Mar 31, 2015
We were engaged to audit the accompanying standalone financial
statements of KRISHNA VENTURES LIMITED ("the Company"), which comprise
the Balance Sheet as at March 31, 2015, and the Statement of Profit and
Loss and the Cash Flow Statement for the year then ended, and a summary
of significant accounting policies and other explanatory information.
Management's Responsibility for the 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 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 for ensuring accuracy and completeness of the
accounting records relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
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
except for the possible effects of matters described in the Basis for
disclaimer of opinion paragraph, the financial statements give a true
and fair view in conformity with the accounting principles generally
accepted in India:
in the case of Balance Sheet, of the state of affairs of the Company as
at March 31, 2015;
in the case of Statement of Profit and Loss, of the profit/loss for the
year ended on that date; and
in the case of 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 Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Companies Act, 2015, we give in
the Annexure a statement on the matter specified in paragraphs 3 and 4
of the Order, to the extent applicable.
2. As required by Section143 (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 THE INDEPENDENT AUDITOR'S REPORT
Statement referred to in Report on Other Legal and Regulatory
Requirements of our report of even date to the members of KRISHNA
VENTURES LIMITED, on the accounts for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:- i. a) The
Company has maintained proper records showing full particular including
quantitative details and situation of its fixed assets.
b) The assets have been physically verified by the Management during
the year and also there is a regular program of verification which in
our opinion is reasonable having regard to the size of the Company and
the nature of its assets. No material discrepancies were noticed on
such verification.
ii. Since the Company does not have inventories, the question of
physical verification of Inventories and maintaining proper records
thereof does not arise. Further, the question of commenting, on
reasonableness and adequacy of the procedures of physical verification
of Inventories in relation to the size of the Company and the nature of
its business, does not arise.
iii. As per the information furnished, the Company has not granted any
loans, secured or unsecured, to companies, firms or other parties
covered in the register, maintained under Section 189 of the Companies
Act, 2013
a) As the Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013, Clause iii) a) relating
to regularity of receipt of principal amount and interest and Clause
iii) b) relating to steps for recovery of overdue principal and
interest of more than rupees one lakh, are not applicable.
iv. 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 with regard
to purchases of inventory, assets and with regard to sales of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
v. In our opinion and according to information and explanation given to
us, the Company has not accepted deposits during the year and hence the
question of applicability of the directives issued by the Reserve Bank
of India and the provisions of Section 73 to Section 76 or any relevant
provisions of the Companies Act, 2013 and the rules framed there under,
does not arise.
vi. Based on the information and explanations given to us, the Central
Government has not prescribed maintenance of cost records under Section
148(1) of the Companies Act, 2013, in respect of the Company. Hence,
the question of maintaining such accounts and records and our
commenting there on does not arise.
vii. a) According to the information and explanations given to us, the
Company did not have the required number of employees during the year,
hence the question of depositing undisputed statutory dues of provident
Fund, Employees' State Insurance dues with the appropriate authorities
does not arise. The Company is generally regular in depositing with
appropriate authorities undisputed amounts of Income Tax, Sales Tax,
Wealth Tax, Service tax, Custom duty, Excise Duty, Cess and other
material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax or Wealth Tax or
Sales Tax or Service tax or Customs Duty or Excise Duty or Cess were in
arrears as at March 31, 2015 for a period of more than six months from
the date they become payable.
c) According to the information and explanations given to us, there are
no amount required to be transferred to Investor Education and
Protection fund in accordance with relevant provisions of the Companies
Act, 1956(1 of 1956) and rules made there under.
viii. There are no accumulated losses of the Company as on March 31,
2015 and the Company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
ix. The Company has not borrowed any amount from any financial
institutions, Banks or debenture holders. Hence the question of our
commenting on whether the Company has defaulted in repayment to
Financial Institutions, Banks or Debenture holders does not arise.
x. In our opinion, the Company has not given guarantees for loans taken
by others from Banks or Financial Institutions.
xi. In our opinion and according to the information and explanation
given to us, the Company has not raised any new term loan during the
year.
xii. On the basis of our examination of the books of accounts and other
relevant records and information made available to us, prima-facie we
have not noticed any fraud on or by the Company, during the year.
Further, the management has represented to us that no fraud on or by
the Company has been reported during the year. However, we are unable
to determine / verify as to whether any such reporting has been made,
during the year.
For BANSI S. MEHTA & CO
Chartered Accountants
Firm Registration No. 100991W
DIVYESH I. SHAH
Place: Mumbai Partner
Date: 16thMay,2015 Membership No. 37326
Mar 31, 2014
We have audited the accompanying financial statements of KRISHNA
VENTURES LIMITED ("the Company") which comprise the Balance Sheet as at
March 31, 2014 and the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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 standards notified under the Companies Act, 1956 ("the
Act") read with 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 entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the 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 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:
- in the case of Balance Sheet, of the state of affairs of the Company
as at March 31,2014;
- in the case of Statement of Profit and Loss, of the profit/loss for
the year ended on that date; and
- in the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003, as amended
by the Companies (Auditor''s Report) (Amendment) Order, 2004, issued by
the Central Government in terms of Section 227(4A) of the Companies
Act, 1956, we give in the Annexure a statement on the matters specified
in the paragraphs 4 and 5 of the said Order.
As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which, to the
best of our knowledge and belief were necessary for the 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
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 notified under
the Act read with 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 the written representations received from the
Directors as on March 31, 2014, and taken on record by the Board of
Directors, we report that 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 THE INDEPENDENT AUDITOR''S REPORT
Statement referred to in Report on Other Legal and Regulatory
Requirements of our report of even date to the members of KRISHNA
VENTURES LIMITED, on the accounts for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that: -
i. a) The Company is maintaining proper records of fixed assets to
show full particulars, including quantitative details and situation of
fixed assets.
b) As explained to us, the Company has a phased programme of physical
verification of fixed assets which, in our opinion, is reasonable
having regards to the size of the Company and the nature of its assets.
No material discrepancies were noticed on such verification.
c) The Company has not disposed of any substantial part of its assets
during the period so as to affect its going concern
ii. Since the Company does not have inventories, the question of
physical verification of Inventories and maintaining proper records
thereof does not arise. Further, the question of commenting, on
reasonableness and adequacy of the procedures of physical verification
of Inventories in relation to the size of the Company and the nature of
its business, does not arise.
iii. According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
to or from companies, firms or other parties covered in the register,
maintained under Section 301 of the Companies Act, 1956. Accordingly,
paragraph 4(iii) of the order is not applicable.
iv. 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. During
the course of audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
v. a) According to the information and explanations given to us and
the records of the Company examined by us, the particulars of contracts
or arrangements referred to in Section 301 of the Act have been entered
into 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 contracts or
arrangements entered into the register in pursuance of Section 301 of
the Act and exceeding the value of Rupees Five Lakhs in respect of any
party during the year, have been made at prices which are reasonable,
having regard to the prevailing market prices at the relevant time,
wherever applicable.
vi. The Company has not accepted any deposit from the Public and hence
the question of applicability of the directives issued by the Reserve
Bank of India and the provisions of Section 58A and Section 58AA or any
other relevant provisions of the Act and the rules framed there under
does not arise.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viii. Based on the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
section 209 (1) (d) of the Companies Act, 1956 in respect of the
Company. Hence, the question of maintaining such accounts and records
and our commenting thereon does not arise.
ix. a) According to the information and explanations given to us, the
Company did not have the required number of employees during the year,
hence the question of depositing undisputed statutory dues of Provident
Fund, Employees'' State Insurance dues with the appropriate authorities
does not arise. The Company is generally regular in depositing
undisputed amount of income tax, sales tax, wealth tax, service tax,
custom duty, excise duty, cess, investor education and protection fund
and other material statutory dues applicable to it with appropriate
authorities. There are no undisputed arrears of abovementioned
statutory dues outstanding as at March 31, 2014 for a period of more
than six months from the date they became payable.
b) According to the information and explanations given to us, there are
no dues outstanding of income tax, sales tax, wealth tax, service-tax,
custom duty, excise duty and cess which have not been deposited on
account of any dispute.
x. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
xi. The Company has not borrowed any amount from any financial
institutions, Banks or debenture holders. Hence, the question of our
commenting on whether the Company has defaulted in repayment to
Financial Institutions, Banks or Debenture Holders does not arise.
xii. According to the information and explanations given to us and
based on the documents produced to us, the company has not granted
loans and advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii. In our opinion, the Company is not a chit fund or nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4 (xiii) of
the Companies (Auditors'' Report) Order, 2003 are not applicable to the
Company.
xiv. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of the Companies (Auditors'' Report) Order,
2003 are not applicable to the Company.
xv. In our opinion, the Company has not given any guarantees for loans
taken by others from Banks or Financial Institutions.
xvi. In our opinion and according to the information and explanation
given to us, the Company has not taken any term loan during the year.
xvii. On an examination of financial statements of the Company, no
short-term funds were used for long- term investments during the year.
On an overall basis short-term funds were not used for long-term
investments at the year-end.
xviii. According to information and explanation given to us, the
Company has not made any preferential allotment of shares to parties or
companies covered in the register maintained under section 301 of the
Companies Act, 1956 during the year. Accordingly, the provisions of
clause 4(xviii) of the order are not applicable to the company.
xix. According to the information and explanations given to us, the
company has not issued any debentures during the year.
xx. The Company has not raised any money through a public issue during
the year.
Annual Report 2013-2014
xxi. On the basis of our examination of the books of accounts and other
relevant records and information made available to us, prima-facie we
have not noticed any fraud on or by the Company, during the year.
Further, the management has represented to us that no fraud on or by
the Company has been reported during the year. However, we are unable
to determine / verify as to whether any such reporting has been made
during the year.
For BANSIS. MEHTA & CO.
Chartered Accountants
(Firm Registration No. 100991W)
D. I. SHAH
Partner
Membership No. 37326
Place: Mumbai
Date: 6th May, 2014
Mar 31, 2012
We have audited the attached Balance Sheet of KRISHNA VENTURES LIMITED
("the Company") as at March 31, 2012, the Profit and Loss Account
and the cash flow statement of the Company for the year ended on that
date annexed thereto. These Financial statements are the responsibility
of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
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. 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 the Companies (Auditors' Report) Order, 2003 issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956, we enclose in the Annexure hereto a statement on the matters
specified in Paragraph 3 of the said Order;
2. Further to our comments in 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 accounts as required by law have
been kept by the Company, so far as appears from our examination of
such books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
Report are in agreement with the books of accounts;
d) In our opinion and to the best of our information, the Balance Sheet
and Profit And Loss Account dealt with by this report comply with
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956, to the extent applicable.
e) On the basis of the written representations received from the
Directors as on March 31, 2012, and taken on record by the Board of
Directors and further certified by the Company, we report that none of
the directors are prima facie disqualified as on March 31, 2012 from
being appointed as a director in terms of Clause (g) of Sub-section (1)
of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with the
Schedules and Notes thereon, give the information as 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 March 31, 2012; and
(ii) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(iii) In the case of cash flow statement, of the cash flows for the
year ended on that date.
Annexure referred to in paragraph 1 of the Auditor's Report of even
date to the members of KRISHNA VENTURES LIMITED on the accounts for the
year ended March 31, 2012.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that: -
1 a) The Company does not own any fixed assets, hence the question of
maintenance of records in respect of the situation, etc., of fixed
assets and the verification thereof does not arise.
b) In view of our comments in Para (1) (a) above, the question of
commenting, on disposal of substantial part of the fixed assets of the
company, during the year, which may affect the going concern status of
the Company, does not arise.
2 Since the Company does not have inventories, the question of physical
verification of Inventories and maintaining proper records thereof does
not arise. Further, the question of commenting, on reasonableness and
adequacy of the procedures of physical verification of Inventories in
relation to the size of the Company and the nature of its business,
does not arise.
3 a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register, maintained under
Section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us, the
Company has not taken any unsecured loans from any company covered
under the register maintained under Section 301 of the Companies Act,
1956.
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. During the
course of audit, we have not observed any continuing failure to correct
major weaknesses in internal controls.
5 (a) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of contracts or
arrangements referred to in Section 301 of the Act have been entered
into 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 contracts or
arrangements entered into the register in pursuance of Section 301 of
the Act and exceeding the value of Rupees Five Lakhs in respect of any
party during the year, have been made at prices which are reasonable,
having regard to the prevailing market prices at the relevant time,
wherever applicable.
6 The Company has not accepted any deposit from the Public and hence
the question, of applicability of the directives issued by the Reserve
Bank of India and the provisions of Section 58A and Section 58AA or any
other relevant provisions of the Act and the rules framed there under,
does not arise.
7 In our opinion, the Company has an internal audit system commensurate
with its size and nature of its business.
8 Based on the information and explanations given to us, the Central
Government has not prescribed maintenance of cost records under section
209 (1) (d) of the Companies Act, 1956 in respect of the Company.
Hence, the question of maintaining such accounts and records and our
commenting thereon, does not arise.
9 (a) According to the information and explanations given to us, the
Company did not have the required number of employees during the year,
hence the question of depositing undisputed statutory dues of Provident
Fund, Employees' State Insurance dues with the appropriate authorities
does not arise. The Company is regular in depositing undisputed amount
of income tax,sales tax, wealth tax, service tax, custom duty, excise
duty, cess, investor education and protection fund and other material
statutory dues applicable to it with appropriate authorities. There are
no undisputed arrears of abovementioned statutory dues outstanding as
at March 31, 2012 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there
are no dues outstanding of income tax, sales tax, wealth tax,
service-tax, custom duty, excise duty and cess which have not been
deposited on account of any dispute.
10 The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
11 The Company has not borrowed any amount from any financial
institutions, Banks or debenture holders. Hence, the question of our
commenting on whether the Company has defaulted in repayment to
Financial Institutions, Banks or Debenture Holders does not arise.
12 According to the information and explanations given to us and based
on the documents produced to us, the company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13 In our opinion, the Company is not a chit fund or Nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4 (xiii)
of the Companies (Auditors' Report) Order, 2003 are not applicable to
the Company.
14 In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of the Companies (Auditors' Report) Order,
2003 are not applicable to the Company.
15 In our opinion, the terms and conditions on which the Company has
given guarantees for loans taken by others from Banks or Financial
Institutions are not prejudicial to the interest of the Company.
16 In our opinion and according to the information and explanation
given to us, the Company has not taken any term loan during the year.
17 On an examination of financial statements of the Company, no
short-term funds were used for long-term investments during the year.
On an overall basis short-term funds were not used for long-term
investments at the year-end.
18 According to information and explanation given to us, the Company
has made preferential allotment of shares to parties or companies
covered in the register maintained under section 301 of the Companies
Act, 1956. In our opinion and to the best of our knowledge the price at
which shares have been issued /allotted is not, prima facie,
prejudicial to the interest of the company.
19 According to the information and explanations given to us, the
company has not issued any debentures during the year.
20 The Company has not raised any money through a public issue during
the year.
21 On the basis of our examination of the books of accounts and other
relevant records and information made available to us, prima-facie we
have not noticed any fraud on or by the Company, during the year.
Further, the management has represented to us that no fraud on or by
the Company has been reported during the year. However, we are unable
to determine / verify as to whether any such reporting has been made,
during the year.
FOR BANSI S. MEHTA & CO.
Chartered Accountants
Firm Regn. No.: 100991W
Sd/-
PLACE : Mumbai D. I. SHAH
DATE : May 19, 2012
Partner Membership No: 37326