Mar 31, 2014
We have audited the accompanying financial statements of Taparia Tools
Limited (''the Company'') which comprise the balance sheet as at 31 March
2014, the statement of profit and loss and 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
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 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.
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 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.
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 entity''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 for our audit opinion.
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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) 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
1. As required by the Companies (Auditors'' Report) Order, 2003 ("the
Order"), as amended, issued by the Central 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 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 and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditors'' Report
Referred to in Paragraph 1 under the heading of "report on other legal
and regulatory requirements" of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the Management
during the year but there is a phased programme of verification, which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. As informed, no material discrepancies
were noticed on such verification.
(c) During the year, the company has not disposed off any substantial
part of its fixed assets.
(ii) (a) The inventory has been physically verified during the year by
the management, except stock lying with third parties. Confirmations of
such stocks with third parties have been obtained by the Company in
most of the cases. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are 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 and the
discrepancies noticed on verification between the physical stocks and
the book records were not material in relation to the operations of the
Company.
(iii) (a) According to information and explanations given to us the
Company has not granted any loans, secured or unsecured, to the
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) According to information and explanations given to us the Company
has not taken any loans secured or unsecured from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956.
(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 inventory and fixed assets and for the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control system.
(v) According to the information and explanations provided by the
management, we are of the opinion that there are no contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act, 1956. Accordingly, the provisions of
clause 4(v)(b) of the Order are not applicable.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the Public
within the meaning of sections 58A, 58AA or any other relevant
provisions of the Act.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956, and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
(ix) (a) The Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees'' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees'' state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
c) According to the information and explanations given to us, details
of dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty, Octroi Duty and cess which have not been deposited on
account of any dispute are given below:
Nature Financial years Forum where Amount
of dues to which the dispute is (Rs. in
matter pertains pending lakhs)
Octroi 1984, 1985, High Court,
Duty 1986, 1988 Mumbai. 4.91
Income A.Y. 2011-12 Commissioner
Tax (Appeals) 9.20
(x) The company does not have accumulated losses as at the end of the
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution and bank.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a Chit Fund or a Nidhi /
Mutual Benefit Fund / Society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditors'' Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditors'' Report) Order,
2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) The company did not have term loan outstanding during the year.
(xvii) According to the information and explanations given to us, and
on an overall examination of the Balance Sheet and Cash Flows of the
Company, in our opinion no funds raised on short term basis have been
used for long term investment.
(xviii)According to the 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.
(xix) In our opinion and according to the information and explanations
given to us, the company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4 (xix) of the Companies (Auditors'' Report) Order, 2003 are not
applicable to the company.
(xx) During the period covered by our audit report, the company has not
raised any money by Public issues.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management we report that
no fraud on or by the Company has been noticed or reported during the
course of our audit.
For BATLIBOI & PUROHIT
Chartered Accountants
(Firm Reg. No. 101048W)
Kaushal Mehta
Mumbai, Partner
27th May, 2014 (Membership no. 111749)
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Taparia Tools
Limited (''the Company'') which comprise the balance sheet as at 31 March
2013, the statement of profit and loss and 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
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 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.
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 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.
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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) 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
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central 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 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 and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e. On the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in-terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditors'' "Report
The annexure referred to in our report to the members of Taparia Tools
Limited (''the Company'') for the year ended 31 March 2013.
(i). (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the Management
during the year but there is a phased programme of verification, which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. As informed, no material discrepancies
were noticed on such verification.
(c) During the year, the company has not disposed off any substantial
part of its fixed assets.
(ii) (a) The inventory has been physically verified during the year by
the management, except stock lying with third parties. Confirmations of
such stocks with third parties have been obtained by the Company in
most of the cases. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are 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 and the
discrepancies noticed on verification between the physical stocks and
the book records were not material in relation to the operations of the
Company.
(iii) (a) According to information and explanations given to us the
Company has not granted any loans, secured or unsecured, to the
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) According to information and explanations given to us the Company
has not taken any loans secured or unsecured from companies, firms or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956.
(iv) In our 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 inventory and fixed assets and for the
sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) According to the information and explanations provided by the
management, we are of the opinion that there are no contracts or
arrangements that need to be entered into the register maintained under
section 301 of the Companies Act, 1956. Accordingly, the provisions of
clause 4(v)(b) of the Order are not applicable.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the Public
with in the meaning of sections 58A, 58AA or any other relevant
provisions of the Act.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii)We have broadly reviewed the books of account maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(l)(d) of the Companies
Act, 1956, and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
(ix) (a) The Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees'' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees'' state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
c) According to the information and explanations given to us, details
of dues of sales tax, income tax, customs duty, wealth tax, service tax
excise duty, Octroi Duty and cess which have not been deposited on
account of any dispute are given below:
Nature Financial years Forum where Amount
of dues to which the dispute is (tin
matter pertains pending lakhs)
Octroi 1984,1985, High Court,
Duty 1986,1988 Mumbai. 4.91
Income A.Y. 2010-11 Commissioner
Tax (Appeals) 1.17
(x) The company does not have accumulated loses as at the end of the
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution and bank.
(xii) The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a Chit Fund or a Nidhi /
Mutual Benefit Fund / Society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) Based on the information and explanations given to us, term loans
have been applied for the purpose for which they were raised.
(xvii) According to the information and explanations given to us, and
on an overall examination of the Balance Sheet and Cash Flows of the
Company, in our opinion no funds raised on short term basis have been
used for long term investment.
(xviii) According to the 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.
(xix) In our opinion and according to the information and explanations
given to us, the company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4 (xix) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xx) During the period covered by our audit report, the company has not
raised any money by Public issues.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management we report that
no fraud on or by the Company has been noticed or reported during the
course of our audit.
For BATLIBOI & PUROHIT
Chartered Accountants
(Firm Reg. No. 101048W)
Kaushal Mehta
Mumbai, Partner
30th May, 2013 (Membership no. 111749)
Mar 31, 2010
1. We have audited the attached Balance Sheet of Taparia Tools Limited
[the Company] as at 31st March 2010, the Profit & Loss Account and
also the Cash Flow Statement 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 statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by Companies (Auditors Report] order,2003 (as amended]
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 paragraphs 4 & 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph
(3) above, we report that:
[a] We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
[b] In our opinion, proper books of account as required by law, have
been kept by the Company so far as appears from our examination of
those books;
[c] The Balance Sheet, Profit and Loss account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
[d] In our opinion, the Balance Sheet, the Profit and 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;
[e] On the basis of the written representations received from directors
as on 31a March, 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31 ** 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; and
[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
a true and fair view in conformity with accounting principles generally
accepted In India;
[i] In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
ii] In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii] In the case of Cash Flow Statement, of the cash flow of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
[Referred to in Paragraph 3 of our report of even date)
[i] (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
[b] All the assets have not been physically verified by the Management
during the year but there is a phased programme of verification, which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. As informed, no material discrepancies
were noticed on such verification.
[c] During the year, the company has not disposed off any substantial
part of its fixed assets.
[ii] (a) The inventory has been physically verified during the year by
the management, except stock lying with third parties. Confirmations of
such stocks with third parties have been obtained by the Company in
most of the cases. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are 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 and the
discrepancies noticed on verification between the physical stocks and
the book records were not material in relation to the operations of the
Company.
[iii] [a] According to information and explanations given to us the
Company has not granted any loans, secured or unsecured, to the
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Hence, clause (iii) (b),
(c) and (d) of the Companies (Auditors Report] Order, 2003, are not
applicable.
(b) According to information and explanations given to us the Company
has taken loans from four parties covered in the register maintained
under section 301 of the Companies Act, 1956. The maximum amount
involved during the year was 9.67 crores and the year-end balance of
loans taken from such parties was Rs. Nil.
(c) In our opinion and according to the .information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
(d) In respect of loans taken, repayment of the principal amount is as
stipulated and payment of interest has been regular.
(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 inventory and fixed assets and for the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal control system.
(v) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section.
In our opinion and according to the information and explanations given
to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees five lakhs have been entered
into during the financial year at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
[vi] In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the Public
with in the meaning of sections 58A, 58AA or any other relevant
provisions of the Act.
[vii] In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
[d] of sub-section (1) of section 209 of the Companies Act, 1956 for
the products of the Company.
(ix) [a] The Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
[b] According to the information and explanations given to us, details
of dues of sales tax, income tax, customs duty, wealth tax, service tax
excise duty, Octroi Duty and cess which have not been deposited on
account of any dispute are given below:
Name of Financial years Forum where Amount
statute to which the dispute is [Rupees
matter pertains pending in lakhs)
Octroi 1984, 1985, High Court, 4.23
Duty 1986 Mumbai.
Octroi 1984,1985, High Court,
Duty 1988 Mumbai. 0.68
[x] The company does not have accumulated loses as at the end of the
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
[xi] In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution and bank.
[xii] The Company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a Chit Fund or a Nidhi /
Mutual Benefit Fund / Society. Therefore, the provisions of clause 4
[xiii] of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
[xiv] In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies [Auditors Report) Order,
2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by others from banks
or financial institutions.
[xvi] Based on the information and explanations given to us, no term
loans have been taken by the Company.
(xvii) According to the information and explanations given to us, and
on an overall examination of the Balance Sheet and Cash Flows of the
Company, in our opinion no funds raised on short term basis have been
used for long term investment.
[xviii] According to the 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.
(xix) In our opinion and according to the information and explanations
given to us, the company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4 (xix) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(xx) During the period covered by our audit report, the company has not
raised any money by Public issues.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management we report that
no fraud on or by the Company has been noticed or reported during the
course of our audit.
For BATLIBOI & PUROHIT
Chartered Accountants
Firm Reg. No. 101048W
K.A. Mehta
Mumbai, Partner
13th August, 2010 Membership no. 111749