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Auditor Report of Pratik Panels Ltd.

Mar 31, 2014

1. We have audited the attached Balance Sheet of "PRATIK PANELS LIMITED" as at 31st MARCH, 2014 and also the Profit and Loss Account and the Cash Flow Statement for the year then ended, and the summary of significant accounting policies and other explanatory statements. These financial statements are the responsibility of the Company''s management.

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 Company''s 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.

3. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India .Those standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends 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 the management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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

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

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

(iii) in the case of Case Flow Statement, of the Cash Flows of the year ended on that date.

6. 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 Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

7. Further to our comments in the Annexure referred to above, we report that:

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

b) In our opinion, proper books of account, as required by law have been kept by the Company so far as it''s appears from our examination of those books.

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit and Loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3 C) of section 211 of the Company Act, 1956;

e) On the basis of written representation received from the directors as on 31/03/2014 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31/03/2014 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 AUDITOR''S REPORT

(Referred to in paragraph 6 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2014)

1. In respect of its fixed assets:

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

(b) As per the information and explanations given to us, the company has a system of physical verification of all of its assets. We are informed that the fixed assets have been physically verified during the year by the management and no material discrepancy was noticed between book records and physical inventory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

(c) In our opinion the company has disposed off substantial part of fixed assets during the year and going concern status of company is affected. During the year under consideration company has not undertaken any commercial activity

2. In respect of its inventories:

(a) As explained to us the inventories have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and 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. That the inventory has been considered as shown in the opening stock.

3 (a) The Company has neither granted nor taken any Loans Secured or Unsecured to or from the other companies listed in the register maintained under section 301 of the Companies Act, 1956.

(b) As company has not granted nor taken any loan, hence it is not applicable.

(c) As company has not granted nor taken any loan, hence it is not applicable.

4. 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 sale of fixed assets during the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act, 1956.

(a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements that needed to be entered into in the register maintained Under Section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transaction of purchase of goods and material and sales of goods, material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public Under Section 58 A of the Companies Act, 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with size and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and records examined by us, the Company is not regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax, provident fund etc.

(b) According to the records of the company, there were no undisputed amount payable in respect of income-tax, wealth-tax, customs-duty and excise-duty outstanding as at 31st March 2014 for a period of more than six months from the date they become payable subject to an amount of Rs.. 0.12 crores is outstanding for more than six months with respect to the Provident Fund, ESIC, Sales-Tax etc.

10. The company has accumulated losses of Rs. 341.59 lacs. During the financial year covered by our report the company has incurred cash loss of Rs. 4.75 lacs. The company has incurred cash losses of Rs 146.25 lacs in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has been defaulted in repayment of dues to the bank.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xiv) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. The company has given guarantee for loans taken by others from banks or financial institutions. According to the information and explanation given to us we are of the opinion that the terms and conditions on which the company has given guarantee for loans taken by others are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

18. During the year, 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

19. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditor''s Report) order 2003, is not applicable to the company.

20. The Company has not raised money by way of public issue during the year covered by our audit report.

21. In our Opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

PLACE: MUMBAI FOR SADANI & SINGHI DATED: 29/05/2014 CHARTERED ACCOUNTANTS

VINOD SADANI PARTNER (M.NO. 73007)


Mar 31, 2013

1. We have audited the attached Balance Sheet of "PRATIK PANELS LIMITED" as at 31st MARCH, 2013 and also the Profit and Loss Account and the Cash Flow Statement for the year then ended, and the summary of significant accounting policies and other explanatory statements. These financial statements are the responsibility of the Company''s management.

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 Company''s 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.

3. Our responsibility is to express an opinion on these financial statements based on our audit. We have conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depends 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 the management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31" March 2013.

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

(iii) in the case of Cash Flow Statement, of the Cash Flows of the year ended on that date.

6. 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 Companies Act, 1956, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of the said order.

7. Further to our comments in the Annexure referred to above, we report that:

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

b) In our opinion, proper books of account, as required by law have been kept by the Company so far as it''s appears from our examination of those books.

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit and Loss account and cash How statement dealt with by this report comply with the accounting standards referred to in sub-section (3 C) of section 211 of the Company Act, 1956;

e) On the basis of written representation received from the directors as on 31/03/2013 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31/03/2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 ;

SADANI & SINGHI CHARTERED ACCOUNTANTS

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in paragraph 6 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2013)

1. In respected of its fixed assets:

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

(b) As per the information and explanations given to us, the company has a system of physical verification of all of its assets. We are informed that the fixed assets have been physically verified during the year by the management and no material discrepancy was noticed between book records and physical inventory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

(c) In our opinion the company has not disposed off substantial part of fixed assets during the year and going concern status of company is not affected.

2. In respect of its inventories:

(a) As explained to us the inventories have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and 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.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Company Act, 1956.

(a) The company has not granted loans to companies firm or other parties listed in the register maintained Under Section 301 of the Act. The company has taken unsecured loans from Companies firm or other parties covered in the registered maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(c) In respect of the aforesaid loans, the interest payment is regular as per the stipulation and repayment of loans is regular as per the stipulation.

(d) In respect of the aforesaid loans, there were no overdue amounts.

(e) The company has not taken any loans, secured or unsecured from companies, firms and other parties covered in the register maintained Under Section 301, hence clauses (f) and (g) are not applicable to the Company.

4. 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, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act, 1956.

(a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements that needed to be entered into in the register maintained Under Section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transaction of purchase of goods and material and sales of goods, material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public Under Section 58 A of the Companies Act, 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with size and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. In respect of statutory dues:

(a) According to the information and explanations given to us and records examined by us, the Company is generally regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax , provident fund etc.

(b) According to the records of the company, there were no undisputed amount payable in respect of income-tax, wealth-tax, customs-duty and excise-duty outstanding as at 31st March 2013 for a period of more than six months from the date they become payable subject to an amount of Rs. 28.07 Lacs is outstanding for more than six months with respect to the Provident Fund, ESIC, Sales-Tax etc.

10. The company has accumulated losses of Rs. 336.84 lacs. During the financial year covered by our report the company has incurred cash loss of Rs. 146.25 lacs. The company has incurred cash losses of Rs 13.86 lacs in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to the financial institutions, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xiv) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. The company has given guarantee for loans taken by others from banks or financial institutions. According to the information and explanation given to us we are of the opinion that the terms and conditions on which the company has given guarantee for loans taken by others are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

18. During the year, 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

19. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditor''s Report) order 2003, is not applicable to the company.

20. The Company has not raised money by way of public issue during the year covered by our audit report.

21. in our Opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

FOR SADANI & SINGHI

CHARTERED ACCOUNTANTS

VINOD SADANI

PLACE : RAIPUR PARTNER

DATED : 30/05/2013 (M.NO. 73007)


Mar 31, 2012

1. We have audited the attached Balance Sheet of "PRATIK PANELS LIMITED" as at 31st MARCH. 2012 and also the ' Profit and L.oss 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, these standards required 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 amount of disclosures in the financial statement. An audit estimated made by management, as well as evaluating the overall financial statement presentation. We believe e that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) order 2003 (as amended) issued In the Central Government of lndia in terms of sub-section (4A) Section 227 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.

4. Further to our comments in the Annexure referred to above, w e report that:

a) We have obtained all the information and explanations, which to the best of our know ledge 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 it's appears from our examination of those books.

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the report are in agreement with the books of account.

d) In our opinion, the Balance Sheet. Profit and Loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3 C) of section 211 of the Company Act. 1956:

e) On the basis of written representation received from the directors as on 31/03/2012 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31st 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. 1956:

0 hi our opinion and to the best of our information and according to the explanation given to us the accounts read together with Significant Accounting Policies and Notes on Accounts, 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 con form it with the accounting principles general accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012.

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

(iii) in the case of Case Flow Statement, of the Cash Flows of the year ended on that date.

(Referred of in paragraph 3 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2012

1. In respected of its fixed assets:

a. The company has generally maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

b. As per the information and explanations given to us. the company have a system of physical verification of all of its assets. We are informed that the fixed assets have been physical Liveried during the y ear by the management and no material discrepancy w as noticed between book records and pinsicalinsentory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

c. In our opinion the company has not disposed off substantial part of fixed assets during the year and going concern status of company is not affected.

2. In respect of its inventories:

a. As explained to us the inventory has been physically verified by the management at reasonable intervals.

b. In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the si/e of the Company and 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.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties reported in the register maintained under section 301 of the Company Act. 1956.

a. The company has not granted loans to companies firm or other parties listed in the register maintained Under Section 301 of the Act. The company has taken unsecured loans from Companies firm or other parties covered in the registered maintained under section 301 of the Companies Act. 1956.

b. In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

c. In respect of the aforesaid loans, the interest payment is regular as per the stipulation and repayment of loans are regular as per the stipulation.

d. In respect of the aforesaid loans, there were no overdue amounts.

e. The company has not granted any loans, secured or unsecured to companies, firms and other parties covered in the register maintained Under Section 301 of clauscs(f) and (g) are not applicable to the Company.

4. 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, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act. 1956.

a. In our opinion and according to the information and explanation given to us. the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Company Act. 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us. there are no transaction of purchase of goods and material and sales to goods. material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act. 1956.

6. In our opinion and according to the information and explanations given to its. the company has not accepted any deposits] from the public Under Section 58 A of the Companies Act. 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with as and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (I )(d)of the Companies Act. 1956 for any of the products of the company.

9. In respect of statutory due:

(a) According to the information and explanations given to us and records examined by us. the Company is generally regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax. wealth- tax. customs-duty. excise-duty except sales-tax. provident fund etc.

(b) According to the records of the company, there vv ere no undisputed amount pay able in respect of income-tax. wealth- tax, customs-duty and excise-duty outstanding as at 31st March 2012 for a period of more than six months from the ' dale they become payable. An amount of Rs. 20.33 is outstanding for more than six months with respect to the Provident Fund. FSIC. Sales-Tax etc.

10. The company has accumulated losses of Rs. 187.53 lacs. During the financial year covered by our report the company has incurred cash loss of Rs. 129.05 lacs. The company has incurred cash losses of Rs 13.86 lacs in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanation given to us. we are of the opinion that the company has not defaulted in repayment of dues to the financial institutions, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us. no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xi v) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us. on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

16. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

17. During the year, 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

18. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditor's Report) order 2003. is not applicable to the company.

19. The Company has not raised money by way of public issue during the year covered by our audit report.

20. In our Opinion and according to the information and explanation given to us. no fraud on or by the Company has been noticed or reported during the course of our Audit.

Place :Raipur SADANI & SINGHI

Dated :31/05/2012 CHARTERED ACCOUNTANTS

VINOD SADANI

PARTNER

(M.NO. 73007)


Mar 31, 2011

1. We have audited the attached Balance Sheet of "PRATIK PANELS 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. These standards required 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 amount of disclosures in the financial statement. An audit estimated 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 (Auditor's Report) order 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) Section 227 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.

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

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

b) In our opinion, proper books of account, as required by law have been kept by the Company so far as it's appears from our examination of those books.

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit and Loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3 C) of section 211 of the Company Act, 1956;

e) On the basis of written representation received from the directors as on 31/03/2011 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31/03/2011 from being appointed as a director in terms of clause (g) of sub-section (l)ofsection 274 of the CompaniesAct, 1956;

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

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011. (ii) in the case of Profit and Loss Account, of the Loss for the year ended on that date. (iii) in the case of Case Flow Statement, of the Cash Flows of the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 3 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2011

1. In respected of its fixed assets:

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

(b) As per the information and explanations given to us, the company have a system of physical verification of all of its assets. We are informed that the fixed assets have been physically verified during the year by the management and no material discrepancy was noticed between book records and physical inventory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

(c) In our opinion the company has not disposed off substantial part of fixed assets during the year and going concern status of company is not affected.

2. In respect of its inventories:

(a) As explained to us the inventory have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and 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.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Company Act, 1956.

(a) The company has not granted loans to companies firm or other parties listed in the register maintained Under Section 301 of the Act. The company has taken unsecured loans from Companies firm or other parties covered in the registered maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(c) In respect of the aforesaid loans, the interest payment are regular as per the stipulation and repayment of loans are regular as per the stipulation.

(d) In respect of the aforesaid loans; there were no overdue amounts.

(e) The company has not granted any loans, secured or unsecured to companies, firms and other parties covered in the register maintained Under Section 301 of clauses (f) and (g) are not applicable to the Company.

4. 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, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act, 1956.

(a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained Under Section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transaction of purchase of goods and material and sales of goods, material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public Under Section 58 A of the Companies Act, 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with size and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. In respect of statutory due:

(a) According to the information and explanations given to us and records examined by us, the Company is generally regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax , provident fund etc.

(b) According to the records of the company, there were no undisputed amount payable in respect of income-tax, wealth-tax, customs-duty and excise-duty outstanding as at 31st March 2011 for a period of more than six months from the date they become payable. An amount of Rs. 21.78 is outstanding for more than six months with respect to the Provident Fund, ESIC, Sales-Tax etc.

10. The company has accumulated losses of Rs. 167.55 lacs . During the financial year covered by our report the company has incurred cash loss of Rs. 115.19 lacs. The company has incurred cash losses of Rs 23.02 Lacs in the immediately preceeding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to the financial institutions, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xiv) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. The company has given guarantee for loans taken by others from banks or financial institutions. According to the information and explanation given to us we are of the opinion that the terms and conditions on which the company has given guarantee for loans taken by others are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

18. During the year, 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

19. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditor's Report) order 2003, is not applicable to the company.

20. The Company has not raised money by way of public issue during the year covered by our audit report.

21. In our Opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

PLACE :MUMBAI SADANI & SINGHI DATED :26/04/2011 CHARTERED ACCOUNTANTS

VINOD SADANI PARTNER (M.NO. 73007)




Mar 31, 2010

1. We have audited the attached Balance Sheet of "PRATIK PANELS 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. These standards required 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 amount of disclosures in the financial statement. An audit estimated 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 (as amended) issued by the Central Government of India in terms of sub-section (4A) Section 227 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.

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

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

b) In our opinion, proper books of account, as required by law have been kept by the Company so far as its appears from our examination of those books.

c) The Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by the report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit and Loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3 C) of section211 of the Company Act, 1956;

e) On the basis of written representation received from the directors as on 31/03/2008 and taken on record by the Board of Director, we report that none of the Directors are disqualified as on 31/03/2008 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010. (ii) in the case of Profit and Loss Account, of the Loss for the year ended on that date. (iii) in the case of Case Flow Statement, of the Cash Flows of the year ended on that date.



ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 3 of our Report of even date on the Account of PRATIK PANELS LIMITED for the year ended 31st MARCH, 2010

1. In respected of its fixed assets:

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

(b) As per the information and explanations given to us, the company have a system of physical verification of all of its assets. We are informed that the fixed assets have been physically verified during the year by the management and no material discrepancy was noticed between book records and physical inventory. In our opinion the frequency of such verification is reasonable having regard to size of the Company and the nature of its assets.

(c) In our opinion the company has not disposed off substantial part of fixed assets during the year and going concern status of company is not affected.

2. In respect of its inventories:

(a) As explained to us the inventory have been physically verified by the management at reasonable intervals.

(b) In our opinion and according to information and explanation given to us the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and 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.

3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Company Act, 1956.

(a) The company has not granted loans to companies firm or other parties listed in the register maintained Under Section 301 of the Act. The company has taken unsecured loans from Companies firm or other parties covered in the registered maintained under section 301 of the Companies Act, 1956.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(c) In respect of the aforesaid loans, the interest payment are regular as per the stipulation and repayment of loans are regular as per the stipulation.

(d) In respect of the aforesaid loans, there were no overdue amounts.

(e) The company has not granted any loans, secured or unsecured to companies, firms and other parties covered in the register maintained Under Section 301 of clauses (f) and (g) are not applicable to the Company.

4. 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, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls, requiring corrections.

5. In respect of transaction under section 301 of the Company Act, 1956.

(a) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained Under Section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transaction of purchase of goods and material and sales of goods, material and services made in pursuance of contract or arrangement entered in the register maintained under section 301 of the Companies Act, 1956

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public Under Section 58 A of the Companies Act, 1956.

7. In our opinion the Company has an adequate Internal Audit System commensurate with size and nature of its business.

8. We have been informed that the Central Government has not prescribed maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company.

9. In respect of statutory due:

(a) According to the information and explanations given to us and records examined by us, the Company is generally regular in depositing, with the appropriate authorities, undisputed statutory dues in respect of income-tax, wealth-tax, customs-duty, excise-duty except sales-tax , provident fund etc.

(b) According to the records of the company, there were no undisputed amount payable in respect of income-tax, wealth-tax, customs-duty and excise-duty outstanding as at 31sl March 2010 for a period of more than six months from the date they become payable. An amount of Rs. 23.24 is outstanding for more than six months with respect to the Provident Fund, ESIC, Sales-Tax etc.

10. The company has accumulated losses of Rs. 135.76 lacs . During the financial year covered by our report the company has incurred cash loss of Rs. 66.28 lacs. The company has incurred cash losses of Rs 24.20 Lacs in the immediately preceeding financial year.

11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to the financial institutions, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.

13. In our opinion, the company is not a chit find or a nidhi / mutual benefit fund / society. Therefore, clause 4 (xiii) of the companies (Auditors Report) order 2003 is not applicable to the company.

14. The Company is not dealing in shares securities debentures and other investments. According the Provision of clause 4 (xiv) of the companies (Auditors Report) order 2003 are not applicable to the Company.

15. The company has given guarantee for loans taken by others from banks or financial institutions. According to the information and explanation given to us we are of the opinion that the terms and conditions on which the company has given guarantee for loans taken by others are not prima facie prejudicial to the interest of the Company.

16. In our opinion and according to the information and explanations given to us, on an overall basis, the funds raised have been applied for the purpose for which they were obtained or pending for the actual application were deployed for working capital purposes transitorily.

17. According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized short term sources towards repayment of long term borrowing and acquisition of fixed assets and vice-versa.

18. During the year, the Company has rrot made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956

19. The Company has not issued any debentures. Therefore the clause 4 (xix) of the companies (Auditors Report) order 2003, is not applicable to the company.

20. The Company has not raised money by way of public issue during the year covered by our audit report.

21. In our Opinion and according to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

PLACE :RAIPUR SADANI & SINGHI

DATED :31/05/2010 CHARTERED ACCOUNTANTS

VINOD SADANI

PARTNER (M.NO. 73007 )



 
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