Mar 31, 2014
We have audited the accompanying financial statements of RSC
International Ltd. ("the Company") which comprise the balance sheet as
on 31st March, 2014, the statement of profit and loss and cash flow
statement for the year ended and a summary of significant accounting
policies and other explanatory information.
Management''s responsibility for financial statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting principles generally accepted in India including
accounting standards referred to in section 211(3C) 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.
Auditors'' responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the auditing standards in auditing issued by the institute of
chartered accountants of India. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
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 judgement, including the
assessment of the risks of material misstatements of 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. And 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.
Opinion
In our opinion and to the best of our information and according to the
explanation given to us, the aforesaid financial statements give the
information required by the act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
(a) In the case of the Balance Sheet, the state of affairs of the
company as at 31st March, 2014.
(b) In the case of Statement of Profit and Loss, the profit or loss of
the company for the year ended 31st March, 2014.
(c) In the case of Cash Flow Statement, the cash flows for the year
ended 31st March, 2014.
REPORT IN OTHER LEGAL 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 Section
27(4A) of the Act, we give in the annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the 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, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the accounting standards referred to in
Section 211(3C) of the Companies Act 1956.
(e) On the basis of the written representation received from the
directors, as on 31st March, 2014 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 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 REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
1. In respect to Fixed Assets:
(a) The company has maintained proper records to show full particulars
including quantitative details and situation of fixe d assets on the
basis of available information.
(b) The fixed assets have been physically verified by the management
during the year in phased periodical manner, which in our opinion is
reasonable having regard to size of the company and nature of its
assets. No material discrepancy was noticed on such verification.
(c) In our opinion, the company has not disposed of any fixed assets
during the year and the going concern status of the company is not
affected.
2. In respect of Inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of inventory
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. As
explained to us, the discrepancies noticed on physical verification of
stocks as compared to the books records were not material.
3. The company has not taken unsecured loan from the parties listed in
the register maintained u/s 301 of the Companies Act 1956. The company
has not granted any loan, secured or unsecured to companies, firms or
other parties listed in the registers maintained u/s 301.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business for purchase of
inventory, fixed assets and also sale of goods. During the course of
our audit no major weakness have been observed in the internal
controls.
5. In respect of transactions covered u/s 301 of the Companies Act
1956:
(a) In our opinion and according to the information and explanations
give to us, the transactions that needed to be entered into the
register in pursuance of Section 301 of the Act, have been so entered.
(b) In our opinion the transactions made in pursuance of contracts or
arrangements entered into the register maintained u/s. 301 of the
Companies Act 1956 have been made at prices which are reasonable having
regard to the prevailing market price.
6. According to the information and explanations given to us, the
company has not accepted any deposits from public therefore provisions
of Section 58-A and 58-AA of the Companies Act 1956 and rules made
thereunder are not applicable to the company.
7. The company does not need any type of internal audit system looking
to its size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records for products of the company u/s 209(1)(d) of the Companies Act
1956 therefore no such records have been maintained by the company.
9. (a) The company is generally regular in depositing undisputed
statutory dues including provident fund, employees state insurance,
investor education and protection fund, income tax, sales tax, wealth
tax, custom duty, excise duty, cess and other statutory dues with the
appropriate authorities. According to the information and explanations
given to us, undisputed amounts payable in respect of income tax
amounting to Rs. 182/- were outstanding as at 31st March, 2014 for a
period of more than six months from the date of they became payable.
(b) There are no disputed statutory dues.
10. The company has brought forward accumulated losses of Rs
1,88,64,802/- and has not incurred cash losses during the financial
year covered by our audit.
11. According to information and explanation given to us, the company
has not defaulted in repayment of dues to financial institutions.
12. In our opinion and according to information and explanations 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 fund or 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 or trading in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us and the
records examined by us, the company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. No term loan has been raised by the company during the year.
17. On the basis of overall examination of the Balance Sheet and the
information and explanations given to us, we report that the company
has not utilised any funds raised on short term basis for long term
investment.
18. The company has not made any preferential allotment of shares to
parties or companies covered in the Register u/s 301 of the Companies
Act 1956.
19. The company has not issued any debentures, therefore Clause 4(xix)
of the Companies (Auditors'' Report) Order, 2003 is not applicable to
the company.
20. The company has not raised any money through a public issue during
the year.
21. In our opinion and according to information and explanations given
to us, no fraud on or by the company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For Vimal Agarwal & Associates,
Chartered Accountants,
(V. K. Agarwal)
Partner
Place: Jaipur
Date: 5th Sep, 2014
Mar 31, 2012
We have audited the attached Balance Sheet of RSC International Ltd. as
on 31st March, 2012 and the Statement of Profit & Loss and Cash Flow
Statement of the Company for the year ended on 31st March, 2012. These
financial statements are the responsibility of the management of the
company. Our responsibility is to express an opinion on the financial
statements based on our audit.
We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies (Auditors Report) order, 2003 issued by
the Company Law Board in terms of Section 227(4A) of the Companies Act,
1956, our report is given in Annexure on the matters specified therein.
2. Further to our comments in Annexure annexed to this report, we have
to report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of such
books.
iii) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement referred to in this report are in agreement with the books of
account.
iv) In our opinion, Balance Sheet and Statement of Profit & Loss comply
with the Accounting Standards referred to in Sub-section 3(c) of
Section 211 of the Companies Act, 1956.
v) Based on written representations made by all the directors of the
Company as on 31.3.2012 and taken on record by Board of Directors of
the company, none of the directors of the Company is disqualified as on
31.3.2012 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 read together with the
notes and accounting policies attached thereto give the information
required by the Companies Act, 1956 in the prescribed manner and give a
true and fair view:-
a) In the case of Balance Sheet of the state of affairs of the Company
as on 31.03.2012.
b) In the case of Statement of Profit & Loss of the profit for the year
ended on 31.03.2012; and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on 31.03.2012.
ANNEXURE REFERRED TO IN PARAGRAPH: 1 OF OUR REPORT OF EVEN DATE
1. In respect of fixed Assets:
(a) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) The fixed assets have been physically verified by the management
during the year in phased periodical manner, which in our opinion is
reasonable, having regard to size of the company and nature of its
assets. No material discrepancy was noticed on such verification.
(c) In our opinion, the company has not disposed of any fixed assets
during the year and the going concern status of the company is not
affected.
2 In respect of inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of inventory
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. As
explained to us, the discrepancies noticed on physical verified of
stocks as compared to book records were not material.
3 The company has not taken unsecured loan from the parties listed in
the register maintained u/s 301 of the Companies Act, 1956. The company
has not granted any loan secured or unsecured to companies, firms or
other parties listed in the registers maintained u/s 301.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business for purchase of
inventory, fixed assets and also sale of goods. During the course of
our audit no major purchase of inventory,fixed assets and also sales
of goods.During the course of our audit no major
weakness have been observed in the internal controls.
5. In respect of transactions covered u/s 301 of the Companies Act, 1956:
(a) In our opinion and according to information and explanations given
to us, the transactions that needed to be entered into the register in
pursuance of Section 301 of the Act, have been so entered.
(b) In our opinion, the transactions made in pursuance of contracts or
arrangements entered into the register maintained u/s 301 of the
Companies Act, have been made at prices which are reasonable having
regard to the prevailing market prices.
6. According to information and explanations given to us, the company
has not accepted any deposits from public therefore provisions of
section 58 A and 58AA of the Companies Act, 1956 and rules made there
under are not applicable to the company.
7. The Company does not need any type of internal audit system looking
to its size and nature of its business.
8. The Central Government has not prescribed maintenance of cost records
for product of the company u/s 209(1) (d) of the Companies Act, 1956
therefore no such records have been maintained by the company.
9. a) The company is generally regular in depositing undisputed
statutory dues including provident fund, employees state insurance,
investor education and protection funds, income tax, sales tax, wealthy
tax, custom duty, excise duty, cess and other statutory dues with
appropriate authorities. According to information and explanations
given to us, undisputed amounts payable in respect of income tax
amounting to Rs. 182/ were outstanding as at 31st March, 2012 for a
period more than six months from the date they become payable.
b)There are no disputed statutory dues.
10. The company has brought forward accumulated losses of Rs.
184,57,824/- and has not incurred cash losses during the financial year
covered by our audit.
11. According to information and explanations given to us, the company
has not defaulted in repayment of dues to financial institutions.
12. In our opinion and according to information and explanations 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 Fund or Nidhi/ Mutual
Benefit Fund/Society. Therefore Clause 4(xiii) of the Companies
(Auditors' Report) Order, 2003 is not applicable to company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. According to information and explanations given to us and the
records examined by us, the company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. No term loan has been raised by the company during the year.
17. On the basis of overall examination of the Balance Sheet and the
information and explanations given to us, we report that the company has
not utilised any funds raised on short term basis for long term
investment
18. The company has not made any preferential allotment of shares to
parties or companies covered in the register u/s 301 of the Companies
Act, 1956.
19. The company has not issued any debenture. Therefore, Clause 4
(xix) of the Companies (Auditors' Report) Order, 2003 is not applicable
to company.
20. The company has not raised any money through a public issue
during the year.
21. In our opinion and according to information and explanations given
to us, no fraud on or by the company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For Vimal Agarwal & Associates
Chartered Accountants
(FRN: 04187C)
(V. K. Agarwal)
Partner
M. No. 071627
Place: Jaipur
Dated: 11th Aug, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of RSC International Ltd. as
on 31st March, 2011 and the Profit & Loss Account and Cash Flow
Statement of the Company for the year ended on 31st March, 2011. These
financial statements are the responsibility of the management of the
company. Our responsibility is to express an opinion on the financial
statements based on our audit.
We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies (Auditors Report) order, 2003 issued
by the Company Law Board in terms of Section 227(4A) of the Companies
Act, 1956, our report is given in Annexure on the matters specified
therein.
2. Further to our comments in Annexure annexed to this report, we have
to report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of such
books.
iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of account.
iv) In our opinion, Balance Sheet, and Profit & Loss Account comply
with the Accounting Standards referred to in Sub-section 3é of Section
211 of the Companies Act,l956.
v) Based on written representations made by all the directors of the
Company as on 31.3.2011 and taken on record by Board of Directors of
the company, none of the directors of the Company is disqualified as on
31.3.2011 from being appointed as a director in terms of clause (g) of
sub section (1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us the said accounts read together with the
notes and accounting policies attached thereto give the information
required by the Companies Act, 1956 in the prescribed manner and give a
true and fair view:-
a) In the case of Balance Sheet of the state of affairs of the Company
as on 31.03.2011;
b) In the case of Profit & Loss Account of the profit for the year
ended on 31.03.2011; and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on 31.03.2011.
ANNEXURE REFERRED TO IN PARAGRAPH : 1 OF OUR REPORT OF EVEN DATE
1. In respect of Fixed Assets:
(a) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) The fixed assets have been physically verified by the management
during the year in phased periodical manner, which in our opinion is
reasonable, having regard to size of the company and nature of its
assets. No material discrepancy was noticed on such verification.
(c) In our opinion, the company has not disposed of any fixed assets
during the year and the going concern status of the company is not
affected.
2. In respect of inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of inventory
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. As
explained to us, the discrepancies noticed on physical verification of
stocks as compared to book records were not material.
3. The company has not taken unsecured loan from the parties listed in
the register maintained u/s 301 of the Companies Act, 1956. The company
has not granted any loan, secured or unsecured to companies, firms or
other parties listed in the registers maintained u/s 301
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business for purchase of
inventory, fixed assets and also sale of goods. During the course of
our audit no major weakness have been observed in the internal
controls.
5. In respect of transactions covered u/s 301 of the Companies Act,
1956:
(a) In our opinion and according to information and explanations given
to us, the transactions that needed to be entered into the register in
pursuance of Section 301 of the Act have been so entered. '
(b) In our opinion, the transactions made in pursuance of contracts or
arrangements entered into the register maintained u/s 301 of the
Companies Act, have been made at prices which are reasonable having
regard to the prevailing market price.
6. According to information and explanations given to us, the company
has not accepted any deposits from public therefore provisions of
Section 58-A and 58AA of the Companies Act, 1956 and rules made
there under are not applicable to the company.
7. The Company does not need any type of internal audit system looking
to its size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records for products of the company u/s 209(1) (d) of the Companies
Act, 1956 therefore no such records have been maintained by the
company.
9. a) The company is generally regular in depositing undisputed
statutory dues including provident fund, employees state insurance,
investor education and protection fund, income tax, sales tax, wealth
tax, custom duty, excise duty, cess and other statutory dues with the
appropriate authorities. According to information and explanations
given to us, undisputed amounts payable in respect of income tax
amounting to Rs. 182/ were outstanding as at 31st March, 2011 for a
period more than six months from the date they became payable.
b) There are no disputed statutory dues.
10. The company has brought forward accumulated losses of Rs.
185.83.118/ and has not incurred cash.
11. According to information and explanations given to us, the company
has not defaulted in repayment of dues to financial institutions.
12. In our opinion and according to information and explanations 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 Fund or Nidhi/ Mutual
Benefit Fund/Society. Therefore Clause 4(xiii) of the Companies
(Auditors' Report) Order, 2003 is not applicable to company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. According to information and explanations given to us and the
records examined by us, the company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. No term loan has been raised by the company during the year.
17. On the basis of overall examination of the Balance Sheet and the
information and explanations given to us, we report that the company
has not utilised any funds raised on short term basis for long term
investment.
18. The company has not made any preferential allotment of shares to
parties or companies covered in the register u/s 301 of the Companies
Act, 1956.
19. The company has not issued any debenture. Therefore, Clause 4
(xix) of the Companies (Auditors' Report) Order, 2003 is not
applicable to company.
20. The company has not raised any money through a public issue during
the year.
21. In our opinion and according to information and explanations given
to us, no fraud on or by the company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Place: Jaipur For Vimal Agrawal & Associates
Dated: 30th May, 2011 Chartered Accountants
(FRN: 004187C)
(V. K. Agrawal)
Partner
Mar 31, 2010
We have audited the attached Balance Sheet of RSC International Ltd. as
on 31st March, 2010 and the Profit & Loss Account and Cash Flow
Statement of the Company for the year ended on 31st March, 2010. These
financial statements are the responsibility of the management of the
company.
Our responsibility is to express an opinion on the financial statements
based on our audit.
We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as valuating the overall financial
statement presentation. We believe that our audit provides a reasonable
sis for our opinion.
1. As required by the Companies (Auditors Report) order, 2003 issued
by the Company Law Board in terms of Section 227(4A) of the Companies
Act, 1956, our report is given in Annexure on the matters specified
therein.
2. Further to our comments in Annexure annexed to this report, we have
to report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of such
books.
iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
referred to in this report are in agreement with the books of account.
iv) In our opinion, Balance Sheet, and Profit & Loss Account comply
with the Accounting Standards referred to in Sub-section 3é of Section
211 of the Companies Act, 1956.
v) Based on written representations made by all the directors of the
Company as on 31.3.2010 and taken on record by Board of Directors of
the company, none of the directors of the Company is disqualified as on
31.3.2010 from being appointed as a director in terms of - clause (g)
of sub section (1) of Section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us the said accounts read together with the
notes and accounting policies attached thereto give the information
required by the Companies Act, 195 6 in the prescribed manner and give
a true and fair view:-
a) In the case of Balance Sheet of the state of affairs of the Company
as on 31.03.2010;
b) In the case of Profit & Loss Account of the profit for the year
ended on 31.03.2010; and
c) In the case of Cash Flow Statement, of the cash flows for the year
ended on 31.03.2010.
ANNEXURE REFERRED TO IN PARAGRAPH : 1 OF OUR REPORT OF EVEN DATE
1. In respect of Fixed Assets:
(a) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) The fixed assets have been physically verified by the management
during the year in phase* periodical manner, which in our opinion is
reasonable, having regard to size of the company and nature of its
assets. No material discrepancy was noticed on such verification.
(c) In our opinion, the company has not disposed of any fixed assets
during the year and the going concern status of the company is not
affected.
2. In respect of inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year. In our opinion,
the frequency of verification is reasonable.
(b) In our opinion, the procedure of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature o' its business.
(c) The company has maintained proper records of inventories. As
explained to us, the discrepancies noticed on physical verification of
stocks as compared to book records were not material.
3. The company has not taken unsecured loan from the parties listed in
the register maintained u/s 301 of the Companies Act, 1956. The company
has not granted any loan, secured or unsecured to companies, firms or
other parties listed in the registers maintained u/s 301.
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and nature of its business for purchase of
inventory, fixed assets and also sale of goods. During the course of
our audit no major weakness have been observed in the internal
controls.
5. In respect of transactions covered u/s 301 of the Companies Act,
1956:
(a) In our opinion and according to information and explanations given
to us, the transactions that needed to be entered into the register in
pursuance of Section 301 of the Act, have been so entered.
(b) In our opinion, the transactions made in pursuance of contracts or
arrangements entered into the register maintained u/s 301 of the
Companies Act, have been made at prices which are reasonable having
regard to the prevailing market price.
6. According to information and explanations given to us, the company
has not accepted any deposits from public therefore provisions of
Section 58-A and 58AA of the Companies Act, 1956 and rules made
thereunder are not applicable to the company.
7. The Company does not need any type of internal audit system looking
to its size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records for products of the company u/s 209(l)(d) of the Companies Act,
1956 therefore no such records have been maintained by the company.
9. a) The company is generally regular in depositing undisputed
statutory dues including provident fund, employees state insurance,
investor education and protection fund, income tax, sales tax, wealth
tax, custom duty, excise duty, cess and other statutory dues with the
appropriate authorities. According to information and explanations
given to us, undisputed amounts payable in respect of income tax
amounting to Rs. 182/ were outstanding as at 31st March, 2010 for a
period more than six months from the date they became payable.
b) There are no disputed statutory dues.
10. The company has brought forward accumulated losses of Rs.
187,75,760/ and has not incurred cash losses during the financial
year covered by our audit.
11. According to information and explanations given to us, the company
has not defaulted in repayment of dues to financial institutions.
12. In our opinion and according to information and explanations 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 Fund or Nidhi/ Mutual
Benefit Fund/Society. Therefore Clause 4(xiii) of the Companies
(Auditors' Report) Order, 2003 is not applicable to company.
14. The company is not dealing or trading in shares, securities,
debentures and other investments.
15. According to information and explanations given to us and the
records examined by us, the company has not given any guarantee for
loan taken by others from banks or financial institutions.
16. No term loan has been raised by the company during the year.
17. On the basis of overall examination of the Balance Sheet and the
information and explanations given to us, we report that the company
has not utilised any funds raised on short term basis for long term
investment or vice versa.
18. The company has not made any preferential allotment of shares to
parties or companies covered in the register u/s 301 of the Companies
Act, 1956.
19. The company has not issued any debenture. Therefore, Clause 4 (xix)
of the Companies (Auditors' Report) Order, 2003 is not applicable to
company.
20. The company has not raised any money through a public issue during
the year.
21. In our opinion and according to information and explanations given
to us, no fraud on or by the company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Place: Jaipur For Vimal Agrawal & Associates
Dated: 30th May, 2010 Chartered Accountants
(FRN: 004187C)
(V. K. Agrawal)
Partner