Mar 31, 2015
We have audited the accompanying financial statements of Skyline
Ventures India Limited ("the Company"), which comprise the Balance
Sheet as at March 31st, 2015, the Statement of Profit and Loss, the
Cash Flow Statement for the year then ended, and a summary of
signifcant accounting policies and other explanatory information.
Management's Responsibility for the financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) Companies Act, 2013 ("the Act") with respect to the
preparation of these financial statements that give a true and fair
view of the financial position, inancial performance and cash fows of
the Company in accordance with the Accounting Principles generally
accepted in India, including Accounting Standards specifed under
section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This Responsibility also includes maintenance of adequate
accounting records in accordance with provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgements and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating efectively
for ensuring the accuracy and completeness of the accounting records,
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 standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specifed under Section 143(10) of the Act. 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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors' 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 financial control relevant
to the Company's preparation of the financial Statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufcient and
appropriate to provide a basis for our audit opinion on the standalone
financial Statements.
opinion
In our opinion and to the best of our information and according to the
explanations given to us, 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 principles generally accepted in
India,
a) in the case of the Balance Sheet, of the state of afairs of the
company as at 31st March, 2015;
b) in the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date;
c) in the case of the Cash Flow Statement, of the cash fows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) order, 2015 ("the
order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we have
given in the Annexure a statement on the matters specifed in Paragraphs
3 and 4 of the order to the extent applicable.
As required by section 143(3) of the Act, we report that:
a) We have sought and 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 it appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specifed under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) on the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualifed as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
For P S Nagaraju & Co
Chartered Accountants
(Firm Reg: 011447S)
Sd/-
CA P.S.Nagaraju
Hyderabad Partner
May 30th, 2015 (Member Ship No: 210268)
Mar 31, 2013
Report on the Financial Statements:
1. We have audited the accompanying financial statements of M/s
SKYLINE VENTURES INDIA LIMITED ("the Company") which comprises the
Balance sheet as at March 31, 2013, and the Statement of Profit and
Loss account and the Cash Flow Statement for the year ended as on that
date, and the summary of significant accounting policies and other
explanatory information.
Management''s responsibility for the Financial Statements:
2. The company''s management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position and financial performance 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.
Auditor''s responsibility:
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on 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
from material misstatement.
4. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion:
6. In our opinion and to the best of our information and according to
the explanations given to us, 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 principles
generally accepted in India
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements:
7. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
(together the ''Order''), issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956 (''the Act''), since
in our opinion and according to the information and explanations given
to us, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the Order.
8. 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 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 & Statement of Profit and Loss 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
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, 2013from 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.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in Paragraph (3) of our Report of even date to the members
of
SKYLINE VENTURES INDIA LIMITED
I. a) The company has maintained proper records showing full
particulars including situation of fixed assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals 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) No fixed assets have been sold during the year so as to affect the
going concern status of the company.
II. a) Physical verification of inventory has been conducted by the
management at reasonable intervals.
b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The company is maintaining proper records of inventory. No material
discrepancies were noticed were noticed on such physical verification.
III. The Company has not granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act. Therefore, the provisions of
Clause 4(iii) [(b), (c) and (d) / (f) and (g)] of the said Order are
not applicable to the Company.
IV. In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and inventory and for the sale of services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanations given to
us, we have neither come across, nor have been informed of, any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
V. To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
there were no contracts or arrangements that need to be entered in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of Clause 4(v)[(a) and (b)] of the said Order
are not applicable to the Company.
VI. The company has not accepted any deposits from public during the
year within the meaning of Section 58A and 58AA of the Companies Act,
1956 and Companies (Acceptance of Deposits) Rules 1975 with regard to
the deposits accepted form public during the current financial year.
VII. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
VIII. According to the information and explanations given to us, the
central government has not prescribed the maintenance of cost records
under section 209(1) (d) of the Companies Act, 1956 for the products of
the company.
IX. a) The company is regular in depositing undisputed statutory dues
with appropriate authorities including provident fund, Employees State
insurance, Income Tax, Wealth Tax, Service tax, Custom duty, Excise
duty, cess and other material dues applicable to it.
b) There are no undisputed statutory dues outstanding as on 31st
March,2013 for a period of more than six months from the date they
become payable.
c) In our opinion and according to the information and explanations
given to us, Company has made the payments after deducting the Tax as
per the provisions of IT Act.
X. The Company does not have accumulated losses at the end of this
financial year covered by the audit and in the immediately preceding
financial year.
XI. According to the information and explanations given to us and
based on the documents and records produced to us, the company did not
have any borrowing from a financial institution or bank or debenture
holders and hence clause 4(xi) of the said order are not applicable..
XII. In our opinion the Company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities and therefore the provisions of clause 4(xii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
XIII. The Company is not a chit fund, nidhi/mutual benefit fund/
society and therefore the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
XIV. The Company is not dealing or trading in shares, Securities,
Debentures or other Investments and hence the requirement of para 4
(xiv) of the Companies (Auditor''s Report) Order 2003 is not applicable
to the Company.
XV. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
other from banks or financial institutions and hence the requirement of
para 4 (xv) of the Companies (Auditor''s Report) Order 2003 is not
applicable to the Company.
XVI. The Company has not raised any term loans. Therefore, the
provisions of Clause 4(xvi) of the said Order are not applicable.
XVII. The Company has not raised any short term loans. Therefore, the
provisions of Clause 4(xvii) of the said Order are not applicable.
XVIII. According to information and explanations given to us, 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. In our opinion and according to information and explanations given
to us, the Company has not issued any secured debentures during the
period covered by the report. Accordingly, Clause 4(xix) of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
XX. During the period covered by our audit report, the Company has not
raised any money by public issues accordingly; Clause 4(xix) of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
XXI. To the best of our knowledge and belief and 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 for the
year ended on 31st March, 2013.
For P S Nagaraju & Co.,
Chartered Accountants,
(Firm Regn No: 011447S)
Sd/-
CA P S Nagaraju
Partner
(Membership No: 210268)
Hyderabad
Date: August 22nd ,2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s SKYLINE VENTURES
INDIA LIMITED, as at March 31, 2012 and the Statement of Profit & Loss
Account for the year ended on that date and the Cash Flow statement for
the year ended on that date annexed thereto, which we have signed under
reference to this report. 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 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
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 paragraph 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
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 and profit and loss account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the balance sheet and profit and loss account
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 the written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualified as at 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; and
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon 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 the balance sheet, of the state of affairs of the
company as at 31st March, 2012 and
(b) In the case of profit and loss account, of the Profit for the year
ended on that date.
(c) In the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
I. a) The company has maintained proper records showing full
particulars including situation of fixed assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals 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) No fixed assets have been sold during the year so as to affect the
going concern status of the company.
II. a) Physical verification of inventory has been conducted by the
management at reasonable intervals.
b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The company is maintaining proper records of inventory. No material
discrepancies were noticed were noticed on such physical verification.
III. The Company has not granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act. Therefore, the provisions of
Clause 4(iii) [(b), (c) and (d) / (f) and (g)] of the said Order are
not applicable to the Company.
IV. In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and inventory and for the sale of services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanations given to
us, we have neither come across, nor have been informed of, any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
V. To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
there were no contracts or arrangements that need to be entered in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of Clause 4(v)[(a) and (b)] of the said Order
are not applicable to the Company.
VI. The company has not accepted any deposits from public during the
year within the meaning of Section 58A and 58AA of the Companies Act,
1956 and Companies (Acceptance of Deposits) Rules 1975 with regard to
the deposits accepted form public during the current financial year.
VII. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
VIII. According to the information and explanations given to us, the
central government has not prescribed the maintenance of cost records
under section 209(1) (d) of the Companies Act, 1956 for the products of
the company.
IX. a) The company is regular in depositing undisputed statutory dues
with appropriate authorities including provident fund, Employees State
insurance, Income Tax, Wealth Tax, Service tax, Custom duty, Excise
duty, cess and other material dues applicable to it.
b) There are no undisputed statutory dues outstanding as on 31st
March,2012 for a period of more than six months from the date they
become payable.
c) In our opinion and according to the information and explanations
given to us, Company has made the payments after deducting the Tax as
per the provisions of IT Act.
our opinion and according to the information and explanations given to
us, Company has made the payments after deducting the Tax as per the
provisions of IT Act.
X. The Company does not have accumulated losses at the end of this
financial year covered by the audit and in the immediately preceding
financial year.
XI. According to the information and explanations given to us and
based on the documents and records produced to us, the company did not
have any borrowing from a financial institution or bank or debenture
holders and hence clause 4(xi) of the said order are not applicable..
XII. In our opinion the Company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities and therefore the provisions of clause 4(xii) of the
Companies (Auditor''s Report) Order, 2003as amended by CARO, 2004
(together the Order'') are not applicable to the Company.
XIII. The Company is not a chit fund, nidhi/mutual benefit fund/
society and therefore the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003as amended by CARO, 2004 (together the
Order'') are not applicable to the Company.
XIV. The Company is not dealing or trading in shares, Securities,
Debentures or other Investments and hence the requirement of para 4
(xiv) of the Companies (Auditor''s Report) Order 2003as amended by CARO,
2004 (together the Order'') is not applicable to the Company.
XV. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
other from banks or financial institutions and hence the requirement of
para 4 (xv) of the Companies (Auditor''s Report) Order 2003as amended by
CARO, 2004 (together the Order'') is not applicable to the Company.
XVI. The Company has not raised any term loans. Therefore, the
provisions of Clause 4(xvi) of the said Order are not applicable.
XVII. The Company has not raised any short term loans. Therefore, the
provisions of Clause 4(xvii) of the said Order are not applicable.
XVIII. According to information and explanations given to us, 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. In our opinion and according to information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by the report. Accordingly, Clause 4(xix) of the
Companies (Auditors Report) Order, 2003 as amended by CARO, 2004
(together the Order'')is not applicable to the Company.
XX. During the period covered by our audit report, the Company has not
raised any money by public issues accordingly; Clause 4(xix) of the
Companies (Auditors Report) Order, 2003as amended by CARO, 2004
(together the Order'') is not applicable to the Company.
XXI. To the best of our knowledge and belief and 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 for the
year ended on 31st March, 2012.
For M/s. P S Nagaraju & Co.,
Chartered Accountants
(Firm Regn.No.011447S)
Place: Hyderabad. Sd/-
Date: 22.08.2012 CA. P S Nagaraju
Partner
(Membership No: 210268)
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. SKYLINE VENTURES
INDIA LIMITED, (Formerly Paramatma Enterprises Limited), as at 31st
March, 2011 and the Statement of Profit & Loss Account for the year
ended on that date and the Cash Flow statement for the year ended on
that date annexed thereto, which we have signed under reference to this
report. 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 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
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 paragraph 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
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 and profit and loss account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the balance sheet and profit and loss account
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 the written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors are disqualified as at 31st March, 2011 from
being appointed as a director in terms of Clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956; and
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon 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 the balance sheet, of the state of affairs of the
company as at 31st March, 2011 and
(b) In the case of profit and loss account, of the Profit for the year
ended on that date.
(c) In the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
I. a) The company has maintained proper records showing full
particulars including situation of fixed assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals 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) No fixed assets have been sold during the year so as to affect the
going concern status of the company.
II. a) Physical verification of inventory has been conducted by the
management at reasonable intervals.
b) The procedure of physical verification of inventory followed by the
management is reasonable and adequate in relation to the size of the
company and the nature of its business.
c) The company is maintaining proper records of inventory. No material
discrepancies were noticed were noticed on such physical verification.
III. The Company has not granted nor taken any loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act. Therefore, the provisions of
Clause 4(iii) [(b), (c) and (d) / (f) and (g)] of the said Order are
not applicable to the Company.
IV. In our opinion, and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of fixed assets and inventory and for the sale of services.
Further, on the basis of our examination of the books and records of
the Company, and according to the information and explanations given to
us, we have neither come across, nor have been informed of, any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
V. To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
there were no contracts or arrangements that need to be entered in the
register maintained under section 301 of the Companies Act, 1956.
Therefore, the provisions of Clause 4(v)[(a) and (b)] of the said Order
are not applicable to the Company.
VI. The company has not accepted any deposits from public during the
year within the meaning of Section 58A and 58AA of the Companies Act,
1956 and Companies (Acceptance of Deposits) Rules 1975 with regard to
the deposits accepted form public during the current financial year.
VII. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
VIII. According to the information and explanations given to us, the
central government has not prescribed the maintenance of cost records
under section 209(1) (d) of the Companies Act, 1956 for the products of
the company.
IX. a) The company is regular in depositing undisputed statutory dues
with appropriate authorities including provident fund, Employees State
insurance, Income Tax, Wealth Tax, Service tax, Custom duty, Excise
duty, cess and other material dues applicable to it.
b) There are no undisputed statutory dues outstanding as on 31st
March,2011 for a period of more than six months from the date they
become payable.
c) In our opinion and according to the information and explanations
given to us, Company has made the payments after deducting the Tax as
per the provisions of IT Act.
X. The Company does not have accumulated losses at the end of this
financial year covered by the audit and in the immediately preceding
financial year.
XI. According to the information and explanations given to us and
based on the documents and records produced to us, the company did not
have any borrowing from a financial institution or bank or debenture
holders and hence clause 4(xi) of the said order are not applicable..
XII. In our opinion the Company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities and therefore the provisions of clause 4(xii) of the
Companies (Auditor''s Report) Order, 2003as amended by CARO, 2004
(together the Order'') are not applicable to the Company.
XIII. The Company is not a chit fund, nidhi/mutual benefit fund/
society and therefore the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003as amended by CARO, 2004 (together the
Order'') are not applicable to the Company.
XIV. The Company is not dealing or trading in shares, Securities,
Debentures or other Investments and hence the requirement of para 4
(xiv) of the Companies (Auditor''s Report) Order 2003as amended by CARO,
2004 (together the Order'') is not applicable to the Company.
XV. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
other from banks or financial institutions and hence the requirement of
para 4 (xv) of the Companies (Auditor''s Report) Order 2003 as amended
by CARO, 2004 (together the Order'')is not applicable to the Company.
XVI. The Company has not raised any term loans. Therefore, the
provisions of Clause 4(xvi) of the said Order are not applicable.
XVII. The Company has not raised any short term loans. Therefore, the
provisions of Clause 4(xvii) of the said Order are not applicable.
XVIII. According to information and explanations given to us, 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. In our opinion and according to information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by the report. Accordingly, Clause 4(xix) of the
Companies (Auditors Report) Order, 2003 as amended by CARO, 2004
(together the Order'')is not applicable to the Company.
XX. During the period covered by our audit report, the Company has not
raised any money by public issues accordingly; Clause 4(xix) of the
Companies (Auditors Report) Order, 2003 as amended by CARO, 2004
(together the Order'')is not applicable to the Company.
XXI. To the best of our knowledge and belief and 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 for the
year ended on 31st March, 2011.
For M/s. P S Nagaraju & Co.,
Chartered Accountants
(Firm Regn.No.011447S)
Sd/-
CA. P S Nagaraju
Partner
(Membership No: 210268)
Hyderabad
August 22nd, 2011