Mar 31, 2015
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of HB
PORTFOLIO LIMITED ("the Company"), which comprises the Balance Sheet as
at 31st 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 Standalone 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 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 statement 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
financial statements.
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 31st 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 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, 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 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 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 which would impact
its financial position;
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 INDEPENDENT AUDITORS' REPORT
The annexure referred to in our report to the members of the Company on
the standalone financial statements for the year ended on 31st March,
2015, we report that:
1. a). The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information. b). As explained to us,
the management during the year has physically verified the fixed assets
in a phased periodical manner, which in our opinion is reasonable,
having regard to the size of the Company and nature of its assets. No
material discrepancies were noticed on such physical verification.
2. a) As explained to us, the Company does not have any inventories.
The Shares/ securities held as investments have been physically
verified by the management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of
shares/securities followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business and activities.
c) The Company has maintained proper records of investments. As
explained to us, no material discrepancies have been noticed on
physical verification of investments as compared to the book records.
3. a) The Company had granted unsecured loans of Rs. 9,00,00,000/-
during the earlier years to one company covered in the register
maintained under Section 189 of the Companies Act, 2013 ('the Act').
The year end balance and maximum amount outstanding at any time during
the year of such loan is Rs. 9,00,00,000/-.
b) The loanee company is regular in payment of interest and principal
as stipulated.
c) There is no overdue amount receivable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and sale of goods. During the
year there was no sale of services. During the course of our audit, we
have not observed any major weakness in the internal control system.
5. The Company has not accepted any deposits from the public.
6. The nature of the Company's business / activities is such that
maintenance of Cost Records under section 148(1) of the Act is not
applicable to the Company.
7 a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax,
Sales-Tax, Value Added Tax, Wealth Tax, Customs Duty, Excise Duty,
Service Tax, Cess and other statutory dues to the extent and as
applicable to the Company have been generally regularly deposited by
the Company during the year with the appropriate authorities. According
to the information and explanations given to us, no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at 31st
March, 2015 for a period of more than six months from the date of
becoming payable except for Rs. 10,80,000/- on account of advance Tax
installments for June and September, 2014 quarters.
b) According to the records of the Company, there are no disputed
statutory dues that have not been deposited on account of matters
pending before appropriate authorities.
c) In our opinion and according to the information and explanations
given to us, there has been no delay in transferring amounts, required
to be transferred, to the Investor Education and Protection Fund by the
Company in accordance with the relevant provisions of the Companies
Act, 1956 (1 of 1956) and rules made thereunder.
8. The Company does not have any accumulated losses. The Company has
not incurred cash losses during the financial year covered by our audit
or in the immediately preceding financial year.
9. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
10. The Company has given guarantees for loans taken by others from
banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the other terms
and conditions thereof are not prima-facie prejudicial to the interests
of the Company.
11. The Company has not raised any term loans during the year. The
outstanding vehicle loan raised from bank in the earlier year was
utilized for that purpose.
12. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the course of our audit.
For P. BHOLUSARIA & CO.
Chartered Accountants
Firm Registration No. : 000468N
Sd/-
AMIT GOEL
Place : Gurgaon (Partner)
Date : 28th May, 2015 Membership No.: 092648
Mar 31, 2014
We have audited the accompanying financial statements of HB PORTFOLIO
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31, 2014, 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting Principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act") read with the general circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order'') issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with the
general circular 15/2013 dated 13th September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the companies Act,2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
Re. HB Portfolio Ltd.
Referred to in Paragraph 1 under the heading of ''Report on other legal
and Regulatory Requirements'' of our report of even date for the year
ended 31st March, 2014
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such physical verification
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year that would affect going concern status of
the Company.
2. a) As explained to us, the company does not have any inventories.
The Shares/securities held as investments have been physically verified
by the management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of
Shares/securities followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business and activities.
c) The Company has maintained proper records of investments. As
explained to us, no material discrepancies have been noticed on
physical verification of investments as compared to the book records.
3. a) The Company had granted unsecured loans of Rs. 9,00,00,000/-
during the earlier years to one company covered in the register
maintained under Section 301 of the Companies Act, 1956. The year end
balance and maximum amount outstanding at any time during the year of
such loan is Rs. 9,00,00,000/-.
b) In our opinion and according to the information and explanations
give to us, the rate of interest and other terms and conditions of such
loan is prima facie, not prejudicial to the interest of the company.
c) The loanee Company is regular in payment of interest and principal
as stipulated.
d) There is no overdue amount receivable.
e) As informed to us, the company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the provisions of Clause 4(iii) (e, f and g) of the
Companies (Auditor''s Report) order, 2003 are not applicable to the
company.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of Investments and fixed assets and sale of goods
(Investments). During the year, there was no Sale of Services. During
the course of our audit, we have neither come across nor we have been
informed of any instance of major weakness in the aforesaid internal
control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered into in the
register required to be maintained under that section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the market price prevailing at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The nature of the company''s business/activities is such that Clause
4(viii) of the Companies (Auditor''s Report) Order 2003 regarding
maintenance of Cost Records is not applicable to the company.
9 a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Income Tax, Wealth Tax, cess and other
statutory dues as applicable have been generally regularly deposited by
the company during the year with the appropriate authorities except for
non payment of installments of advance tax. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2014 for a period of more than six months from the date of becoming
payable except for Rs. 60,50,000/- on account of Advance Tax
installments for June and September, 2013 quarters.
b) According to the records of the Company, there are no disputed
statutory dues that have not been deposited on account of matters
pending before appropriate authorities.
10. The company does not have accumulated losses. The company has not
incurred cash losses during the financial year covered by our audit or
in the immediately preceding financial year.
11 Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions or banks. The
company does not have any debenture holder.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts in respect of investments in shares, securities and other
investments and timely entries have been made therein. All shares,
securities and other investments have been held by the Company in its
own name except for certain shares given as margin/pledged or bad
deliveries pending for rectification.
15. The Company has given guarantees for loans taken by others from
banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the other terms
and conditions thereof are not prima-facie prejudicial to the interests
of the Company.
16. In our opinion and according to the information and explanations
given to us, the company applied term loans for the purpose they were
obtained.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
the company has not raised any funds during the year either on long
term or on short term basis.
18. During the year, 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. No debentures have been issued by the company and hence the
question of creating securities in respect thereof does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For P. BHOLUSARIA & CO.
Chartered Accountants
Firm Registration No. : 000468N
AMIT GOEL
Place : Gurgaon (PARTNER)
Dated : 27.05.2014 (Membership No. 092648)
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of HB PORTFOLIO
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31, 2013, 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting Principles generally accepted in India including
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS'' REPORT
Re. HB Portfolio Ltd.
Referred to in Paragraph 1 under the heading of "Report on other legal
and Regulatory
Requirements" of our report of even date for the year ended 31st March,
2013
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such physical verification
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year that would affect going concern status of
the Company.
2. a. As explained to us, the company does not have any inventories.
The Shares/ securities held as investments have been physically
verified by the management at reasonable intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of
Shares/securities followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business and activities.
c. The Company has maintained proper records of investments. As
explained to us, no material discrepancies have been noticed on
physical verification of investments as compared to the book records.
3. a) The Company had granted unsecured loans of Rs. 9,00,00,000/-
during the earlier years to one company covered in the register
maintained under Section 301 of the Companies Act, 1956. The year end
balance and maximum amount outstanding at any time during the year of
such loan is Rs. 9,00,00,000/-.
b) In our opinion and according to the information and explanations
give to us, the rate of interest and other terms and conditions of such
loan is prima facie, not prejudicial to the interest of the company.
c) The loanee Company is regular in payment of interest and principal
as stipulated.
d) There is no overdue amount receivable.
e) As informed to us, the company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the provisions of Clause 4(iii) (e, f and g) of the
Companies (Auditor''s Report) order, 2003 are not applicable to the
company.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of Investments and fixed assets and sale of goods
(Investments). During the year, there was no Sale of Services. During
the course of our audit, we have neither come across nor we have been
informed of any instance of major weakness in the aforesaid internal
control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
into in the register required to be maintained under that section. b.
In our opinion and according to the information and explanations given
to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the market price prevailing at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The nature of the company''s business/activities is such that Clause
4(viii) of the Companies (Auditor''s Report) Order 2003 regarding
maintenance of Cost Records is not applicable to the company.
9 a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Income Tax, Wealth Tax, cess and other
statutory dues as applicable have been generally regularly deposited by
the company during the year with the appropriate authorities except for
non payment of installments of advance tax. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2013 for a period of more than six months from the date of becoming
payable except for Rs. 57,15,000/- on account of Advance Tax installments
for June and September, 2012 quarters. b. According to the records of
the Company, there are no disputed statutory dues that have not been
deposited on account of matters pending before appropriate authorities.
10. The company does not have accumulated losses. The company has not
incurred cash losses during the financial year covered by our audit or
in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions or banks. The
company does not have any debenture holder.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts in respect of investments in shares, securities and other
investments and timely entries have been made therein. All shares,
securities and other investments have been held by the Company in its
own name except for certain shares given as margin/pledged or bad
deliveries pending for rectification.
15. The Company has given guarantees for loans taken by others from
banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the other terms
and conditions thereof are not prima-facie prejudicial to the interests
of the Company.
16. The Company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the company has not raised any funds during the year either on
long term or on short term basis.
18. During the year, 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. No debentures have been issued by the company and hence the
question of creating securities in respect thereof does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For P. BHOLUSARIA & CO.
Chartered Accountants
FRN : 000468N
Place :Gurgaon (AMIT GOEL)
Dated : 25th May, 2013 PARTNER
(M. No. 92648)
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. HB PORTFOLIO
LIMITED as at 31st March, 2012, the Statement of Profit and Loss and
Cash flow Statement for 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 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 from material misstatements. An audit
also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statement presentation. 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 Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of section 227 (4A) of the
Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said order to the extent
applicable.
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 appears from our examination of the said
books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report comply with the
accounting Standards referred to in Sub Section (3C) of section 211 of
the Companies Act, 1956.
e) As informed and explained to us, none of the directors of the
company is disqualified as on 31st March, 2012 from being appointed as
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 read together with
significant accounting policies and notes thereon, particularly note
no.9.5, note no. 30 & note no. 31, 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 :-
a) In the case of the Balance Sheet of the State of Affairs of the
Company as at 31st March, 2012 and
b) In the case of the Statement of Profit & Loss of the Profit for the
year ended on that date and
c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE TO AUDITORS' REPORT
Re. HB Portfolio Ltd.
Referred to in Paragraph 3 of our report of even date for the year
ended 31st March, 2012
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such physical verification
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year that would affect going concern status of
the Company.
2. a. As explained to us, the company does not have any inventories.
The Shares/securities held as investments have been physically verified
by the management at reasonable intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of
Shares/securities followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business and activities.
c. The Company has maintained proper records of investments. As
explained to us, no material discrepancies have been noticed on
physical verification of investments as compared to the book records.
3. a) The Company has granted unsecured loans of Rs. 18,00,00,000/-
during the earlier years to two companies covered in the register
maintained under Section 301 of the Companies Act, 1956. During the
year, the loan amounting to Rs. 9,00,00,000/- in respect of one party has
been recovered back and the balance Rs. 9,00,00,000/- in respect of other
company is outstanding as at the year end. The maximum amount
outstanding during the year in respect of such loan was Rs.
18,00,00,000/-
b) In our opinion and according to the information and explanations
give to us, the rate of interest and other terms and conditions of such
loans are prima facie, not prejudicial to the interest of the company.
c) The loanee Companies are regular in payment of interest and
principal as stipulated.
d) There is no overdue amount receivable.
e) As informed to us, the company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the provisions of Clause 4(iii) (e, f and g) of the
Companies (Auditor's Report) order, 2003 are not applicable to the
company.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of Investments and fixed assets and sale of goods
(Investments). During the year, there was no Sale of Services. During
the course of our audit, we have neither come across nor we have been
informed of any instance of major weakness in the aforesaid internal
control system.
5. a. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered into in the
register required to be maintained under that section.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the market price prevailing at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The nature of the company's business/activities is such that
Clause 4(viii) of the Companies (Auditor's Report) Order 2003
regarding maintenance of Cost Records is not applicable to the company.
9 a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Income Tax, Wealth Tax, cess and other
statutory dues as applicable have been generally regularly deposited by
the company during the year with the appropriate authorities except for
non payment of installments of advance tax. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2012 for a period of more than six months from the date of becoming
payable except for Rs. 25,65,000/- on account of Advance Tax instalments
for June and September, 2011 quarter.
b. According to the records of the Company, there are no disputed
statutory dues that have not been deposited on account of matters
pending before appropriate authorities except income tax demand of Rs.
9,27,540/- for Assessment Year 2007- 08 for which the company has filed
appeal before Commissioner of Income Tax (Appeal), Delhi.
10. The company does not have accumulated losses. The company has not
incurred cash losses during the financial year covered by our audit or
in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions or banks. The
company does not have any debenture holder.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) order 2003 is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts in respect of investments in shares, securities and other
investments and timely entries have been made therein. All shares,
securities and other investments have been held by the Company in its
own name except for certain shares given as margin/pledged or bad
deliveries pending for rectification.
15. The Company has given guarantee for loan taken by others from
banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the other terms
and conditions thereof are not prima-facie prejudicial to the interests
of the Company.
16. The Company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the company has not raised any funds during the year either on
long term or on short term basis.
18. During the year, 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. No debentures have been issued by the company and hence the
question of creating securities in respect thereof does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For P. BHOLUSARIA & CO.
Chartered Accountants
FRN : 000468N
Place : Gurgaon (AMIT GOEL)
Dated : 24th May, 2012 PARTNER
(M. No. 92648)
Mar 31, 2011
We have audited the attached Balance Sheet of M/s. HB PORTFOLIO LIMITED
as at 31st March, 2011 and also the Profit and Loss Account and Cash
flow Statement for 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. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatements. An audit also includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement presentation. 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.
1. As required by Companies (Auditor's Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of section
227 (4A) of the Companies Act, 1956, we annex hereto a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable.
2. Further to our comments in the Annexure referred to in paragraph 1
above, we report that: -
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion proper books of account as required by law have been
kept by the company so far, as appears from our examination of the said
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement comply with the accounting Standards referred to in Sub
Section (3C) of section 211 of the Companies Act, 1956.
e) As informed and explained to us, none of the directors of the
company is disqualified as on 31st March, 2011 from being appointed as
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 read together with
significant accounting policies and notes thereon, particularly note
no. 5 and note no. 6 of Schedule 12, 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 :-
a) In the case of the Balance Sheet of the State of Affairs of the
Company as at 31st March, 2011 and
b) In the case of the Profit & Loss account of the Profit for the year
ended on that date and
c) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on
ANNEXURE TO AUDITORS' REPORT
Re. HB Portfolio Ltd.
Referred to in Paragraph 1 of our report of even date for the year
ended 31st March, 2011
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of
fixed assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such physical verification
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year that would affect going concern status of
the Company.
2. a. As explained to us, the company does not have any inventories.
The Shares/ securities held as investments have been physically
verified by the management at reasonable intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of
Shares/securities followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business and activities.
c. The Company has maintained proper records of investments. As
explained to us, no material discrepancies have been noticed on
physical verification of investments as compared to the book records.
3. a) The Company has granted unsecured loans of Rs. 18,00,00,000/-
during the earlier years to two companies covered in the register
maintained under Section 301 of the Companies Act, 1956. The year end
balance of such loans including interest receivable was Rs.
18,49,93,151/- and the maximum amount outstanding during the year was
Rs.18,75,27,453/-
b) In our opinion and according to the information and explanations
give to us, the rate of interest and other terms and conditions of such
loans are prima facie, not prejudicial to the interest of the company.
c) The loanee Companies are regular in payment of interest and
principal as stipulated.
d) There is no overdue amount receivable.
e) As informed to us, the company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the provisions of Clause 4(iii) (e, f and g) of the
Companies (Auditor's Report) order, 2003 are not applicable to the
company.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of Investments and fixed assets and sale of goods
(Investments). During the year, there was no Sale of Services. During
the course of our audit, we have neither come across nor we have been
informed of any instance of major weakness in the aforesaid internal
control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
into in the register required to be maintained under that section.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the market price prevailing at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The nature of the company's business/activities is such that Clause
4(viii) of the Companies (Auditor's Report) Order 2003 regarding
maintenance of Cost Records is not applicable to the company.
9. a. According to the records of the Company, undisputed statutory
dues including Provident Fund, Income Tax, Wealth Tax, cess and other
statutory dues as applicable have been generally regularly deposited by
the company during the year with the appropriate authorities except for
non payment of installments of advance tax. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2011 for a period of more than six months from the date of becoming
payable except for Rs. 31,60,000/- on account of Advance Tax
instalments for June and September, 2010 quarter.
b. According to the records of the Company, there are no disputed
statutory dues that have not been deposited on account of matters
pending before appropriate authorities except income tax demand of Rs.
20,77,254/- for Assessment Year 2005-06 and Rs. 9,27,540/- for
Assessment Year 2007-08 for which the company has filed appeal before
Income Tax Appellate Tribunal, Delhi and Commissioner of Income Tax
(Appeal), Delhi respectively.
10. The company does not have accumulated losses. The company has not
incurred cash losses during the financial year covered by our audit or
in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions or banks. The
company does not have any debenture holder.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) order 2003 is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts in respect of investments in shares, securities and other
investments and timely entries have been made therein. All shares,
securities and other investments have been held by the Company in its
own name except for certain shares given as margin/pledged or bad
deliveries pending for rectification.
15. The Company has given guarantees for loans taken by others from
banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the other terms
and conditions thereof are not primafacie prejudicial to the interests
of the Company.
16. The Company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the company has not raised any funds during the year either on
long term or on short term basis.
18. During the year, 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. No debentures have been issued by the company and hence the
question of creating securities in respect thereof does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For P. BHOLUSARIA & CO.
Chartered Accountants
FRN : 000468N
(AMIT GOEL)
PARTNER
M.No. 92648
Place : Gurgaon
Dated : 10th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. HB PORTFOLIO LIMITED
as at 31st March, 2010 and also the Profit and Loss Account and Cash
flow Statement for year ended on that date annexed thereto. These
financial statements are the responsibility of the companyÃs 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. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatements. An audit also includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statement presentation. 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.
1. As required by Companies (AuditorÃs Report) Order, 2003 (as
amended) issued by the Central Government of India in terms of section
227 (4A) of the Companies Act, 1956, we annex hereto a statement on the
matters specified in paragraphs 4 and 5 of the said order to the extent
applicable.
2. Further to our comments in the Annexure referred to in paragraph 1
above, we report that: -
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion proper books of account as required by law have been
kept by the company so far, as appears from our examination of the said
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement comply with the accounting Standards referred to in Sub
Section (3C) of section 211 of the Companies Act, 1956.
e) As informed and explained to us, none of the directors of the
company is disqualified as on 31st March, 2010 from being appointed as
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 read together with
significant accounting policies and notes thereon, particularly note
no. 5 and note no. 6 of Schedule 12, 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 :- a) In the case of the Balance Sheet of the State
of Affairs of the Company as at 31st March, 2010 and
b) In the case of the Profit & Loss account of the Profit for the year
ended on that date and
c) In the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO AUDITORSÃ REPORT Re. HB Portfolio Ltd. Referred to in
Paragraph 1 of our report of even date for the year ended 31st March,
2010
1. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the company
and nature of its assets. No material discrepancies were noticed on
such physical verification
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year that would affect going concern status of
the Company.
2. a. As explained to us, the company does not have any inventories.
The Shares/ securities held as investments have been physically
verified by the management at reasonable intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of
Shares/securities followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its
business and activities.
c. The Company has maintained proper records of investments. As
explained to us, no material discrepancies have been noticed on
physical verification of investments as compared to the book records.
3. a) The Company has granted unsecured loans of Rs.18,00,00,000/-
during the earlier years to two companies covered in the register
maintained under Section 301 of the Companies Act, 1956. The year end
balance of such loans including interest receivable was
Rs.18,74,43,125/- and the maximum amount outstanding during the year
was Rs.18,75,00,824/- b) In our opinion and according to the
information and explanations give to us, the rate of interest and other
terms and conditions of such loans are prima facie, not prejudicial to
the interest of the company.
c) The loanee Companies are regular in payment of interest and
principal as stipulated.
d) There is no overdue amount receivable.
e) As informed to us, the company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the provisions of Clause 4(iii)(e,f and g) of the
Companies (AuditorÃs Report) order, 2003 are not applicable to the
company.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of Investments and fixed assets and sale of goods
(Investments). During the year, there was no Sale of Services. During
the course of our audit, we have neither come across nor we have been
informed of any instance of major weakness in the aforesaid internal
control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
into in the register required to be maintained under that section. b.
In our opinion and according to the information and explanations given
to us, the transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the market price prevailing at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The nature of the companyÃs business/activities is such that Clause
4(viii) of the Companies (AuditorÃs Report) Order 2003 regarding
maintenance of Cost Records is not applicable to the company.
9. a. According to the records of the Company, undisputed statutory
dues including Provident Fund, Income Tax, Wealth Tax, cess and other
statutory dues as applicable have been generally regularly deposited by
the company during the year with the appropriate authorities except for
non payment of installments of advance tax. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2010 for a period of more than six months from the date of becoming
payable except for Rs. 59,85,000/- on account of Advance Tax
instalments for June and September, 2009 quarter. b. According to the
records of the Company, there are no disputed statutory dues that have
not been deposited on account of matters pending before appropriate
authorities except income tax demand of Rs. 20,77,254/- for Assessment
Year 2005- 06 and Rs. 9,27,540/- for Assessment Year 2007-08 for which
the company has filed appeal before Commissioner of Income Tax (Appeal)
and has also filed rectification application before the Assessing
Officer.
10. The company does not have accumulated losses. The company has not
incurred cash losses during the financial year covered by our audit or
in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(AuditorÃs Report) order 2003 is not applicable to the company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading (investments) in shares, securities and
other investments and timely entries have been made therein. All
shares, securities and other investments have been held by the Company
in its own name except for shares given as margin/pledged or bad
deliveries pending for rectification.
15. The Company has given guarantees for loans taken by others from
banks or financial institutions. According to the information and
explanations given to us, we are of the opinion that the other terms
and conditions thereof are not primafacie prejudicial to the interests
of the Company.
16. The Company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that the company has not raised any funds during the year either on
long term or on short term basis.
18. During the year, 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. No debentures have been issued by the company and hence the
question of creating securities in respect thereof does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanation
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For P. BHOLUSARIA & CO.
Chartered Accountants
FRN : 000468N
Place : Gurgaon (AMIT GOEL)
Dated :12th May, 2010 PARTNER
(M. No. 92648)
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