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Auditor Report of Sudev Industries Ltd.

Mar 31, 2013

1. We have audited the attached Balance Sheet of SUDEV INDUSTRIES LIMITED, as at 31st March. 2013 and also the statement of Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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, 2002 issued by the Central Government of India in terms of sub-section 227 of the Companies Act, 1956, we enclose in the annexure (1) a statement on the matters specified in paragraph 4 and 5 of the said order.

Further to our comments in the annexure referred to above, we report that:

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

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

(c) The Balance Sheet dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Balance Sheet of the company comply with the Accounting Standards as referred in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable:

(e) As per information and explanations given to us, none of the directors of the company are disqualified from being appointed as a director under clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to explanations given to us, said accounts, read together with Significant Accounting Policies and Notes forming part of Accounts, 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,

(i) in case of Balance Sheet, of the state of the affairs of the company as at 31st March 2013;and

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

ANNEXURE

STATEMENT REFERRED TO IN PARAGRAHPH ABOVE OF OUR REPORT OF EVEN DATE

1. As informed by the company it does not have any fixed assets and clause 4(ii) a to 4(ii) c of the companies order 2003 are not applicable.

2. As informed by the company it does not have any inventory and such clause 4(ii) a to 4(ii) c of the companies order 2003 are not applicable.

3. We are informed that the company has not taken/ granted any loans, secured or unsecured from 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 adequate internal control procedures commensurate with the size of the company and the nature of the business for the purchase of inventory and fixed assets and for the sale of goods. In our opinion and according to the information and explanations given to us there is no continuing failure to correct major weaknesses in internal control.

5. As explained to us, there has not been any transaction during the year that needs to be entered in the register maintained under section 301 of the companies Act, 1956 and exceeding the monetary limits during the Near in respect of each such party.

6. The company has not accepted any deposits from the public under Section 58A of the Companies Ad. 1956.

7. The company has no formal Audit Department as such except the Audit Committee. However its control procedure ensures reasonable internal checking of its financial and other records.

8. As per information the company is not required to maintained cost records as prescribed by the central Government u/s 209( 1) (d) of companies Act, 1956.

9. According to the records of the company the dues of sales tax, income tax, customs, wealth tax. excise duty less which has not been deposited on account of disputes is pending are as under:-

10. The company has been incurring losses since its commercial production in the year 1996. The assets of the company had however been taken over by U.P.F.C, the financial institution u/s 29 SFC Act, in 1998. The company has however accumulated losses to the tune of Rs.3,48,36,959/- for the financial year 2012- 2013 which is more than 50% of its net worth.

1 1. The company has not granted loans and advances on the loss of security by way of pledge of shares debentures and securities.

12. The company is not a chit fund, nidhi, mutual receipt / society therefore the provisions of clause 4(xii) of the Companies (Auditors Report) Order, 2003 are not applicable.

13. In our opinion the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. The company has not given any guarantee for loans taken by others from banks or financial institution.

15. The company has not raised short term temporary loans during the year.

16. The company has not made any preferential allotment of shares during the year.

17. The company has not issued any debentures during the year.

18. The company has not raised any money from the public during the year.

19. According to the information and explanations given to us, no fraud on or by the company has been noticed during the year.

For Gupta Jalan & Associates

Chartered Accountants

Inder Mohan Singh

Partner

M. No. 087877

Date: New Delhi

Place: 31/08/2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of SUDEV INDUSTRIES LIMITED, as at 31st March, 2012 and also the statement of Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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, 2002 issued by the Central Government of India in terms of sub-section 227 of the Companies Act, 1956, we enclose in the annexure (1) a statement on the matters specified in paragraph 4 and 5 of the said order.

Further to our comments in the annexure referred to above, we report that:

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

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

(c) The Balance Sheet dealt with by this report are in agreement with the books of accounts;

(d) In our opinion, the Balance Sheet of the company comply with the Accounting Standards as referred in Sub-Section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable;

(e) As per information and explanations given to us, none of the directors of the company are disqualified from being appointed as a director under clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956;

(f) In our opinion and to the best of our information and according to explanations given to us, said accounts, read together with Significant Accounting Policies and Notes forming part of Accounts, 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,

(i) in case of Balance Sheet, of the state of the affairs of the company as at 31st March 2012;and

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

ANNEXURE STATEMENT REFERRED TO IN PARAGRAHPH ABOVE OF OUR REPORT OF EVEN DATE

1. Fixed Assets of the company which were taken over by the financial institution UPFC for non- payment of loan were released, and after one time settlement with them the Fixed Asset have been sold to pay for one time settlement. As on 31st March, 2012 there were no Fixed Assets with the company.

2. Inventories of the company which were taken over by the financial investment, UPFC for non- payment of loan were released, and after one time settlement with UPFC have been sold at Residual Value for one time Settlement; as on 31st March, 2012 there was no inventory with the company.

3. We are informed that the company has not taken/ granted any loans, secured or unsecured from 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 adequate internal control procedures commensurate with the size of the company and the nature of the business for the purchase of inventory and fixed assets and for the sale of goods. In our opinion and according to the information and explanations given to us there is no continuing failure to correct major weaknesses in internal control.

5. As explained to us, there has not been any transaction during the year that needs to be entered in the register maintained under section 301 of the companies Act, 1956 and exceeding the monetary limits during the year in respect of each such party.

6. The company has not accepted any deposits from the public under Section 58A of the Companies Act, 1956.

7. The company has no formal Audit Department as such. However its control procedure ensures reasonable internal checking of its financial and other records.

8. As per information the company is not required to maintained cost records as prescribed by the central Government u/s 209(1) (d) of companies Act, 1956.

9. According to the records of the company the dues of Sales Tax, income tax, customs, wealth tax, excise duty less which has not been deposited on account of disputes is pending are as under:-

Name of the statute Name of the dues Amount Forum where dispute is pending Year

Income Tax Act Tax 182 lacs High Court of Delhi 2004-05

Income Tax Act Tax 661408 CIT 2004-05

10. The company has been incurring losses since its comme rcial production in the year 1996. The assets of the company had however been taken over by U.P.F.C., the financial institution u/s 29 SFC

Act, in 1998. The company has however accumulated losses to the tune of Rs.3,44,49,959.02/- for the financial year 2011-2012 which is more than 50% of its net worth.

11. Since the company has defaulted in payment of dues of U.P.F.C., the financial institution of the company, its assets were taken over by U.P.F.C. u/s 29 of SFC Act in 1998.

12. The company has not granted loans and advances on the loss of security by way of pledge of shares debentures and securities.

13. The company is not a chit fund, nidhi, mutual receipt / society therefore the provisions of clause 4(xii) of the Companies (Auditors Report) Order, 2003 are not applicable.

14. In our opinion the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

15. The company has not given any guarantee for loans taken by others from banks or financial institution.

16. The company has raised short term temporary loans during the year.

17. The company has not made any preferential allotment of shares during the year.

18. The company has not issued any debentures during the year.

19. The company has not raised any money from the public during the year.

20. According to the information and explanations given to us, no fraud on or by the company has been noticed during the year.

For Gupta Jalan & Associates

Chartered Accountants

Sd/-

(Inder Mohan Singh)

Partner

M. No. 087877

Date: New Delhi

Place: 12/05/2012


Mar 31, 2011

1.) We have audited the attached Balance Sheet of M/s Sudev Industries Limited, as on 31st March, 2011 and also the profit and loss statement for the year ending 31st March, 2011. The 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 our audit to obtain, reasonable assurance about whether the financial statements are free of any material misstatements, an audit examining on test basis, evidence supporting the amounts and disclosure 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 presentation. We believe that our audit provides a reasonable basis of our opinion.

3.) As required by the Companies (Auditors Report) Order, 2002 issued by the Central Government of India in terms of sub-section 227 of the Companies Act, 1956, we enclose in the annexure (1) a statement on the matters specified in paragraph 4 and 5 of the said order.

Further to our comments in the annexure referred to 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 accounts as required by law have been kept by the company so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received by us. The company does not has any branch as on date.

c) The company''s Balance Sheet and the profit and loss account dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and the profit and loss Account dealt by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On the basis of written representation received from the directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is 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.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

i) in case of the Balance Sheet of the state of affairs of the company as on 31st March, 2011; and

ii) in the case of Profit and loss Account of the profits of the company for the year ended on that date.

ANNEXURE STATEMENT REFERRED TO IN PARAGRAHPH ABOVE OF OUR REPORT OF EVEN DATE

1. The assets of the company including fixed assets have been taken over by the U.P.F.C., the financial institution. No physical verification has been conducted by the management during the year.

2. The assets of the company including the inventories have been taken over by the U.P.F.C, the financial institution. No physical verification has been conducted by the management. Valuations of the inventories have been done as per the books of the company. The net realizable may differ and will affect the profit and loss of the company to that extent.

3. We are informed that the company has not taken/ granted any loans, secured or unsecured from 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 adequate internal control procedures commensurate with the size of the company and the nature of the business for the purchase of inventory and fixed assets and for the sale of goods. In our opinion and according to the information and explanations given to us there is no continuing failure to correct major weaknesses in internal control.

5. As explained to us, there has not been any transaction during the year that needs to be entered in the register maintained under section 301 of the companies Act, 1956 and exceeding the monetary limits during the year in respect of each such party.

6. The company has not accepted any deposits from the public under Section 58A of the Companies Act, 1956.

7. The company has no formal Audit Department as such. However its control procedure ensures reasonable internal checking of its financial and other records.

8. As per information the company is not required to maintained cost records as prescribed by the central Government u/s 209(1) (d) of companies Act, 1956.

9. According to the records of the company the dues of Sales Tax, income tax, customs, wealth tax, excise duty less which has not been deposited on account of disputes is pending are as under:-

10. The company has been incurring losses since its commercial production in the year 1996. The assets of the company had however been taken over by U.P.F.C., the financial institution u/s 29 SFC Act, in 1998. The company has however accumulated losses to the tune of Rs.3,48,81,930.23/- for the financial year 2010-2011 which is more than 50% of its net worth.

11. Since the company has defaulted in payment of dues of U.P.F.C., the financial institution of the company, its assets were taken over by U.P.F.C. u/s 29 of SFC Act in 1998.

12. The company has not granted loans and advances on the loss of security by way of pledge of shares debentures and securities.

13. The company is not a chit fund, nidhi, mutual receipt / society therefore the provisions of clause 4(xii) of the Companies (Auditors Report) Order, 2003 are not applicable.

14. In our opinion the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

15. The company has not given any guarantee for loans taken by others from banks or financial institution.

16. No other loans have been raised during the year.

17. The company has not raised any funds whether short or long term.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures during the year.

20. The company has not raised any money from the public during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed during the year.

For Gupta Jalan & Associates

Chartered Accountants

Sd/-

(Inder Mohan Singh)

Partner M. No. 087877

Date: New Delhi

Place: 27/05/2011


Mar 31, 2010

1.) We have audited the attached Balance Sheet of M/s Sudev Industries Limited, as on 31st March, 2010 and also the profit and loss statement for the year ending 31st March, 2010. The financial Statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2.) We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform our audit to obtain, reasonable assurance about whether the financial statements are free of any material misstatements, an audit examining on test basis, evidence supporting the amounts and disclosure 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 presentation. We believe that our audit provides a reasonable basis of our opinion.

3.) As required by the Companies (Auditors Report) Order, 2002 issued by the Central Government of India in terms of sub-section 227 of the Companies Act, 1956, we enclose in the annexure (1) a statement on the matters specified in paragraph 4 and 5 of the said order.

Further to our comments in the annexure referred to 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 accounts as required by law have been kept by the company so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received by us. The company does not has any branch as on date.

c) The companys Balance Sheet and the profit and loss account dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet and the profit and loss Account dealt by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On the basis of written representation received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31st March, 2010 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India:

i) in case of the Balance Sheet of the state of affairs of the company as on 31st March, 2010; and ii) in the case of Profit and loss Account of the loss of the company for the year ended on that date.

ANNEXURE

STATEMENT REFERRED TO IN PARAGRAHPH ABOVE OF OUR REPORT

OF EVEN DATE

1. The assets of the company including fixed assets have been taken over by the U.P.F.C., the financial institution. No physical verification has been conducted by the management during the year.

2. The assets of the company including the inventories have been taken over by the U.P.F.C, the financial institution. No physical verification has been conducted by the management. Valuations of the inventories have been done as per the books of the company. The net realizable may differ and will affect the profit and loss of the company to that extent.

3. We are informed that the company has not taken/ granted any loans, secured or unsecured from 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 adequate internal control procedures commensurate with the size of the company and the nature of the business for the purchase of inventory and fixed assets and for the sale of goods. In our opinion and according to the information and explanations given to us there is no continuing failure to correct major weaknesses in internal control.

5. As explained to us, there has not been any transaction during the year that needs to be entered in the register maintained under section 301 of the companies Act, 1956 and exceeding during the year to Rs. 5,00,000 or more in respect of each such party.

6. The company has not accepted any deposits from the public under Section 58A of the Companies Act, 1956.

7. The company has no formal Audit Department as such. However its control procedure ensures reasonable internal checking of its financial and other records.

8. As per information the company is not required to maintained cost records as prescribed by the central Government u/s 209(1) (d) of companies Act, 1956.

9. According to the records of the company the dues of Sales Tax, income tax, customs, wealth tax, excise duty less which has not been deposited on account of disputes is pending are as under:-

Name of the Name of the Amount (Rs Forum where dispute is

statute dues in lacs) pending

Income Tax Act Tax 182.00 High Court of Delhi

10. The company has been incurring losses since its commercial production in the year 1996. The assets of the company had however been taken over by U.P.F.C., the financial institution u/s 29 SFC Act, in 1998. The company has however accumulated losses to the tune of Rs. 3,49,16,528.23 for the financial year 2009- 2010 which is more than 50% of its net worth.

11. Since the company has defaulted in payment of dues of U.P.F.C., the financial institution of the company, its assets were taken over by U.P.F.C. u/s 29 of SFC Act in 1998.

12. The company has not granted loans and advances on the loss of security by way of pledge of shares debentures and securities.

13. The company is not a chit fund, nidhi, mutual receipt / society therefore the provisions of clause 4(xii) of the Companies (Auditors Report) Order, 2003 are not applicable.

14. In our opinion the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4 (xii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

15. The company has not given any guarantee for loans taken by others from banks or financial institution.

16. No other loans have been raised during the year.

17. The company has not raised any funds whether short or long term.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures during the year.

20. The company has not raised any money from the public during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed during the year.

For Gupta Jalan & Associates Chartered Accountants

Date: Delhi

Place: 27th May, 2010 Sd/-

(Inder Mohan Singh)

Partner

M. No. 087877


Mar 31, 2009

1.) We have audited the attached Balance Sheet of M/s Sudev Industries Limited, as on 31st March 2009 and also the profit and loss statement for the year ending 31st March 2009. The financial Statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2.) We conducted our audit in accordance with auditing standards

generally accepted in India. Those standards require that we plan and perform our audit to obtain, reasonable assurance about whether the ^ financial statements are free of any material misstatements, an audit examining on test basis, evidence supporting the amounts and disclosure 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 presentation. We believe that our audit provides a reasonable basis of our opinion.

3.) As required by the companies (Auditors Report) Order, 2002 issued by the Central Government of India in term of sub-section 227 of the companies act 1956, we enclose in the annexure (1) a statement on the matters specified in paragraph 4 and 5 of the said order.

Further to our comments in the annexure referred to 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 accounts as required by law have been kept by the company as far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us. The branch Auditors Report(s) have been forwarded to us and have been appropriately dealt with.

c) The companys Balance Sheet and the profit and loss account dealt with by this report are in agreement with the books of account (and with the audited returns from the branches.)

d) In our opinion, the Balance Sheet and the profit and loss Account dealt by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

e) On the basis of written representation 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 is disqualified as at 31st March 2009 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies Act 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the companies Act, 1956 in the manner so required and give true and fair view in the in conformity with the accounting principles generally accepted in India.

i) In case of the Balance Sheet of the state of affairs of the company as on 31st March 2009 and

ii) In the case of Profit and loss Account of the loss of the company for the year ended on that date.

ANNEXURE STATEMENT REFERRED TO IN PARAGRAPH ABOVE OF OUR REPORT OF EVEN DATE

1. The assets of the company including fixed assets has been taken over by U.P.F.C. , the financial institution. No Physical verification has been conducted by the management during the year.

2. The assets of the Company, including inventories has been taken over by U.P. F.C. financial institution No Physical verification has been conducted by the management. Valuation of the inventories has been as per books of the company. The net realizable value may differ and will effect the Profit & Loss of the company to that extent.

3. We are informed that the company has not taken/granted any loans, 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 explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business
5. As explained to us, there has not been any transaction during the year that need to be entered in the register maintained under section 301 of the companies act, 1956 and exceeding during the year to Rs. 5,00,000/- or more in respect of each such party.

6. The company has not accepted any deposits from the public.

7. The company has no formal internal Audit Department as such. How ever it control procedures ensure reasonable internal checking of its financial and other records.

8. As Per information, the company is not required to maintain cost records as prescribed by the central Government U/s 209(1) (d) of the companies act, 1956.

9. According to the records of the company the dues of sales tax , income tax, customs, wealth tax, excise duty less which has not been deposited on account of disputes and the forums where the dispute is pending are as unders:-

Name of the statute Nature of Amount forum where dispute is pending Dues (Rs. In Laces)

Income Tax Act Tay Rs. 182.00 ITAT, New Delhi. (IT AT order is in favour of the company)

10. The companies has been incurring losses since its commercial production in the year 1996.The assets of the company had however been taken dues by UPFC the financial Institutions U/s 29 of SFC Act, in 1998 .The Company however has acuminated to the tunes of Rs. 34910341.98 for financial year 2008-2009. which are more than 50% its net worth.

11. Since the company had defaulted in repayment of dues of UPFC the financial institution of the company its assets were taken over by UPFC U/s 29 of 6FC act in 1998.

12. The company has nor granted loans and advances on the loss of security by way of pledge of shares debentures and the securities.

13. The Company is nor a chit fund nidhi mutual receipt/society, therefore the provisions of clause 4 (xii) the companies ) Auditors Report) under 2003, and our applicable to the company.

14. In our opinion the companys nor dealing in or loading in shares securities debentures and other investments. Accordingly the provisions of clause 4(xii) of the companies (Auditors Report) order 2003, are not applicable to the company.

15. The company has not given any guarantee for loans taken by other from banks or financial institution.

16. No than loan has been raised during the year.

17. The company has not raised any funds whether short term or long term.

18. The company has not made any preferential allotment of shares during the year

19. The company has nor issued any debentures during the year.

20. The company has nor raised any money from public during the year.

21. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

For Gupta Jalan & Associates Chartered Accountants

Date: 31/8/2009

Place:New Delhi

(I.M. SINGH) Partner

 
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