explanations given to us, during the year
that no substantial part of FixedAssets of the Company are disposed off
which will affect the going concern status of the Company.
(ii) In respect of its Inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
(iii ) In respect of the Loans Secured or Unsecured, granted or taken
by the Company to/from Companies, Firm of Other Parties covered in the
register maintained under section 301 of the CompaniesAct,1956.
(a) The company has not taken loans secured or unsecured, to/from the
Companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, secured or unsecured,
to/from companies, firms or other parties covered in the register
maintained is under section 301 of the Companies Act, 1956, the (iii)
(b),(c) and (d) of the order not applicable.
(iv) In our opinion and according to the information and explanation
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 purchase of inventory and fixed assets and for
the sale of goods. During the course of our audit, we have not observed
any continuing failure to correct major weaknesses in internal
controls.
(v) (a) According to the information and explanations given to us and
as confirmed by 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.
(b) The transactions in pursuance of such contracts or arrangements
have been made at prices reasonable having regard to the prevailing
market prices at the relevant time.
(vi) According to the information and explanations given to us, the
company has not accepted any deposits during the year from the public
covered by the directions issued by the Reserve Bank of India and
provisions of Section 58A and 58AA of the Companies Act, 1956 and rules
framed there under where applicable and issuance of order by the
Company Law Boards in this regard does not arise.
(vii) As per the information and explanations given to us by the
management, the Company has an internal audit system commensurate with
the size of the company and the nature of its business.
(viii) We have broadly reviewed the Books of account relating to
materials, labour and other items of cost maintained by Company
pursuant to the Rules made by the Central Government for the
maintenance of Cost Records under Sec.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. And, the Central government
has directed the company to have Cost audit for the Company and the
Company has not appointed Cost auditors for the Company for the period
under audit.
(ix) (a) According to the information and explanation given to us and
the records examined by us, the company is not regular in depositing
with appropriate authorities undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax ,
Customs Duty, Excise Duty, Cess and other statutory dues applicable to
it. According to the Information and explanations given to us, no
undisputed arrears of statutory dues were Outstanding as at 31s1 March,
2010 for a period of more than six months from the date they became
payable.
(b) According to the records of the company, there are no dues of Sale
Tax, Income Tax, of any Customs, Wealth Tax, Service Tax Excise Duty,
Cess, and deposit of the same with the forum does not arise.
(x) The company had no accumulated losses at the end of the year under
report and it did not incur cash losses during the said year or in the
immediately precedingfinancial year. (The accumulated losses are wiped
out in earlier years, by a scheme of arrangement approved by High Court
of Andhra Pradesh).
(xi) According to the information and explanations given by the
management, we are of the opinion that the company has not defaulted in
repayment of any dues to the bank
(xii) Based on our examination of the records and the information and
explanation given to us, the company has not granted any loans and/or
advances on the basis of security by way of pledge of shares,
debentures and other securities.
(xiii) In our opinion, as the company is not a chit fund or a Nidhi or
Mutual benefit fund or society, the provisions of clause 4(xiii) of the
Companies (Audit Report) Order 2003 are not applicable to the company
for this year.
(xiv) According to the records of the company, there are no investments
made in the nature of shares in other companies and maintenance of
records of transactions and contracts in respect of shares does not
applicable.
(xv) According to the information and explanation given to us, the
terms and conditions of guarantees given by the company for loans taken
by others from bank or financial institutions are, in our opinion,
prima facie, not prejudicial to the interest of the company. However,
there are no guarantees outstanding as on 31" March 2010.
(xvi) According to the records of the company and information and
explanation given to us the company has not raised terms loans during
the year.
(xvii) As per the information and explanations given to us and on
overall examination of the balance sheet and cash flow statement of the
company, we report that no funds raised on short term basis have been
used for long term investment and vice versa.
(xviii) Accounting to the information and explanations furnished to us,
the company has not made any preferential allotment of shares during
the year to parties and companies covered in the register maintained
under section 301 of the Act.
(xix) The company has not issued any debentures during the year, which
requires the creation of security.
(xx) During the year the company has not made any public issues for
which the management has to disclose the end use of money raised
through that public issue.
(xxi) As per the representation given by the company and relied on by
us, no fraud on or by the company has been noticed or reported during
the year.
Place: Hyderabad For K.S. RAMAKRISHNA & CO.,
Date:27.08.2010 Chartered Accountants
FRN.002888S
(K.S.RAMAKRISHNA)
PARTNER
M.No.021154