Home  »  Company  »  Square Four Projects  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Square Four Projects India Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of SQUARE FOUR PROJECTS INDIA LIMITED (FORMERLY ESSEN SUPPLEMENTS INDIA LIMITED) ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant 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) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 the Accounting Standards specified 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 the 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 judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified 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 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 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 the 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 sufficient 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 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, of the state of affairs of the Company as at March 31, 2015;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Emphasis of Matters

We draw attention to the following matter in the Notes to the financial statements :

Note 10 to the financial statements regarding advance against purchase of shares. Pending cmpletion of the transfer formalities and receipt of share certificates from certain Companies, the shares purchased of such have not been shown under investments but as advance against purchase of shares. Also, consolidated financial statements have not been prepared, since the Companies would be considered as Subsidiary Companies only on completion of the transfer formalities and receipt of share certificates.

Our opinion is not modified in respect of the this matter.

Report on Other Legal and Regulatory Requirements

1. 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 give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. 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

(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 aforesaid standalone financial statements comply with the Accounting Standards specified 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 and taken on record by the Board of Directors, none of the directors is disqualified 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 to be 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 are required to be transferred by the Company to the Investor Education and Protection Fund

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of ESSEN SUPPLEMENTS INDIA LIMITED on the accounts of the company for the year ended 31st March, 2015.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

2. Since the Company did not have any stock of finished goods, raw materials, stores and spares and packaging materials either at the beginning or at the end or during the year, matters specified in clauses ii(a) to ii(c) of paragraph 3 of the said Order are not applicable to the Company for the relevant year.

3. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a) and iii(b) of paragraph 3 the order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and payment for expenses and for sale of fixed assets and goods. Further, during the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed

5. The Company has not accepted any deposits during the year and, accordingly, the provisions of clauses v of paragraph 3 the order is not applicable to the Company.

6. As per information and explanation given by the management, maintenance of cost records have not been prescribed by the Central Government under sub-section (1) of section 148 of the Act for the type of business the Company is currently in.

7. (a) According to the records of the company, undisputed statutory dues including Provident

Fund, Employees' State Insurance, Income-tax, Sales-Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 for a period of more than six months from the date they became payable, except land revenue tax payable of Rs 7,34,243/- (Previous Year Rs 6,08,933/-) to the Gram Panchyat, Bollaram for the period between 2005-06 and 2014-15.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty, excise duty and value added tax which have not been deposited on account of any disputes.

(c) According to the information and explanations given to us, there are no amounts required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

8. The accumulated losses of the Company as at 31st March, 2015 of Rs 5,50,46,594/- was more than 50% of the net worth of the Company on the said date. There was no cash loss either during the year or in the immediately preceding financial year.

In arriving at the accumulated losses and net month as above, we have considered the quantification which are quantifiable in the audit reports of the years to which these losses pertain

9. Since the Company has not taken any loan amounts from any financial institution or bank during the year under reference, clause (ix) of paragraph 3 of the said order is not applicable.

10. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution during the year and, accordingly, the provisions of clause (x) of paragraph 3 of the said order is not applicable for the relevant year.

11. The Company has not raised any term loan during the year and, accordingly, the provisions of clause (xi) of paragraph 3 of the said order is not applicable for the relevant year.

12. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices and based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of any such case by the management.

Ravi Kumar Venkatesan Membership No. 052145 Partner

For and on behalf of Dated : 30th May, 2015 S Ramanand Aiyar & Co 114F/1D Selimpur Road Chartered Accountants Kolkata 700 031 (Regn No 000990N)


Mar 31, 2014

We have audited the aecompanying financial statements of SQUARE FOUR PROJEC TS INDIA LIMITED (FORMERLY ESSEN SUPPLEMENTS INDIA LIMITED) ( the Company"), which comprise the Balance Sheet as at March 31. 2014. and the Statement of Profit and Loss and Cash f low Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the C ompanies Act. 1956 ("the Act1'') (which continue to be applicable in respect of Section 133 of the Companies Act 2013 in terms of General Circular 15/2013 dated 13th September. 2013 of the Ministry of Corporate Affairs) and in accordance with the accounting principles generally accepted in India. 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 Standards on Auditing issued of 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

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, but not for the purpose of expressing an opinion on the effectiveness of the 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis lor our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations 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, 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 y ear ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year 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 C entral Government of India in terms of sub-section (4A) of section 227 of the Act. we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief w ere necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the C ompany so far as it appears from our examination of those books;

c) the Balance Sheet, 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 C ash flow Statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the Companies Aet 2013 in terms of General Circular 15/2013 dated 13,th September. 2013 of the Ministry of Corporate Affairs)

e) on the basis of w ritten representations received from the direetors as on March 31. 2014. and taken on record bv the Board of Directors, none of the directors is disqualified as on March 31. 2014. from being appointed as a director in terms of clause (g) ol sub-section (1) of section 274 of the Companies Act. 1956:

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of ESSEN SUPPLEMENTS INDIA LIMITED on the accounts of the company for the year ended 31st March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

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

(b) As explained to us. fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us. no fixed asset has been disposed of during the year and therefore does not affect the going concern assumption.

2. Since the C ompany did not have any stock of finished goods, raw materials, stores and spares and packaging materials either at the beginning or at the end or during the year, matters specified in clauses ii(a) to ii(c) of paragraph 4 of the said Order are not applicable to the C ompany for the relevant year.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act. 1956. Consequently, the provisions of clauses iii (b). iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans f rom companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act. 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us. there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and payment for expenses and for sale of fixed assets and goods. Further, during the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act, if any, have been entered in the register required to be maintained

under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceed five lacs rupees in a financial year and, therefore, the requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58 A A of the Companies Act, 1956.

7. The Company does not have an internal audit system commensurate with its size and the nature of its business.

8. As per information and explanation given by the management, maintenance of cost records have not been prescribed by the Central Government under clause (d) of sub-section (I) of section 209 of the Act for the type of business the Company is currently in.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund. Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales- tax, Wealth fax, Service fax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable, except land revenue tax payable of Rs 6,08,933/- (Previous Year Rs 4,83.623/-) to the Gram Panchyat, Bollaram for the period between 2005-06 and 2013-14.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The accumulated losses of the Company as at 31st March, 2014 of Rs 5,56,55,801/- was more than 50% of the net worth of the Company on the said date. There was no cash loss either during

the year or in the immediately preceding financial year. I

I I. Since the Compan> has not taken any loan amounts from any financial institution or bank during the year under reference, clause (xi) of paragraph 4 of the said order is not applicable.

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

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision I

of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. Since the Company does not deal in shares, securities and debentures, matters specified in I

clause (xiv) of paragraph 4 of the said Order are not applicable for the relevant year. However, I

the Company has maintained proper records of dealing in commodity transactions and timely I

entries have been made therein. I

15. According to the information and explanations given to us, the Company has not given any I

guarantees for loan taken by others from a bank or financial institution during the year. I

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short- term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the vear.

19. The Company has not issued any debentures and accordingly clause (xiiiv) of paragraph 4 of the said order does not apply to the Company for the relevant year.

20. The Company has not raised any money by public issue during the year, and accordingly, clause (xx) of paragraph 4 of the said order is not applicable.

21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices and based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of any such case by the management.

Ravi Kumar Venkatesan Membership No. 052145 Partner For and on behalf of S Ramanand Alvar & Co Dated : 30th May. 2014 Chartered Accountants (Regn No 000990N) 11417ID Selimpur Road kolkata 700 031


Mar 31, 2009

1. We have audited the attached Balance Sheet of "ESSEN SUPPLEMENTS INDIA LIMITED" as at 31st March, 2009 and Profit and Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statement based on our audit.

2. We have 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 mis-statement. 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 in terms of section 227(4A) of the Companies Act, 1956 and according to the information and explanations given to us during the course of the audit and on the basis of such checks as were considered appropriate, we set out in the annexure a statement on the matters specified in the said order.

4. We report that:

a, As stated in Note 5 of Notes to Accounts (Schedule 16), Royalty on sales is not provided during the current year. (Accumulated Rs. 10,44,395/-).

5. Further to our comments in Paragraph 4 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 purpose of our Audit.

ii. In our opinion proper books of accounts as required by law, have been kept by the company so far as it appears from our examination of those books.

iii. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

iv. On the basis of written representations received from the Directors as on 31st March, 2009, and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on the date of Balance Sheet from being appointed as a Director in terms of Clause (g) of Sub-section (1) of Section 274 of The Companies Act, 1956.

v. In our opinion, the Balance Sheet, Profit & 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;

6. In our opinion and to the best of our information and according to the explanations given to us, the said statements read together with the accounting policies and notes thereon attached gives the information as required by the companies act, 1956 in the manner so required and gives a true and fair view in conformity with the Accounting principles generally accepted in India:

i) in the case of Balance Sheet, the State of affairs of the Company as at 31st March, 2009 and

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

iii) In case of Cash flow Statement, the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) DISCLOSURES FOR COMPANIES AUDITORS REPORT ORDER (CARP)

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

1. A)The Company: has generally maintained proper particulars of quantitative details and situation of fixed assets;

B)As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification programme, which in our opinion is reasonable, looking to the size of the Company and nature of its business. According to the information and explanations given to us, discrepancies noticed if any, on physical verification have been adjusted in the books of accounts;

C)During the year, the Company has not disposed off substantial part of the fixed assets so as to effect its going concern;

2. A)As explained to us, inventories have been physically verified during the year by the management;

B)The procedures explained to us, which are followed by the management for physical verification of inventories, are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business;

C)On the basis of our examination of the inventory records of the Company, we are of the opinion that, the Company is maintaining proper records of its inventory. Discrepancies, which were noticed on physical verification of inventory as compared to book records, have been properly dealt with in the books of accounts;

3. According to the information and explanations given to us, the Company has neither taken nor granted any loan, secured or unsecured from / to Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventories, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. In our opinion and according to the information and explanations given to us there are no - transactions made in pursuance of contracts or arrangements, that need to be entered into the register maintained under Section 301 of the Companies Act, 1956;

6. The Company has not accepted deposits from the Public and therefore,, the provisions of Sec 58A and 58AA of the Companies Act, 1956 and Rules thereunder are not applicable to the Company;

7. The Company has no internal audit system;

8. In our opinion and according to the information and explanations given to us, the Company is exempted from maintaining cost records under section 209(l)(d) of the Companies Act, 1956;

9. A)According to the information and explanations given to us, the Company is regular in depositing undisputed statutory dues including Excise Duty, Cess and other statutory dues with appropriate authorities. As explained, the provisions of Provident Fund and Employees State Insurance are not applicable to the Company. There are no arrears of outstanding statutory dues as at the last day of the financial year for a period exceeding six months from the date they became payable.

B)According to the information and explanations given to us, we are of the opinion that there are no dues of sales - tax, Income tax and wealth tax which have not been deposited because of any dispute.

10. In our opinion, the accumulated losses of the Company as at the end of the financial year exceed net worth of the Company. The Company has made cash profits during current financial year under audit and also during financial year immediately preceding it;

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions and banks. The Company has not obtained any borrowings by way of debentures.

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

13. In our opinion, the Company is not a chit fund company or a nidhi / mutual benefit fund / Society. Therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. Based on the records examined by us and according to the information and explanations given to us, we are of the opinion that the Company is not dealing in shares and securities. Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the Company does not have any investments.

15. According to the information-and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

16. According to the information and explanations given to us, the Company has not availed any term loan during the year.

17. According to the information and explanations given to us and on an overall examinations of the balance sheet of the Company, we are of the opinion that the funds raised on short term basis during the year have prima facie not been used for long term investment and vice versa.

18. The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not issued any Debentures during the year, and accordingly, the question of creating security in respect thereof does not arise.

20. The Company has not raised money by any public issues during the year and accordingly, the question of disclosure and verification of end use of such money does not arise.

A the basis of our examination and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For VIMAL C.JAIN & CO Chartered Accountants

Place: Hyderabad. Date : 30.05.2009

(Partner - M No.021421



 
Subscribe now to get personal finance updates in your inbox!