Mar 31, 2015
We have audited the accompanying standalone Financial Statements of M/s
Object One Information Systems Limited ("the Company"), which comprise
the Balance Sheet as at March 31, 2015, the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the act') with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, 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 Companies
(Accounts) Rules, 2014. This responsibility 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; design, implementation and maintenance of
adequate internal financial controls, that are operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these Standalone
Financial Statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements:
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone Financial Statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March 2015, its profit and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further 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 appears from our examination of those
books;
c) The Standalone Balance Sheet, 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
applicable 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, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to other matters to be included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The company has no pending litigations as at March 31, 2015 on its
financial position in its financial statements.
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.
Annexure referred to in paragraph 1 of Our Report of even date to the
members of Object One Information Systems Limited on the accounts of
the company for the year ended 31st March, 2015 Under "Report on other
Legal & Regulatory Requirements"
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification.
ii. (a) The Inventory has been physically verified during the year by
the Management and in our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, no material discrepancies were noticed on physical
verification of stocks as compared to book records.
iii. 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.
iv. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
vi. The Central Government has not prescribed for maintenance of cost
records under sub- section (1) of Section 148 of the Act, 2013.
vii. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, Employees' State Insurance, Income-tax, Service Tax,
Excise Duty and other material statutory dues, as applicable, with the
appropriate authorities in India ;
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employees' State Insurance, Income-tax, Service Tax, Custom Duty,
Excise Duty and other material statutory dues in arrears as at 31st
March 2015 for a period of more than 6 months for the date they became
payable.
(c) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax and Sales Tax.
(d) There are no amounts that are due to be transferred to the
Investors Education and protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 [1 of 1956] and rules made there
under.
viii. The Company does not have accumulated losses at the end of the
financial year and the company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
ix. In our opinion, and according to the information and explanations
given to us, the company has not availed any Limits from Banks /
Financial Institutions, hence default in repayment of dues to financial
institution / banks does not arise. The company has not issued any
debentures.
x. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from bank or financial institutions; hence this clause is not
applicable.
xi. In our opinion, and according to the information and explanations
given to us, the Company has not obtained any terms loans, and hence,
the applicability of term loans for the purpose for which they were
obtained, is not applicable.
xii. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the company has been noticed or reported during the year.
For P. Murali & Co.,
Chartered Accountants
FRN - 007257S
Sd/-
Place: Hyderabad A Krishna Rao
Date: 27/05/2015 Partner
M.No. 020085
Mar 31, 2014
We have audited the accompanying financial statements of OBJECTONE
INFORMATION SYSTEMS LIMITED (Âthe Company"), which comprise the
Balance Sheet as at March 31, 2014, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary
of significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in
Sub-Section(3C)of Section 211 of the Companies Act,1956(''the Act'')read
with the General circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect 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 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date;and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 (Âthe
Order") issued by the Central Government of India in terms of
sub-section (4A)of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
cash flow statement comply with the Accounting Standards referred to in
Sub-Section(3C)of Section 211 of the Companies Act, 1956(''the Act'')read
with the General circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act,2013.
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year,
II. The Company has Inventory as at the end of the previous year.
However inventory cannot be physically verified as it is a content
development, hence this clause is not applicable.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s. 301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has taken interest free unsecured from the Company
covered in the register maintained U/s.301 of the Companies Act. 1956.
The amount outstanding as on the last day of the financial is
Rs.42,10,796/-
(f) According to the information and explanation given to us, the terms
and conditions on which loans have been taken from parties listed in
the register maintained under section 301 is not prejudicial to the
interest of company.
(g) During the financial year company has not repaid any principal
amount due to the party covered under section 301 of the companies Act,
1956.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to software development services and fixed assets.
There is no continuing failure by the company to correct any major
weaknesses in internal control.
V. a) In our opinion and according to the information and explanation
given to us , since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise. b) According to the
information and explanations given to us, as no such contracts or
arrangements made by the Company, the applicability of the clause of
charging the reasonable price having regard to the prevailing market
prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us, no order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has been received by
the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(I) of section 209 of the Companies Act, ,1956.
IX. a) The Company is regular in depositing statutory dues including
PF, ESI, Income Tax, Cess and any other statutory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, there are
no disputed amounts payable which are due for more than six months as
at the end of the financial year.
X The Company has been registered for a period of not less than 5
years, and there are no accumulated loses at the end of the financial
year and the company has not incurred cash losses in this financial
year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institutions or
banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi /Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
Company has not obtained any Term Loan during the previous year and
hence applicability of the clause whether the long term proceeds is
utilized for the purpose of short term purpose, does not arise
XVII According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment purpose does
not arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P Murali & Co.,
Chartered Accountants
FRN : 007257S
Sd/-
Place: Hyderabad P. Murali Mohan Rao
Date: 30.05.2014 Partner
M.No : 23412
Mar 31, 2013
We have audited the accompanying financial statements of OBJECTONE
INFORMATION SYSTEMS LIMITED "the Company", which comprise the Balance
Sheet as at March 31, 2013, and the Statement of Profit and Loss and
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error.
In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and
belief were necessary for the purpose of our audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books,
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account,
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year,
II. The Company has Inventory as at the end of the previous year.
However it is not possible to physical verification as it is a content
development, hence this clause is not applicable.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s. 301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act. 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to software development services and fixed assets.
There is no continuing failure by the company to correct any major
weaknesses in internal control.
a) In our opinion and according to the information and explanation
given to us , since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
b) According to the information and explanations given to us, as no
such contracts or arrangements made by the Company, the applicability
of the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
V. The Company has not accepted any deposits from the public and hence
the applicability of the clause of directives issued by the Reserve
Bank of India and provisions of section 58A, 58AA or any other relevant
provisions of the Act and the rules framed there under does not arise.
As per information and explanations given to us the order from the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal has not been received by the
Company.
VI. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(I) of section 209 of the Companies Act, ,1956.
VIII. a) The Company is regular in depositing statutory dues including
PF, ESI, Income Tax, Cess and any other statutory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, the
company has not deposited the following dues on account of dispute.
NIL
IX. The Company has been registered for a period of not less than 5
years, and there are no accumulated loses at the end of the financial
year and the company has not incurred cash losses in this financial
year and in the immediately preceding financial year.
X According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institutions or
banks.
XI. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi /Mutual Benefit Fund/Societies.
XIII. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XIV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XV. The Company has not obtained any Term Loan during the previous
year and hence the clause of whether the long term proceeds are
utilized for the purpose of short term or not, does not arise and hence
this clause is not applicable.
XVI According to the information and explanations given to us, no funds
are raised by the Company on short-term basis. Hence the clause of
short term funds being used for long- term investment does not arise.
XVII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XVIII. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XIX According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XX. According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the year under
audit.
For P Murali & Co.,
Chartered Accountants FRN:007257S
Sd/-
Place: Hyderabad P. Murali Mohan Rao
Date : 30-05-2013 Partner
M.No. 23412
Mar 31, 2012
We have audited the attached Balance Sheet of OBJECTONE INFORMATION
SYSTEMS LIMITED as at 31st March , 2012 and also the Profit & Loss
Account for the period ended on the date annexed thereto and the cash
flow statement for the period ended on that date. 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 statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
As required by the Companies (Auditor''s Report) order 2003 and as
amended by the Companies (Auditor''s Report)(Amendment) Order 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
Further to our comments in the Annexure referred to above, 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 purposes of our
Audit;
(ii) 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 ;
(iii) The Balance Sheet & Profit & Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account dealt
with by this report comply with the Accounting standards referred to in
sub-section (3C) of Section 211 of 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
Directors, we report that none of the Directors is disqualified as on
31st March ,2012 from being appointed Director in terms of clause(g) of
sub-section(l) of section 274 of the Companies Act, 1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March ,2012;
(b) In the case of the Profit & Loss Account, of the Profit .for the
period ended on that date;
And
(c) In the case of the Cash Flow, of the cash flows for the period
ended on that date ;
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particular including quantitative details and situation of Fixed
Assets.
(b) As explained to us , the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year,
II. The Company has no Inventory, hence this clause is not applicable.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s. 301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act. 1956.
(f) As the Company has not taken any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
a) In our opinion and according to the information and explanation
given to us , since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
b) According to the information and explanations given to us, as no
such contracts or arrangements made by the Company, the applicability
of the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(I) of section 209 of the Companies Act, ,1956.
IX. a) The Company is regular in depositing statutory dues including
PF, ESI, Income Tax, Cess and any other statutory dues with the
appropriate authorities and at the last of thefinancial year there were
no amounts outstanding which were due for more than 6 months from the
date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF,ES1,Income Tax, Cess
and any other statutory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and its accumulated losses at the end of the financial year is
less than fifty percent of its net worth and the company has not
incurred cash losses .
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institutions or
banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi /Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. The Company is not applied for any Term Loan and hence this
clause is not applicable.
XVII According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long-term investment does not arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P Murali & Co.,
Chartered Accountants
FRN:007257S
Sd/-
Place: Hyderabad P. Murali Mohan Rao
Date : 03-09-2012 Partner
M.No. 23412
Mar 31, 2011
We have audited the attached Balance Sheet of OBJECTONE INFORMATION
SYSTEMS LIMITED as at 31st March , 2011 and also the Profit & Loss
Account for the period ended on the date annexed thereto and the cash
flow statement for the period ended on that date. 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 statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion .
As required by the Companies (Auditor''s Report) order 2003 and as
amended by the Companies (Auditor''s Report)(Amendment) Order 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
Further to our comments in the Annexure referred to above, 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 purposes of our
Audit
(ii) 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
(iii) The Balance Sheet & Profit & Loss Account dealt with by this
report are in agreement with the books of account
(iv) In our opinion, the Balance Sheet & Profit & Loss Account dealt
with by this report comply with the Accounting standards referred to in
sub-section (3C) of Section 211 of Companies Act, 1956
(v) On the basis of written representations received from the
Directors, as on 31st March ,2011 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March ,2011 from being appointed Director in terms of clause(g) of
sub-section(l) of section 274 of the Companies Act, 1956
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
(a)In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011
(b)In the case of the Profit & Loss Account, of the Profit .for the
period ended on that date
And
(c) In the case of the Cash Flow, of the cash flows for the period
ended on that date
ANNEXURE TO THE AUDITORS'' REPORT
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us , the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year,
II. (a) The Inventory has been physically verified during the year and
in our opinion , the frequency of verification is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
The Company is maintaining proper records of inventory and as explained
to us, no material discrepancies were noticed on physical verification
of stocks as compared to book records.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties , is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act. 1956.
(f) As the Company has not taken any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties , is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
(a) In our opinion and according to the information and explanation
given to us, since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
(b) According to the information and explanations given to us, as no
such contracts or arrangements made by the Company, the applicability
of the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of
sub-section(I) of section 209 of the Companies Act, ,1956.
IX. a) The Company is regular in depositing statutory dues including
PF, ESI, Income Tax, Cess and any other statutory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF,ES1,Income Tax, Cess
and any other statutory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and its accumulated losses at the end of the financial year is
less than fifty percent of its net worth and the company has not
incurred cash losses.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues tofinancial Institutions or
banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi /Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. The company is not applied for any term loan
XVII According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long- term investment does not
arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the claus
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does notarise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P Murali & Co.,
Chartered Accountants
FRN:007257S
Sd/-
Place: Hyderabad P. Murali Mohan Rao
Date : 02.09.2011 Partner
M.No. 23412
Mar 31, 2010
We have audited the attached Balance Sheet of OBJECTONE INFORMATION
SYSTEMS LIMITED as at 31st March , 2010 and also the Profit & Loss
Account for the period ended on the date annexed thereto and the cash
flow statement for the period ended on that date. 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 statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion .
As required by the Companies (Auditor''s Report) order 2003 and as
amended by the Companies (Auditor''s Report)(Arnendment) Order 2004,
issued by the Central Government of India in terms of the sub-sect ion
(4A) of section 227 of the Companies Act, 1956, we enclose in the
annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
Further to our comments in the Annexure referred to above, 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 purposes of our
Audit;
(ii) 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 ;
(iii) The Balance Sheet & Profit & Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account dealt
with by this report comply with the Accounting standards referred to in
sub-section (3C) of Section 211 of Companies Act, 1956 ;
(v) On the basis of written representations received from the
Directors, as on 31st March ,2010 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March ,2010 from being appointed Director in terms of clause(g) of
sub-section(l) of section 274 of the Companies Act, 1956 ;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India ;
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March ,2010;
(b) In the case of the Profit & Loss Account, of the Loss for the
period ended on that date;
And
(c) In the case of the Cash Flow, of the cash flows for the period
ended on that date ;
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us , the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year,
II. (a) The Inventory has been physically verified during the year and
in our opinion , the frequency of verification is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business,
The Company is maintaining proper records of inventory and as explained
to us, no material discrepancies were noticed on physical verification
of stocks as compared to book records.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the clause of whether the
rate of interest & other terms and conditions on which ioans have been
granted to parlies listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties , is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956 , hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act. 1956, The amount ref undble on
forfiature of share warrants has been converted as Un- secured loan.
(f) As the Company has not taken any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and:f ixed assets and for
sate of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control..
(a) In our opinion and according to the information and explanation
given to us , since no contracts or arrangements referred to in section
301 of the Companies Act, 1956 have been made by the company in respect
of any party in the financial year, the entry in the register U/s.301
of the Companies Act, 1956 does not arise.
{b) According to the information and explanations given to us, as no
such contracts or arrangements made by the Company, the applicability
of the clause of charging the reasonable price having regard to the
prevailing market prices at the relevant time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
Vill. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d)of
sub-section(l) of section 209 of the Companies Act, ,1956.
IX. a) The Company is regular in depositing statutory dues including
PF, ESI, Income Tax, Cess and any other statutory dues with the
appropriate authorities and at the last of the financial year there
were no amounts outstanding which were due for more than 6 months from
the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF,ES1,lncome Tax, Cess
and any other statutory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and its accumulated losses at the end of the financial year is
less than fifty percent of its net worth and the company has not
incurred cash losses in this financial year but has incurred cash
losses in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial Institutions or
banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi /Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or Irading in shares, securities, Debenlures and
other investments and hence the provisions ot clause 4(xtv) of the
Companies [Auditor''s Fleport) Order £003, are not applicable lo the
Company.
XV. According to the information and explanations givsn to us, the
Company has not given any guarantee for loans taken hy others from
Banks or Financial Institutions, and hence the applicability ol this
clause regarding terms and conditions which are prejudicial to the
interest of the company does nol arise.
XVI. According to the information and explanations given to us, the
Term Loans were applied by the company for the purpose for which the
loans were obtained.
XVII According to Ihe information and explanations given to us. no
funds are raised by the Company on short-term basis. Hence lha clause
at short term funds being used for long- term Investment does not
arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act. 1955 and hence the applicability of the clause
regarding Ihe price at which shares have been issued and whether the
same is prejudicfal lo the interest of the Company does nol arise.
XIX. According lo the information and explanations given to us, the
company does nol have any debentures and hence the applicability of the
cfause regarding the creation of security or charge in respect ol
debentures issued does not arise.
XX. According lo information and explanalions given to us, Ihe company
has nol raised money by way of public issues during Ihe year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given lo us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P. Murali & Co.,
Chartered Accountants
FRN No : 007257S
Sd/-
P. Murali Mohan Rao
Partner
M.No:23112
Place ; Hyderabad
Date : 02-09-2010
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article