Mar 31, 2015
We have audited the accompanying financial statements of GUJARAT
NARMADA FLYASH COMPANY LTD ("the company"), which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
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 and financial performance of the
Company in accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
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 disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view, in
order to design audit procedures that are appropriate in the
circumstances, 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 operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the overall
presentation of the financial statements.
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 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 31st March 2015, and its loss and its cash flow 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 paragraphs 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 and the Statement of Profit and Loss, and Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
1. a) The company has maintained requisite records showing required
particulars including quantitative details and situation of its
fixed assets.
b) According to the information and explanation given to us by the
management of the company, most of the fixed assets of the company have
been physically verified by the management during the year and the
intervals of such verification had also been reasonable.
2. The provisions of Clause 2(a), 2(b) & 2(c) are not applicable since
there is no activity and inventory during the year.
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Act.
4. 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 its nature of business.
During our course of audit, no major weakness was noticed by us in the
existing internal control system in procedure.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits during the year and
does not have any unclaimed deposits. Therefore, the provisions of the
clause 3 (v) of the Order are not applicable to the Company.
6. The provisions of clause 3 (vi) of the Order are not applicable to
the Company as the Company is not covered by the Companies (Cost
Records and Audit) Rules, 2014.
7. a) According to the books and records as produced and examined by us
in accordance with Generally Accepted Auditing Practices in India and
also based on management representations, undisputed statutory dues in
respect of provident fund, employee state insurance, income tax, wealth
tax, service tax, sales tax, value added tax, excise duty, cess and
other material statutory dues have generally been regularly deposited by
the company during the year with the appropriate authorities in India.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, service tax and excise duty
were outstanding as on 31st March, 2015 for a period more than six
months from the date the same became payable.
c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
8. The Company does not have accumulated losses at the end of the
financial years but has incurred cash losses during the financial year
covered by our audit but not in the immediately preceding financial
year.
9. As observed by us and as per the information and explanations given
by the management, we are of the opinion that the company has not
defaulted in repayment of dues to its financial institution or bank
during the year under audit.
10. As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from any bank or
financial institutions. Hence, reporting on terms and conditions of any
such guarantee is irrelevant to our reporting.
11. According to the information and explanations given to us, the
Company did not avail any term loan during the year
12. 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 year under audit
and even upto the date of our audit.
For O P RATHI & CO.,
Chartered Accountants
Sd/-
O.P.RATHI Proprietor
MEM. NO. 30458
Place: VADODARA
Date: 29/08/2015
Mar 31, 2013
1. We "have audited the attached balance sheet of GUJARAT NARMADA
FLYASH COMPANY LIMITED as at 31st March, 2013 and the profit and loss
account for the period ended on that date annexed thereto. These
financial statements are the responsibility of the company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with 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 in significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3. In our opinion and according to the information and explanations
given to us, the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub- section (4A) of
section 227 of the Companies Act, 1956, is not applicable to the
Company.
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
c. The balance sheet and profit and loss account dealt with by this
report are in agreement "with the books of account and with the audited
returns from the branches;
d. In our opinion, the balance sheet and profit and loss account dealt
with by this report comply with the accounting standards referred to
in sub-section (3C) of Section 211 of
the Companies Act, 1956;
e. On the basis of written representations received from the
directors, as on 31st March, 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 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 five 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 the balance sheet, of the state of affairs of the
company as at 31st March,2013 and
ii. In the case of profit and loss account, of the loss for the year
ended on that date.
TO THE MEMBERS OF M/S . GUJARAT NARMADA FLYASH COMPANY LIMITED
(REFERRED TO IN PARAGRAPH 3 thereof)
(1) (a) The company has maintained generally proper records showing
full particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the Management has physically verified the
Company''s fixed assets during the year and no material discrepancies
were noticed on such verification.
(c) During the year, the company has not disposed off a major part of
the fixed assets.
(2) (a) The Inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
company and the nature of its business.
-(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(3) -
(a) According to the information and explanations given to us, the
company has not granted and taken loans and advances from companies,
firms or other parties listed in the registers maintained under section
301 and the companies under the same management.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from / granted to companies, firms or
other parties listed in the registers maintained under Section 301 are
not, prima facie prejudicial to the company, if any.
(c) The company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest wherever
applicable. The parties have repaid principal amounts as stipulated and
have been regular in payment of interest wherever applicable, if any.
(d) There is no overdue amount of loans taken from or granted by the
companies, firms or other parties listed in the register maintained
under Section of 301 of the Companies Act, 1956.
(4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and ''the nature of its
business with regard to purchase of inventories, fixed assets and with
regard to the sale of goods, if any.
(5) (a) According to the information and explanations given to us, We
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at relevant time.
(6) The company has not accepted deposit from public coming under the
purview of section 58 A of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rule, 1975.
(7) In Our Opinion the company has an internal Audit System
Commensurate with the size of the company and its nature of business.
(8) _The Central Government has not prescribed maintenance of the cost
records under Section 209 (1) (d) of the Companies Act, 1956 in respect
of the products manufactured by the company.
(9) -rln our opinion, the accumulated losses at the end of the year
more than fifty percent of its net worth and has incurred cash losses
during the financial year covered by our audit.
(10) The company has made defaulted in repayment of dues to financial
institutions, Financial institute for the recovery of dues with
honorable Debt recovery Tribkunal has filed recovery suit.
(11) According to the information and explanations given to us, the
company has not granted any loan or advance on the basis of security by
way of pledge of shares or debentures or any other securities.
(12) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore the provisions of clause 4 (xiii) of
the Companies (Auditors'' Report) Order, 2003 are not applicable to
the company.
(13) In our opinion, the company is not dealing in or trading shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditors'' Report)
Order, 2003 are not applicable to the company.
(14) In our opinion, the company has not given any guarantee for loans
taken by others from banks or financial institutions and hence the
provisions relating to clause 4 (xv) are not applicable to the Company.
(15) Clauses is not applicable as no term loans been raised during the
year.
(16) -According to the information and explanation given to us and on
overall examination of balance sheet of the company, We report that no
short term funds have been used for long term purposes not long term
funds are used for short term purposes.
(17) "''''According to the information and explanation given to us,
the company has not made any preferential allotment of shares to
parties and companies covered in the register '''' maintained under
section 301 of the Act.
(18) No debentures have been issued during the year.
(19) The company has not raised any money by public issue during the
year.
(20) According to the information and explanation give to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Shirish Dalai & Associates
(Chartered Accountants)
Sd/-
Place: Ahmedabad Shirish Dalai
Date: 01/08/2013 (Proprietor)
Mar 31, 2012
1. We have audited the attached balance sheet of GUJARAT NARMADA
FLYASH COMPANY LIMITED as at 31st March, 2012 and the profit and loss
account for the period ended on that date annexed thereto. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We cond ucted 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 in significant estimates made
by management, as well as evaluating the ove rall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3. In our opinion and according to the information and explanations
given to us, the Companies (Auditor's Report) Order, 2003 issued by
the Central Go vernment of India in terms of sub - section (4A) of
section 227 of the Companies Act, 1956, is not applicable to the
Company.
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
c. The balance sheet and profit and loss account dealt with by this
report are in agreement with the books of account and with the audited
returns from the branches;
d. In our opinion, the balance sheet and profit and loss account dealt
with by this report comply with the accounting standards referred to in
sub -section (3C) of Section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the
directors, as on 31 st March, 2012 and taken on record by the Board of
Directors, we report that none of the direc tors is disqualified as on
31 st March,2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts five 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 the balance sheet, of the state of affairs of the
company as at 31 st March,2012 and
ii. In the case of profit and loss account, of the loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
TO THE MEMBERS OF M/S . GUJARAT NARMADA FLYASH COMPANY LIMITED
(REFERRED TO IN PARAGRAPH 3 there of )
(1) (a) The company has maintained generally proper records showing
full particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the Management has physically verified the
Company's fixed assets duri ng the year and no material discrepancies
were noticed on such verification.
(c) During the year, the company has not disposed off a major part of
the fixed assets.
(2) (a) The Inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(3) (a) According to the information and explanations given to us, the
company has not granted and taken loans and advances from companies,
firms or other parties listed in the registers maintained under section
301 and the companies under the same management.
(b) In our opinion , the rate of interest and other terms and
conditions on which loans have been taken from / granted to companies,
firms or other parties listed in the registers maintained under Section
301 are not , prima facie prejudicial to the company, if any.
(c) The company is regular in repaying the princip al amounts as
stipulated and has been regular in the payment of interest wherever
applicable. The parties have repaid principal amounts as stipulated and
have been regular in payment of interest wherever applicable, if any.
(d) There is no overdue am ount of loans taken from or granted by the
companies, firms or other parties listed in the register maintained
under Section of 301 of the Companies Act , 1956.
(4) In our opinion and according to the information and explanation
given to us, there a re adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventories, fixed assets and with
regard to the sale of goods, if any.
(5) (a) According to the information and explanations given to us, We
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year h ave been
(6) The company has not accepted deposit from public coming under the
purview of section 58 A of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rule, 1975.
(7) In Our Opinion the company has an internal Audit System
Commensurate with the size of the company and its nature of business.
(8) The Central Government has not prescribed maintenance of the cost
records under Section 209 (1) (d) of the Companies Act, 1956 in respect
of the products manufactured by the company.
(9) In our opinion, the accumulated losses at the end of the year more
than fifty percent of its net worth and has incurred cash losses during
the financial year cover ed by our audit.
(10) The company has made defaulted in repayment of dues to financial
institutions, Financial institute for the recovery of dues with
honorable Debt recovery Tribkunal has filed recovery suit.
(11) According to the information and explanat ions given to us, the
company has not granted any loan or advance on the basis of security by
way of pledge of shares or debentures or any other securities.
(12) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore the provisions of clause 4 (xiii) of
the Companies (Auditors' Report) Order, 2003 are not applicable to
the company.
(13) In our opinion, the company is not dealing in or trading shares,
securities, debentures and other investments. Acco rdingly, the
provisions of clause 4 (xiv) of the Companies (Auditors' Report)
Order, 2003 are not applicable to the company.
(14) In our opinion, the company has not given any guarantee for loans
taken by others from banks or financial institutions and hence the
provisions relating to clause 4 (xv) are not applicable to the Company.
(15) Clauses is not applicable as no term loans been raised during the
year.
(16) According to the information and explanation given to us and on
overall examination of balance sheet of the company, We report that no
short term funds have been used for long term purposes not long term
funds are used for short term purposes.
(17) According to the information and explanation given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
(18) No debentures have been issued during the year.
(19) The company has not raised any money by public issue during the
year.
(20) According to the information and explanation give to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Shirish Dalal & Associates
(Chartered Accountants)
Sd/-
Place: Ahmedabad Shirish Dalal
Date: 31-08-2012 (Proprietor)
Mar 31, 2010
1. We have audited the attached balance sheet of GUJARAT NARMADA
FLYASH COMPANY LIMITED as at 31st March, 2010 and the profit and loss
account for the period ended on that date annexed thereto. These
financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with 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 in significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3. In our opinion and according to the information and explanations
given to us, 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, is not applicable to the Company.
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
c. The balance sheet and profit and loss account dealt with by this
report are in agreement with the books of account and with the audited
returns from the branches;
d. In our opinion, the balance sheet and profit and loss account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the
directors, as on 31st March, 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 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 five 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 the balance sheet, of the state of affairs of the
company as at 31st March,2010 and
ii. In the case of profit and loss account, of the loss for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
TO THE MEMBERS OF M/S . GUJARAT NARMADA FLYASH COMPANY LIMITED
(REFERRED TO IN PARAGRAPH 3 there of )
(1) (a) The company has maintained generally proper records showing
full particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the Management has physically verified the
Companys fixed assets during the year and no material discrepancies
were noticed on such verification.
(c) During the year, the company has not disposed off a major part of
the fixed assests.
(2) (a) The Inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(3) (a) According to the information and explanations given to us, the
company has not granted and taken loans and advances from companies,
firms or other parties listed in the registers maintained under section
301 and the companies under the same management.
(b) In our opinion , the rate of interest and other terms and
conditions on which loans have been taken from / granted to companies,
firms or other parties listed in the registers maintained under Section
301 are not , prima facie prejudicial to the company, if any.
(c) The company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest wherever
applicable. The parties have repaid principal amounts as stipulated and
have been regular in payment of interest wherever applicable, if any.
(d) There is no overdue amount of loans taken from or granted by the
companies, firms or other parties listed in the register maintained
under Section of 301 of the Companies Act , 1956.
(4) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of inventories, fixed assets and with
regard to the sale of goods, if any.
(5) (a) According to the information and explanations given to us, We
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been
made at prices which are reasonable having regard to prevailing market
price at relevant time.
(6) The company has not accepted deposit from public coming under the
purview of section 58 A of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rule, 1975.
(7) In Our Opinion The company has an internal Audit System
Commensurate with the size of the company and its nature of business.
(8) The Central Government has not prescribed maintenance of the cost
records under Section 209 (1) (d) of the Companies Act, 1956 in respect
of the products manufactured by the company.
(9) In our opinion, the accumulated losses at the end of the year more
than fifty percent of its net worth and has incurred cash losses during
the financial year covered by our audit.
(10) The company has made defaulted in repayment of dues to financial
institutions, Financial institute for the recovery of dues with
honorable Debt recovery Tribkunal has filed recovery suit.
(11) According to the information and explanations given to us, the
company has not granted any loan or advance on the basis of security by
way of pledge of shares or debentures or any other securities.
(12) In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore the provisions of clause 4 (xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(13) In our opinion, the company is not dealing in or trading shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(14) In our opinion, the company has not given any guarantee for loans
taken by others from banks or financial institutions and hence the
provisions relating to clause 4 (xv) are not applicable to the Company.
(15) Clauses is not applicable as no term loans been raised during the
year.
(16) According to the information and explanation given to us and on
overall examination of balance sheet of the company, We report that no
short term funds have been used for long term purposes not long term
funds are used for short term purposes.
(17) According to the information and explanation given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
(18) No debentures have been issued during the year.
(19) The company has not raised any money by public issue during the
year.
(20) According to the information and explanation give to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Shirish Dalal & Associates
Sd/-
Chartered Accountants
(Shirish Dalal)
Place: Ahmedabad
Date : 15/06/2010
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