Mar 31, 2015
We have audited the accompanying standalone financial statements of
COVIDH TECHNOLOGIES LIMITED ('the Company'), which comprise the balance
sheet as at 31 March 2015, the statement of profit and loss and the
cash flow statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the Act') with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are Free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 March 2015 and its profit and its 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, 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 the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) in our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c) the balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of account;
d) in our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) on the basis of the written representations received from the
directors as on 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; and
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company
Annexure to the Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the Year ended 31
March 2015, we report that:
i.
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner. In
accordance with this programme, certain fixed assets were verified
during the year and no material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification
is reasonable having regard to the size of the Company and the nature
of its assets.
ii.
a. According to the information and explanations given to us, the
management has conducted physical verification of inventories at
reasonable intervals during the year. In our opinion, the frequency of
verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures followed by the management for physical
verification of inventories are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories.
As per the information and explanation given to us, no material
discrepancies were noticed on physical verification.
iii. The Company has not granted any loans to bodies corporate covered
in the register maintained under section 189 of the Companies Act, 2013
('the Act').
iv. In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size 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, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
vii.
a. According to the information and explanations given to us and on the
basis of our examination of the records of the Company, amounts
deducted / accrued in the books of account in respect of undisputed
statutory dues including provident fund, employees' state insurance,
duty of excise income tax, sales tax, wealth tax, service tax, duty of
customs, value added tax, cess and other material statutory dues have
been regularly deposited during the year by the Company with the
appropriate authorities.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
c. According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
d. According to the information and explanations given to us the
company does not have any liability 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 there
under.
viii. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
ix. The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
x. In our opinion and according to the information and the explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions.
xi. The Company did not have any term loans outstanding during the
year.
xii. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For M M REDDY & Co.,
Chartered Accountants
Firm Registration No.010371S
Sd/-
(M Madhusudhana Reddy) Place: Hyderabad
Partner Date : 29.05.2015
Membership No.213077
Mar 31, 2014
We have audited the accompanying financial Statements of M/s Covidh
Technologies Limited (Formerly Aptus Industries Limited) which comprise
the Balance Sheet as at 31st March 2014, The statement of Profit & Loss
and the cash flow Statement for the year ended, and a summary of the
significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companies management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance 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 misstatements, whether
due to fraud or error.
Auditors Responsibility
We have audited the attached Balance Sheet of M/s Covidh Technologies
Limited (Formerly Aptus Industries Limited), Hyderabad as at 31st March
2014, the Profit & Loss Account and also the Cash Flow statement for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company''s management Our responsibility
is to express an opinion on these financial statements based on our
audit
We conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on 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 the management as well as evaluating the overall financial statement
presentation.
We believe that our 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 said accounts read with other notes to
accounts and accounting policies give the information required by the
Companies Act 1956, in the manner so required and give a true and fair
view:-
i) In the case of Balance Sheet of the state of the affairs of the
Company as at 31st March 2014 and
ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended on that date.
iii) In the Cash Flow statement of the Cash Flow for the year ended on
that date. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order,2003 ("the
Order") issued by the Central Government in terms of Section 227 (4A)
of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
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 purposes of our
audit
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act
e. On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274(1)(g) of the
Act
Annexure to the Auditors'' Report (referred to in paragraph 3 of our
Report of even date to the Members of Covidh Technologies Limited
(Formerly Aptus Industries Limited for the year ended March 31, 2014)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. There is no
discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. In respect of its inventories:
a) The Inventory of the Company has been physically verified during the
year by the management In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, 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 has maintained proper record of inventories. As
explained to us, there were no material discrepancies notices on
physical verification of inventories as compared to the book records.
3. As informed the Company has neither granted nor taken any loans,
secured or unsecured to and from companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. Accordingly, clauses 4(III) (b) to (d) of the Order are not
applicable.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. a) In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
enter 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, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five Lakhs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 301 of the
of the Companies Act, 2013 in respect of the Company''s nature of
business.
9. (a) According to the records of the company, the company is regular
in depositing undisputed statutory dues including provident fund,
employees'' state insurance, Income Tax, Wealth Tax, Customs Duty,
Excise duty, cess and other material statutory dues applicable at the
end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no income tax, wealth tax, sales tax, customs duty and excise duty,
which have not been deposited on account of any dispute. There were no
dues on account of cess under 441A of the Companies Act 1956, since the
date from which the aforesaid section comes into force has not yet been
notified by the Central Government
10. The company has the Profit of Rs. 4,07,355/- as at the end of the
financial year and it has not incurred any cash losses during the
current financial year covered by our audit and The company has the
Profit of Rs. 1,17,77,254/- as at the end of the immediately preceding
financial year it has not incurred any cash losses during the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company is not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
12. According to the information and expiations 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 or a nidhi / mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. The company is not in the business of dealing or trading in
shares, securities, debenture and other instruments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. In our opinion and according to the information and explanation
given to us, the Company has not taken any term loan from the Banks and
Financial institutions.
17. Based on our examination of the balance sheet of the company as at
31.03.2014,since there is no loans availed by the company, the
utilization of funds does not arise.
18. The company has not mads any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
21. Based upon the audit procedures performed and 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 M M REDDY & CO.,
Chartered Accountants
Firm Reg. No. 010371S
Sd/-
(M. Madhusudhana Reddy)
Partner
Membership No.213077
Place: Hyderabad
Date: 30/05/2014
Mar 31, 2013
1. We have audited the attached Balance Sheet of APTUS INDUSTRIES
LIMITED, as at March 31, 2013, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our 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 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 as
amended (''the Order'') issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956
(''the Act''), we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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;
(iii) The Balance Sheet,Profit and Loss Accounts 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 and Loss Accounts 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 Act.
(v) On the basis of written representations received from the
directors, as on March 31, 2013 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2013 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon 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 Profit and Loss Account, of the profit for the year
ended on that date;
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date,
Annexure to the Auditors'' Report (referred to in paragraph 3 of our
Report of even date to the Members of APTUS INDUSTRIES LIMITED for the
year ended March 31, 2013)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. There is no
discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. (a) The inventory excluding materials in transit, has been
physically verified by the management during the year. In our opinion,
the frequency of the verification is reasonable.
(b) In our opinion, procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. In our
opinion, the discrepancies noticed on physical verification of
inventory as compared to the book records were not material and have
been properly dealt with in the books of account.
3. (a) As informed the Company has neither granted nor taken any
loans, secured or unsecured to and from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Accordingly, clauses 4(III) (b) to (d) of the
Order are not applicable.
(b) The company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in theregister maintained
under Section 301 of the Companies Act, 1956. Accordingly, clauses
4(III) (f) and (g) of the Order are not applicable.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
entered into the register maintained under Section 301 of the Companies
Act, 1956 have been so entered. Accordingly, clause (v)(b) of paragraph
4 of the Order is not applicable to the company.
b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lakhs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 209 (i)
(d) of the of the Companies Act, 1956 in respect of the Company''s
nature of business.
9. (a) According to the records of the company, the company is regular
in depositing undisputed statutory dues including provident fund,
employees'' state insurance, Income Tax, Wealth Tax, Customs Duty,
Excise duty, cess and other material statutory dues applicable at the
end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no income tax, wealth tax, sales tax, customs duty and excise duty,
which have not been deposited on account of any dispute. There were no
dues on account of cess under 441A of the Companies Act 1956, since the
date from which the aforesaid section comes into force has not yet been
notified by the Central Government.
10. The company does not have the accumulated losses as at the end of
the financial year and it has not incurred any cash losses during the
current financial year covered by our audit and the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company did not have any outstanding dues to financial Institutions,
Banks or Debenture holders.
12. According to the information and expiations 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 or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. The company is not in the business of dealing or trading in
shares, securities, debenture and other instruments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not taken term loans from banks.
17. Based on our examination of the balance sheet of the company as at
31.03.2013, since there is no loans availed by the company, the
utilization of funds does not arise.
18. The company has made preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
21. Based upon the audit procedures performed and 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 M/s M M REDDY & CO
Chartered Accountants
Firm Regd No:010371S
Sd/-
(M. Madhusudhana Reddy)
Partner
Membership No.213077
Place: Hyderabad
Date: 30.05.2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of APTUS INDUSTRIES
LIMITED, as at March 31, 2012, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our 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 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 as
amended (''the Order'') issued by the Central Government of India in
terms of sub- section (4A) of section 227 of the Companies Act, 1956
(''the Act''), we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Accounts 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 and Loss Accounts 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 Act.
(v) On the basis of written representations received from the
directors, as on March 31, 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 Act.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon 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, 2012;
(b) In the case of Profit and Loss Account, of the profit for the year
ended on that date;
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date,
Annexure to the Auditors'' Report (referred to in paragraph 3 of our
Report of even date to the Members of APTUS INDUSTRIES LIMITED for the
year ended March 31, 2012)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. There is no
discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. (a) The inventory excluding materials in transit, has been
physically verified by the management during the year. In our opinion,
the frequency of the verification is reasonable.
(b) In our opinion, procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. In
our opinion, the discrepancies noticed on physical verification of
inventory as compared to the book records were not material and have
been properly dealt with in the books of account.
3. (a) As informed the Company has neither granted nor taken any
loans, secured or unsecured to and from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Accordingly, clauses 4(III) (b) to (d) of the
Order are not applicable.
(b) The company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the re register maintained
under Section 301 of the Companies Act, 1956. Accordingly, clauses
4(III) (f) and (g) of the Order are not applicable.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
entered into the register maintained under Section 301 of the Companies
Act, 1956 have been so entered. Accordingly, clause (v)(b) of paragraph
4 of the Order is not applicable to the company.
b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lakhs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 209 (i)
(d) of the of the Companies Act, 1956 in respect of the Company''s
nature of business.
9. (a) According to the records of the company, the company is regular
in depositing undisputed statutory dues including provident fund,
employees'' state insurance, Income Tax, Wealth Tax, Customs Duty,
Excise duty, cess and other material statutory dues applicable at the
end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no income tax, wealth tax, sales tax, customs duty and excise duty,
which have not been deposited on account of any dispute. There were no
dues on account of cess under 441A of the Companies Act 1956, since the
date from which the aforesaid section comes into force has not yet been
notified by the Central Government.
10. The company does not have the accumulated losses as at the end of
the financial year and it has not incurred any cash losses during the
current financial year covered by our audit and the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company did not have any outstanding dues to financial Institutions,
Banks or Debenture holders.
12. According to the information and expiations 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 or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. The company is not in the business of dealing or trading in
shares, securities, debenture and other instruments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not taken term loans from banks.
17. Based on our examination of the balance sheet of the company as at
31.03.2012, since there is no loans availed by the company, the
utilization of funds does not arise.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
21. Based upon the audit procedures performed and 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 M M REDDY & CO.,
Chartered Accountants
Firm Regd No:010371S
Sd/-
Place : Hyderabad (M. Madhusudhana Reddy)
Date : 31.08.2012 Partner
Membership No.213077
Mar 31, 2011
1. We have audited the attached Balance Sheet of LORDVEN TECHNOLOGIES
LIMITED, as at March 31, 2011, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our 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 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 as
amended (''the Order'') issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956
(''the Act''), we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Accounts 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 and Loss Accounts 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 Act.
(v) On the basis of written representations 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
31st March 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon 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, 2011;
(b) In the case of Profit and Loss Account, of the profit for the year
ended on that date;
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date,
ANNEXURE TO THE AUDITORS'' REPORT
(referred to in paragraph 3 of our Report of even date to the Members
of LORDVEN TECHNOLOGIES LIMITED for the year ended March 31, 2011)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. There is no
discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. (a) The inventory excluding materials in transit, has been
physically verified by the management during the year. In our opinion,
the frequency of the verification is reasonable.
(b) In our opinion, procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of the its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. In
our opinion, the discrepancies noticed on physical verification of
inventory as compared to the book records were not material and have
been properly dealt with in the books of account.
3. (a) As informed the Company has neither granted nor taken any
loans, secured or unsecured to and from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Accordingly, clauses 4(III) (b) to (d) of the
Order are not applicable.
(b) The company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the re register maintained
under Section 301 of the Companies Act, 1956. Accordingly, clauses
4(III) (f) and (g) of the Order are not applicable.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
entered into the register maintained under Section 301 of the Companies
Act, 1956 have been so entered. Accordingly, clause (v)(b) of paragraph
4 of the Order is not applicable to the company.
b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lakhs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 209 (i)
(d) of the of the Companies Act, 1956 in respect of the Company''s
nature of business.
9. (a) According to the records of the company, the company is regular
in depositing undisputed statutory dues including provident fund,
employees'' state insurance, Income Tax, Wealth Tax, Customs Duty,
Excise duty, cess and other material statutory dues applicable at the
end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no income tax, wealth tax, sales tax, customs duty and excise duty,
which have not been deposited on account of any dispute. There were no
dues on account of cess under 441A of the Companies Act 1956, since the
date from which the aforesaid section comes into force has not yet been
notified by the Central Government.
10. The company does not have the accumulated losses as at the end of
the financial year and it has not incurred any cash losses during the
current financial year covered by our audit and the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company did not have any outstanding dues to financial Institutions,
Banks or Debenture holders.
12. According to the information and expiations 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 or a nidhi / mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. The company is not in the business of dealing or trading in
shares, securities, debenture and other instruments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not taken term loans from banks.
17. Based on our examination of the balance sheet of the company as at
31.03.2011, since there is no loans availed by the company, the
utilization of funds does not arise.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
21. Based upon the audit procedures performed and 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 M. M. Reddy & CO.,
Chartered Accountants
Firm Regd. No. 010371S
Sd/-
M. Madhusudhana Reddy
Place: Hyderabad Proprietor
Date: 25.08.2011 Membership No.213077
Mar 31, 2010
1. We have audited the attached Balance Sheet of LORDVEN TECHNOLOGIES
LIMITED, as at March 31, 2010, the Profit and Loss Account and Cash
Flow Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our 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 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 as
amended (''the Order'') issued by the Central Government of India in
terms of sub- section (4A) of section 227 of the Companies Act, 1956
(''the Act''), we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Accounts 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 and Loss Accounts 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 Act.
(v) On the basis of written representations received from the
directors, as on March 31, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon 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, 2010;
(b) In the case of Profit and Loss Account, of the profit for the year
ended on that date;
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors'' Report (referred to in paragraph 3 of our
Report of even date to the Members of LORDVEN TECHNOLOGIES LIMITED for
the year ended March 31, 2010)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. There is no
discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. (a) The inventory excluding materials in transit, has been
physically verified by the management during the year. In our opinion,
the frequency of the verification is reasonable.
(b) In our opinion, procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of the its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. In
our opinion, the discrepancies noticed on physical verification of
inventory as compared to the book records were not material and have
been properly dealt with in the books of account.
3. (a) As informed the Company has neither granted nor taken any
loans, secured or unsecured to and from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Accordingly, clauses 4(III) (b) to (d) of the
Order are not applicable.
(b) The company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the re register maintained
under Section 301 of the Companies Act, 1956. Accordingly, clauses
4(III) (f) and (g) of the Order are not applicable.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
entered into the register maintained under Section 301 of the Companies
Act, 1956 have been so entered. Accordingly, clause (v)(b) of paragraph
4 of the Order is not applicable to the company.
b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lakhs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 209 (i)
(d) of the of the Companies Act, 1956 in respect of the Company''s
nature of business.
9. (a) According to the records of the company, the company is regular
in depositing undisputed statutory dues including provident fund,
employees'' state insurance, Income Tax, Wealth Tax, Customs Duty,
Excise duty, cess and other material statutory dues applicable at the
end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no income tax, wealth tax, sales tax, customs duty and excise duty,
which have not been deposited on account of any dispute. There were no
dues on account of cess under 441A of the Companies Act 1956, since the
date from which the aforesaid section comes into force has not yet been
notified by the Central Government.
10. The company does not have the accumulated losses as at the end of
the financial year and it has not incurred any cash losses during the
current financial year covered by our audit and the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company did not have any outstanding dues to financial Institutions,
Banks or Debenture holders.
12. According to the information and expiations 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 or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. The company is not in the business of dealing or trading in
shares, securities, debenture and other instruments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not taken term loans from banks.
17. Based on our examination of the balance sheet of the company as at
31.03.2010, since there is no loans availed by the company, the
utilization of funds does not arise.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
21. Based upon the audit procedures performed and 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 M. M. Reddy & Co.
Chartered Accountants
Sd/-
M. Madhusudhana Reddy
Place: Hyderabad Proprietor
Date: 25.08.2010 Membership No. : 213077
Mar 31, 2009
1. We have audited the attached Balance Sheet of LORDVEN TECHNOLOGIES
LIMITED, as at March 31, 2009, the Profit, Loss Account and Cash Flow
Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company''s
management. Our responsibility is to express an opinion on these
financial statements based on our 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 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 as
amended (''the Order'') issued by the Central Government of India in
terms of sub- section (4A) of section 227 of the Companies Act, 1956
(''the Act''), we enclose in the Annexure, a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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;
(iii) The Balance Sheet, Profit and Loss Accounts and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet and Profit Loss Accounts 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 Act.
(v) On the basis of written representations 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
31st March 2009 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon 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, 2009;
(b) In the case of Profit and Loss Account, of the profit for the year
ended on that date;
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors'' Report (referred to in paragraph 3 of our
Report of even date to the Members of LORDVEN TECHNOLOGIES LIMITED for
the year ended March 31, 2009)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. There is no
discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. (a) The inventory excluding materials in transit, has been
physically verified by the management during the year. In our opinion,
the frequency of the verification is reasonable.
(b) In our opinion, procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of the its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. In
our opinion, the discrepancies noticed on physical verification of
inventory as compared to the book records were not material and have
been properly dealt with in the books of account.
3. (a) As informed the Company has neither granted nor taken any
loans, secured or unsecured to and from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Accordingly, clauses 4(III) (b) to (d) of the
Order are not applicable.
(b) The company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the re register maintained
under Section 301 of the Companies Act, 1956. Accordingly, clauses
4(III) (f) and (g) of the Order are not applicable.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. a) In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
entered into the register maintained under Section 301 of the Companies
Act, 1956 have been so entered. Accordingly, clause
(v)(b) of paragraph 4 of the Order is not applicable to the company.
b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees five lakhs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 209 (i)
(d) of the of the Companies Act, 1956 in respect of the Company''s
nature of business.
9. (a) According to the records of the company, the company is regular
in depositing undisputed statutory dues including provident fund,
employees'' state insurance, Income Tax, Wealth Tax, Customs Duty,
Excise duty, cess and other material statutory dues applicable at the
end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no income tax, wealth tax, sales tax, customs duty and excise duty,
which have not been deposited on account of any dispute. There were no
dues on account of cess under 441A of the Companies Act 1956, since the
date from which the aforesaid section comes into force has not yet been
notified by the Central Government.
10. The company does not have the accumulated losses as at the end of
the financial year and it has not incurred any cash losses during the
current financial year covered by our audit and the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company did not have any outstanding dues to financial Institutions,
Banks or Debenture holders.
12. According to the information and expiations 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 or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. The company is not in the business of dealing or trading in
shares, securities, debenture and other instruments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not taken term loans from banks.
17. Based on our examination of the balance sheet of the company as at
31.03.2009, since there is no loans availed by the company, the
utilization of funds does not arise.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
21. Based upon the audit procedures performed and 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 M. M. Reddy & Co.
Chartered Accountants
Sd/-
M. Madhusudhana Reddy
Place: Hyderabad Proprietor
Date: 13.08.2009 Membership No. : 213077