Mar 31, 2018
Report on the Financial Statements
(1) We have audited the accompanying Standalone financial statements of High Ground Enterprise Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year ended, and a summary of the significant accounting policies and other explanatory information.
(2) The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (âInd ASâ) specified under Section 133 of the Companies Act, 2013 (âThe Actâ), 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.
Auditorâs Responsibility
(3) 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 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.
(4) (4) An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
(5) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
(6) In our opinion and to the best of our information and according to the explanations given to us, the 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 including Ind AS specified under Section 133 of the Act, of the state of affairs (financial position) of the Company as at March 31, 2018, and its Profit (financial performance including other comprehensive income), its Cash Flows and the changes in equity for the year ended on that date.
Other Matter
The Company had prepared separate sets of statutory financial statements for the year ended 31st March 2017 and 31st March 2016 in accordance with Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) on which we issued auditorâs reports to the shareholders of the Company dated 30th May 2017 and 30th May 2016 respectively. These financial statements have been adjusted for the differences in the accounting principles adopted by the company on transition to Ind As, which have also been audited by us. Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
(7) As required by the Companies (Auditorâs Report) Order, 2016 (âthe Order"), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
(8) 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 purpose of our audit;
b. in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
f. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. (Refer to our report in Annexure âBâ)
g. With respect to the other matters to be included in the Auditorâs 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 has disclosed all its pending litigations in the notes to accounts;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
Referred to in paragraph 7 under the heading Report on Other Legal & Regulatory Requirementâ of our report of even date to the financial statements of the Company for the year ended March 31, 2018:
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management at reasonable intervals and such verification has revealed no material discrepancies. In our opinion having regard to the size of the company and nature of its business, the frequency of physical verification of the fixed assets is reasonable.
(c) The title deeds of immovable properties (which are included under the head âProperty, plant and equipmentâ) are held in the owned by the company are duly held in the name of the company except for the following properties:
(Rs. In Lakhs)
Nature of Property |
Whether leasehold / freehold |
Gross Carrying value as on 31/03/2018 |
Net value as on 31/03/2018 |
IT Equipments - High End Laptops and related equipments |
Financial Lease |
Rs.1,42,21,650/- |
Rs.1,32,97,788/- |
2) (a) The inventory (Comprising of project materials of finished goods, work in progress & raw material and film related rights) have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable
The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.
In our opinion, the Company has maintained proper records of inventory. As explained to us, no material discrepancies were noticed on physical verification as compared to the book records.
3) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has granted unsecured to four companies, covered in the Register maintained under section 189 of the Act:
(a) The terms and conditions of the grant of such loan is not prejudicial to the companyâs interest.
(b) The schedule of repayment of principal and payment of interest has been stipulated and the repayments and receipts are regular.
(c) The total amount which is overdue for more than ninety days is Rs. 647.17 lakhs in aggregate of all the four companies and we have been informed by the company that the same is being repaid and the loan will be cleared in the due course.
4) The company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security. Accordingly, provisions of clause 3(iii)(a), 3(iii) (b) and 3(iii)(c) of the order are not applicable.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under does not apply.
6) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7) In respect of applicable statutory dues, according to information and explanations given to us:
(a) Undisputed applicable statutory dues including Provident Fund, Investor Education & Protection Fund, Employeesâ State Insurance, Income Tax, Wealth Tax, GST, Sales Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other statutory dues as applicable have generally been regularly deposited with the appropriate authorities. Undisputed statutory dues remaining unpaid as at 31.03.2018 for more than six months from the date they become payable, are reported as under:
Particulars |
Amount (Rs.in Lakhs) |
Service Tax |
51.02 |
Dividend Distribution Tax for FY 2016-17 |
23.44 |
TDS for FY 2016-17 |
8.03 |
VAT |
10.98 |
Total |
93.47 |
(b) (b) There were no dues of Income tax, Sales tax, Service tax, Cess and Customs Duty, Excise Duty and Value Added Tax, which have not been deposited as on 31st March,2018 on account of any dispute except the following:
Particulars |
Year |
Amount |
(Rs. In Lakhs) |
||
Income Tax |
A.Y. 2014-15 |
1,628.38 |
TDS |
F.Y. 2016-17 |
75.48 |
Total |
1,703.86 |
8) In our opinion and according to the information and explanations given to us, the Company has not made any default in the repayment of dues to from facility taken from Bank/Financial Institutions/debenture holders.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 8(f) under âReport on Other Legal and Regulatory Requirementsâ section of our report to the Members of High Ground Enterprise Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of HIGH GROUND ENTERPRISE LIMITED (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For and on behalf of
Jain Chowdhary & Co.
Chartered Accountants
FR No.113267W
Siddharth Jain
Partner
M.No.104709
Dated: 30th May, 2018
Place: Mumbai
Mar 31, 2015
(1) We have audited the accompanying financial statements of High
Ground Enterprise Ltd., which comprise the Balance Sheet as at 31st
March 2015, and the Statement of Profit & 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 financial statements
(2) The Cos. Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 with respect to the
preparation & 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 accounting
standards specified under section 133 of the Companies Act, 2013 ("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 internal
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the
preparation and presentation of financial statements that give a true
and fair view and are free from material misstatement, whether due to
fraud or error.
Auditor's responsibility
(3) Our responsibility is to express 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 financial statements are
free from material misstatement.
(4) An audit involves performing procedures to obtain in 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 a
true 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 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 basis of our audit opinion.
Opinion
(5) In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid standalone financial
statement give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of
affairs of the Company as at 31 March 2015 and its profit and its cash
flows for the year ended on that date.
Report on the legal and regulatory requirements
(6) 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, 4 and 5 of the
order.
(7) 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
purpose of our audit.
b) In our opinion proper books of account as required by law have been
kept by the company so far as it appears from our examination of those
books.
c) The balance sheet, 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 31st March 2015, and taken on record by the Board of Directors,
none of the directors are disqualified as on 31st March 2015, from
being appointed as a director in terms of Section 164(2) of the Act.
Annexure to INDEPENDENT AUDITORS' REPORT (Referred to in Paragraph 6 of
our Report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that: 1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified by the management at
reasonable intervals and such verification has revealed no material
discrepancies. In our opinion, having regard to the size of the Company
and nature of its fixed assets, the frequency of physical verification
of the fixed assets is reasonable.
2.
a. The inventory (comprising of project materials, - finished, work in
progress & raw material and film related rights) have been physically
verified by the management at reasonable intervals during the year. In
our opinion, the frequency of such verification is reasonable.
b. In our opinion, the procedures of physical verification of
inventory followed by the management is reasonable and adequate in
relation to the size of the company and the nature of its business.
c. In our opinion, the company has maintained proper records of
inventory. As explained to us, no material discrepancies were noticed
on physical verification as compared to the book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013. Consequently, the provisions of clauses iii(a)
and iii(b) of the order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business, for the
purchase of inventory and for the sale of goods and services. (However,
it is suggested to form & separate Internal Audit Committee and conduct
Internal Audit at reasonable interval from qualified professionals to
further strengthen the internal control system).
During the course of our audit, we have not observed any major
weaknesses in the internal control system of the Company and hence, the
question of any continuing failure to correct the same does not arise.
5. During the year, the Company has not accepted any deposits from the
public to which the directives issued by the Reserve Bank of India and
the provisions of sections 73 to 76 or any other relevant provisions of
the Companies Act, 2013 and the rules framed there under apply.
Also, no order has been passed against the company by Company Law Board
or National Company Law Tribunal.
6. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Companies Act, 1956, in respect of
the activities carried on by the Company.
7. In respect of applicable statutory dues, according to the
information and explanations given to us:
(a) Undisputed applicable statutory dues including Provident Fund,
Investor Education & Protection Fund, Employees' State Insurance,
Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise
Duty, Cess and any other statutory dues as applicable have generally
been regularly deposited with the appropriate authorities. Undisputed
statutory dues remaining unpaid as at 31.03.2015 for more than six
months from the date they became payable, are reported as under:-
Particulars Amount (Rs. Lacs)
Income Tax 56.78
TDS 117.15
(b) There were no dues of Sales Tax, Income-Tax, Wealth Tax, Excise
Duty, Service Tax, Cess and Customs Duty which have not been deposited
as on 31st March, 2015 on account of any dispute.
(c) There were no amounts required to be transferred by the company to
Investor education and protection fund in accordance with the
provisions of the Companies Act, 2013.
8. The Company does not have any accumulated losses and the Company
has not incurred cash losses during the year as well as in the
immediately preceding financial year.
9. The Company has not made any default in repayment of dues from
facility taken from bank/financial institutions/debenture holders.
10. As informed to us and as per the explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. The term loans obtained by the Company were applied for the
purpose for which they were obtained
12. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For Jain Chowdhary & Co
Chartered Accountants
ICAI F R No. 113267W
CA. Siddharth Jain
Partner
M. No. 104709
Date: 30th May, 2015
Place: Mumbai
Mar 31, 2014
(1) We have audited the accompanying financial statements of High
Ground Enterprise Ltd., which comprise the Balance Sheet as at 31st
March 2014, and the Statement of Profit & 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 financial statements
(2) Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting 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 financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s responsibility
(3) Our responsibility is to express 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 financial statements are free from
material misstatement.
(4) An audit involves performing procedures to obtain in 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 basis of our audit opinion.
Opinion
(5) In our opinion and to the best of our information and according to
the explanations given to us, the financial statement 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 on 31st March 2014
b) In the case of Statement of Profit & 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 the legal and regulatory requirements
(6) As required by the Companies (Auditor''s Report) (Amendment) Order,
2004 issued by the Central Government of India in terms of sub-section
227 of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the order.
(7) 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
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 2014, and taken on record by the Board of Directors,
none of the directors are disqualified as on 31st March 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f ) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to INDEPENDENT AUDITORS'' REPORT
(Referred to in Paragraph 6 of our Report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified by the management at the
year-end and such verification has revealed no material discrepancies.
In our opinion, having regard to the size of the Company and nature of
its fixed assets, the frequency of physical verification of the fixed
assets is reasonable.
(c) According to information and explanation given to us, the Company
has not disposed off any substantial fixed assets during the year and
therefore, the question of disposal affecting the going concern status
of the Company does not arise.
2.
a. The inventory (comprising of project materials, - finished, work in
progress & raw material and film related rights) have been physically
verified by the management at reasonable intervals during the year. In
our opinion, the frequency of such verification is reasonable.
b. In our opinion, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c. In our opinion, the company has maintained proper records of
inventory. As explained to us, no material discrepancies were notices
on physical verification as compared to the book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company. (However, it is suggested to form &
separate Internal Audit Committee and conduct Internal Audit at
reasonable interval from qualified professionals to further strengthen
the internal control system).
During the course of our audit, we have not observed any major
weaknesses in the internal control system of the Company and hence, the
question of any continuing failure to correct the same does not arise.
5. In respect of particulars of contracts and arrangements referred to
in section 301 of the Companies Act, 1956:
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
and arrangements referred to in section 301 of the Companies Act, 1956
have been entered in the register required to be maintained under that
section.
(b) 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
prevailing market prices at the relevant time.
6. During the year, the Company has not accepted any deposits from the
public to which the directives issued by the Reserve Bank of India and
the provisions of section 58A, 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under apply.
7. The Central Government has not prescribed the maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956, in respect
of the activities carried on by the Company.
8. In respect of applicable statutory dues, according to the
information and explanations given to us:
(a) Undisputed applicable statutory dues including Provident Fund,
Investor Education & Protection Fund, Employees'' State Insurance,
Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise
Duty, Cess and any other statutory dues as applicable have generally
been regularly deposited with the appropriate authorities. Undisputed
statutory dues remaining unpaid as at 31.03.2014 for more than six
months from the date they became payable, are reported as under:-
Particulars Amount (Rs.Lacs)
Income Tax 104.02
TDS 66.36
Vat Payable 14.12
DDT Payable 4.67
(b) There were no dues of Sales Tax, Income-Tax, Wealth Tax, Excise
Duty, Service Tax, Cess and Customs Duty which have not been deposited
as on 31st March, 2014 on account of any dispute.
9. The Company does not have any accumulated losses and the Company
has not incurred cash losses during the year as well as in the
immediately preceding financial year.
10. The Company has not made any default in repayment of dues from
facility taken from bank.
11. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. The Company is not a chit fund or a nidhi / mutual benefit fund /
society.
13. The Company is not dealing or trading in shares, securities,
debentures.
14. As informed to us and as per the explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
15. The Company has not obtained any term loan. Therefore, the
requirements of Clause 4(xvi) of the Order are "Not Applicable" to the
Company.
16. The Company has not raised any short term funds which have been
used for Long Term Investments during the year.
17. 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.
18. The Company has not issued any debentures during the year.
19. The Company has not made any public issue during the year.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For Jain Chowdhary & Co
Chartered Accountants
ICAI F R No. 113267W
CA. Siddharth Jain
Partner
M. No. 104709
Date: 30th May, 2014
Place: Mumbai
Mar 31, 2013
Report on the Financial Statements
(1) We have audited the accompanying financial statements of High
Ground Enterprise Ltd., which comprise the Balance Sheet as at 31st
March 2013, and the Statement of Profit & 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 financial statements
(2) Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the accounting 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 financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s responsibility
(3) Our responsibility is to express 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 financial statements are free from
material misstatement.
(4) An audit involves performing procedures to obtain in 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 basis of our audit opinion.
Opinion
(5) In our opinion and to the best of our information and according to
the explanations given to us, the financial statement 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 on 31st March 2013
b) In the case of Statement of Profit & 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 the legal and regulatory
requirements
(6) As required by the Companies (Auditor''s Report) (Amendment) Order,
2004 issued by the Central Government of India in terms of sub-section
227 of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the order.
(7) 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
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" March 2013, and taken on record by the Board of Directors,
none of the directors are 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) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified by the management at the
year-end and such verification has revealed no material discrepancies.
In our opinion, having regard to the size of the Company and nature of
its fixed assets, the frequency of physical verification of the fixed
assets is reasonable.
(c) According to information and explanation given to us, the Company
has not disposed off any substantial fixed assets during the year and
therefore, the question of disposal affecting the going concern status
of the Company does not arise.
2. a. The inventory (comprising of project materials, - finished,
work in progress & raw material and film related rights) have been
physically verified by the management at reasonable intervals during
the year. In our opinion, the frequency of such verification is
reasonable.
b. In our opinion, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c. In our opinion, the company has maintained proper records of
inventory. As explained to us, no material discrepancies were notices
on physical verification as compared to the book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company. During the course of our audit, we have
not observed any major weaknesses in the internal control system of the
Company and hence, the question of any continuing failure to correct
the same does not arise.
5. In respect of particulars of contracts and arrangements referred to
in section 301 of the Companies Act, 1956:
(a) To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
and arrangements referred to in section 301 of the Companies Act, 1956
have been entered in the register required to be maintained under that
section.
(b) 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
prevailing market prices at the relevant time.
6. During the year, the Company has not accepted any deposits from the
public to which the directives issued by the Reserve Bank of India and
the provisions of section 58A, 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under apply.
7. The Central Government has not prescribed the maintenance of cost
records under section 209(1 )(d) of the Companies Act, 1956, in respect
of the activities carried on by the Company.
8. In respect of applicable statutory dues, according to the
information and explanations given to us: Undisputed applicable
statutory dues including Provident Fund, Investor Education &
Protection Fund, Employees'' State Insurance, Income Tax, Wealth Tax,
Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues as applicable have generally been regularly deposited
with the appropriate authorities.
(b) There were no dues of Sales Tax, Income-Tax, Wealth Tax, Excise
Duty, Service Tax, Cess and Customs Duty which have not been deposited
as on 31st March, 2013 on account of any dispute.
9. The Company does not have any accumulated losses and the Company
has not incurred cash losses during the year as well as in the
immediately preceding financial year.
10. The Company has neither borrowed any funds from financial
institutions or banks nor issued any debentures.
11. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. The Company is not a chit fund or a nidhi / mutual benefit fund /
society.
13. The Company is not dealing or trading in shares, securities,
debentures.
14. As informed to us and as per the explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
15. The Company has not obtained any term loan. Therefore, the
requirements of Clause 4(xvi) of the Order are "Not Applicable" to the
Company.
16. The Company has not raised any short term funds which have been
used for Long Term Investments during the year.
17. 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.
18. The Company has not issued any debentures during the year.
19. The Company has not made any public issue during the year.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
FOR JAIN CHOWDHARY & CO.
CHARTERED ACCOUNTANTS
ICAI-FR. No. 113267
Date : 30* May, 2013
Place : Mumbai SIDDHARTH JAIN
PARTNER M.No. 104709
Mar 31, 2012
We have audited the attached Balance Sheet of High Ground Enterprise
Limited as at 31st March 2012 and also the Profit and Loss Account for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company's management. Our responsibility
is to express an opinion on these financial statements based on the
accounts maintained and produced for 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 of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and also includes assessing the
accounting principles used, significant estimates made by the
management as well as evaluating the overall presentation of financial
statement. We believe that our audit provide a reasonable basis for our
opinion.
The Provision of the Companies Auditors Report (Amendment) Order, 2004
are not applicable to the company being a private limited company with
a paid up capital and reserves not more than rupees fifty lakh and
which does not have loan outstanding exceeding rupees twenty five lakh
from any bank or financial institution and does not have a turnover
exceeding rupees five crore at any point of time during the financial
year.
Further we report that:
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
(iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
(iv) 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;
(v) On the basis of written representations received from the Directors
as on 31st March 2012 and taken on record by the Board of Director's we
report that none of the Directors is disqualified as on 31st March 2012
from being appointed as a Director in terms of clause (a) to (g) of
sub-section (1) of Section 274 of Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said give the information required by
the Companies Act, 1956 in the manner so required and give a true &
fair view in conformity and in accordance with 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 Profit & Loss Accounts of the Profit of the
Company for the year ended on that date.
FOR JAIN CHOWDHARY & CO.
CHARTERED ACCOUNTANTS
FR. No. 113267 W
Date : 30.05.2012
Place : Mumbai SIDDHARTH JAIN
PARTNER
M.No. 104709
Mar 31, 2010
We have audited the Balance Sheet of M/s Woo Yang Electronics (India)
Limited as at 31st March 2010 and the related Profit and Loss Account
and Cash Flow Statement for the year ended on that date annexed
thereto. Preparation of financial statements is the responsibility of
the management of the Company. 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 in order to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An audit
includes examining on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable base for
our opinion.
1. As required by the Companies (Auditors Report) Order 2003 (as
amended) issued by the Company Law Board, in terms of section 227 (4A)
of the Companies Act, 1956, we enclose in the ANNEXURE, a statement on
the matters specified in Para 4 of the said Order;
2. In addition 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; and
b) In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of such
books and proper returns adequate for the purpose of our audit; and
c) The said Balance Sheet and Profit and Loss Account are in agreement
with the books of accounts and returns; and
d) In our opinion the Balance Sheet and Profit & Loss Account comply
with the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956 except as referred in Note No. 1(d) of Schedule
No.9;and
e) On the basis of information and explanations given to us and
representation received from the Directors of the Company, we report
that none of the Directors is disqualified from
being appointed as Directors of the company under Section 274(1) (g) of
the Companies Act, 1956; and
f) In our opinion and to the best of our information and the
explanations given to us, the said accounts, subject to: -
(i) Note No. 1(d) of Schedule No. 9 regarding Non- Compliance of AS-
15 issued by the ICAI on Employment Benefits with respect to provision
for Gratuity; and
(ii) Note No. 1(a) of Schedule No. 9 regarding "going concern"
assumption in accounts inspite of full erosion in companys net worth .
together with other notes in schedule of Significant Accounting
Policies and Notes on Accounts thereon give the information required
by the Companies Act, 1956 in the manner so required and give a true
and fair view: -
i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2010; and
ii) In the case of the Profit and Loss Account, of the profit for the
year ended on the date.
iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
"ANNEXURE" TO THE AUDITORS REPORT
(As referred in paragraphs of our report)
(i) In respect of fixed assets: -
(a) The company is not owning any fixed assets during the year; and
(b) As the Company had disposed off its entire fixed assets during F.Y.
2006- 07, the question of its physical verification and discrepancies
thereof does not arise; and
(c) As the Company had disposed off its entire fixed assets during F.Y.
2006- 07, According to the information and explanations given to us, we
are of the opinion that the disposal of fixed assets has affected the
going concern status of the Company;
(ii) The Company holds no inventories at the end of year hence the
provisions of said clause are
not applicable to the Company;
(iii) In respect of loans, secured and unsecured, granted or taken by
the company to/ from companies, firms or other parties covered in the
Register maintained under section 301 of the Companies Act, 1956: -
(a) According to information and explanations given to us, the Company
has not granted unsecured loans to parties covered in register
maintained under section 301 of the Companies Act, 1956; and
(b) As no loans have been granted by the Company, the question of
interest and other terms and conditions do not arise; and
(c) As no loans have been granted by the Company, the question of
receipt of principal and interest do not arise; and
(d) As no loans have been granted by the Company, the question of
recovery for overdue amount does not arise; and
(e) According to information and explanations given to us, the Company
has taken unsecured loan from companies, firms or other parties covered
under register maintained under section 301 of the Companies Act, 1956.
Relevant details are given as under: -
Particulars No. of Parties Maximum Amount Closing
Involved (Rs.) Balance (Rs.)
From Companies 2 9,13,053/- 9,13,053/-
(f) According to information and explanations given to us, the rate of
interest and other terms and conditions of loans given by the company
are not prima facie, prejudicial to the interest of the Company; and
(g) According to information and explanations given to us, the Company
has been regular in re- payment of principal amount and interest to
parties covered under register maintained under section 301 of
Companies Act, 1956 as per stipulations;
(iv) In our opinion and according to the explanations given to us,
there are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to the
purchase of fixed assets and for sale of goods or supply of sendees.
During the course of audit, we have not observed any continuing failure
to correct major weaknesses in internal controls;
(v) In respect of contract and arrangements referred in section 301 of
the Companies Act, 1956:-
(a) As per information and the explanations given to us, the Company
has entered all entries regarding contracts or arrangements as referred
in Section 301 of the Companies Act, 1956, in the register required to
be maintained under that section, wherever applicable; and
(b) In our opinion and according to information and explanation given
to us, the transactions made in pursuance of contracts or arrangements,
that need to be entered in register maintained under section 301 of the
Companies Act, 1956, have been made at prices which are reasonable
having regard to prevailing market prices at the relevant time;
(vi) According to informations and explanations given to us, the
Company has not accepted public deposits and the provision of section
58A, 58AA or other relevant provisions of the Companies Act, 1956 and
rules framed thereunder are not applicable to the Company;
(vii) The Company has an in- house internal audit system commensurate
with the size and nature of its business;
(viii) Maintenance of cost records as prescribed under section
209(l)(d) of the Companies Act, 1956 are not applicable to the company;
(ix) In respect of timely deposit of statutory dues as applicable to
Company: -
(a) The company is generally regular in payment of its undisputed
statutory dues such as Income Tax, Provident Fund, Wealth Tax, Service
Tax and other statutory dues as applicable, to the appropriate
authorities. There is no statutory due outstanding as on last day of
financial year for a period of more than six months; and
(b) According to information and explanation given to us, there is no
outstanding statutory dues on the part of Company which is not
deposited on account of dispute;
(x) The Company is carrying accumulated losses, which are more than
fifty percent of its net worth at the end of financial year. Further,
the Company has incurred cash losses during the financial year covered
by this report but no cash losses were incurred during the immediately
preceding financial year;
(xi) According to information and explanation given to us, the company
has not defaulted in repayment of dues to any bank or financial
institution;
(xii) According to information and explanation given to us, the company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities;
(xiii) In our opinion, the company is not a Chit Fund or a Nidhi/
Mutual Benefit Society. Therefore, the provisions of said clause are
not applicable to the company;
(xiv) In our opinion, the Company is not dealing or trading in shares,
securities, debenture or any other investments. Therefore, the
provisions of said clause are not applicable to the company;
(xv) According to information and explanation given to us, the Company
has not given guarantee for loan taken by others from bank or financial
institutions;
(xvi) According to information and explanation given to us, Company has
not obtained any term loan during the year and no term loans are
outstanding on the Company at the end of year;
(xvii) According to information and explanation given to us, the
company has not used any short term fund for long- term investments;
(xviii) During the year, the company has not made any preferential
allotment to the parties covered in the register maintained under
section 301 of the Companies Act, 1956, therefore the provisions of
said clause are not applicable to the Company;
(xix) The company has not issued any debentures during the year;
(xx) The company has not raised money by way of public issue during the
year;
(xxi) During the course of our examination of books of accounts and
according to information and explanation given to us, no fraud on or by
the company has been noticed or informed during the year.
Signed for the purpose of identification
For V.N. Purohit & Co.
Chartered Accountants
(Firm Regn. No. 304040E)
Sd/-
(O.P. Pareek) Partner
Membership No. 014238
New Delhi, the 3rd day of September, 2010