Mar 31, 2014
1. We have audited the accompanying financial statements of CDI
International Ltd. ("the Company"), which comprise the Balance
Sheet as at March 31,2014, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated September 13,2013 of
the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act,2013 and in accordance with accounting principles
generally accepted in india. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for purpose of expressing an opinion on the
effectiveness of the Companies internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. 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 Statement of Profit and Loss Account, of the profit/
loss 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,
("the Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards notified under
the Companies Act, 1956 ( "the Act") read with the General Circular
15/2013 dated September 13,2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act,2013.
e. on the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT REPORT''S Referred to in paragraph 3 of Our
Report of even date
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) As explained to us, the fixed assets are physically verified by
the management during the year and there is a regular program of
verification which, in our opinion, is reasonable having regard to the
size of the Company and nature of its assets. No material discrepancies
were noticed on such verification.
(iii) No substantial part of fixed assets has been disposed off during
the year, which has affected the going concern.
2. There are no inventories in the Company hence the clause relating to
inventories are not applicable to the Company.
3. According to information and explanation given to us, the Company
has not taken or granted any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4. In our opinion and according to information and explanation given to
us, there is adequate internal control procedure commensurate with the
size of the Company and the nature of its business with regard to
purchase of fixed assets and for sale of goods & services. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956, the Company is not maintaining any such register
as the company is of the opinion that there were no such transactions
as to attract the provisions of this section.
6. In our opinion and according to information provided to us, the
Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. In our opinion and according to information and explanation given to
us, the Company is not required to maintain Cost Records as specified
U/s 209(1) (d) of the Companies Act, 1956.
9. In our opinion and according to information and explanation given to
us and records produced for our verification, undisputed statutory dues
have been generally deposited regularly with the appropriate
authorities. Further the income tax demands were not paid as the cases
are pending with CIT(Appeals), Mumbai and dividend and dividend tax
payable amounting to Rs.44788026/- and unpaid dividend amounting to
Rs.1972034/- relating to earlier years was pending for payment.Bonus
amounting to Rs.444487/-also pending for payment. Further TDS on
payment toward legal and professional charges has not been deducted and
deposited u/s 194J of the Income Tax Act,1961 during the F/Y 2013-14.
10. In our opinion, the company has no accumulated losses as at 31st
March, 2014. The Company has incurred cash losses during the financial
year covered by our audit.
11. In our opinion and according to information and explanation given
to us, the Company has disputes with the banks on repayment of its dues
and as informed to us they will be settled soon
12. According to the information and explanations given 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.
13. In our opinion, the Company is not a chit fund or nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Company (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. In our opinion, the Company is not dealing in or trading in shares,
securities, debentures or other investments. Accordingly, the
provisions of clause 4(xiv) of the Company (Auditor''s Report) Order,
2003 are not applicable to the Company.
15. According to the information and explanations given to us, the
company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
no funds raised on short-term basis have been used for long-term
investment.
18. According to information and explanation given to us, the Company
has not made any preferential allotment of shares to parties and
companies covered in the Register maintained under section 301 of the
Act.
19. In our opinion and according to information and explanation given
to us, no Debentures were issued by the Company during the period
covered by the report.
20. The management has not raised any money from public issues during
the year.
21. According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For Sinha Gupta & Associates
Chartered Accountants
Sd/-
Place : Chandigarh CA Chandan Shahi
Dated : May 29, 2014 Membership. No. 532370
Mar 31, 2013
REPORT ON THE FINANCIAL STATEMENTS
1. We have audited the accompanying financial statements of CDI
International Ltd. ("the Company"), which comprise the Balance Sheet
as at March 31, 2013, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 "the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for purpose of expressing an opinion on the
effectiveness of the Companies internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. 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 Account, of the profit/ loss 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 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
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.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORTS
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)
1. (i) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) As explained to us, the fixed assets are physically verified by
the management during the year and there is a regular program of
verification which, in our opinion, is reasonable having regard to the
size of the Company and nature of its assets. No material discrepancies
were noticed on such verification.
(iii) No substantial part of fixed assets has been disposed off during
the year, which has affected the going concern.
2. There are no inventories in the Company hence the clause relating
to inventories are not applicable to the Company.
3. According to information and explanation given to us, the Company
has not taken or granted any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4. In our opinion and according to information and explanation given
to us, there is adequate internal control procedure commensurate with
the size of the Company and the nature of its business with regard to
purchase of fixed assets and for sale of goods & services. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956, the Company is not maintaining any such register
as the company is of the opinion that there were no such transactions
as to attract the provisions of this section.
6. In our opinion and according to information provided to us, the
Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. In our opinion and according to information and explanation given
to us, the Company is not required to maintain Cost Records as
specified U/s 209(1) (d) of the Companies Act, 1956.
9. In our opinion and according to information and explanation given
to us and records produced for our verification, undisputed statutory
dues have been generally deposited regularly with the appropriate
authorities.
10. In our opinion, the company has no accumulated losses as at 31st
March, 2013. The Company has incurred cash losses during the financial
year covered by our audit.
11. In our opinion and according to information and explanation given
to us, the Company has disputes with the banks on repayment of its
dues.
12. According to the information and explanations given 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.
13. In our opinion, the Company is not a chit fund or nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Company (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures or other investments. Accordingly, the
provisions of clause 4(xiv) of the Company (Auditor''s Report) Order,
2003 are not applicable to the Company.
15. According to the information and explanations given to us, the
company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. According to information and explanation given to us, the Company
has not made any preferential allotment of shares to parties and
companies covered in the Register maintained under section 301 of the
Act.
19. In our opinion and according to information and explanation given
to us, no Debentures were issued by the Company during the period
covered by the report.
20. The management has not raised any money from public issues during
the year.
21. According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For Om Harendra & Company
Chartered Accountant FRN: 024307N
Sd/-
Place : Chandigarh Harendra Kumar
Date :May 30, 2013 Partner
M.No. 518078
Mar 31, 2011
1 We have audited the attached Balance Sheet of Compact Disc India Ltd.
as at March 31, 2011 and also the Profit & Loss Account and Cash Flow
Statement for the year ending as 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 the auditing standards
generally accepted in India Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit 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 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, 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 above, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956.
(e) In our opinion and to the best of our information and according to
the explanation given to us, the said Balance Sheet and the Profit and
Loss account read together with the notes thereon give the information
required by the Companies Act, 1956 in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India:
(i) insofar as it relates to the Balance Sheet of the state of affairs
of the Company as at March 31, 2011 and,
(ii) insofar as it relates to the Profit and Loss account of the
Company for the year ended on that date.
5 On the basis of the written representation received from the
directors, as on March 31, 2011 and according to information and
explanations given to us, 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.
Annexure: Re. Compact Disc India Ltd.
Referred to in paragraph 3 of Our Report of even date
1. (i) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) As explained to us, all the assets have not been physically
verified by the management during the year but there is a regular
program of verification which, in our opinion, is reasonable having
regard to the size of the company and nature of its assets. No material
discrepancies were noticed on such verification.
(iii) No substantial part of fixed assets has been disposed off during
the year, which has affected the going concern.
2. There are no inventories in the company hence the clause relating
to inventories are not applicable to the company.
3. According to information and explanation given to us, the company
has not taken or granted any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4. In our opinion and according to information and explanation given
to us, there is adequate internal control procedure commensurate with
the size of the company and the nature of its business with regard to
purchase of fixed assets. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956, the company is not maintaining any such register
as the company is of the opinion that there were no such transactions
as to attract the provisions of this section.
6. In our opinion and according to information provided to us, the
company has not accepted any deposits from the public.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. In our opinion and according to information and explanation given
to us, the company is not required to maintain Cost Records as
specified U/s 209(1) (d) of the Companies Act, 1956.
9. In our opinion and according to information and explanation given
to us and records produced for our verification, undisputed statutory
dues have been generally deposited regularly with the appropriate
authorities.
10. In our opinion, the company has no accumulated losses as at March
31, 2011. The company has incurred cash losses during the financial
year covered by our audit.
11. in our opinion and according to information and explanation given
to us, the company has not defaulted in repayment of its dues to any
financial institution or bank or debenture holders.
12. We are of the opinion that the company has maintained adequate
records where the company has granted loans and advances on the basis
of security by way of pledge of shares, debentures or other securities.
13. In our opinion, the company is not a chit fund or nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Company (Auditor's Report) Order, 2003 are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures or other investments. Accordingly, the
provisions of clause 4(xiv) of the Company (Auditor's Report) Order,
2003 are not applicable to the company.
15. In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
16. In our opinion, and as examined from the books of accounts, the
company has applied the loans for the purpose for which they were
obtained.
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 information and explanation given to us, the company
has not made any preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. In our opinion and according to information and explanation given
to us, no debentures were issued by the company during the period
covered by the report.
20. The management has not raised any money from public issues during
the year.
21. According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Suresh Goyal & Associates
Chartered Accountants
Sd/-
Place : Chandigarh (CA Suresh K. Goyal)
Dated : August 12, 2011 Membership No.084153
Mar 31, 2010
1. We have audited the attached Balance Sheet of Compact Disc India
Ltd. as at March 31, 2010 and also the Profit & Loss Account and Cash
Flow Statement for the year ending as on that date annexed thereto.
These Financial Statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit 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 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 above, we
report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub- section (3C) of Section 211 of the
Companies Act, 1956.
(e) In our opinion and to the best of our information and according to
the explanation given to us, the said Balance Sheet and the Profit and
Loss account read together with the notes thereon give the information
required by the Companies Act, 1956 in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India:
(i) insofar as it relates to the Balance Sheet of the state of affairs
of the company as at 31st March, 2010 and,
(ii) insofar as it relates to the Profit and Loss account of the
company for the year ended on that date.
5. On the basis of the written representation received from the
directors, as on March 31, 2010 and according to information and
explanations given to us, we report that none of the directors is
disqualified as on March 31, 2010 from being appointed as a director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956.
Annexure: Re. Compact Disc India Ltd. Referred to in paragraph 3 of Our
Report of even date
1. (i) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(ii) As explained to us, all the assets have not been physically
verified by the management during the year but there is a regular
program of verification which, in our opinion, is reasonable having
regard to the size of the company and nature of its assets. No material
discrepancies were noticed on such verification.
(iii) No substantial part of fixed assets has been disposed off during
the year, which has affected the going concern.
2. There are no inventories in the company hence the clause relating
to inventories are not applicable to the company.
3. According to information and explanation given to us, the company
has not taken or granted any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Act.
4. In our opinion and according to information and explanation given
to us, there is adequate internal control procedure commensurate with
the size of the company and the nature of its business with regard to
purchase of fixed assets. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956, the company is not maintaining any such register
as the company is of the opinion that there were no such transactions
as to attract the provisions of this section.
6. In our opinion and according to information provided to us, the
company has not accepted any deposits from the public.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. In our opinion and according to information and explanation given
to us, the company is not required to maintain Cost Records as
specified U/s 209(1) (d) of the Companies Act, 1956.
9. In our opinion and according to information and explanation given
to us and records produced for our verification, undisputed statutory
dues have been generally deposited regularly with the appropriate
authorities.
10. In our opinion, the company has no accumulated losses as at 31st
March, 2010. The company has not incurred cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
11. In our opinion and according to information and explanation given
to us, the company has not defaulted in repayment of its dues to any
financial institution or bank or debenture holders.
12. We are of the opinion that the company has maintained adequate
records where the company has granted loans and advances on the basis
of security by way of pledge of shares, debentures or other securities.
13. In our opinion, the company is not a chit fund or nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Company (Auditors Report) Order, 2003 are not applicable to the
company.
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures or other investments. Accordingly, the
provisions of clause 4(xiv) of the Company (Auditors Report) Order,
2003 are not applicable to the company.
15. In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
16. In our opinion and as examined from the books of accounts, the
company has applied the loans for the purpose for which they were
obtained.
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 information and explanation given to us, the company
has not made any preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
19. In our opinion and according to information and explanation given
to us, no debentures were issued by the company during the period
covered by the report.
20. The management has not raised any money from public issues during
the year.
21. According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Suresh Goyal & Associates
Chartered Accountants
Sd/-
Place :Chandigarh (CA Suresh K. Goyal)
Dated : July 26, 2010 Membership No.084153
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