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Auditor Report of Vivanza Biosciences Ltd.

Mar 31, 2014

We have audited the accompanying Financial Statements of M/s. IVEE INJECTA LIMITED (the "Company"), which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit & Loss and also the Cash Flow Statement for the year ended and a summary of significant accounting polices and other explanatory information.

Management''s Responsibility for the Financial Statements :

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the ''Act'') read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility :

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' 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 auditors consider 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.

Emphasis of Matter :

We draw attention to

a) The company has in past granted/ renewed loans and advances to other Companies, which has been identified as non-performing asset. Accordingly company has not recognized any income from the same. In the opinion of the directors, the process of recovery is going on and the same is not fully doubtful of recovery. However in our opinion company needs to make provision for such long outstanding non-performing assets amounting to Rs. 59,33,061/-. Due to non-provision in this regard the debit balance of profit & loss account is under stated and the balance of loans and advances is over stated by the said sum.

Opinion :

In our opinion, and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

i) In the case of Balance Sheet, of the state of affairs of the company as at 31st March 2014.

ii) In the case of Statement of Profit & Loss, of the Loss for the year ended on that date and,

iii) 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, as amended by the companies (Auditor''s Report) (amendment) order, 2004 issued by the Central Government of India, in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said 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 & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 to the extent applicable.

e) On the basis of written representations received from the Directors and taken on record by the Board of Directors, none of the Directors of the company are prima facie disqualified as on 31st March 2014 from being appointed as Directors of the company in terms of clause (g) of Section 274(1) of the Companies Act, 1956.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT Referred to in Paragraph 1 under the heading of "Report on other Legal and Regulatory Requirements" of our report of even date.

1. (a) According to the information and explanations given to us, the Company has granted/taken unsecured loans to/from companies covered in the Register maintained under Section 301 of the Companies Act, 1956;

(i) The Company has not granted any loan to any party covered in the aforesaid Register.

(ii) The Company has taken interest free loans from 2 parties covered in the aforesaid Register. The amount involved (i.e. the maximum amount outstanding during the year was Rs. 3.40 lacs). Rs. 3.40 lacs were payable to these parties as at the close of the accounting year.

(b) According to the information and explanation given to us, terms and conditions in respect of unsecured loans given/taken by the Company are not prima-facie prejudicial to the interest of the Company.

(c) In our opinion and according to the information and explanations given to us, the payment of principal amount is on demand.

(d) In our opinion and according to the information and explanation given to us, there are no overdue amounts in respect of the transactions listed in clause (a) above.

2. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

3. According to the information and explanations given to us, there have been no contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956.

4. According to the information and explanation given to us, the Company has not accepted any fixed deposits from the public during the year and therefore, the question of compliance with the provisions of Section 58A and 58AA of the Companies Act, 1956 and the companies (Acceptance of Deposits) Rules,1975 is not necessary.

5. The company did not have any formal internal audit system during the year under review. In the opinion of the Management, the existing internal control procedures are adequate and hence separate internal audit is not called for.

6. Maintenance of cost records has not been prescribed by the central government under provision of Section 209(1)(d) of the Companies Act, 1956.

7. (a) The company is not regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, Service tax, sales-tax, wealth tax, custom duty, excise duty, cess and any other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable except Rs. 1,377/- Purchase Tax, Rs. 51,254/- Gratuity. Rs. 36,880/- Leave Encasement, Rs. 29,942/- ESIC and Rs. 1,080/- Professional Tax and no income-tax, sales-tax, Service tax, wealth tax, custom duty, excise duty, cess were in arrears, as at 31st March, 2014 for a period of more than six months from the date they become payable.

8. The Company has accumulated losses of Rs. 362.22 lacs at the end of the year which is more than 50% of networth of the Company. Further, the company has incurred cash loss of Rs. 5.35 lacs during the financial year covered under audit and also incurred cash losses of Rs. 159.92 lacs during immediately preceding financial year.

9. In our opinion, and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders at the end of the financial year.

10. In our opinion, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Hence, maintenance of record is not applicable.

11. In our opinion, the company is not chit fund or nidhi mutual fund/society.

12. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments.

13. In our opinion, and according to information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions.

14. Company has not availed any term loan during the year.

15. According to the information and explanation given to us, and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

16. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Act.

17. According to the information and explanations given to us, the Company has not issued any debenture.

18. Company has not raised any money by public issue during the year.

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

20. Clause (i) and (ii) of the aforesaid order is not applicable to the company.

FOR SHAMIK J. DIVATIA & CO. Firm Registration No. 109880W CHARTERED ACCOUNTANTS

(GNANESH S. DIVATIA) Place : Ahmedabad PROPRIETOR Date : 30/05/2014 M. No. 35498


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s. IVEE INJECTAA LIMITED as at 31st March, 2011 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these Financial Statements based on our audit.

2. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amount and disclosures in the Financial Statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India, in terms of Sub- Section(4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in Paragraph 3 above, we report that:

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

b. In our opinion, proper books of accounts as required by Law have been kept by the Company so far as appears from our examination of such 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 Accounts dealt with this report comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable.

e. On the basis of written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors of the company are disqualified as on 31st March 11 from being appointed as Directors of the company under section 274(1 )(g) of Companies Act, 1956.

f. In our opinion and to the best of our information and according to the explanation given to us, the attached accounts subject to the following qualificatory notes give the information required by the Companies Act, 1956 in the manner so required.

a) Note No. 7 at Schedule - 16 regarding non-provision of doubtful debts amounting of Rs. 7,78,154/- and as a result thereof the debit balance of profit & loss A/c gets understated by the said sum and correspondingly Sundry debtors doubtful of recovery not provided for is understated by the said sum.

b) Note No. 10 at Schedule - 16 regarding adjustment of debit balance of the profit & loss account of the past years against the credit balance of the revaluation reserve account by Rs. 96,27,661/-. In our opinion the said adjustment is not in accordance with the Accounting Standard AS-10 recommended by The Institute of Chartered Accountants of India. As a result thereof, the credit balance of revaluation reserves and debit balance of profit & loss account gets understated by the said sum. In our opinion company shall be required to pass corrective adjustments so as to implement the recommended accounting practice.

c) The company has in past granted/ renewed loans and advances to other Companies in excess of the percentage prescribed under section 370(1) of the Companies Act, 1956 which has been identified as non-performing asset. Accordingly company has not recognized any income from the same. In the opinion of the directors, the process of recovery is going on and the same is not fully doubtful of recovery. However in our opinion company needs to make provision for such long outstanding non-performing assets amounting to Rs. 1,53,68,061/-. Due to non-provision in this regard the debit balance of profit & loss account is under stated and the balance of loans and advances is over stated by the said sum.

d) Unclaimed refund order of public issue amounting to Rs. 1,22,000/- grouped under head "Current Liabilities" requires to be deposited by the Company into the investor protection fund account.

Subject to the above qualificatory notes, the attached accounts give the information referred by the Companies Act, 1956 in the manner so required and it gives a true and fair view.

i) In the case of Balance Sheet, of the state of affairs of the company as 31st March, 2011.

ii) In the case of Profit & Loss account, of the loss of the Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS' REPORT

Annexure referred to in paragraph 3 of the Auditor's report to the members of M/s. IVEE INJECTAA LIMITED on the accounts for the ended 31st March, 2011.

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets on the basis of available information.

(b) We are informed that all the fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any major part of fixed assets and the going concern status of the Company is not affected.

2. (a) As explained to us, the Inventory has been physically verified during the year by the management at regular intervals.

(b) The procedure of physical verification followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is not maintaining regular records of inventories.

3. (a) According to the information and explanations given to us, the Company has granted/taken unsecured loans to/from companies covered in the Register maintained under Section 301 of the Companies Act, 1956;

(i) The Company has granted interest free loan to 2 parties covered in the aforesaid Register The amount involved (i.e. the maximum amount outstanding during the year was Rs. 31.46 lacs). Rs. 31.46 lacs were receivable from these parties as at the close of the accounting year.

(ii) The Company has taken interest free loans from 4 parties covered in the aforesaid Register. The amount involved (i.e. the maximum amount outstanding during the year was Rs. 10.72 lacs). Rs. 10.72 lacs were payable to these parties as at the close of the accounting year.

(b) According to the information and explanation given to us, terms and conditions in respect of unsecured loans given/taken by the Company are not prima-facie prejudicial to the interest of the Company.

(c) In our opinion and according to the information and explanations given to us, the payment of principal amount is on demand.

(d) In our opinion and according to the information and explanation given to us, there are no overdue amounts in respect of the transactions listed in clause (a) above.

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

5. (a) According to the information and explanations given to us, we are of the opinion that there are no transaction that need to be entered into a register in pursuance of section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanation given to us, there are no transactions for purchase/sale of goods exceeding rupees five lacs in value, in which directors are interested as listed in the registers u/s.301 of the Companies act.

6. According to the information and explanation given to us, the Company has not accepted any fixed deposits from the public during the year and therefore, the question of compliance with the provisions of Section 58A and 58AA of the Companies Act, 1956 and the companies (Acceptance of Deposits) Rules, 1975 is not necessary.

7. The company did not have any formal internal audit system during the year under review. In the opinion of the Management, the existing internal control procedures are adequate and hence separate internal audit is not called for.

8. Maintenance of cost records has not been prescribed by the central government under provision of Section 209(1 )(d) of the Companies Act, 1956.

9. (a) The company is not regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, Service tax, sales-tax, wealth tax, custom duty, excise duty, cess and any other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable except Rs. 50,343/- for Sales Tax, Rs. 1,377/- Purchase Tax, Rs. 6,28,564/- Gratuity. Rs. 36,880/- Leave Encasement, Rs. 37,617/- ESCI and Rs. 1,080/- Professional Tax in respect of income-tax, sales-tax, Service tax, wealth tax, custom duty, excise duty, cess were in arrears, as at 31st March, 2011 for a period of more than six months from the date they become payable.

10. The Company has accumulated losses Rs. 176.80 lacs at the end of the financial year. Further, the company has incurred cash losses of Rs. 0.10 lacs during the financial year covered under audit. However, the company has also incurred cash losses of Rs. 0.10 lacs during immediately preceding financial year.

11. In our opinion, and according to the information and explanation given to us, the company has defaulted in repayment of dues to a bank at the end of the financial year to the extent of Rs. 48.56 Lacs.

12. In our opinion, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Hence, maintenance of record is not applicable.

13. In our opinion, the company is not chit fund or nidhi mutual fund/society.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments.

15. In our opinion, and according to information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. Company has not availed any term loan during the year.

17. According to the information and explanation given to us, and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Act.

19. According to the information and explanations given to us, the Company has not issued any debenture.

20. Company has not raised any money by 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 year under review.

FOR C. PADAMSHI & CO.,

CHARTERED ACCOUNTANTS

(C. P. CHHEDA)

PROPRIETOR

Place : Baroda Date : 01.09.2011


Mar 31, 2010

1 We have audited the attached Balance Sheet to M/s. IVEE INJECTAA LIMITED as at 31st March, 2010 and also the Profit & Loss Account and Cash Flow Statement for the year ended on that date These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these Financial Statements based on our audit.

2. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amount and disclosures in the Finance Statement An audit also includes assessing the -accounting principles used and significant estimates 'made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3 As required by the Companies (Auditors Report) Order, 2003. issued by the Central Government of India in terms of Sub- Section(4A) of section 227 of the Companies Act. 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred tc in Paragraph 3 above, we report that:

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

b. In our opinion, proper books to accounts as required by Law have been kept by the Company so far as appears from our examination of such 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 Accounts dealt with this report comply with the * Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 19o6 to the extent applicable.

e On the basis of written representation received from the Directors and taken on record by the Board of Directors, we report that none of the Directors of the company are disqualified as on 31st March 10 from being appointed as Directors of the company under section 274(l)(g) of Companies Act, 1956.

f In our opinion and to the best of our information and according to the explanation given to " us the attached accounts subject to the following qualify cattery notes give the information required by the Companies Act, 1956 in the manner so required.

a) Note No 7 at Schedule - 16 regarding non-provision of doubtful debts amounting of Rs. 7,78,154/- and as a result thereof the debit balance of profit & loss A/c gets understated by the said sum and correspondingly Sundry debtors doubtful of recovery not provided for is understated by the said sum.

b) Note No. 10 at Schedule - 16 regarding adjustment of debit balance of the profit & loss account of the past years against the credit balance of the revaluation reserve account by Rs.96'27.661/-. our opinion the said adjustment is not in accordance with the Accounting Standard AS-10 recommended by The Institute of Chartered Accountants of India. As a result thereof, the credit balance of revaluation reserves and debit balance of profit & loss account gets underrated by the said sum. In our opinion company shall be required to pass correct so as to implement the recommended accounting practice.

c) The company has In past granted/ renewed loans and advances to other Companies in excess of he percentage prescribed under section 370(1) of the Companies Act, 1956 which has been identified as non-performing asset. Accordingly company has not recognized any income from tho same. In the opinion of the directors, the process of recovery is going on and the same is not fully doubtful of recovery. However in our opinion company needs to make provision for such long outstanding non-performing assets amounting to Rs. 1,53,68,061/-. Due to non-provision in this regard the debit balance of profit & loss account is under stated and the balance of loans and advances is over stated by the said sum.

d) Unclaimed refund order of public issue amounting to Rs. 1,22,000/- grouped under head "Current Liabilities" requires to be deposited by the Company into the investor protection fund account. Subject to the above qualifactory notes, the attached accounts give the information referred by the Companies Act, 1956 in the manner so required and it gives a true and fair view.

i) In the case of Balance Sheet, of the state of affairs of the company as 31st March, 2010.

ii) In the case Profit & Loss account, of the loss of the Company fa the year ended on that date.

iii) In the case of Cash Flaw Statement of the cash fid//, for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Annexure referred to in paragraph 3 of the Auditor's report to the members of M/s. IVEE INJECTAA LIMITED on the accounts for the ended 31st March, 2010.

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and' situation of Fixed Assets on the basis of available information.

(b) We are informed that all the fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off any major part of fixed assets and the going concern status of the Company is not affected.

2. (a) As explained to us, the Inventory has been physically verified during the year by the management at regular intervals.

(b) The procedure of physical verification followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is not maintaining regular records of inventories.

3. (a) According to the information and explanations given to us, the Company has granted/taken unsecured loans to/from companies covered in the Register maintained under Section 301 of the Companies Act, 1956;

(i) The Company has granted interest free loan to 2 parties covered in the aforesaid Register The amount involved (i.e. the maximum amount outstanding during the year was Rs.31.46 lacs). Rs.31.46 lacs were receivable from these parties as at the close of the accounting year.

(ii) The Company has taken interest free loans from 4 parties covered in the aforesaid Register. The amount involved (i.e. the maximum amount outstanding during the year was Rs.10.72 lacs). Rs.10.72 Ices were payable to these parties as at the close of t-e accounting year.

(b) According to the information and explanation given to us, terms and conditions in respect of unsecured loans given/taken by the Company are not prima-facie prejudicial ;o the interest of the Company.

(c) In our opinion and according to the information and explanations given to us, the payment of principal amount is on demand.

(d) In our opinion and according to the information and explanation given to us, there are no overdue amounts in respect of the transactions listed in clause (a) above.

4. In our opinion and according to the information and explanation given to us, there ere adequate

internal control procedures commensurate with the size of ;rue company and the nature c: its business, with regard to purchase of inventory, fixed assets end for the sale of goods. During The course of audit we have not observed any continuing fiacre to correct major weaknesses in internal controls.

5.. (a) According to the information and explanations given to us, we are of the opinion that there ore no transaction that need to be entered into a register in pursuance of section 301 o; me Companies Act, 1956.

(b) In our opinion and according to the information and explanation given to us, there a-e no transactions for purchase/sale of goods exceeding rupees five lacs in value, in which directors are interested as listed in the registers u/s.301 of the Companies act.

6. According to the information end explanation given to us, the Company has not acceded

any fixed deposits from the public during the year and therefore, the question c4 compliance with the provisions of Section 5SA and 58AA of the Companies Act, 1956and the complies (Acceptance of Deposits) Rules, 1975 is not necessary.

7. The company did not have any formal internal audit system during the year under review. In the opinion of the Management, the existing internal control procedures are adequate and hence separate internal audit is not called for.

8. Maintenance of cost records has not been prescribed by the central government under provision of Section 209(1) (d) of the Companies Act, 1956.

9. (a) The company is not regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, Service tax, sales-tax, wealth tax, custom duty, excise duty, cess and any other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable except Rs.50,343/- for Sales Tax, Rs. 1,377/- Purchase Tax, Rs.6,28,564/- Gratuity. Rs.36,880/- Leave Encasement, Rs.37,617/- ESCI and Rs.1,080/- Professional Tax in respect of income-tax, sales-tax, Service tax, wealth tax, custom duty, excise duty, cess were in arrears, as at 31st March, 2010 for a period of more than six months from the date they become payable.

10. The Company has accumulated losses Rs.176.70 lacs at the end of the financial year. Further, the company has incurred cash losses of Rs. 0.10 lacs during the financial year covered under audit. However, the company has also incurred cash losses of Rs.0.10 lacs during immediately preceding financial year.

11. In our opinion, and according to the information and explanation given to us, the company has defaulted in repayment of dues to a bank at the end of the financial year to the extent of Rs.48.56 Lacs.

12. In cur opinion, the company has no: granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Hence, maintenance of record is not applicable.

13. In our opinion, the company is not chit fund or nidhi mutual fund/society.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and order investments.

15. In our opinion, and according to information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions.

16. Company has not availed any term loan during the year.

17. According to the information and explanation given to us, and on an overall examination of The balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

18. According to the information end explanations given to us, the Company has not made any preferential allotment of shares curing the year to parties and companies covered in the register maintained under Section 301 of ;one Act.

19. According to the information c-d explanations given to us, the Company has not issued any debenture.

20. Company has not raised any mace by public issue during the year.

21. According to the information are explanations given to us, no fraud on or by the company, -as been noticed .or reported during the year under review.

FOR C. PADAMSHI 8. CO.,

CHARTERED ACCOUNTANTS

Place: Baroda

Date : 01.09.2010 (C.P.CHHEDA)

PROPRIETOR

 
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