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Auditor Report of SGN Telecoms Ltd.

Mar 31, 2013

We have audited the attached Balance Sheet of Mis Sgn Telecoms Limited as at 31st March, 2013. These Financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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, and in terms of information and explanations given to us and also on the basis of such checks as we considered appropriate, we state that :-

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

(b) During the year management did not physically verified the fixed assets, however fixed Assets are physically verified by the management once in three year which is reasonable & no material discrepancies were noticed on last verification.

(c) The Company has not made any substantial disposal of fixed assets, during the year. Thus, the going concern status of the Company has not been affected.

2. As informed to us physical verification has been conducted by the management at year end in respect of finished goods and stores, spare parts and raw materials. The procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. The discrepancies noticed on such verification in respect of raw materials as compared to the books records (stock register maintained on computer system) which are not significant, have been properly dealt with in the books of accounts. The valuation of these stocks is fair and proper in accordance with normally accepted accounting principles.

3. In our opinion the company has not taken unsecured loans, from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 where the rate of interest or other terms and conditions on such loans are Prima Facie Prejudicial to the interest of the Company.

4. 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, where the rate of interest and other terms and conditions of such loans are Prima facie prejudicial to the interest of the Company.

5. In our opinion the internal control procedure of the Company relating to the purchases of stores, raw materials including components, Plant & Machinery, equipment and other similar assets and sale of goods are commensurate with the size and nature of the business of the Company.

6. (b) According to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees 50,000/- in respect of any party.

7. The Company has not accepted any deposits from the public to which the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder would apply.

8. The Company did not have an internal audit system during the year.

9. Maintenance of cost records has not been prescribed by the Central Govt, under section 209(1) (a) of the Companies Act, 1 956, for any of the products of the Company.

10. (a) According to the records of the company, undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth-tax, sales tax, customs duty, excise duty, cess and other material statutory dues applicable to it have generally been regularly deposited with the appropriate authorities.

(b) There are no outstanding undisputed statutory dues as at the last day of the financial year ended on 31-03-2013 or for a period of more than six months from the date they became payable.

11. In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has neither incurred cash losses during the financial year covered by our audit nor in the preceding financial year.

12. According to the information and explanations given to us, the company has not defaulted in the repayment of dues to the financial institutions or banks. Further, there are no debenture holders.

13. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

14. The company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (hereinafter referred to as the said Order) are not applicable to the company.

15. The company is not significantly dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the said Order are not applicable to the company. However the company has made some long term investment in share. All the investment are properly maintained.

16. According to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions.

17. According to the information and explanations given to us and on an overall explanations given to us, in our opinion, the terms loans have been applied for the purpose for which it was raised.

18. According to the information and explanations given to us and on an overall examination of the balance sheet of the company in our opinion the funds raised on short term basis have not been used for long term investments and vise-versa.

19. The company has made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 and the Price at which this preferential allotment has been made is not prejudicial to the interest of the Company.

20. The company has not issued any debentures. Accordingly, the question of creating a security for debentures does not arise.

21. The company has not raised any money by public issues each during the year. Accordingly the question of disclosure of end use of such monies does not arise.

22. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Further 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 the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of these books;

c) the Balance Sheet and the Profit & Loss Account referred to in this report are in agreement with the books of account;

d) in our opinion, the Balance Sheet and Profit & Loss Account complied with the Accounting Standards as referred to in sub- section (3C) of Section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors and taken on record by the Board of Director, we report that none of the directors of the company is disqualified from being appointed as director under 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 Accounts, read with other notes thereon, given in the schedule 15 forming part of the accounts in the manner so required and give a true and fair view:

i) in the case of Balance sheet, of the state of affairs of the Company as at 31ST March, 2013; and

ii) in the case of Profit & Loss Account, of the loss of the Company for the year ended on that date. For N.KUMAR & COMPANY

Chartered Accountants

(Narinder Kumar)

(Prop.)

M.No-80287

Place : KHARAR

Dated: 03.09.2013


Mar 31, 2010

We have audited the attached Balance Sheet of MM SGN Telecoms Limited as at 31st March, 2010. These Financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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, and in terms of information and explanations given to us and also on the basis of such checks as we considered appropriate, we state that :-

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

(b) During the year management did not physically verified the fixed assets, however fixed Assets are physically verified by the management once in three year which is reasonable & no material discrepancies were noticed on last verification.

(c) The Company has not made any substantial disposal of fixed assets, during the year. Thus, the going concern status of the Company has not been affected.

2. As informed to us physical verification has been conducted by the management at year end in respect of finished goods and stores, spare parts and raw materials. The procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. The discrepancies noticed on such verification in respect of raw materials as compared to the books records (stock register maintained on computer system) which are not significant, have been property dealt with in the books of accounts. The valuation of these stocks is fair and proper in accordance with normally accepted accounting principles.

3. In our opinion the company has not taken unsecured loans, from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 where the rate of interest or other terms and conditions on such loans are Prima Facie Prejudicial to the interest of the Company.

4. 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, where the rate of interest and other terms and conditions of such loans are Prima facie prejudicial to the interest of the Company.

5. In our opinion the internal control procedure of the Company relating to the purchases of stores, raw materials including components, Plant & Machinery, equipment and other similar assets and sale of goods are commensurate with the size and nature of the business of the Company.

6. (b) According to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees 50,000/- in respect of any party.

7. The Company has not accepted any deposits from the public to which the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder would apply.

8. The Company did not have an internal audit system during the year.

9. Maintenance of cost records has not been prescribed by the Central Govt, under section 209(1) (a) of the Companies Act, 1956, for any of the products of the Company.

10. (a) According to the records of the company, undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, wealth-tax, sales tax, customs duty, excise duty, cess and other material statutory dues applicable to it have generally been regularly deposited with the appropriate authorities.

(b) There are no outstanding undisputed statutory dues as at the last day of the financial year ended on 31-03-2010 or for a period of more than six months from the date they became payable.

11. In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has neither incurred cash losses during the financial year covered by our audit nor in the preceding financial year.

12. According to the information and explanations given to us, the company has not defaulted in the repayment of dues to the financial institutions or banks. Further, there are no debenture holders.

13. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

14. The company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 (hereinafter referred to as the said Order) are not applicable to the company.

15. The company is not significantly dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the said Order are not applicable to the company. However the company has made some long term investment in share. All the investment are properly maintained.

16. According to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions.

17. According to the information and explanations given to us and on an overall explanations given to us, in our opinion, the terms loans have been applied for the purpose for which it was raised.

18. According to the information and explanations given to us and on an overall examination of the balance sheet of the company in our opinion the funds raised on short term basis have not been used for long term investments and vise-versa.

19. The company has made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 and the Price at which this preferential allotment has been made is not prejudicial to the interest of the Company.

20. The company has not issued any debentures. Accordingly, the question of creating a security for debentures does not arise.

21. The company has not raised any money by public issues each during the year. Accordingly the question of disclosure of end use of such monies does not arise.

22. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Further 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 the Companies Act, 1956 (as amended) have been kept by the Company so far as appears from our examination of these books;

c) the Balance Sheet and the Profit & Loss Account referred to in this report are in agreement with the books of account;

d) in our opinion, the Balance Sheet and Profit & Loss Account complied with the Accounting Standards as referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors and taken on record by the Board of Director, we report that none of the directors of the company is disqualified from being appointed as director under 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 Accounts, read with other notes thereon, given in the schedule 15 forming part of the accounts in the manner so required and give a true and fair view:

i) in the case of Balance sheet, of the state of affairs of the Company as at 31 th March, 2010; and

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

For N.KUMAR & CO

Chartered Accountants

-sd-

(Narinder Kumar)

(Prop.)

M.No-80287

Place : Chandigarh

Dated : 06.09.2010

 
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