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Auditor Report of United Leasing & Industries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of UNITED LEASING & INDUSTRIES LIMITED ("the company"), which comprise the Balance Sheet as at 31st March 20l5,the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the 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 with respect to 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 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 mis-statement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing 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 there as on 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 stand alone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the afore said 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, of the state of affairs of the Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

As per Schedule - II of the companies act 2013 company shall recognize the carrying value in the opening balance of retained earnings where the remaining useful life of an asset is nil. Company is having negative opening retained earnings amounting of Rs.1,06,33,599/- , which has further been increased by asset balances to be written off as per Schedule- II of companies act , 2013 amounting of Rs.21,114,410/- and loss during the year by Rs 7,554,583/-, resulting into negative retained earnings of Rs 39,302,592/-. Our opinion is not qualified /modified in respect of 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 section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Sectionl43 (3) of the Act, we report that:

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the afore said 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 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 Rulell of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

The Annexure referred to in paragraph 1 of Report on Other Legal and Regulatory Requirements of our Report of even date to the members of UNITED LEASING & INDUSTRIES 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:

(i) (a) According to information and explanation provided to us, the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

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

(ii) The company does not have any inventory .accordingly the provision of the order not applicable

(iii) The Company has not granted loans, secured or unsecured, to companies, firms or other parties listed in the Register maintained under Section 189 of the Companies Act, 2013 and hence clauses (a) and (b) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items sold are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in the aforesaid internal control system.

v) In our opinion and information and explanation given to us the company has accepted deposits from the members of the company in previous years. The company has renewed certain deposits amounting to Rs 57,07,227/-during the year, but certain procedural guidelines as mentioned in the section 73 of the company's act 2013 and rules framed there under has not been followed.

(vi) According to the information and explanations given to us the Companies (Cost Records and Audit) Rules, 2014, prescribed by the Central Government under Section 148 (1) of the Companies Act, 2013 are not applicable to the Company

(vii) According to the information and explanation given to us and records of the company examined by us:

(a) The company regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees' State Insurance, Income-tax, Sales Tax,Wealth Tax, Service Tax, Duty of Customs, Duty of Excise,Value Added Tax, Cess and other material statutory dues in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable

(c) There were no amounts payable in respect of Wealth Tax, Duty of Customs, Income-tax, Service Tax, Duty of Excise and Cess and other material statutory dues in arrears as at 31st March, 2015 which have not been deposited as on 31st March, 2015 on account of disputes.

(d) According to the information and explanation given to us and the record of the company ;the company is not required to transfer to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) .

(viii) The company has accumulated losses at the end of financial year which is more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by the audit and in immediately preceding financial year.

(ix) According to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank .

(x) According to the information and explanations given to us the company has not given any guarantee for loans taken by others from bank or financial Institutions.

(xi) In our opinion and according to the information and explanations given to us, the Company has not obtained any term loan during the year and hence the question of commenting on the application thereof does not arise.

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

JP CHAWLA & COMPANY Chartered Accountants Firm Regn No. 001875N

Sd/- J.P.CHAWLA ( Partner) Membership No. 015488 Place: New Delhi Dated: 26th May 2015




Mar 31, 2014

We have audited the accompanying financial statements of UNITED LEASING AND INDUSTRIES LIMITED, ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and 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 notified under the Companies Act, 1956 ("the Act") which continue to be applicable in respect of section 133 of the Companies Act, 2013 in terms of general circular 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.

Auditor''s 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:

(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 year ended on that date.

(c) In the case of 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'') 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 theAct, 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;

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 the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013.

e. On the basis of written representations received from the directors as on March 31, 2014, and taken on record by 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) of sub-section (1) of section 274 of the Companies Act, 1956.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, in the opinion of the Company, no cess is due and payable by the Company.

ANNEXURE-A

REFERRED TO IN PARAGRAPH 1 ON "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS "FORMING PART OF INDEPENDENT AUDITOR''S REPORT TO THE MEMBERS OF UNITED LEASING AND INDUSTRIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31,2014

1. In respect of fixed assets

a. According to information and explanations provided to us, the company has maintained the records to show full particulars including quantitative details and situation of fixed assets.

b. As explained to us, the fixed assets have been physically verified by the management during the year. In our opinion the frequency of verification is reasonable having regard to the size of the company and the nature of its assets. Leased fixed assets have been abandoned with the lessee and are therefore, not physically verifiable

c. In our opinion, the Company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

2 The Company does not have any inventory. Accordingly, the provisions of paragraph 4 clause (iii) of the Order are not applicable

3. a. 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 requirements of Clauses iii (b), iii(c) and iii (d) of paragraph 4 of the Order are not applicable.

b. The Company has taken loans from parties covered in the register maintained under Section 301 of the Companies Act, 1956.The maximum amount outstanding at any time during the year aggregated to Rs.1,69,00,000/- and the balance outstanding at year end is Rs. 1,69,00,000/-.

c. In absence of any written agreement between the parties and the company, we are unable to comment on the provisions of clause iii (f) and clause iii (g) of paragraph 4 of the Order

4. As the company has not purchased any inventory, and made any sale of goods during the year so question of adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory and with regard to sale of goods and correctness of major weakness of the same does not arise. In case of fixed assets there are adequate internal control systems commensurate with the size of the Company and the nature of its business.

5. a. In our opinion and Based on the examination of the books of account and related records and according to the information and explanations provided to us, the transactions made in pursuance of contracts or arrangements, that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the records examined by us, the company has accepted deposits from the public within the meaning of section 58A and section 58AA or any other provisions of the Act and the Companies (Acceptance of Deposits)Rules, 1975 with regard to the deposit accepted from the public. No order has been passed by the Company Law Board or National Company LawTribunal or Reserve Bank of India or any Court or any other Tribunal.

7. In our opinion the Company has an adequate internal audit system commensurate with the size of the Company and nature of its business.

8. As reported by the management cost records prescribed under section 209(1) (d) of the Companies Act 1956 is not applicable to the company.

9. According to the information and explanations given to us and the records of the Company examined by us:

a. The Company is generally regular in depositing with appropriate authorities its undisputed statutory dues within the prescribed time with the appropriate authorities during the year.There was no dues on account of Cess under section 44IA of the companies Act, 1956 since the aforesaid section has not yet been made effective by the Central Government. no undisputed amounts payable in respect of statutory dues were in arrears as the March 31,2014 for a period of more than six months from the dates they become payable, wherever applicable. b. According to the information and explanations given to us, There are no statutory dues pending which have not been deposited on account of any dispute, wherever applicable.

10. The Accumulated losses of the company at the end of financial year are not more than 50% of the Net Worth of the company. The Company has incurred cash losses during the financial year covered by the audit and in immediately preceding financial year.

11. Based on the examination of the books of account and related records and according to the information and explanations provided to us, the Company has not defaulted in repayment of dues to the financial institutions and banks.

12. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund /nidhi/ mutual fund /society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the company.

14. In our opinion and according to the explanations given to us and based on the information available the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause (xiv) of paragraph 4 of the Order are not applicable to the Company.

15. In our opinion and according to the explanations given to us and based on the information available, the company has not given guarantees for loan taken by others from banks or financial institutions. Accordingly the provisions of clause (xv) of paragraph 4 of the Order are not applicable to the Company.

16. According to the information and explanations given to us and the records of the Company examined by us, the company has not obtained any fresh term loans during the year.

17. According to the information and explanations given to us, and on an overall examination of the balance sheet of the Company, funds raised on short-term basis have prima facie, not been utilised for long term investment.

18. The Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the companies act, 1956.Accordingly the provisions of clause (xviii) of paragraph 4 of the Order are not applicable to the Company.

19. In our opinion and according to the explanations given to us and based on the information available the company has not raised any monies by way of debenture issues during the year.Accordingly the provisions of clause (xix) of paragraph 4 of the Order are not applicable to the Company.

20. In our opinion and according to the explanations given to us and based on the information available the company has not raised any monies by way of public issues during the year.

21. In our opinion and according to the explanations given to us and based on the information available, no fraud on or by the Company has been noticed or reported during the year.

J P CHAWLA & COMPANY Chartered Accountants FRN: 001875N

Sd/- Place: New Delhi J P CHAWLA Date: 27.05.2014 (PARTNER) Membership Number: 015488


Mar 31, 2011

We have audited the attached Balance Sheet of UNITED LEASING & INDUSTRIES LTD. as at 31st March,2011 and also the Profit & 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 report

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.

As required by the companies (Auditors Report) Order, 2003, issued by Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956. We enclose in the Annexure as statement on the matter specified in paragraphs 4 of said order.

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

i) We have obtained all the information and explanations, which to the best or 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 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) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the mandatory Accounting Standards referred to in Section (3c) of section 211 of the Companies Act 1956 to the extent applicable;

v) On the basis of written representations 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 on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (I) of section 274 of the Companies Act 1956;

vi) 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 the accounting principles generally accepted in India: -

a) In the case of Balance Sheet of the state of affairs of the company as at 31st March, 2011 ;and

b) In the case of the Profit & Loss Account of the Loss for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.

(c) Leased fixed assets have been abandoned with the lessees and are .therefore, not physically verifiable.

(d) No parts of fixed assets have been disposed off during the year.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management

(b) The procedures of physical verification of inventory 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 no material discrepancies were noticed on physical verification.

(iii) The company has not granted unsecured loans to parties covered in the register maintained under section 301 of the Act

(iv) The company has accepted unsecured loans from companies, firms & other parties covered in the register maintained under section 301 of the Act The maximum amount of loans involved during the year was Rs. 1,73,50,000/= from one party and the year end balance of loans taken from such party was Rs. 1,73,50,000/=.

(v) 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 its business, for the purchase of inventory and fixed assets and for the sale of goods.

(vi) (a) On the basis of the information and explanations given to us by the management in our opinion the transactions that need to be entered into the register in pursuance of section 301 of the Act has been so entered. However in reaching our opinion we rely upon the certificate issued by the Company Secretary regarding the completeness of the registers required to be maintained under section 301 of the act

(b) In our opinion each of these transactions has been made at prices, which are reasonable, having regard to the prevailing market prices at the relevant time.

(vii) In our opinion and according to the information and explanations given to us the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the rules framed there under, where applicable, have been complied by the company.

(viii) In our opinion and according to the information and explanations given to us the company has an internal audit system that commensurate with its size and nature of its business.

(ix) As reported by the management no cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act

(x) Undisputed statutory dues including provident fund, employee state insurance fund, income tax, sales tax and other statutory dues have generally been regularly deposited with the appropriate authorities.

(xi) As reported by the management and the information provided to us there is no statutory dues payable against which a dispute is pending.

(xii) The Company does not have any accumulated losses.The Company has earned cash profit of Rs.3,62,747/= during the financial year covered by our audit and also in the immediately preceding financial year Rs. 10,02,862/= cash profit was earned.

(xiii) No, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

(xiv) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities during the year of audit.

(xv) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provisions of Paragraph 4 (xiii) of the Companies (Auditor's Reports) order, 2003 are not applicable to the Company.

(xvi) Proper records have been maintained by the Company of the transactions and contracts with timely entries have been made therein in regard to dealing or trading in shares, securities, debentures and other investment and the shares, securities, debentures and other securities held by the company are in its own name.

(xvii) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions during the year.

(xviii) The Company has not taken any term loans during the year of audit.

(xix) In our opinion and according to the information and explanations given to us no funds raised on short-term basis have been used for long-term investment and vice-versa.

(xx) The company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under section 301 of the Act.

(xxi) The Company has not issued any debentures & therefore this Clause is not applicable to the Company.

(xxii) During the period covered by our Audit report the Company has not raised any money by Public issue.

(xxiii) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For VARAD KHANNA (Chartered Accountants)

Sd/- VaradKhanna[F.C.A] Proprietor Membership No. 090918

Place : New Delhi Date : May 27,2011


Mar 31, 2010

We have audited the attached Balance Sheet of M/S UNITED LEASING & INDUSTRIES LTD.as at 31st March 2010 and also the Profit & Loss Account 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 report.

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.

As required by the companies (Auditors Report) Order,2003, issued by Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956.We enclose in theAnnexure as statement on the matter specified in paragraphs 4 of said order.

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

i) We have obtained all the information and explanations, which to the best or 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 appears from our examination of those books;

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

iv) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the mandatory Accounting Standards referred to in Section (3c) of section 211 of the CompaniesAct, 1956 to the extent applicable;

v) On the basis of written representations received from the directors, as on 31 * 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 (I) of section 274 of the CompaniesAct, 1956;

vi) 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 CompaniesAct, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: -

a) In the case of Balance Sheet of the state of affairs of the company as at 31st March 2010;and

b) In the case of the Profit & Loss Account, of the loss for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.

(c) Leased fixed assets have been abandoned with the lessees and are therefore, not physically verifiable.

(d) No parts of fixed assets have been disposed off during the year.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

(b) The procedures of physical verification of inventory 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 no material discrepancies were noticed on physical verification.

(iii) The company has not granted unsecured loans to parties covered in the register maintained under section 301 of the Act.

(iv) The company has accepted unsecured loans from companies, firms & other parties covered in the register maintained under section 301 of theAct.The maximum amount of loans involved during the year was Rs. 18250000/- from one party and the year end balance of loans taken from such party was Rs. 17350000/-.

(v) 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 its business, for the purchase of inventory and fixed assets and for the sale of goods.

(vi) (a) On the basis of the information and explanations given to us by the management in our opinion the transactions that need to be entered into the register in pursuance of section 301 of the Act has been so entered. However in reaching our opinion we rely upon the certificate issued by the Company Secretary regarding the completeness of the registers required to be maintained under section 301 of the act. (b) In our opinion each of these transactions has been made at prices, which are reasonable, having regard to the prevailing market prices at the relevant time.

(vii) In our opinion and according to the information and explanations given to us the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of theAct and the rules framed there under, where applicable, have been complied by the company.

(viii) In our opinion and according to the information and explanations given to us the company has an internal audit system that commensurate with its size and nature of its business.

(ix) As reported by the management no cost records has been prescribed by the Central Government under clause (d) of sub- section (I) of section 209 of the Act.

(x) Undisputed statutory dues including provident fund, employee state insurance fund, income tax, sales tax and other statutory dues have generally been regularly deposited with the appropriate authorities.

(xi) As reported by the management and the information provided to us there is no statutory dues payable against which a dispute is pending.

(xii) The Company does not have any accumulated losses.The Company has earned cash profit of Rs. 1002862/- during the financial year covered by our audit and also in the immediately preceding financial year Rs. 690667/- cash profit was earned.

(xiii) No, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

(xiv) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities during the year of audit.

(xv) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund / society.Therefore, the provisions of Paragraph 4 (xiii) of the Companies (Auditors Reports) order,2003 are not applicable to the Company.

(xvi) Proper records have been maintained by the Company of the transactions and contracts with timely entries have been made therein in regard to dealing or trading in shares, securities, debentures and other investment and the shares, securities, debentures and other securities held by the company are in its own name.

(xvii) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions during the year.

(xviii) The Company has not taken any term loans during the year of audit.

(xix) In our opinion and according to the information and explanations given to us no funds raised on short-term basis have been used for long-term investment and vice-versa.

(xx) The company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under section 301 of theAct.

(xxi) The Company has not issued any debentures & therefore this Clause is not applicable to the Company.

(xxii) During the period covered by our Audit report the Company has not raised any money by Public issue.

(xxiii) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



FORR.S.AHUJA&CO. Chartered Accountants

Sd/- (R.S. Ahuja) Place: New Delhi Partner

Date : 27/05/2010 Membership No. 081627




Mar 31, 2005

We have audited the attached Balance Sheet of M/S UNITED LEASING A INDUSTRIES LTD.as at 31 st March 2005 and also the Profit & Loss Account 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 o ur report.

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 providesa reasonable basis for our opinion.

As required by the companies (Auditors Report) Order, 2003, issued by Central Government of India in terms of Sub Section (4A) ofSection227ofthe Companies Act 1956.We enclose in the Annexure as statement on the matter specified in paragraphs 4 of said order.

Further to our comments in theAnnexure referred to above, we report that

i) We have obtained all the information and explanations, wNch 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 appears from our examination of those books;

iii) The Balance Sheet and Profit& LossAccount dealt with by this report are in agreement with the books of accounts;

iv) In our opinion, the Balance Sheet and the Profit & LossAccount comply with the mandatory Accounting Standards referred to in Section (3c) of section 211 of the CompaniesAct 1956 to the extent applicable;

v) On the basis of written representations received from the directors.as on 31 st March 2005,and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March 2005 from being appointed as a director in terms of clause (g) of sub-section (I) of section 274 of the CompaniesAct 1956;

vi) 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 the accounting principles generally accepted in India: -

a) In the case of Balance Sheetof the. state of affairs of the company as at 31 st March 2005;and

b) In the case of the Profit & LossAccountof the profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE.

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.

(c) No substantial parts of fixed assets have been disposed off during the year.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management

(b) The procedures of physical verification of inventory 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 no material discrepancies were noticed on physical verification.

(iii) The company has granted secured loans and accepted unsecured loans from companies, firms or other parties covered in the register maintained under section 301 of the Act. The maximum amount of loans granted is Rs 1316000/- to one party and loans accepted is Rs. 6209045/- from 7 parties.

The interest paid is not prejudicial to the interests of the company, however interest will be charged on loans given after completion of three months of disbursement as per loan terms.

(iv) 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 its business, for the purchase of inventory and fixed assets and for the sale of goods.

(v) (a) On the basis of the information and explanations given to us by the management, in our opinion the transactions that need to be entered into the register in pursuance of section 301 of the Act have been so entered. However in reaching our opinion we rely upon the certificate issued by the Company Secretary regarding the completeness of the registers required to be maintained under section 301 of theAct.

(b) In our opinion each of these transactions has been made 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 directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the rules framed there under, where applicable, have been complied by the company.

(vii) In our opinion and according to the information and explanations given to us the company has an internal audit system that commensurate with its size and nature of its business.

(viii) As reported by the management no cost records has been prescribed by the Central Government under clause (d) of sub-section (I) of section 209oftheAct

(ix) Undisputed statutory dues including provident fund, employee state insurance fund, income tax, sales tax and other statutory dues have generally been regularly deposited with the appropriate authorities though there has been a slight delay in depositingTDS in a few cases.

(x) As reported by the management and the information provided to us there is no statutory dues payable against which a dispute is pending.

(xi) The Company does not have any accumulated losses.The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xii) No, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders.

(xiii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities during the year of audit

(xiv) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund / society.Therefore, the provisions of Paragraph 4 (xiii) of the Companies (Auditors Reports) order, 2003 are notapplicable to the Company.

(xv) Proper records have been maintained by the Company of the transactions and contracts with timely entries have been made therein in regard to dealing or trading in shares, securities, debentures and other investment and the shares, securities, debentures and other securities held by the company are in its own name.

(xvi) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions during the year.

(xvii) The Company has not taken any term loans during the year of audit

(xiii) In our opinion and according to the information and explanations given to us no funds raised on short-term basis have been used for long-term investmentand vice-versa.

(xix) The company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under section 301 of theAct.

(xx) The Company has not issued any debentures & therefore this Clause is not applicable to the Company

(xxi) During the period covered by our Audit report the Company has not raised any money by Public issue.

(xxii) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For R.S-Ahuja & Co

Chartered Accountants,

(R.S.Ahuja)

Partner.




Mar 31, 2004

We have audited the attached Balance Sheet of M/S UNITED LEASING & INDUSTRIES LTD. as at 31st March 2004 and also the Profit & Loss Account 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 report.

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.

As required by the companies (Auditors Report) Order, 2003, issued by Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956. We enclose in the Annexure as statement on the matter specified in paragraphs 4 of said order.

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

i) We have obtained ail the information and explanations, which to the best or 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 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) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the mandatory Accounting Standards referred to in Section (3c) of section 211 of the Companies Act, 1956 to the extent applicable;

v) On the basis of written representations received from the directors, as on 31st March 2004, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2004 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

vi) 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 the accounting principles generally accepted in India: -

a) In the case of Balance Sheet of the state of affairs of the company as at 31st March 2004; and

b) In the case of the Profit & Loss Account, of the profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE.

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification. No substantial part of fixed assets have been disposed off during the year.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management.

(b) The procedures of physical verification of inventory followed by the- management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The companies is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) (a) The company has taken loans from companies, firms or other parties covered in the register maintained under section 301 of the Act.

Number of parties : 3

Amount involved : Rs. 156636

(b) The rate of interest and other terms and conditions of loans taken by the company, are prima facie not prejudicial to the interest of the company. The payment of the principal amount and interest are regular.

(iv) 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 its business, for the purchase of inventory and fixed assets and for the sale of goods.

(v) In our opinion the transactions that need to be entered into a register in pursuance of section 301 of the Act have been so entered. In our opinion each of these transactions have been made 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 directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA of the Act and the rules framed there under, where applicable, have been complied by the company.

(vii) In our opinion and according to the information and explanations given to us the company has an internal audit system commensurate with its size and nature of its business.

(viii) As reported by the management no cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

(ix) The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax,Sales-tax, Wealth Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities.

(x) The Company does not have any accumulated losses. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) The Company has no dues to a financial institution or bank or debenture holders.

(xii) The Company has not granted 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 Paragraphs (xiii) of the Companies (Auditors Reports) order, 2003 are not applicable to the Company.

(xiv) Proper records have been maintained by the Company of the transactions and contracts with timely entries have been made therein in regard to dealing or trading in shares, securities, debentures and other investment and the shares, securities, debentures and other securities held by the company are in its own name.

(xv) In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions during the year.

(xvi) The Company has not taken any term loans.

(xvii) In our opinion and according to the information and explanations given to us no funds raised on short-term basis have been used for long-term investment and vice versa.

(xviii) The company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained under section 301 of the Act.

(xix) The Company has not issued any debentures & therefore this Clause is not applicable to the Company.

(xx) During the period covered by our Audit report the Company has not raised any money by Public issue.

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For R.S. AHUJA & CO. Chartered Accountants

Sd/- (R.S. Ahuja) Partner

Place: New Delhi Date : 25.06.2004


Mar 31, 2003

We have audited the attached Balance Sheet of UNITED LEASING & INDUSTRIES LTD., as at 31.03.2003 and also the Profit and Loss Account 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards required 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.

As required by the Manufacturing and other Companies (Auditors Report) order, 1988 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclosed in the Annexure a statement on the matters specified in paragraphs 4 & 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;

c.) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account;

d.) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in section 211 (3c) of Section 211 of the Companies Act, 1956;

e.) On the basis of written representations received from the directors, as on 31.03.2003 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March, 2003 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 best of our information and according to the explanations given to us, the 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;

1) In the case of the Balance Sheet of the statement of affairs of the company as at 31.03.2003.

2) In the case of Profit & Loss Account of the Profit for the year ended on that Date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets. The management has certified that physical verification of major portion of fixed assets has been conducted during the year and no discrepancy was noticed on such verification.

2. None of the Fixed Asset have been revalued during the year.

3. The interval of physical verification of the finished goods, stores, spare parts and raw material in our opinion is reasonable.

4. The procedure of physical verification of stock are reasonable and adequate considering the nature of the business.

5. It was reported that there were no material discrepancies noticed on such verifications.

6. Valuation of stock is proper and in accordance with the normally accepted accounting principles and is on the same basis as in the previous year.

7. As per the information given the Company has taken loans from Companies and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The interest rate and other terms and conditions are prima facie not prejudicial to the interest of the Company.

8. As per the information given the Company has given loans and advances to the Companies and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The rate of interest and other terms and conditions are prima facie not prejudicial to the interest of the Company.

9. Considering the nature and the size of the business of the Company in our opinion, the parties to whom loans and advances have been given are regular in repayment of the principal installment and interest generally and wherever there is overdue, reasonable steps have been taken for the recovery of the same.

10. 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 nature of its business with regard to the purchase of stores, raw materials, plant & machinery, equipment and other assets and for sale of goods.

11. The transaction of purchase of goods and materials and sale of goods. Material and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs.50,000/- or more in respect of each party, are made at prices which are reasonable.

12. The unserviceable or damaged stores, raw materials or finished goods are provide in books of accounts.

13. In our opinion and according to the information and explanations given the Company has complied with the directions issued by Reserve Bank of India (RBI) and the provisions of Section 58A of the Companies Act, 1956 and the Rules framed there under with regards to deposits accepted from public.

14. The company has no by products / scraps for the year under audit.

15. The Company has proper internal audit system, commensurate with size and nature of its business.

16. As reported by the management the maintenance of cost record has not been prescribed for the company.

17. Employees State Insurance & Provident Fund dues have been generally deposited with appropriate authorities within due dates.

18. In our opinion there is no undisputed amounts payable as on the last day of year in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty & Excise Duty which is outstanding for a period more than six months.

19. In our opinion and according to the information and explanations given to us, personal expenses have not been charged to revenue account.

20. According to Clause (O) of Sub Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 the Company is not a Sick Industrial Company.

21. The provision of special statutes applicable to Chit, Nidhi or Mutual benefit companies are not applicable to the Company.

22. The Company has maintained proper records of transactions and contracts of dealing with or Trading in shares, securities, debentures and other investments.

FOR R.S. AHUJA & COMPANY CHARTERED ACCOUNTANTS

Sd/- (RAJAN MALIK) Partner

PLACE : New Delhi DATE : June 26th, 2003


Mar 31, 2002

We have audited the attached Balance Sheet of M/s UNITED LEASING & INDUSTRIES LTD., as at 31.03.2002 and also the Profit and Loss Account 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards required 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.

As required by the Manufacturing and other Companies (Auditors Report) order, 1988 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclosed in the Annexure a statement on the matters specified in paragraphs 4 & 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 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 and Profit & Losses Account dealt with by this report are in agreement with the books of account;

d. In our opinion, the Balance sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub section (3c) of Section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31.03.2002 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31.03.2002 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 re- quired and give a true and fair view in conformity with the accounting principles generally accepted in India;

1. In the case of the Balance Sheet of the statement of affairs of the company as at 31.03.2002 and

2. In the case of profit & loss account of the loss for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records to show full particulars including quantitative details and situation of its fixed assets. The management has certified that physical verification of major portion of fixed assets has been conducted during the year and no discrepancy was noticed on such verification.

2. None of the fixed assets have been revalued during the year.

3. The interval of physical verification of the finished goods, stores, spares parts and raw material in our opinion is reasonable

4. The procedure of physical verification of stock are reasonable and adequate considering the nature of the business.

5. It was reported that there were no material discrepancies noticed on such verifications.

6. Valuation of stock is proper and in accordance with the normally accepted accounting principles and is on the same basis as in the previous year.

7. As per the information given the Company has taken loans from Companies, and. other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The interest rate and other terms and conditions are prima facie not prejudicial to the interest of the Company.

8. As per the information given the Company has given loans and advances to the Companies and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The rate of interest and other terms and conditions are prima facie not prejudicial to the interest of the Company.

9. Considering the nature and the size of the business of the Company in our opinion, the parties to whom loans and advances have been given are regular in repayment of the principal installment and interest generally and wherever there is overdue, reasonable steps have been taken for the recovery of the same.

10. 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 nature of its business with regard to the purchase of stores, raw materials, plant & machinery, equipment and other assets and for sale of goods.

11. The transaction of purchase of goods and materials and sale of goods, material and services made in pursuance of contracts of arrangements entered in the register maintained under Section 301 of the Companies, act, 1956 and aggregating during the year to Rs.50,000/- or more in respect of each party, are made at prices which are reasonable.

12. The unserviceable or damaged stores, raw materials or finished goods are provide in books of accounts.

13. In our opinion and according to the information and explanations given the Company has complied with the directions issued by Reserve Bank of India (R.B.I.) and the provisions of Section 58A of the Companies Act 1956 and the Rules frame there under with regards to deposits accepted from public.

14. The company has no by products / scarps for the year under audit.

15. The Company has proper internal audit systems, commensurate with size and nature of its business.

16. As reported by the management the maintenance of cost record has not been prescribed for the company.

17. Employees State Insurance & Provident Fund dues have been generally deposited with appropriate authorities within due dates.

18. In our opinion there is no undisputed amounts payable as on the last day of year in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty & Excise Duty which is outstanding for a period more than six months.

19. In our opinion and according to the information and explanations given to us, personal expenses have not been charged to revenue account.

20. According to Clause (O) of Sub Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 the Company is not a sick industrial Company.

21. The provision of special statutes applicable to Chit, Nidhi or Mutual benefit companies are not applicable to the Company.

22. The Company has maintained proper records of transactions and contracts of dealing with or trading in shares, securities, debentures and other investments.

As Per Our Report of Even Date Attached FOR R.S. AHUJA & COMPANY CHARTERED ACCOUNTANTS

Sd/- (RAJAN MALIK) Partner

PLACE : New Delhi DATE : July 29, 2002


Mar 31, 2001

We have audited the attached Balance Sheet of United Leasing & Industries Limited as at 31st March, 2001 and also the Profit and Loss Account of the Company for the year ending on 31st March, 2001 annexed thereto and report that:

1. As required by the Manufacturing and other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure, a statement on the matters specified in paragraph 4 and 5 of the said order.

2. Further to our comments in the annexure referred to in Paragraph 1 above :

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 the books;

c) The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of accounts;

d) In our opinion the Balance Sheet & Profit and Loss Account comply with the mandatory accounting standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956.

e) Subject to the Note Nos. 5 & 6 in our opinion and to the best of our information and according to the expalantion given to us, the accounts read together with the notes to the accounts, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view :

i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2001.

ii) In the case of Profit and Loss Account of the Profit of the Company for the year ending 31 st March, 2001.

ANNEXURE

REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. The Company has maintained proper records to show fui! particulars including quantitative details and situation ot its fixed assets. The management has certified that physical verification of major portion of fixed assets has been conducted during the year and no discrepancy was noticed on such verification.

2. None of the fixed assets have been revalued during the year.

3. The interval of physical verification of finished goods, stores, spare parts and raw material in our opinion is reasonable.

4. The procedures of physical verification of stock are reasonable and adequate considering the nature of the business.

5. It was reported that there were no material discrepancies noticed on such verification.

6. Valuation of stock is proper and in accordance with the normally accepted accounting principles and is on the same basis as in the previous year.

7. As per the information given the Company has taken loans from Companies and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. The interest rate and other terms and conditions are prima facie not prejudicial to the interest of the Company.

8. As per the information given the Company has given Loans and Advances to Companies listed in the register maintained under Section 301 of the Companies Act, 1956. The rate of interest and other terms and conditions are prima facie not prejudicial to interest of the Company.

9. Considering the nature and size of the business of the company, in our opinion, the parties to whom loans and advances have been given are regular in repayment of principal instalment and interest generally and wherever there is overdue, reasonable steps have been taken for the recovery of the same.

10. 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 its business with regard to purchase of stores, raw material, plant and machinery, equipment and other assets and for sale of goods.

11. The transaction of purchase of goods and materials and sale of goods, materiai and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 as aggregation during the year to Rs.50,000/- or more in respect of each party, are made at prices which are reasonable.

12. The unserviceable or damaged stores, raw material or finished goods are provided in books of accounts

13. In our opinion and according to the information and explanations given the Company has complied with the directions issued by the Reserve Bank of India (RBI) and the provision of Section 58A of the Companies Act, 1956 and the rules framed thereunder with regard to deposits accepted from public.

14. The Company has no by products/scraps for the year under audit.

15. The Company has proper internal audit system commensurate with size and nature of its business.

16. As reported by the management the maintenance of Cost records has not been prescribed for the Company.

17. Employees State Insurance and provident fund dues have been generally deposited with appropriate authori- ties within due dates.

18. In our opinion there is no undisputed amount payable as on the last day of the financial year in respect of Income-tax, Wealth-Tax, Sales -Tax, Custom Duty & Excise Duty which is outstanding for a period more than six months.

19. In our opinion and according to the information and explanations given to us, personal expenses have not been charged to revenue account.

20. According to clause (0) of Sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions), Act, 1985 the Company is not a Sick Industrial Company.

21. The provision of special statutes applicable to Chit, Nidhi or Mutual benefit companies are not applicable to the Company.

22. The Company has maintained proper records of transactions and contracts of dealing with or trading in shares, securities, debentures and other investments.

For R.S. AHUJA & Co. Chartered Accountants

Place: New Delhi (RAJAN MALIK)

Date : June 19, 2001 PARTNER

 
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