Mar 31, 2015
1. We have audited the accompanying financial statements of M/S Yogi
Infra Projects Limited ("the company"),which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") 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
the maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, 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
3. 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 thereunder.
4. 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.
5. 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 financial control relevant
to the Company's preparation of the financial statements that give
true and fair view 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 Company's Directors, as well as
evaluating the overall presentation of the financial statements.
6. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
financial statements.
Opinion
7. 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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
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 flows for the
year ended on that date.
Emphasis of Matters
We draw attention to the following matters in the Notes to the
financial statements :
a) Note (n) to the financial statements which describes the
uncertainty related to the outcome of the proceedings pending before
the Income Tax Appellate Tribunal for the Financial year: 1994-1995
and Financial year : 1995-1996.
Our opinion is not modified in respect of this matter.
b) The company has granted unsecured loans to various parties, in
excess of the limits prescribed under Section 186 of the Act without
obtaining the prior approval of the shareholders by way of a Special
Resolution.
Report on other Legal and Regulatory Requirements
8. As required by the 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.
9. 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 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 written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements;
ii The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative Contracts.;
iii. There has been no delay in transferring amounts, if any, required
to be transferred, to the Investor Education and Protection Fund by
the Company.
Annexure to the Auditor's Report
Referred to in paragraph 8 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 regular intervals and no discrepancies were noticed on such
verification.
(ii) (a) Physical Verification of Inventory has been conducted by the
Management at reasonable intervals.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
(iii) In our opinion and according to the information and explanations
given to us, 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. Therefore, clauses (iiia),
and (iiib) of paragraph 3 of the Order are not applicable to the
company for the year.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
(v) The company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provision
of section 73 to 76 of the act or any other relevant provisions of the
Act and the rules framed there under, apply.
(vi) In our opinion and according to the information and explanations
given to us, maintenance of cost records have not been specified by
the government under sub-section (1) of section 148 of the Companies
Act. Therefore, this clause is not applicable to the company.
(vii) (a) The company is regular in depositing undisputed statutory
dues as regards income tax, wealth tax, service tax and other
statutory dues applicable to the company with the appropriate
authorities. Further according to the information given to us, there
are following dues to income tax department which have not been
deposited on account of some dispute. And the same has been disclosed
as a contingent liability by way of note to the balance sheet.
(b) Based on our audit procedures and on the information and
explanations given to us, there are no dues outstanding in respect of
income tax, sales tax, excise-duty, custom duty, wealth tax, service
tax, and cess on account of any dispute.
(c) According to the information and explanations given to us, the
amounts were not required to be transferred to the Investor Education
and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder. Therefore,
this clause is not applicable to the company.
(viii) In our opinion and according to the information and
explanations given to us, the company has accumulated losses at the
end of the financial year and has not incurred any cash losses during
the financial year and in the immediately preceding financial year.
(ix) During the year under report, the company did not have any
borrowings from banks or financial institutions and also did not have
any debentures outstanding during the year under report. Accordingly,
the provisions of clause 3(ix) of the Order are not applicable.
(x) 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. Accordingly, the
provisions of clause 3(x) of the order are not applicable.
(xi) The company has not availed any term loans during the year and
accordingly, the provisions of clause 3(xi) of the Order are not
applicable.
(xii) To the best of our knowledge and belief and according to the
information and explanations given to us, no cases of fraud on or by
the company has been noticed or reported during the year under report.
For G. L. Singhal & Co.
Chartered Accountants
C.A. R.L. Singhal
M.No : 54408
Partner
Address:
23A, N.S.Road, 4th Floor Room No.7A,
Kolkata - 700 001
Date: The 28th Day of May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Yogi Infra
Projects Limited which comprise the Balance Sheet as at March 31, 2014,
and the Profit and Loss Statement 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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. 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 Profit and Loss Statement, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Profit and Loss Statement, 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, 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, no cess is due
and payable by the Company.
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Govt. and on the basis of such checks of the books and
records of the Company, as I considered appropriate and the information
and explanations given to me during the course of my audit, we further
report that:
4 (i) (a) to 4 (i) (c) The company is maintaining proper records
showing full particulars including quantitative details and situation
of fixed assets. The fixed assets have been physically verified by the
management at the year end and no discrepancies were noticed on such
verification. Further fixed assets have not been disposed off during
the year.
4 (ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
4 (ii) (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 the business.
4 (ii) (c) The company is maintaining proper records of inventory and
no material discrepancies have been notices on physical verification of
inventory as compared to book records.
4 (iii) (a) to 4 (iii) (d) The company has not granted unsecured loan
to a company covered in the register maintained under section 301 of
the Act. Hence clauses (a) to (d) are not applicable to the Company.
4 (iii) (e) 4 (iii) (g) The company has taken unsecured loans from
companies, firms or other parties covered in the register maintained
under section 301 of the Act. And the outstanding amount of loan was
Rs. 1,81,32,041/- as on 31st March, 2014. The rate of interest and
other terms and conditions of loan taken by the company are not prima
facie prejudicial to the interest of the Company. There are no
stipulations as regards payment of principal amount and interest.
4 (iv) 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 for the sale of goods and services and fixed
asset.
4 (v) (a) According to the information and explanation given to us we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956,
have been so entered.
4 (v) (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 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
4 (vi) The company has not accepted deposit from public. Therefore the
directives issued by the Reserve Bank of India and the provisions of
sections 58A, 58AA or any other relevant provisions of the Act and the
Rules framed there under are not applicable to the company during the
year under audit.
4 (vii) The company has an internal audit system commensurate with its
size and nature of its business.
4 (viii) The Central Government has not prescribed maintenance of cost
records by the company.
4 (ix) (a) The company is regular in depositing undisputed statutory
dues as regards income tax, and wealth tax, service tax and other
statutory dues applicable to the company with the
4 (ix) (b) appropriate authorities. Further according to the
information given to us, there are following dues to income tax
department which have not been deposited on account of some dispute.
And the same has been disclosed as a contingent liability by way of
note to the balance sheet.
Sr. Financial Amount(Rs.) Remarks
No. Year
01. 1994-95 54,73,988 Appeal Pending with ITAT, Ahmadabad
02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahmadabad
According to the information and explanation given to us, there are no
dues of sales tax, custom duty, wealth tax, service tax, excise duty
and cess which have not been deposited on account of any dispute.
4 (x) The accumulated losses are not more than fifty percent of its net
worth, and also the company has not incurred any cash losses during the
current financial year, but has incurred cash losses in the immediately
preceding financial year.
4 (xi) The Company has not taken any loan from any Financial
Institution and / or Bank. Also the company has not issued any
debentures.
4 (xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Hence the clause is not applicable the company.
4 (xiii) The company does not carry on the business of Chit Fund; hence
clauses (a) to (d) are not applicable to the Company.
4 (xiv) Proper records have been maintained by the company of the
transactions and contracts in respect of dealing or trading in shares,
securities, debentures and other investments and timely entries have
been made therein. Further the company holds investment in its own
name.
4 (xv) According to the information and explanations given to us, the
company has not given guarantees for loans taken by other from banks or
financial institutions.
4 (xvi) As the company has not taken any term loans. The clause is not
applicable to the company.
4 (xvii) The company has not used the funds raised on short-term basis
for long-term investment.
4 (xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under Sec.
301 of the Act.
4 (xix) The company has not issued any debentures. Hence the clause is
not applicable to the company.
4 (xx) The company has not raised any money by public issue. Hence the
clause is not applicable to the company.
4 (xxi) No fraud on or by the company has been noticed or reported
during the year.
For G. L. SINGHAL & CO.
Chartered Accountants
FRN:313078E
Sd/-
ROSHAN LAL SINGHAL
(Partner)
MEMBERSHIP No.: 054408
Place: Kolkata
Date : 30th MAY 2014
Mar 31, 2013
- Report on the Financial Statements
We have audited the accompanying financial statements of Yogi Infra
Projects Limited which comprise the Balance Sheet as at March 31, 2013,
and the Profit and Loss Statement 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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. 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, 2013;
b) in the case of the Profit and Loss Statement, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
- Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Profit and Loss Statement, 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 March 31, 2013, 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, no cess is due
and payable by the Company.
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Govt. and on the basis of such checks of the books and
records of the Company, as I considered appropriate and the information
and explanations given to me during the course of my audit, we further
report that:
4 (i) (a) The Company is maintaining proper records showing full
particulars including quantitative
to details and situation of fixed assets. However, the Company does not
have any fixed
4 (i) (c) assets as on 31.03.2013.
4 (ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
4 (ii) (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 the business.
4 (ii) (c) The Company is maintaining proper records of inventory and
no material discrepancies have been notices on physical verification of
inventory as compared to book records.
4 (iii) (a) The Company has not granted unsecured loan to a Company
covered in the register to maintained under section 301 of the Act.
Hence clauses (a) to (d) are not applicable to the
4 (iii) (d) Company.
4 (iii) (e) The Company has taken unsecured loans from companies, firms
or other parties covered to in the register maintained under section
301 of the Act. And the outstanding amount of
4 (iii) (g) loan was Rs. 2,96,72,041/- as on 31st March, 2013. The rate
of interest and other terms and conditions of loan taken by the Company
are not prima facie prejudicial to the interest of the Company. There
are no stipulations as regards payment of principal amount and
interest.
4 (iv) 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 for the sale of goods and services and fixed
asset.
4 (v) (a) According to the information and explanation given to us we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956,
have been so entered.
4 (v) (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 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
4 (vi) The Company has not accepted deposit from public. Therefore the
directives issued by the Reserve Bank of India and the provisions of
sections 58A, 58AA or any other relevant provisions of the Act and the
Rules framed there under are not applicable to the Company during the
year under audit.
4 (vii) The Company has an internal audit system commensurate with its
size and nature of its business.
4 (viii) The Central Government has not prescribed maintenance of cost
records by the Company.
4 (ix) (a) The Company is regular in depositing undisputed statutory
dues as regards income tax,
and wealth tax, service tax and other statutory dues applicable to the
Company with the
4 (ix) (b) appropriate authorities. Further according to the
information given to us, there are
following dues to income tax department which have not been deposited
on account of some dispute. And the same has been disclosed as a
contingent liability by way of note to the balance sheet.
Sr.
No. Financial Year Amount (Rs.) Remarks
01. 1994-95 54,73,988 Appeal Pending with
ITAT, Ahmadabad
02. 1995-96 8,65,427 Appeal Pending with
ITAT, Ahmadabad
According to the information and explanation given to us, there are no
dues of sales tax, custom duty, wealth tax, service tax, excise duty
and cess which have not been deposited on account of any dispute.
4 (x) The accumulated losses are not more than fifty percent of its net
worth, and also the Company has not incurred any cash losses during the
current financial year, but has incurred cash losses in the immediately
preceding financial year.
4 (xi) The Company has not taken any loan from any Financial
Institution and / or Bank. Also the Company has not issued any
debentures.
4 (xii) The Company has not granted loans and advances on the basis of
security by way of
pledge of shares, debentures and other securities. Hence the clause is
not applicable the Company.
4 (xiii) The Company does not carry on the business of Chit Fund; hence
clauses (a) to (d) are not applicable to the Company.
4 (xiv) Proper records have been maintained by the Company of the
transactions and contracts in respect of dealing or trading in shares,
securities, debentures and other investments and timely entries have
been made therein. Further the Company holds investment in its own
name.
4 (xv) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by other from banks or
financial institutions.
4 (xvi) As the Company has not taken any term loans. The clause is not
applicable to the Company.
4 (xvii) The Company has not used the funds raised on short-term basis
for long-term investment.
4 (xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Sec.301 of the Act.
4 (xix) The Company has not issued any debentures. Hence the clause is
not applicable to the Company.
4 (xx) The Company has not raised any money by public issue. Hence the
clause is not applicable to the Company.
4 (xxi) No fraud on or by the Company has been noticed or reported
during the year.
for G. L. SINGHAL & Co.
Chartered Accountants
FRN:313078E
Name of the Member: ROSHAN LAL SINGHAL
(Partner)
Membership No. : 054408
Place: Kolkata
Date: 18th MAY 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. YOGI Infra
Projects Ltd. as at 31st March, 2012 and also the Profit and Loss
Account for the year ended on that date annexed thereto both of which
we have signed under reference to this report. 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 have conducted the 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 principals 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. In my opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon and attached thereto and the statement on Significant
Accounting Policies give in the prescribed manner the information
required by the Companies Act, 1956 of India (the "Act") and also
give respectively, 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,2012 and
ii) in the case of Profit & Loss Account, of the Net Loss for the year
ended on that date.
iii) in the case of the Cash flow statement, of the cash flows for the
year ended on that date.
4. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit. In our opinion, proper books of account have been kept by the
company as required by
law as far as appears from our examination of these books and the afore
mentioned Balance Sheet and Profit and Loss Account are in agreement
therewith.
5. In my opinion, these accounts have been prepared in compliance with
the applicable accounting standards referred to in Section 211(3C) of
the Act.
6. On the basis of written representations received from the directors
as on 31st March'2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
Sub-section (1) of section 274 of the Companies Act, 1956.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Govt, and on the basis of such checks of the books and
records of the Company, as I considered appropriate and the information
and explanations given to me during the course of my audit, we further
report that:
4 (1) (a) The company has maintained proper records to show full
particulars to including qualitative details and situation of its Fixed
Assets. The 4 (1) (c) company was in possession of freehold office
equipment which was written off during the year. However, there are no
fixed assets as on 31.03.2012.
4 (ii) (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
4 (ii) (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 the business.
4 (ii) (c) The company is maintaining proper records of inventory and
no material discrepancies have been notices on physical verification of
inventory as compared to book records.
4 (iii) (a) The company has granted unsecured loan a company covered in
the to register maintained under section 301 of the Act. And the
outstanding 4 (iii) (d) amount of loan was Rs. 55,14,693/- as on 31st
March, 2012. The rate of interest and other terms and conditions of
loan given by the company are not prima facie prejudicial to the
interest of the Company. There are no stipulations as regards payment
of principal amount and interest.
4 (iii) (e) The company has not taken any loans secured or unsecured
from to companies, firms or other parties covered in the register
maintained under 4 (iii) (g) section 301 of the Act. Hence clauses (e)
to (g) are not applicable to the Company.
4 (iv) 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 for the sale of goods and services and fixed
asset.
4 (v) (a) According to the information and explanation given to us we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956,
have been so entered.
4 (v) (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 have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
4 (vi) The company has not accepted deposit from public. Therefore the
directives issued by the Reserve Bank of India and the provisions of
sections 58 A, 58 A A or any other relevant provisions of the Act and
the Rules framed there under are not applicable to the company during
the year under audit.
4 (vii) The company has an internal audit system commensurate with its
size and nature of its business. 4 (viii) The Central Government has
not prescribed maintenance of cost records by the company 4 (ix) (a)
The company is regular in depositing undisputed statutory dues as
regards and income tax, wealth tax, service tax and other statutory
dues applicable to
4 (ix) (b) the company with the appropriate authorities. However an
amount of Rs. 2,10,902/- on account of TDS payable as at the last day
of the financial year concerned is outstanding for a period of more
than six months from the date it became payable. Further according to
the information given to us , there are following dues to income tax
which have not been deposited on account of any dispute. And the same
has been disclosed as a contingent liability by way of note to the
balance sheet.
S.No. Financial Year Amount(Rs.) Remarks
01. 1994-95 54,73,988 Appeal Pending
with ITAT,
Ahemadabad
02. 1995-96 8,65,427 Appeal Pending
with ITAT,
Ahemadabad
According to the information and explanation given to us, there are no
dues of sales tax, custom duty, wealth tax, service tax, excise duty
and cess which have not been deposited on account of any dispute.
4 (x) As the accumulated losses are not more than fifty percent of its
net worth, and also the company has not incurred any cash losses during
the immediately preceding year hence the clause is not applicable to
the company.
4 (xi) The company has not defaulted in repayment of dues to Bank.
However the Company has not taken any loan from any Financial
Institution. Also the company has not issued any debentures.
4 (xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Hence the clause is not applicable the company.
4 (xiii) The company does not carry on the business of Chit Fund; hence
clauses (a) to (d) are not applicable to the Company.
4 (xiv) Proper records have been maintained by the company of the
transactions and contracts in respect of dealing or trading in shares,
securities, debentures and other investments and timely entries have
been made therein. As the company does not hold any investment in its
own name, hence this clause is not applicable.
4 (xv) According to the information and explanations given to us, the
company has not given guarantees for loans taken by other from banks or
financial institutions.
4 (xvi) As the company has not taken any term loans. The clause is not
applicable to the company.
4 (xvii) The company has not used the funds raised on short-term basis
for long- term investment.
4 (xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Sec.301 of the Act.
4 (xix) The company has not issued any debentures. Hence the clause is
not applicable to the company.
4 (xx) The company has not raised any money by public issue. Hence the
clause is not applicable to the company.
4 (xxi) No fraud on or by the company has been noticed or reported
during the year.
For G.L.Singhal & Co.
Chartered Accountants
C.A. R.L. Singhal
M No. 54408
Partner
Address: 23A, N.S.Road,
4th Floor, Room No.7A
KOLKATA - 700 001
Dated: The 31st
Day of August, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Yogi Infra Projects
Limited (Formerly Yogi Sung-Won (India) Limited) as at March 31, 2011
and also the Profit & Loss Account and the Cash Flow Statement for the
period ended on that date annexed thereto. These financial statements
are the responsibility of the Company's Management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An Audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An Audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub- section (4A) of
Section 227 of 'The Companies Act, 1956' of India (the Act) and on the
basis of such checks as we considered appropriate and according to the
information and explanations given to us, we set out 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 above, we
report that :
(i) 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.
(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 such
books.
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
(v) On the basis of the written representation received from the
directors, as on March 31, 2011, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2011 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 explanation 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 and are 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, 2011.
(b) In the case of the Profit & Loss account, of the Profit for the
period ended on that date ; and
(c) In the case of Cash Flow Statement, of the Cash Flows for the
period ended on that date subject to:
a. In our opinion the debtors amounting to Rs. 55.34 Lakhs, Loans &
Advances of Rs. 759.94 lakhs and Investments Rs.131.01 Lakhs are
doubtful, for which no provision is made in the books.
b. Sundry Debtors, creditors, advances and Bank Balances are subject
to confirmation.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
I. (a) The Company has maintained proper records showing full
Particulars, including quantitative details and situation, of fixed
assets.
(b) The Company has very negligible Fixed assets.
(c) There was no disposal of fixed assets during the year.
II. (a) The Management has conducted physical verification of
inventory at reasonable intervals during the period.
(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. (a) The Company has not granted any secured or unsecured loans to
any companies, firms or other parties covered in the registered
maintained under section 301 of the Act.
(b) The Company has not granted any secured or unsecured loans to any
companies, firms or other parties covered in the registered maintained
under section 301 of the Act, hence the comment on the rate of interest
and terms and conditions thereon is not applicable.
(c) The Company has not granted any secured or unsecured loans to any
companies, firms or other parties covered in the register maintained
under section 301 of the Act, hence the comment on the receipt of the
principle and interest thereon is not applicable.
(d) The Company has not granted any secured or unsecured loans to any
companies, firms or other parties covered in the register maintained
under section 301 of the Act, hence the comment on the overdue amount
is not applicable.
(e) The Company had not taken any Secured or Unsecured loans from
companies, firms or other parties, covered in the register maintained
under section 301 of The Companies Act, 1956.
(f) Company has not taken any Secured or Unsecured loans from the
parties covered in the register maintained under section 301 of The
Companies Act, 1956. Hence, the comment on the receipt of principal
amount and interest thereon is not applicable.
(g) The company has not taken any secured or unsecured loans from
companies; firms or other parties covered are the register maintained
under section 301 of the Companies Act. Hence, the comment on the
overdue amount is not applicable.
IV 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, for the purchase of inventory and 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 in respect of these
areas.
V. (a) According to the information and explanations given to us we are
of the opinion that the transactions that need to be entered into 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 have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time.
VI. The Company has not accepted any deposits from the Public.
VII. In our opinion, the Company has no internal audit system,
commensurate with the size of the Company and the nature of its
business.
VIII. The Central Government has not prescribed maintenance of cost
records by the Company under section 209 (1) (d) of the Act.
IX. (a) According to the information and explanation given to us and
records of the Company examined by us, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, Investor Education Protection Fund, employees
state insurance, income tax, sales tax, wealth tax, Service Tax, custom
duty, Excise duty, Cess and other material statutory dues applicable to
it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax and customs duty, excise duty, cess, Service Tax outstanding, at
the period end for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
following dues to income tax which have not been deposited on account
of any dispute. And the same has been disclosed as a contingent
liability by way of note to the Balance Sheet.
S.No Financial Year Amount Remarks
01. 1994-1995 54,73,988.00 Appeal pending
with ITAT, A'bad
02. 1995-1996 8,65,427.00 Appeal pending with
ITAT, A'bad
According to the information and explanation given to us, there are no
dues of sales tax, customs duty, wealth tax, Service Tax, excise duty
and cess which have not been deposited on account of any dispute.
X. The Company has accumulated losses of Rs. 3,23,30,281 at the end of
the financial period and it has made Profit of Rs. 1,24,642 in the
current and there were no Cash Losses in immediately preceding
financial year.
XI. Based on our audit procedures and on the information and
explanation given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, banks or debenture holders.
XII. According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities. Accordingly the clause 4 (xii)
of the order is not applicable.
XIII. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
The Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
XIV. In our opinion and explanation given to us the Company is
maintaining proper records of the transactions and contracts for
dealing or trading in shares, securities, debentures and other
investment. All investments are held in the name of the Company, except
shares of TECIL Limited and Pieces Aqua Venture Limited, Which are not
held in the name of the Company.
XV. According to the information and explanation given to us, the
Company has not given any guarantee of loans taken by others from bank
or financial institutions.
XVI. Based on information and explanation given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds have been raised on short term basis. Therefore, the
provisions of clause 4 (xvii) of the companies (Auditor's - Report)
order, 2003, is not applicable to the Company.
XVIII. According to information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in register maintained under section 301 of the
Act. Therefore, the provisions of clause 4 (xviii) of the companies
(Auditor's - Report) order, 2003, is not applicable to the Company.
XIX. The Company has not issued any debentures. Therefore, the
provisions of clause 4 (xix) of the companies (Auditor's - Report)
order, 2003, is not applicable to the Company.
XX. The Company has not raised any funds by way of Public Issue during
the period. Therefore, the provisions of clause 4 (xx) of the companies
(Auditor's - Report) order, 2003, is not applicable to the Company.
XXI. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For Murugendrappa and Co
Chartered Accountants
Firm Regn. No. 5945s
K B Murugendrappa
Proprietor
Place : Bangalore
Date : 30.05.2011 Membership No :200249
Mar 31, 2010
1. We have audited the attached Balance Sheet of Yogi Infra Projects
Limited (Formerly Yogi Sung-Won (India) Limited) as at March 31, 2010
and also the Profit & Loss Account and the Cash Flow Statement for the
period ended on that date annexed thereto. These financial statements
are the responsibility of the Companys Management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with 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 mis-statement. An Audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An Audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of The Companies Act, 1956 of India (the Act) and on the
basis of such checks as we considered appropriate and according to the
information and explanations given to us, we set out 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 above, we
report that:
(i) 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.
(ii) In our Opinion, proper books of accounts as required bylaw have
been kept by the Company so far as appears from our examination of such
books.
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
(v) On the basis of the written representation received from the
directors, as on March 31, 2009, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31,2009 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 explanation 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 and are 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, 2010.
(b) In the case of the Profit & Loss account, of the Profit for the
period ended on that date ; and
(c) In the case of Cash Flow Statement, of the Cash Flows for the
period ended on that date subject to:
a. The debtors amounting to Rs. 56 thousand, Loans & Advances of Rs.
156.26 lakhs and investments Rs. 131. 01 Lakhs are doubtful, in our
opinion, for which no provision is made.
b. Sundry Debtors, creditors, advances and Bank balances are subject
to confirmation.
ANNEXURE REFERRED TO IN PARAGRAPH 3
OF OUR REPORT OF EVEN DATE
I. (a) The Company has maintained proper records showing full
particulars, including quantitative details and
situation, of fixed assets.
(b) The Company does not have fixed assets, stores, spare parts and raw
materials.
(c) There was no disposal of fixed assets during the period.
II. (a) The Management has conducted physical verification of
inventory at reasonable intervals during the period.
(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. (a) The Company has not granted any secured or unsecured loans to
any companies, firm or other parties covered in the registered
maintained under section 301 of the Act.
(b) The Company has not granted any secured or unsecured loans to any
companies, firms or other parties covered in the registered maintained
under section 301 of the Act, hence the comment on the rate of interest
and terms and conditions thereon is not applicable.
(c) The Company has not granted any secured or unsecured loans to any
companies, firms or other parties covered in the register maintained
under section 301 of the Act, hence the comment on the receipt of the
principle and interest thereon is not applicable.
(d) The Company has not granted any secured or unsecured loans to any
companies, firms or other parties covered in the register maintained
under section 301 of the Act, hence the comment on the overdue amount
is not applicable.
(e) The Company had not taken any Secured or Unsecured loans from
companies, firms or other parties, covered in the register maintained
under section 301 of The Companies Act, 1956.
(f) Company has not taken any Secured or Unsecured loans from the
parties covered in the register maintained under section 301 of The
Companies Act, 1956. Hence, the comment on the receipt of principal
amount and interest thereon is not applicable.
(g) The company has not taken any secured or unsecured loans from
companies; firms or other parties covered are the register maintained
under section 301 of the Companies Act. Hence, the comment on the
overdue amount is not applicable.
IV 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, for the purchase of inventory and 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 in respect of these
areas.
V (a) According to the information and explanations given to us we are
of the opinion that the transactions that need to be entered into 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 lacs in
respect of any party during the period have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
VI. The Company has not accepted any deposits from the Public.
VII. In our opinion, the Company has no internal audit system,
commensurate with the size of the Company and the nature of its
business.
VIII. The Central Government has not prescribed maintenance of cost
records by the Company under section 209 (1) (d) of the Act.
DC (a) According to the information and explanation given to us and
records of the Company examined by us, the Company is regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, Investor Education Protection Fund, employees
state insurance, income tax, sales tax, wealth tax, Service Tax, custom
duty, Excise duty, Cess and other material statutory dues applicable to
it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax and customs duty, excise duty, cess, Service Tax outstanding, at
the period end for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
following dues to income tax which have not been deposited on account
of any dispute. And the same has been disclosed as a contingent
liability by way of note to the Balance Sheet.
S.No Financial Year Amount Remarks
01. 1994-1995 54,73,988.00 Appeal pending with ITAT,
Abad
02. 1995-1996 8,65,427.00 Appeal pending with ITAT,
Abad
According to the information and explanation given to us, there are no
dues of sales tax, customs duty, wealth tax, Service Tax, excise duty
and cess which have not been deposited on account of any dispute.
X. The Company has accumulated losses of Rs. 3,24,54,922.92 at the end
of the financial period and it has made a profit of Rs. 20,70,594.00 in
the current and there were Cash Losses in immediately preceding
financial year.
XI. Based on our audit procedures and on the information and
explanation given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, bank or debenture holders.
XII. According to the information and explanations given to us and
based on the documents and records produced to us, 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 clause 4 (xiii) of
The Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
XIV In our opinion and explanation given to us the Company is
maintaining proper records of the transactions and contracts for
dealing or trading in shares, securities, debentures and other
investment. All investments are held in the name of the Company, except
shares of TECIL Limited and Pieces Aqua Venture Limited, Which are not
held in the name of the Company.
XV According to the information and explanation given to us, the
Company has not given any guarantee of loans taken by others from bank
or financial institutions.
XVI. Based on information and explanation given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
XVII. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds have been raised on short term basis.
XVIII. According to information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in register maintained under section 301 of the
Act.
XTX The Company did not have any debentures during the period.
XX The Company has not raised any funds by way of Public Issue during
the period.
XXI. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For Murugendrappa and Co
Chartered Accountants
Firm Regn. No. 5945s
Murugendrappa K B
Proprietor
Membership No :200249
Place: Bangalore
Date : 31.05.2010