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Auditor Report of RR Securities Ltd.

Mar 31, 2014

I have audited the accompanying financial statements of R. R. Securities Limited ("the Com- pany") which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, 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 gives a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corpo- rate Affairs in respect of section 133 of the Companies Act, 2013.This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that gives a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility :

My responsibility is to express an opinion on these financial statements based on my audit. I conducted my 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 require- ments 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 circum- stances, but not for the purpose of expressing an opinion on the effectiveness of Company''s internal control. 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.

Opinion :

In my opinion and to the best of my information and according to the explanations given to me, the aforesaid financial statements gives the information required by the Act in the manner so required and gives 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 Statement of Profit and Loss, of the profit for the period ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the period 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, I gives 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, I 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 it appears from my examination of those books;

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow State- ment dealt with by this Report are in agreement with the books of account;

d) In my opinion, the Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statement dealt with this Report comply with the Accounting Stan- dards notified under the Companies Act, 1956 read with the General Circular 15/ 2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013.;

e) On the basis of written representations received from the directors, as on 31st March 2014, and taken on record by the Board of Directors, I report that none of the director is disqualified as on 31st March 2014 from being apointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. 1956.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT (Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of my report of even date)

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

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

(c) There has not been any substantial disposal of fixed assets during the year.

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

(b) In my opinion and according to the information and explanation given to me the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) In my opinion and according to the information and explanation given to me, The Company has maintained proper records of its inventory and discrepancies no- ticed on verification between the physical verification have been properly dealt with in the books of account of the Company.

(iii) (a) The Company had granted unsecured loans to one parties covered in the regis- ter maintained under section 301 of the Companies Act, 1956. The maximum balance outstanding during the year was Rs. 31,148/- and the year-end balance of loans granted to all such company and party was Rs. 31,148/-.

(b) In my opinion and according to the information and explanations given to me, the terms and conditions on which loans have been granted to companies listed in the register maintained under section 301 of the Companies Act,1956 are not prima facie, prejudicial to the interest of the company.

(c) The company and party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

(d) There is no overdue amount of loans granted to company and listed in the regis- ter maintained u/s.301 of the Companies Act, 1956.

(e) The company has taken unsecured loan from parties covered in the register Maintained under section 301 of the Companies Act, 1956. The maximum bal- ance outstanding during the year was Rs. 2,45,78,008/- and the year-end bal- ance of loans granted to all such parties and party was Rs. 21,282,009/-.

(f) The repayment to parties are regularly been made in respect of the principal amounts and the payment of interest.

(g) There is no overdue amount of loans taken to the parties listed in the register maintained u/s.301 of the Companies Act, 1956.

(iv) In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods.

(v) (a) In my opinion, and according to the information and explanations given to me, 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) In my opinion and according to the information and explanation given to me, the transaction made in pursuance of such contracts or arrangements have been at prices, which are reasonable having regard to prevailing market prices at the relevant time.

(v) In my opinion and according to the information and explanations given to me, the company has not accepted any deposit from the public during the period covered by my audit report and hence the provisions of Section 58A, 58AA or any other relevant provi- sions of the Companies Act, 1956 and companies (Acceptance of Deposits) Rules, 1975. According to the information and explanations to me, no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this respect.

(vii) In my opinion, the Company has an internal Audit system commensurate with the size and nature of its business.

(viiii) According to information and explanations given to me the Central Government has not prescribed for the maintenance of cost records under section 209(1)(d) of the Compa- nies Act, 1956.

(ix) (a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including in- vestor education protection fund, income-tax, wealth-tax, service tax, cess and other material statutory dues applicable to it. According to the information and explanations given to me, no undisputed amounts payable in respect of investor education protection fund, Income-tax , Wealth-tax, service tax, and cess were outstanding, as at 31st March,2014 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to me, there are no dues of Income Tax, wealth tax service tax, and cess, which have not been deposited on account of any dispute.

(x) The Company doesn''t have accumulated losses. The Company has not incurred cash losses during the financial year covered by my audit as well as in the immediately preceding year.

(xi) Based on my audit procedure and on the information and explanations given by the according by the management, the Company has not defaulted in repayment of dues to any Financial Institution or Bank. The Company has not issued any Debenture.

(xii) According to my audit procedure and on the basis information and explanations given by the management, the Company has not granted any loan on the basis of security by way of pledge of shares, debentures and other securities.

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

(xiv) The Company is dealing in or trading in shares, securities, debentures and other investments. As per the information and explanation given to me and in my opinion proper records have been maintained of the transactions and contracts and timely entries have been made therein. However some of the shares, securities, debentures and other securities have been held by the Company in the name of Directors in pursu- ance of resolutions passed by the Company.

(xv) In my opinion and according to the information and explanations given to me, the Company has given guarantees to bank for loans taken by one Company in which directors are interested and mortgaged the properties of Company. As properties are mortgaged and no any counter guarantee has been obtained from the said Company it may affect prejudice the interest of Company in case of default made by Company on behalf of whom guarantee is given by Company to banks.

(xvi) According to my audit procedure and on the basis information and explanations given by the management, the Company has not obtained any Term loan during the year under review.

(xvii) Based on the information and explanations given to me and on an overall examination of the Balance sheet of the company, I report that no significant funds raised on short- term basis have been used for long-term investment by the Company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s.301 of the Act.

(xix) During the period covered under audit the company has not made any issue of any debentures.

(xx) The Company has not raised any money by way of public issue. Therefore the question of creation of securities or charge in respect thereof does not arise.

(xxi) To the best of my knowledge and belief and according information and explanations given to me, no fraud on or by the Company has been noticed or reported during the course of my audit.

For, Nirav A Patel & Associates Chartered Accountants

Nirav Patel

Place : Ahmedabad Proprietor

Date : 30/05/2014 M No : 151282

FRN NO 135076W


Mar 31, 2013

1. We have audited the attached Balance Sheet of R.R. SECURITIES LIMITED as at 31st March 2013, the Profit and Loss Account and also 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 conducted our audit in accordance with the auditing standards generally accepted in India Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 issued as amended by the Companies (Auditor''s Report) (Amendment) Order 2004 (together the Order'') issued by the Central Government of India in terms sub-section (4A) of Section 227 of The Companies Act 1956'' of India the ''Act'') and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give 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 the 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 appears from our examination of those books; _

(c) the Balance Sheet, Profit and Loss Account and Cash-flow statement dealt with by this Report are in agreement with the books of account;

(d) in our opinion, the Balance Sheet, 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 so far as they apply to the Company ;

(e) on the basis of written representations received from the directors, as on 31s1 March, 2013 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31s1 March. 2013 from being appointed as a director in terms of clause (g) of sub-section (1) pf section 274 of the Companies Act,1956 ; and

(f) in our opinion and to the best of our information and according to the explanations given to us, they said financial statements together with notes thereon and Schedules A to T annexed thereto, give in prescribed manner the information required by Act 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 31s''1 March 2013,

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

(iii) in the case of the Cash Flow Statement, of the Cash-flows for the years ended on that date.

Re: R.R. SECURITES LIMITED

(Referred to in paragraph 3 of the our report of even date)

(i) (a) The Company has maintained proper records showing full particulars including Quantitative details and situation of fixed assets

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

(c) There has not been any substantial disposal of fixed assets during the year.

(ii) (a) The inventory has been physically verified during the year by management

In our opinion, the frequency of verification is reasonable

(b) in our opinion and according to the information and explanation given to us the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventory and discrepancies noticed on verification between the physical verification have been properly dealt with in the books of account of the Company

(lii) (a) The Company had granted unsecured loans to one party covered in the register maintained under section 301 of the Companies Act, 1956 The maximum balance outstanding during the year was Rs 306998/- and the year-end balance of loans granted to all such company and party was Rs 102998/-. ,

(b) In our opinion and according to the information and explanations given to us, the terms and conditions on which loans have been granted to companies listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company.

(c) The company and party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

(d) There is no overdue amount of loans granted to company and listed in the register maintained u/s.301 of the Companies Act, 1956

(e) The company has taken unsecured loan from parties covered in the register

Maintained under section 301 of-the Companies Act, 1956. The maximum balance outstanding during the year was Rs. 9358611/- and the year-end balance of loans granted to all such parties and party was Rs 8888208/-.

(f) The repayment to parties are regularly been made in respect of the principal amounts and the payment of interest.

(g) There is no overdue amount of loans taken to the parties listed in the register maintained u/s.301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory fixed assets and for sale of goods

(v)(a) In our opinion, and according to the information and explanations given to us, 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) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been at prices, which are reasonable having regard to prevailing market prices at the relevant time

(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public during the period covered by our audit report and hence the provisions of''Section 53A. 58AA or any other relevant provisions of the Companies Act. 1956 and companies (Acceptance of Deposits) Rules, 1975. According to the information and explanations to us, no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this respect.

(vii) In our opinion, the Company has an internal Audit system commensurate with the size and nature of its business.

(viiii) According to information and explanations given to us the Central Government has not prescribed for the 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 generally regular in depositing with appropriate authorities undisputed statutory dues including investor education protection fund, income-tax, wealth-tax, service tax, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of investor education protection fund, Income-tax , Wealth-tax, service tax, and cess were outstanding, as at 31st March,2013 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Income Tax wealth tax service tax, and cess, which have not been deposited on account of any dispute

(x) The Company doesn''t have accumulated losses. The Company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding year.

(xi) Based on our audit procedure and on the information and explanations given by the according Dy the management, the Company has not defaulted in repayment of dues to any Financial Institution or Bank The Company has not issued any Debenture

(xii) According to our audit procedure and on the basis information and explanations given by the management, the Company has not granted any loan on the basis of security by way of pledge of shares, debentures and other securities

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

(xiv) The Company is dealing in or trading in shares, securities, debentures and other investments. As per the information and explanation given to us and in our opinion proper records have been maintained of the transactions and contracts and timely entries have been made therein. However some of the shares, securities, debentures and other securities have been held by the Company in the name of Directors in pursuance of resolutions passed by the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has given guarantees to bank for loans taken by one Company in which directors are interested and mortgaged the properties of Company. As properties are mortgaged and no any counter guarantee has been obtained from the said Company it may affect prejudice the interest of Company in case of default made by Company on behalf of whom guarantee is given by Company to banks.

(xvi) According to our audit procedure and on the basis information and explanations given by the management, the Company has not obtained any Term loan during the year under review

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that no significant funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s.301 of the Act.

(xix) During the period covered under audit the company has not made any issue of any debentures

(xx) The Company has not raised any money by way of public issue. Therefore the question of creation of securities or charge in respect thereof does not arise

(xxi) To the best of our knowledge and belief and according information and explanations given to us. no fraud on or by the Company has been noticed or reported during the course of our audit

For, JIGAR S. SHAH & CO.

CHARTERED ACCOUNTANTS

FRN No. 131224W

Ahmedabad

Date: 18/07/2013 R SHAH

(PROPRIETOR)

M.NO. 105527


Mar 31, 2010

1 We have audited the attached balance sheet of M/s. R.R.SECURITIES LIMITED as at31st March 2010, THE PROFITS & LOSS ACCOUNT AND also CASH FLOW STATEMENT for the year ended on that date and 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 conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3 As required by the COMPANIES (AUDITORS REPORT) ORDER, 2003 issued AS AMENDED BY THE COMPANIES(Auditors Report)(Amendment) Order, 2004 (together the order) issued by the Central Government of India in terms subsection (4A) of section 227of the Companies Act, 1956, of India (the Act) and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give 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 in paragraph above, we report that:

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

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

(c) THE BALANCE SHEET, PROFIT AND LOSS ACCOUNT AND CASH FLOW statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the balance sheet, 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 Comapnies Act 1956 so far as they apply to the Company.

(e) On the basis of written representations received from the directors as on March 31. 2010 and taken on record by the Board of Directors, we report that none director of the Company 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; and

(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and Schedules A to T annexed thereto, give in prescribed manner the information required by Act and give a true and fair view in conformity with the accounting principles generally accepted in India;

(i) in the case of BALANCE SHEET, of the STATE OF AFFAIRS of the company as at 31st March 2010.

(ii) in the case of the PROFITAND LOSS ACCOUNT of the Profit for the year ended on that date.

(iii) in the case of the Cash Flow Statement, of the cash flows for the years ended on that date.

ANNEXURE TO THE AUDITORS REPORT R.E. R. R. SECURITIES LIMITED. (Referred in paragraph 3 of our report of even date.)

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

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

(c) There has not been any substantial disposal of fixed assets during the year.

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

(b) In our opinion and according to the information and explanation given to us the procedures of physical verification of stocks followed by the management are resonable and adequate in relation to the size of the company and nature of its business.

(c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventory and discrepancies noticed on verification between the physical verification have been properly dealt with in the books of account of the Company.

(iii) (a) The Company had granted unsecured loans to one party covered in the Register maintained under section 301 of the Companies Act, 1956. The maximum balance outstanding during the year was Rs.31,57,818/- and the year end balance of loans granted to all such Companies and parties was Rs.6,09,918/-.

(b) In our opinion and accoding to the information and explanations given to us the terms and conditions on which loans have been granted to companies listed in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company.

(c) The company and the party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

(d) There is no overdue amount of loans granted to company and parties listed in the register maintained u/s 301 of the Companies Act, 1956.

(e) The Company has taken unsecured loan from company party covered in the register Maintained under section 301 of the Companies Act, 1956. The maximum balance outstanding during the year was Rs.43,46,174/- and the year-end balance of loans granted to all such company and party was Rs.43,46,174/-.

(f) The repayment to parties are regularly been made in respect of the principal amounts and the payment of interest.

(g) There is no overdue amount of loans taken to the parties listed in the register maintained u/s.301 of the Comapanies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adeqeuate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods

(v)(a) In our opinion, and according to the information and explanations given to us, 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) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been at prices, which are reasonable having regard to prevailing market prices at the relevant time.

(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public during the period covered by our audit report and hence the provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and companies (Acceptance of Deposits) Rules, 1975. According to the information and explanations to us, no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this respect.

(vii) In our opinion, the Company has an internal Audit system commensurate with the size and nature of its business.

(viii) According to information and explanations given to us the Central Government has not pescribed for the 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 generally regular in depositing with appropriate authorities undisputed statutoty dues including investor education protection fund, income-tax, wealth-tax, service tax, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of investor education protection fund, Income- tax, Wealth-Tax, Service Tax and cess were outstanding as at 31st March, 2010 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Income Tax, wealth tax, service tax and cess, which have not been deposited on account of any dispute.

(x) The Company does have accumulated losses. The Company has not incurred cash losses during the financial year covered by our audit as well as in the immediatly preceding year.

(xi) Based on our audit procedure and on the information and explanations given by the according by the management, the Company has not defalulted in repayment of dues to any Financial Institution or Bank. The Company has not issued any Debenture.

by the management, ihe Company has not granted any loan on the basis of security by way of pledge or shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of this clause of the Companies (Auditors Reoprt) Order, 2003 are not applicable to the company.

(xiv) The Company is dealing in or trading in shares, securities, debentures and other investments. As per the information and explanation given to us and in our opinion proper records have been maintained of the transactions and contracts and timely entries have been made therein. However, some of the shares, securities, debentures and other securities have been held by the Company in the name of Directors in pursuance of resolutions passed by the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has given guarantees to bank for loans taken by one Company in which directors are interested and mortagaged the properties of Company. As properties are mortgaged and no any counter guarantee has been obtained from the said Company it may affect prejudicie the interest of Company in case of default made by Company on bahalf of whom guarantee is given by Company to banks.

(xvi) According to our Audit procedure and on the basis information and explanations given by the management, the Company has not obtained and Term loan during the year under review.

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that no significant funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s. 301 of the Act.

(xix) During the period covered under audit the company has not made any issue of any debentures.

(xx) The Company has not raised any money by way of public issue. Therefore the question of creation of securities or charge in respect thereof does not arise.

(xxi) To the best of our knowledge and belief and according information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For JIGARS.SHAH & CO. CHARTERED ACCOUNTANTS

Sd/- JIGAR SHAH (PROPRIETOR) M.NO. 105527

DATE :03-O5-2010 Place: Ahmedabad





 
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