Mar 31, 2013
I have audited the accompanying financial statements of RATAN GLITTER
INDUSTRIES LIMITED, which comprise the Balance Sheet as at March 31,
2013, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management 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.
My responsibility is to express an opinion on these financial
statements based on our audit. I conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that I 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.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion.
In my opinion and to the best of my information and according to the
explanations given to me, 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 accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of March
31, 2013;
b) in the case of the Profit and Loss Account, of the LOSS for
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit;
b) in my opinion proper books of account as required by law have been
kept by the Company so far as appears from my 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
ofaccount.
d) in my 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the My Report of even date
to the members of Ratan Glitter Industries Limited, on the accounts of
the company for the year ended 31st March, 2013.
On the basis of such checks as I considered appropriate and according
to the information and explanation given to me during the course of my
audit, I report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to me, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In my opinion and according to the information and explanations
given to me, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to me, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In my opinion and according to the information and explanations
given to me, 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) In my opinion and on the basis of my examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to me and
on the basis , of my examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to me and on
the basis of my examination of the books of account, the Company has
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. The
balance outstanding at 31st March,2013 was R. 20;76,91,849/-.
(f) In my opinion and according to the information and explanation
given to me, the rate of interest and other terms and conditions of the
loan taken by the company are not prejudicial to the interest of the
company.
4. In my opinion and according to the information and explanations
given to me, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by me and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to me and in my opinion, the
transaction entered into by the company with parties covered u/s 301 of
the Act are reasonable in nature and as per the regular course of
business.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956 excepting the
unsecured loans taken from shareholders of the company as well as from
others in respect which the relevant provisions of section 58A of the
companies Act 1956 or RBI directives have not been complied with,
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and I am of the opinion that prima facie the prescribed accounts
and records have Rs.3wd maintained. /
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable except service Tax of R. 1,66,102/- and Provident Fund
ofR. 5,87,130/-.
(b) According to the information and explanations given to me, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has accumulated loss and has incurred cash losses
during the financial year covered by my audit but not in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, I am of the opinion that, the
Company has defaulted in repayment of dues to Bank of baroda on its
term loan and cash credit facility and they have declared the company
as IMPA as per information given by the management and there are no
dues to any financial institution or-debenture holders.
12. According to the information and explanations given to me, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to me, the Company
is not trading in Shares, Mutual funds & other Investments and hence
the requirements of Para 4(xiv) are not applicable to the company.
15. According to the information and explanation^ givejglEEage, the
Company has not given any guarantees for loan taken b^^^eiT^rrm^^bank
ok financial institution. ((if miimfjai i
16. Based on our audit procedures and on the information given by the
management, I report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to me and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, I report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to me, I report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Jayesh Sheth & Co.
Chartered Accountants
FRN:119586W
Vjayjg Sh A.Sheth
(Proprietor)
Membership No.: 107076
Place: Mumbai
Date: 30th May, 2013.
Mar 31, 2012
I have audited the attached Balance Sheet of RATAN GLITTER INDUSTRIES
LTD. Mumbai, as at 31st March 2012 and also the Profit and Loss
Account and 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 report.
1) We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
2) As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
3) Further to our comments in the Annexure referred to in paragraph 2
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 purposes of our
audit.
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The Balance Sheet, the Profit and Loss and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
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 explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012;
b) in the case of Profit and Loss Account, of the PROFIT for the year
ended on that date; and
c) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
4. As required by the Companies'' (Auditors Report) Order, 2003 and
according to the information and explanations given to us during the
course of the audit and on the basis of such checks as were considered
appropriate, we report that;
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets;
(b) As explained to us, the assets have been physically verified by the
management in accordance with a phased programme of verification, which
in our opinion is reasonable, considering the size and the nature of
its business. The frequency of verification is reasonable and no
material discrepancies have been noticed on such Physical verification.
(c) During the year the Company has not disposed off a substantial part
of its fixed assets.
ii)
a) The inventories have been physically verified by the management
during the year at reasonable intervals.
b) The procedures of physical verification of the inventories followed
by the management are 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 and
discrepancies noticed on Physical verification of inventories as
compared to book records was not material;
iii)
a) The Company has not granted any loans to companies, firms or other
parties covered in the register maintained section 301 of the Companies
Act, 1956;
b) Since the company has not granted any loans as referred to in clause
4 (ii) (a) above, the requirement of this clause regarding interest
rates etc is not applicable;
c) Since the company has not granted any loans as referred to in clause
4 (iii) (a) above, the requirement of this clause regarding payment of
principal and interest etc is not applicable;
d) Since the company has not granted any loans as referred to in clause
4 (iii) (a) above, the requirement of this clause regarding recovery of
overdue amount etc is not applicable;
e) The Company has taken loans in the earlier years and also during the
year from the parties covered in the register maintained under section
301 of the Act. During the year it has taken additional loans from two
such parties. In all including the past loans, there are four loans
from such parties having aggregate balance of Rs. 19,39,07,021/- as at
the year end.
f) The rate of interest or other terms and conditions in respect of
unsecured loans taken by the Company, are in our opinion, prima facie
not prejudicial to the interest of the Company.
g) In respect of such loans taken by the Company, where stipulation
have been made, they have generally repaid the principal amounts as
stipulated and have been regular in payment of interest, where
applicable;
iv) There are adequate internal control systems commensurate with size
of the Company and the nature of its business with regard to purchase
of inventories, fixed assets and for the sale of goods and services.
During the course of audit, no continuing failure to correct major
weakness has been noticed in these internal controls.
v)
a) The transactions made in pursuance of contracts or arrangements,
that need to be entered in the register maintained section 301 of the
Companies Act, 1956 have been recorded in the register;
b) In our opinion and according to the information and explanation
given to us, the transactions so entered in the register maintained
under section 301 of the Companies Act, 1956 have been tnade at prices
which are reasonable having regard to the prevailing market price at
the relevant time;
vi) As informed to us, the Company has not accepted deposits within the
meaning of the provisions of Sections 58A and 58AA of the Companies
(Acceptance of Deposits) Rules, 1975 excepting the unsecured loans
taken from the shareholders of the Company as well as from others, in
respect of which the relevant provisions of section 58A of the
Companies Act 1956 or RBI directives, have not been complied with;
vii) There are adequate internal control systems commensurate with size
of the Company and the nature of its business with regard to purchase
of inventories, fixed assets and for the sale of goods. During the
course of audit, no continuing failure to correct major weakness has
been noticed in these internal controls;
viii) We have been informed that the Company has not been prescribed by
the Central Government for maintenance of cost records under section
209(1 )(d) of the Companies Act, 1956;
ix)
a) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues including Income Tax, Sales Tax,
Service Tax and other applicable statutory dues with the appropriate
authorities. However there are no dues on account of Provident fund.
Employees State Insurance Fund, Investor Education and Protection Fund,
Wealth Tax, Customs and Excise Duty and Cess for the year under review.
According to the information and explanations given to us, there are no
undisputed amounts payable in respect of such statutory dues which have
remained outstanding as at 31s1 March, 2012 for a period of more than
six months from the date they became payable;
b) There are no disputed Sales Tax, or Income Tax dues or service tax
dues with the Company. There are no dues on account of Custom/ Wealth
Tax/ Excise Duty & Cess Duty;
x) The Company has accumulated losses but has not incurred cash losses
in the current financial year and in the immediately preceding
financial year.
xi) The Company has defaulted in repayment of its dues to bank of
baroda on its term loan and they have declared the company as NPA as
per the information given by the management and there are no dues to
any financial institution or debenture holders;
xii) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities;
xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/ Societies are not applicable to the
Company;
xiv) The Company is not dealing or trading in shares, securities,
debentures or other investments and hence the requirements of Para
4(xiv) are not applicable to the company;
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions;
xvi) According to the information and explanations to us, the term
loans have been applied for the purpose for which they were raised;
xvii) On the basis of our examination of the Cash Flow statement, the
funds raised on short term basis have not been used for long-term
investments and vice versa.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year;
xix) The Company has not issued any debenture during the year.
xx.) The Company has not raised any money by way of public issues
during the year;
xxi) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
Place: Mumbai
Date: 7th September,2012
FOR JAYESH SHETH & CO.
CHARTERED ACCOUNTANTS
(JAYESH SHETH)
PROPRIETOR
Mar 31, 2010
I have audited the attached Balance Sheet of RATAN GLITTER INDUSTRIES
LTD. Mumbai, as at 31st March 2010 and also the Profit and Loss Account
and 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 report.
1) We conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
3) Further to our comments in the Annexure referred to in paragraph 2
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 purposes of our
audit.
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The Balance Sheet, the Profit and Loss and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010, from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(vi) On the basis of written representations received from the
directors, as on 31st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010, from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(vii) In our opinion and to the best of our information and according
to the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2010;
b) in the case of Profit and Loss Account, of the LOSS for the year
ended on that date; and
c) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
4. As required by the Companies (Auditors Report) Order, 2003 and
according to the information and explanations given to us during the
course of the audit and on the basis of such checks as were considered
appropriate, we report that;
i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets;
(b) As explained to us, the assets have been physically verified by the
management in accordance with a phased programme of verification, which
in our opinion is reasonable, considering the size and the nature of
its business. The frequency of verification is reasonable and no
material discrepancies have been noticed on such Physical verification.
(c) During the year the Company has not disposed off a substantial
part of its fixed assets.
ii)
a) The inventories have been physically verified by the management
during the year at reasonable intervals.
b) The procedures of physical verification of the inventories followed
by the management are 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 and
discrepancies noticed on Physical verification of inventories as
compared to book records was not material;
iii)
a) The Company has not granted any loans to companies, firms or other
parties covered in the register maintained section 301 of the Companies
Act, 1956;
b) Since the company has not granted any loans as referred to in clause
4 (ii) (a) above, the requirement of this clause regarding interest
rates etc is not applicable;
c) Since the company has not granted any loans as referred to in clause
4 (iii) (a) above, the requirement of this clause regarding payment of
principal and interest etc is not applicable;
d) Since the company has not granted any loans as referred to in clause
4 (iii) (a) above, the requirement of this clause regarding recovery of
overdue amount etc is not applicable;
e) The Company has taken loans in the earlier years and also during the
year from the parties covered in the register maintained under section
301 of the Act. During the year it has taken additional loans from two
such parties. In all including the past loans, there are Six loans from
such parties having aggregate balance of Rs. 13,83,71,653/- as at the
year end.
f) The rate of interest or other terms and conditions in respect of
unsecured loans taken by the Company, are in our opinion, prima facie
not prejudicial to the interest of the Company.
g) In respect of such loans taken by the Company, where stipulation
have been made, they have generally repaid the principal amounts as
stipulated and have been regular in payment of interest, where
applicable;
iv) There are adequate internal control systems commensurate with size
of the Company and the nature of its business with regard to purchase
of inventories. fixed assets and for the sale of goods and services.
During the course of audit, no continuing failure to correct major
weakness has been noticed in these internal controls.
v)
a) The transactions made in pursuance of contracts or arrangements,
that need to be entered in the register maintained section 301 of the
Companies Act, 1956 have been recorded in the register;
b) In our opinion and according to the information and explanation
given to us, the transactions so entered in the register maintained
under section 301 of the Companies Act, 19.56 have been made at prices
which are reasonable having regard to the prevailing market price at
the relevant time;
vi) As informed to us, the Company has not accepted deposits within the
meaning of the provisions of Sections 58A and 58AA of the Companies
(Acceptance of Deposits) Rules, 1975 excepting the unsecured loans
taken from the shareholders of the Company as well as from others, in
respect of which the relevant provisions of section 58A of (he
Companies Act 1956 or RBI directives, have not been complied with;
vii) Since the paid up capital and reserves of the Company have been
below Rs. 50 Lacs and the turnover of the Company during last three
consecutive years is below Rs.5 Crores the requirement of commenting
upon the system of Internal Audit is not applicable;
viii) We have been informed that the Company has not been prescribed by
the Central Government for maintenance of cost records under section
209(1 )(d) of the Companies Act, 1956;
ix)
a) According to the records of the Company, the Company is regular in
depositing undisputed statutory dues including Income Tax, Sales Tax,
Service Tax and other applicable statutory dues with the appropriate
authorities. However there are no dues on account of Provident fund,
Employees State Insurance Fund, Investor Education and Protection Fund,
Wealth Tax, Customs and Excise Duty and Cess for the year under review.
According to the information and explanations given to us, there are no
undisputed amounts payable in respect of such statutory dues which have
remained outstanding as at 31s March, 2010 for a period of more than
six months from the date they became payable;
b) There are no disputed Sales Tax, or Income Tax dues or service tax
dues with the Company. There are no dues on account of Custom/ Wealth
Tax/ Excise Duty & Cess Duty;
x) The Company has no accumulated losses and has not incurred cash
losses in the current financial year and in the immediately preceding
financial year.
xi) The Company has not defaulted in repayment of its dues to a bank
and there are no dues to any financial institution or debenture
holders;
xii) The Company has not granted any loans or advances on the basis of
security by way of pledge of shares, debentures or other securities;
xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/ Societies are not applicable to the
Company;
xiv) The Company is not dealing or trading in shares, securities,
debentures or other investments and hence the requirements of Para
4(xiv) are not applicable to the company;
xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions;
xvi) According to the information and explanations to us, the term
loans have been applied for the purpose for which they were raised;
xvii) On the basis of our examination of the Cash Flow statement, the
funds raised on short term basis have not been used for long-term
investments and vice versa.
xviii) The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year;
xix) The Company has not issued any debenture during the year;
xx) The Company has not raised any money by way of public issues during
the year;
xxi) On the basis of our examination and according to the information
and explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the year.
For JAYESH SHETH & CO.,
CHARTERED ACCOUNTANTS,
(JAYESH SHETH)
PROPRIETOR
Place: Mumbai
Date: 14th August, 2010