Mar 31, 2015
We have audited the accompanying financial statements of First Object
Technologies Limited ("the Company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the 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 of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
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
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit We have taken into account the provisions
of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the
Act 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 depends 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 auditors 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 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and five 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 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
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
1. 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 its appears form 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 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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164(2) of the
Act.
(f) With respect to the other matters to be included in Auditor's
Report om 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 has disclosed the impact of pending litigations on its
financial position in its financial statements, if any.
ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii) There has been no delay in transferring amounts, required to be
transferred to the Investor Education and Protection Fund by the
company.
ANNEXURE TO AUDITORS REPORT
The Annexure referred to in Auditors to the M/s. FirstObject
Technologies Ltd for the year ended 31st March, 2015. We report that:
1.1 The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
1.2 The Company has phased programme of physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the company and nature of fixed assets. In accordance with the
programme, the fixed assets have been physically verified by the
management during the year. No material discrepancies were noticed
during the year on such verification.
1.3 The Company has not disposed off any fixed assets of its own use,
excepting the assets which has technical obsolescence, as such the
assets disposed off during the year were not substantial and therefore
do not affect the going concern status of the Company.
2.0 In our opinion and according to the information and explanations
given to us, the company has not granted/ taken any loan secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956/2013.
3.0 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of fixed assets. During the course of
our audit, no major weakness has been noticed in the above controls and
therefore the reporting of the same does not arise.
4.0 In respect of transactions entered in the register maintained in
pursuance of section 301 of the companies Act 1956/ 2013.
a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that need to be
entered into the register have been so entered.
b) According to the information and explanations given to us, where
each of such transactions in excess of Rs.5.lakhs in respect of any
party, the transactions have been made at prices which are, prima
facie, reasonable having regard to the prevailing market prices at the
relevant time
5.0 The Company has not accepted public deposits in accordance with the
provisions of Section 58AA of the Companies Act, 1956/2013.
6.0 In our Opinion, Company has an internal audit system, commensurate
with the size of the Company and nature of its business.
7.0 The Central Government has not prescribed the maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956/2013.
8.0 a) According to the records of the company, provident Fund,
Investor Education and Protection Fund, Employees State
Insurance, Income tax, Wealth tax, and Sales tax as applicable were
regularly deposited during the year with the appropriate authorities as
applicable.
b) According to the information and explanations given to us and the
books and records examined by us, There are no dues towards sales tax,
income tax, customs duty, wealth tax, excise duty and cess, which has
not been deposited on account of dispute.
9.0 The Company has accumulated losses at the end of the financial year
and has not incurred cash loss during the current financial year and
immediately preceding financial years.
10. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks.
11. According to the information and explanations given to us and based
on our examinations of records, the company has not granted loans and
advances on the basis of security by way of pledge of shares and other
securities.
12. The Company is not a chit fund / niche / metal benefit fund or
society.
13. Based on our examinations of records and the information and
explanations given to us, the company does not deal/ trade in shares,
securities, and other investments.
14. In our opinion and according to the information and explanations
given to us, the company has not given guarantees.
15. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any new Term Loan and Overdraft facility during the current year, but
continued the previous loans.
16. According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
examination of the balance sheet of the company, funds raised on short
term basis,. Prima facie, have not been used during the year for long
term investment and vice versa.
17. According to the information and explanation given to me, the
company has not made any preferential allotment of shares to promoters,
strategic investors and others covered in the register maintained under
section 301 of the act.
18. Company has not issued any debentures during the year.
19. The Company has not made any public issue of shares during the
year.
20. To the best our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
21. In our opinion and according to the information and explanation
given to us, the nature of the company's business/ activities during
the year have been such that clause (ii) of paragraph 4 of the
Companies (Auditors Report) order, 2003 are not applicable to the
company.
For JBRK & Co.
Chartered Accountants
Firm Registration No. 005775S
P.S.Ranganath
Partner
M.No: 200839
Place: Hyderabad
Date: 14.05.2015
Mar 31, 2014
1. We have audited the attached Balance Sheet of M/s. FIRSTOBJECT
TECHNOLOGIES LIMITED as at 31st March, 2014 and also the Profit and
Loss Account and the Cash Flow Statement of the Company 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub - section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments. In the Annexure referred to in paragraph 3
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of 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, Profit & 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, the Profit & Loss Account and the
Cash Flow Statement dealt with by this report are in compliance with
the Accounting Standards referred to in sub- section (3C) of Section
211 of the Companies Act, 1956.
e) On the basis of the written representations received from the
directors as on March 31st, 2014 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31st, 2014 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
(i) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(ii) in the case of the Profit & Loss Account, of the profit for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
The Annexure referred to in Auditors to the M/s. FirstObject
Technologies Ltd for the year ended 31st March, 2014. We report that:
1.1 The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
1.2 The Company has phased programme of physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the company and nature of fixed assets. In accordance with the
programme, the fixed assets have been physically verified by the
management during the year. No material discrepancies were noticed
during the year on such verification.
1.3 The Company has not disposed off any fixed assets of its own use,
excepting the assets which has technical obsolescence, as such the
assets disposed off during the year were not substantial and therefore
do not affect the going concern status of the Company.
2.0 In our opinion and according to the information and explanations
given to us, the company has not granted/ taken any loan secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
3.0 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of fixed assets. During the course of
our audit, no major weakness has been noticed in the above controls and
therefore the reporting of the same does not arise.
4.0 In respect of transactions entered in the register maintained in
pursuance of section 301 of the companies Act 1956.
a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that need to be
entered into the register have been so entered.
b) According to the information and explanations given to us, where
each of such transactions in excess of Rs.5 lakhs in respect of any
party, the transactions have been made at prices which are, prima
facie, reasonable having regard to the prevailing market prices at the
relevant time
5.0 The Company has not accepted public deposits in accordance with the
provisions of Section 58AA of the Companies Act, 1956.
6.0 In our Opinion, Company has an internal audit system, commensurate
with the size of the Company and nature of its business.
7.0 The Central Government has not prescribed the maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956.
8.0 a) According to the records of the company, provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income tax, Wealth tax, and Sales tax as applicable were regularly
deposited during the year with the appropriate authorities as
applicable.
b) According to the information and explanations given to us and the
books and records examined by us, There are no dues towards sales tax,
income tax, customs duty, wealth tax, excise duty and cess, which has
not been deposited on account of dispute.
9.0 The Company has accumulated losses at the end of the financial year
and has incurred cash loss during the current financial year and it
hadn''t incurred any cash loss during the preceding financial year.
10. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks.
11 According to the information and explanations given to us and based
on our examinations of records, the company has not granted loans and
advances on the basis of security by way of pledge of shares and other
securities.
12. The Company is not a chit fund / niche / metal benefit fund or
society.
13. Based on our examinations of records and the information and
explanations given to us, the company does not deal/ trade in shares,
securities, and other investments.
14. In our opinion and according to the information and explanations
given to us, the company has not given guarantees.
15. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has availed Term
Loan and Overdraft facility during the year.
16. According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
examination of the balance sheet of the company, funds raised on short
term basis,. Prima facie, have not been used during the year for long
term investment and vice versa.
17. According to the information and explanation given to me, the
company has not made any preferential allotment of shares to promoters,
strategic investors and others covered in the register maintained under
section 301 of the act.
18. Company has not issued any debentures during the year.
19. The Company has not made any public issue of shares during the
year.
20. To the best our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
21. In our opinion and according to the information and explanation
given to us, the nature of the company''s business/ activities during
the year have been such that clause (ii) of paragraph 4 of the
Companies (Auditors Report) order, 2003 are not applicable to the
company.
For JBRK & Co.
Chartered Accountants
Firm Registration No. 005775S
P.S.Ranganath
Partner
M.No: 200839
Place: Hyderabad
Date: 15.05.2014
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. FIRSTOBJECT
TECHNOLOGIES LIMITED as at 31st March, 2011 and also the Profit and
Loss Account and the Cash Flow Statement of the Company 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub - section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments. In the Annexure referred to in paragraph 3
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of 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, Profit & 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, the Profit & Loss Account and the
Cash Flow Statement dealt with by this report are in compliance with
the Accounting Standards referred to in sub- section (3C) of Section
211 of the Companies Act, 1956.
e) On the basis of the 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
March 31, 2011 from being appointed as a director in terms of clause
(g) of sub à section (1) of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
(i) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit & Loss Account, of the profit for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
The Annexure referred to in Auditors to the M/s. First Object
Technologies Ltd for the year ended 31sr March, 2011. We report that:
1.1 The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
1.2 The Company has a phased programme of physical verification of
fixed assets, which in our opinion, is reasonable having regard to the
size of the company and nature of fixed assets. In accordance with the
programme, the fixed assets have been physically verified by the
management during the year. No material discrepancies were noticed
during the year on such verification.
1.3 The Company has not disposed off any fixed assets of its own use,
excepting the assets which has technical obsolescence, as such the
assets disposed off during the year were not substantial and therefore
do not affect the going concern status of the Company.
2.0 In our opinion and according to the information and explanations
given to us, the company has not granted/ taken any loan secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
3.0 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of fixed assets. During the course of
our audit, no major weakness has been noticed in the above controls and
therefore the reporting of the same does not arise.
4.0 In respect of transactions entered in the register maintained in
pursuance of section 301 of the companies Act 1956.
a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that need to be
entered into the register have been so entered.
b) According to the information and explanations given to us, where
each of such transactions in excess of Rs.5.lakhs in respect of any
party, the transactions have been made at prices which are, prima
facie, reasonable having regard to the prevailing market prices at the
relevant time.
5.0 The Company has not accepted public deposits in accordance with the
provisions of Section 58AA of the Companies Act, 1956.
6.0 In our Opinion, Company has an internal audit system, commensurate
with the size of the Company and nature of its business.
7.0 The Central Government has not prescribed the maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956.
8.0 a) According to the records of the company, provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income tax, Wealth tax, and Sales tax as applicable were regularly
deposited during the year with the appropriate authorities as
applicable.
b) According to the information and explanations given to us and the
books and records examined by us, There are no dues towards sales tax,
income tax, customs duty, wealth tax, excise duty and cess, which has
not been deposited on account of dispute.
9.0 The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses during and immediately preceding
financial years.
10. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks.
11 According to the information and explanations given to us and based
on our examinations of records, the company has not granted loans and
advances on the basis of security by way of pledge of shares and other
securities.
12. The Company is not a chit fund / niche / metal benefit fund or
society.
13. Based on our examinations of records and the information and
explanations given to us, the company does not deal/ trade in shares,
securities, and other investments.
14. In our opinion and according to the information and explanations
given to us, the company has not given guarantees.
15. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loans during the year.
16. According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
examination of the balance sheet of the company, funds raised on short
term basis,. Prima facie, have not been used during the year for long
term investment and vice versa.
17. According to the information and explanation given to me, the
company has made preferential allotment of shares to promoters,
strategic investors and others covered in the register maintained under
section 301 of the act.
18. Company has not issued any debentures during the year.
19. The Company has not made any public issue of shares during the
year.
20. To the best our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
21. In our opinion and according to the information and explanation
given to us, the nature of the company's business/ activities during
the year have been such that clause (ii) of paragraph 4 of the
Companies (Auditors Report) order, 2003 are not applicable to the
company.
For J&K.Agarwal & Co.
Chartered Accountants
Sd/-
J.K.Agarwal
Partner
M.No:35554
Firm Reg No.
Place: Mumbai
Date: 22-11-2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. FirstObject
Technologies Ltd as at 31st March, 2010 and the Profit and Loss Account
and the Cash Flow Statement of the Company for the year ended on the
date, both 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.
We conducted our audit in accordance with the 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 from 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 the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion."
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government in terms of Section 227(4A) 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.
Further to our comments. In the Annexure referred to in paragraph 3
above:
i. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
Mi. The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred in Section 211(3C) of the
Companies Act, 1956;
v. On the basis of the written representations from the directors,
taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March,2010 from being appointed as a director
under Section 274(1)( g) of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
i. in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
ii. in the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date; and
iii. in the case of the Cash Flow Statement of the Cash Flows of the
Company for the year ended on the date.
ANNEXURE TO AUDITORS REPORT
The Annexure referred to in Auditors report to the M/s. FirstObject
Technologies Ltd for the year ended 31 st March, 2010. We report that:
1.1 The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
1.2 The Company has phased programme of physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the company and nature of fixed assets. In accordance with the
programme, the fixed assets have been physically verified by the
management during the year. No material discrepancies were noticed
during the year on such verification.
1.3 The Company has not disposed off any fixed assets of its own use,
excepting the assets which has technical obsolescence, as such the
assets disposed off during the year were not substantial and therefore
do not affect the going concern status of the Company.
During the year, a major fire broke out at our companys operational
premises located at Srinagar Colony, Hyderabad due to an electric short
circuit. The company had to shift its operations to an alternative site
located at Kukkatpally, Hyderabad during the said period the work
continued without any break.Some of the fixed assets of the Company got
destroyed in the fire accident.
2.0 In our opinion and according to the information and explanations
given to us, the company has not granted/ taken any loan secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
3.0 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of fixed assets. During the course of
our audit, no major weakness has been noticed in the above controls and
therefore the reporting of the same does not arise.
4.0 In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956.
a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that need to be
entered into the register have been so entered.
b) According to the information and explanations given to us, where
each of such transactions in excess of Rs.5.lakhs in respect of any
party, the transactions have been made at prices which are, prima
facie, reasonable having regard to the prevailing market prices at the
relevant time.
5.0 The Company has not accepted public deposits in accordance with the
provisions of Section 58AA of the Companies Act, 1956.
6.0 In our Opinion, Company has an internal audit system, commensurate
with the size of the Company and nature of its business.
7.0 The Central Government has not prescribed the maintenance of cost
records under Section 209(1 )(d) of the Companies Act, 1956.
8.0 a) According to the records of the company, provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income tax, Wealth tax, and Sales tax as applicable were regularly
deposited during the year with the appropriate authorities.
b) According to the information and explanations given to us, and the
books and records examined by us, there are no dues towards sales tax,
income tax, customs duty, wealth tax, excise duty and cess, which have
not been deposited on account of dispute.
9.0 The Company has accumulated losses at the end of the financial year
and has not incurred cash losses during and immediately preceeding
financial years.
10. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks.
11 According to the information and explanations given to us and based
on our examinations of records, the company has not granted loans and
advances on the basis of security by way of pledge of shares and other
securities.
12. The Company is not a chit fund / niche / metal benefit fund or
society.
13. Based on our examinations of records and the information and
explanations given to us, the company does not deal/ trade in shares,
securities, and other investments.
14. In our opinion and according to the information and explanations
given to us, the company has not given guarantees.
15. To the best of our knowledge and belief and according to the
information and explanations given to us, the company has not availed
any term loans during the year.
16. According to the cash flow statement and other records examined by
us and the information and explanations given to us, on an overall
examination of the balance sheet of the company, funds raised on short
term basis,. Prima facie, have not been used during the year for long
term investment and vice versa.
17. According to the information and explanation given to me, the
company has made preferential allotment of shares to promoters,
strategic investors and others covered in the register maintained under
section 301 of the act.
18. Company has not issued any debentures during the year.
19. The Company has not made any public issue of shares during the
year.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
21. In our opinion and according to the information and explanation
given to us, the nature of the companies business/ activities during
the year have been such that clause (ii) of paragraph 4 of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
For J&K.Agarwal & Co.
Chartered Accountants
Sd-
(J.K.Agarwal)
Partner M.No: 35554
Place: Mumbai
Date: 04-09-2010