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Auditor Report of Universal Office Automation Ltd.

Jun 30, 2015

We have audited the accompanying financial statements of Universal Office Automation Limited ('the Company'), which comprise the balance sheet as at 30th June 2015, the statement of Profit and Loss and the Cash Flow Statement for the period then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

Except as matters stated in Emphasis of Matter given below, 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, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

Subject to the matters stated in Emphasis of Matter,In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 30th June 2015 and its profit and its cash flow for the period ended on that date.

Emphasis of Matter

Without qualifying our report, we draw attention to

a) Sub note (g) of Note 2.1 regarding Deferred tax assets.

b) Note24 : Though the company has incurred losses far in excess of paid up capital and reserves, since the director's are looking for right opportunity to explore the similar line of business of activity, the directors consider that it is appropriate to prepare, the financial statements on going concern basis.

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditor's Report) Order, 2015 ('the order') issued by the central government of India in terms of sub-section (11) of Section 143 of the 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 section 143(3) of the act, we report that:

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

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

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

d. In our opinion, the aforesaid 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 30th June 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on 30th June 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

f. With respect to the other matters included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us :

i. The Company does not have any pending litigations which would impact its financial position except as stated in para 7 (c) of annexure to Independent Auditor's Report.

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

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

Annexure to Independent Auditor's Report -30th June 2015 (Referred to in our report of even date)

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

b) The fixed assets have been physically verified by the Management during the period at reasonable intervals and no material discrepancies were noticed.

c) None of the fixed assets have been disposed off during the period.

2. The Company did not have any stock at the end of the period

3. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Act.

4. 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 assets and for the sale of goods and services.

5. In our opinion, and according to the information and explanations given to us, the Company has not accept deposits as per the directives issued by the Reserve Bank of India under the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under.

6. The Central Government has not prescribed maintenance of cost records under Section 148(1) of the Act, for any of the products of the Company.

7. (a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income tax, sales tax, cess and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sale tax, service tax, custom duty and excise duty were outstanding as at 30th June, 2015 for a period exceeding six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of, sales tax, income

Name of Nature of the Amount Forum where the statute dues (Rs.in lacs) dispute is pending

Central Excise Excise Duty 0.83 Collector of Act, 1944 Central Excise

Customs Act, Custom Duty 241.00 Collector of 1962 Custom

Sales Tax & 30.44 Sales Tax Tribunal various other Acts 53.57 commissioner / Commissioner (Appeal)

tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute except ,

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

8. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial period covered by our audit and has not incurred in the immediately preceding financial year.

9. In our opinion and according to the information and explanations given to us, the Company does not have any borrowings from financial institution, bank or debenture holders.

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

11. In our opinion and according to the information and explanations given to us, The company has not raised any term loan during the period.

12. 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.

Place: New Delhi For S.D. Chopra & Associates Date: 27th August, 2015 Chartered Accountants Firm Registration No. 003789N

S.D. Chopra Proprietor Membership No. 082537


Mar 31, 2014

1. Report on the financial statements: We have audited the accompanying financial statements of Universal Office Automation Limited, which comprise the Balance Sheet as at 31st March, 2014 and 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.

2. Management's responsibility for the financial statements: Management is responsible for the preparation of these financial statements that gives 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 true and fair view and are free from material misstatement, whether due to fraud or error.

3. Auditor's Responsibility: Our responsibility is to express an opinion on these financial statement based on our audit. Except as matters stated in paragraph 4 below, 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance 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 ba sis for our audit opinion.

4. We draw attention to:

a) Sub note (g) of Note 2.1 regarding Deferred tax assets.

b) Note 24: Though the company has incurred losses far in excess of paid up capital and reserves, since the director's are looking for right opportunity to explore the similar line of business of activity, the directors consider that it is appropriate to prepare, the financial statements on going concern basis.

5. Opinion: Subject to the matters stated in paragraph 4, 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 gives a true and fair view in conformity with the accounting principles generally accepted in India:

a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

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

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

6. 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 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 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 cash flow statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the balance sheet, statement of profit and cash flow statement comply with the accounting standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956.

e. On the basis of written representations received from the directors as on March 31, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31, March, 2014 from being appointed as a director in terms of clause (g) of sub section of Section 274 of the Companies Act, 1956

Annexure to the Auditor's Report

Annexure referred to in in our report to the member of Universal Office Automation Limited( 'the Company') for the year ended 31, March, 2014. We report that

1. i. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

ii. The physical verification of the fixed assets has not been carried out during the year.

iii. None of the fixed assets have been disposed off during the year.

2. The company has no inventory at the end of the year.

3. i. According to the information and explanations given to us the company has not taken any loans secured or unsecured from the firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

ii. The company has not granted any loans secured or unsecured to the firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

5. i) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the companies Act, 1956 have been so entered.

ii) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The company has not accepted fixed deposits from the public during the year and there is no balance outstanding as at 31st March, 2014.

7. There were no internal audit systems in operation during the year. However, the company has internal control system which, in our opinion, is adequate in relation to the size of the company.

8. The Central Government has not prescribed the maintenance of cost records by the company under Section 209(1)(d) of the Companies Act, 1956 for any of its products.

9. i) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sale tax, wealth tax, service tax, cess and other statutory dues applicable to it.

ii) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, custom duty and excise duty were outstanding, as at 31stMarch, 2014 for a period of more than six months from the date they become payable.

iii) According to the information and explanations given to us, the dues of Sales Tax, Customs Duty, Excise Duty which have not been deposited on account of any dispute and the forum where the dispute is pending are as under:

Name of the Nature of the Amount statute dues [Rs. in lacs]

Central Excise Act, 1944 Excise Duty 0.83

Customs Act, 1962 Custom Duty 49.96 241.00

Sales Tax & various other - Acts 30.44 55.00

Name of the Forum where dispute is statute pending

Central Excise Act, 1944 Collector of Central Excise

Customs Act, 1962 Supreme Court Collector of Custom

Sales Tax & various other Acts Sales Tax Tribunal Dy. Commissioner/Commissioned Appeal)

10. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company do not have any borrowings from financial institutions, bank or debenture holders.

12. The company has not granted any loans and advances on the basis of security by way of pledge of share etc.

13. Provisions of any special statute applicable to chit funds are not applicable to the company.

14. The company is not dealing or trading in shares, securities, debentures and other investments.

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

16. The company has not raised any term loan during the year.

17. Based on our examination and in our opinion the company has not raised any short term/long term funds during the year.

18. 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.

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

20. The company has not made any public issue during the year.

21. 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 S.D. Chopra & Associates Chartered Accountants

S.D. Chopra Proprietor Place: New Delhi Membership No. 82537 Date: 30th May, 2014 Firm Registration No. 003789N


Mar 31, 2013

1. Report on the financial statements: We have audited the accompanying financial statements of Universal Office Automation Limited, which comprise the Balance Sheet as at 31st March, 2013 and 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.

2. Management''s responsibility for the financial statements:

Management is responsible for the preparation of these financial statements that gives 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 true and fair view and are free from material misstatement, whether due to fraud or error.

3. Auditor''s Responsibility: Our responsibility is to express an opinion on these financial statement based on our audit. Except as matters stated in paragraph 4 below, 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance 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.

4. We draw attention to:

a) Sub note (g) of Note 2.1 regarding Deferred tax assets.

b) Note 24: Though the company has incurred losses far in excess of paid up capital and reserves, since the director''s are looking for right opportunity to explore the similar line of business of activity, the directors consider that it is appropriate to prepare, the financial statements on going concern basis.

5. Opinion: Subject to the matters stated in paragraph 4, 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 gives a true and fair view in conformity with the accounting principles generally accepted in India:

a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

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

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

6. 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 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 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 cash flow statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the balance sheet, statement of profit and cash flow statement comply with the accounting standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956.

e. On the basis of written representations received from the directors as on March 31, 2013 and taken on record by the Board of Directors, none of the directors is disqualified as on 31, March, 2013 from being appointed as a director in terms of clause (g) of sub section of Section 274 of the Companies Act, 1956

Annexure to the Auditor''s Report

Annexure referred to in in our report to the member of Universal Office Automation Limited( ''the Company'') for the year ended 31, March, 2013. We report that

1. i. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

ii. The physical verification of the fixed assets has not been carried out during the year.

iii. None of the fixed assets have been disposed off during the year.

2. The company has no inventory at the end of the year.

3. i. According to the information and explanations given to us the company has not taken any loans secured or unsecured from the firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. ii. The company has not granted any loans secured or unsecured to the firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

5. i) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the companies Act, 1956 have been so entered. ii) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The company has not accepted fixed deposits from the public during the year and there is no balance outstanding as at 31st March, 2013.

7. There were no internal audit systems in operation during the year. However, the company has internal control system which, in our opinion, is adequate in relation to the size of the company.

8. The Central Government has not prescribed the maintenance of cost records by the company under Section 209(1)(d) of the Companies Act, 1956 for any of its products.

9. i) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sale tax, wealth tax, service tax, cess and other statutory dues applicable to it.

ii) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, custom duty and excise duty were outstanding, as at 31stMarch, 2013 for a period of more than six months from the date they become payable.

iii) According to the information and explanations given to us, the dues of Sales Tax, Customs Duty, Excise Duty which have not been deposited on account of any dispute and the forum where the dispute is pending are as under:

10. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company do not have any borrowings from financial institutions, bank or debenture holders.

12. The company has not granted any loans and advances on the basis of security by way of pledge of share etc.

13. Provisions of any special statute applicable to chit funds are not applicable to the company.

14. The company is not dealing or trading in shares, securities, debentures and other investments.

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

16. The company has not raised any term loan during the year.

17. Based on our examination and in our opinion the company has not raised any short term/long term funds during the year.

18. 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.

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

20. The company has not made any public issue during the year.

21. 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 S.D. Chopra & Associates

Chartered Accountants

S.D. Chopra

Proprietor

Place: New Delhi Membership No. 82537

Date: 29th May, 2013 Firm Registration No. 003789N


Mar 31, 2012

1. Report on the financial statements: We have audited the accompanying financial statements of Universal Office Automation Limited, which comprise the Balance Sheet as at 31st March, 2012 and 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.

2. Management's responsibility for the financial statements:

Management is responsible for the preparation of these financial statements that gives 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 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 true and fair view and are free from material misstatement , whether due to fraud or error.

3. Auditor's Responsibility: Our responsibility is to express an opinion on these financial statement based on our audit. Except as matters stated in paragraph 4 below, 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

3. We draw attention to:

a) Sub note (h) of Note 2.1 regarding Deferred tax assets.

b) Note 24: Though the company has incurred losses far in excess of paid up capital and reserves, since the director's are looking for right opportunity to explore the similar line of business of activity, the directors consider that it is appropriate to prepare, the financial statements on going concern basis.

5. Opinion: Subject to the matters stated'in paragraph 4, 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 gives a true and fair view in conformity with the accounting principles generally accepted in India:

a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

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

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

6. 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 paragrahs 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 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 cash flow statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the balance sheet, statement of profit and cash flow statement comply with the accounting standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956.

e. On the basis of written representations received from the directors as on March 31, 2012 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2012 from being appointed as a director in terms of clause (g) of sub section of Section 274 of the

Companies Act, 1956

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

1. i. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

ii. The physical verification of the fixed assets has not been carried out during the year.

iii. None of the fixed assets have been disposed off during the year.

2. The company has no inventory at the end of the year.

3. i. According to the information and explanations given to us the company has not taken any loans secured or unsecured from the firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

ii. The company has not granted any loans secured or unsecured to the firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

5. i) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the companies Act, 1956 have been so entered,

ii) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. The company has not accepted fixed deposits from the public during the year and there is no balance outstanding as at 31st March, 2012.

7. There were no internal audit systems in operation during the year. However, the company has internal control system which, in our opinion, is adequate in relation to the size of the company.

8. The Central Government has not prescribed the maintenance of cost records by the company under Section 209(l)(d) of the Companies Act, 1956 for any of its products.

9. i) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sale tax, wealth tax, service tax, cess and other statutory dues applicable to it.

ii) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, custom duty and excise duty were outstanding, as at 31st March, 2012 for a period of more than six months from the date they become payable.

iii) According to the information and explanations given to us, the dues of Sales Tax, Customs Duty, Excise Duty which have not been deposited on account of any dispute and the forum where the dispute is pending are as under:

Nature of the Nature of the Amount Forum where dispute is statute dues [Rs. in lacs] pending

Central Excise Act, 1944 Excise Duty 0.83 Collector of Central Excise

Customs Act, 1962 Custom Duty 49.96 Supreme Court /

241.00 Collector of Custom

Sales Tax & various other

Acts 30.44 Sales Tax Tribunal /

57.10 Dy. Commissioner/ Commissioner(Appeal)

10. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company do not have any borrowings from financial institutions, bank or debenture holders.

12. The company has not granted any loans and advances on the basis of security by way of pledge of share etc.

13. Provisions of any special statute applicable to chit funds are not applicable to the company.

14. The company is not dealing or trading in shares, securities, debentures and other investments.

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

16. The company has not raised any term loan during the year.

17. Based on our examination and in our opinion the company has not raised any short term/long term funds during the year.

18. 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.

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

20. The company has not made any public issue during the year.

21. 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 S.D. Chopra & Associates Chartered Accountants

S.D. Chopra

Place: New Delhi Proprietor

Date: 28h May, 2012 Membership No. 82537

 
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