Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of
Pioneer Agro Extracts Limited ('the Company'), which comprise the
Balance Sheet as at March 31, 2015, 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 responsibilities 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 thai 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 the
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 the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgment and estimates that are reasonable and prudent; and design,
implementation and maintenance of internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibilities
Our responsibility is to express an opinion on these financial
statements based on our audit.
- We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the act and the rules made
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 control relevant to the
Company's preparation of the financial statements that give true and
fair view in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by companies directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
i) in the case of the Balance sheet, of the state of affairs of the
company as at March 31,10.2015:
ii) the case of the Statement of Profit and Loss, of the profit
for the year ended on that date: and
iii) 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 section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
r. In our opinion proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
section 133 of the Companies Act, 2013, 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 sub section (2) of section 164 of
the Companies Act, 2013.
f. With respect to the other matters included in the auditor's report
and to best of our information and according to the explanation given
to us.
i The company has disclosed the impact of pending litigation on its
financial position in its financial statement.
2 The company has made provision, as required under the applicable law
or Accounting Standards, for material foreseeable losses, if any, on
long term contracts including derivative contracts.
There has been no delay in transferring amounts, required to be
transferred, to the investor's education and protection fund by the
company.
ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENT AUDITORS' REPORT
a l The Company has maintained proper records to show full particulars
including quantitative details and situations of fixed assets.
-As per the information and explanations given to us, the fixed assets
of the Company have been verified by the management at
reasonable intervals and no serious discrepancies between the book
records and physical verification were noticed.
the year the Company has not disposed off any substantial /major part
of fixed assets.
2 As -per 'sic information and explanations given to us, the
inventories have been physically verified Rs,;¦ :re management at
reasonable intervals during the year.
-opinion and as per the information and explanations given to us,
procedures of physicaleructation of inventory followed by the
management are reasonable and adequate in relation to ze of the Company
and nature of its business.
company is maintaining proper records of inventories. In our opinion,
discrepancies noticed verification of inventory were not
material in relation to the operations of the and the same have been
properly dealt with in the books of account.
Company has taken loans and a sum of Rs. 148.27 Lacs is outstanding at
the end of the year, pertains to Sh. Jagat Mohan Aggarwal, Managing
Director. All other loans outstanding atrezoning of the year have been
repaid.
opinion and according to the information and explanations given to us,
interest being paidand other terms and conditions are not prima facie
prejudicial to the interest of the <- Company had granted loans to M/s
Pioneer Industries Limited, a sister concern, which has reed- -repaid.
Interest was being charged on the same.
no overdue amount in respect of above loans.
reunion and according to the information and explanations given to us,
there are adequatecontrol procedures commensurate with the size of the
Company and the nature of its it regard to purchase of inventory and
fixed assets and for the sale of goods. During the audit, no major
weakness has been noticed in the internal controls.
sect of transaction covered under section 189 of the Companies Act,
2013:
opinion and according to the information and explanation given to us,
the transaction Âaloe m pursuance of contracts or arrangements that
needed to be entered into in the register named under section 189 of
the Companies Act, 2013 have been so entered.
opinion and according to the information and explanation given to us,
the transactions -ace in pursuance of contracts or arrangements entered
in the Register maintained under sect on 189 of the Act and exceeding
Rs.5 Lacs in respect of any party during the year have oeen made at the
prices, which are reasonable having regard to prevailing market prices
at the eventides.
(c) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the prescribed statutory register maintained
under section 189 of the Companies Act, 2013 and exceeding the value of
five lakh rupees in respect of any party during the year have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits during the year and
do not have any unclaimed deposits. Therefore, the provisions of the
clause 3 (v) of the Order are not applicable to the Company.
7. In our opinion, the company has an internal audit system
commensurate with the size of the Company and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government.
9. In respect of statutory dues:
(a) According to information and explanations given to us and the
records examined by us, the Company has generally been regular in
depositing with appropriate authorities undisputed statutory dues
including provident fund, investor education and protection fund,
employees' state insurance, income tax, value added tax, wealth tax,
custom duty, excise duty, cess and other statutory dues wherever
applicable.
(b) According to information and explanations given to us, no
undisputed arrears of statutory dues were outstanding as at March 31,
2015, for a period of more than six months from the date they became
payable.
(c) According to the records of the Company, there are no dues
outstanding in respect of income tax, MVAT, customs duty, wealth-tax,
service tax, excise-duty, cess, etc, on account of any dispute.
10. The Company accumulated losses amounting to Rs 435.61 Lacs the
Company as on March 31, 2015. The company has made loss in this year
as well as in the immediately preceding previous year
11. The Company has not defaulted in repayment of dues to Banks and
payments have been made as per the repayment schedule sanctioned by the
banks. The Company has no borrowings from financial institutions or by
way of debentures.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/ or
advances on basis of security by way of pledge of shares, debentures
and other securities.
13. Clause (xiii) of the order is not applicable to the Company as the
Company is not a Chit fund company or nidhi/ mutual benefit fund/
society.
14. Clause (xiv) of the order is not applicable to the Company as the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to information and explanations givep to. us, the Company
has not given any guarantee.
for loans taken by others from banks or financial institutions.
16. The company has applied funds from term loans raised during the
year only for the purpose for which those term loans were raised .
17. During the year under purview the Company has not made any long
term Investments out of funds raised on short-term basis or vice versa.
18. The Company has not made any preferential allotment of shares
during the year.
19. Clause (xix) of the order is not applicable to the company, as the
Company has not issued any debentures.
20. The Company has not raised any money by public issues during the
year covered by our report.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For. WA&JDEVA & CO.
Chaptered Accountants
Firm Registration 005947N
(PRAM0D KUMAR KHOSLA)
Place : Pathankot Partner
Date : May 7,2015 Membership No. 080970
Mar 31, 2014
We have audited the attached financial statements of Pioneer Agro
Extracts Limited ("the Company") which comprises the Balance Sheet as
on 31st March, 2014, the Statement of Profit and Loss Account 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 m flows of the Company in accordance
with the Accounting Standards notified
under the Companies Act,1956("the Act") ( which continue to be
applicable in respect of Sec133 of the Companies Act ,2013 in terms of
General Circular 15/2013 dated 13th September,2013 of the Ministry of
Corporate Affairs) and in accordance with the accounting principles
generally accepted in India. This responsibility includes thq 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 misstatements, 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 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 judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error, in making these 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 of the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of the 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 our audit provides a reasonable basis for our opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid Financial statements give the
information required by the Act in the manner so required and give a
true and fair view in . conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet,of the state of affairs of the
Company as at 31st March,2014;
b) in the case of the Statement of Profit and Loss, of the profit of
the company for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Companies (Auditor''s Report) Order, 2003,("the
Order") issued by - the Central Government in terms of Sec 227(4A)
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 explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) in our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
such 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 Balance Sheet, the Statement of Profit and Loss
Account and the Cash Flow Statement comply with the Accounting
Standards notified under the Act (which continues to be applicable in
respect of Sec 133 of eth Companies Act,2013 in terms of General
Circular 15/2013 dated 13th Sep,2013 of the Ministry of Corporate
Affairs)
(e) On the basis of the written representations received from the
Companies as on 31st March,2014 taken on record by the Board of
Directors, none of the Directors are prima facie disqualified as on
31st March,2014 from being appointed as Director under clause (g) of
sub section 1 of section 274 of the Companies Act 1956; -
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
Referred to in Paragraph (3) of our report of even date
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The Fixed assets have been physically verified during the year by
the management. We are informed that no material discrepancies were
noticed by the management on such verification.
(c) None of the Fixed Assets have been revalued during the year. In our
opinion the Company has not disposed of substantial part of Fixed
Assets during the year.
2. In respect of its inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
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 has maintained proper records of inventories. As
explained to us, there are no material discrepancies noticed on
physical verification of inventory as compared to the book records and
have been properly dealt with.
3. In respect of loans, secured or unsecured, granted or taken by the
Company
to/from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(a) The Company has taken loans from eleven parties aggregating to
Rs.269.16 - Rs.1 Lacs outstanding at the end of the year The company has
advanced sum to Pioneer Industries Ltd with outstanding of
Rs. 2.64 Lacs at the end of the year.
(b) In our opinion and according to the information and explanations
given to us, interest being paid/ charged and other terms and
conditions are not prima facie prejudicial to the interest of the
Company.
(c) The Company has granted loans on which interest is being charged.
In respect of loans taken/ granted by the Company, interest payments
are reaular & the principal ampunt is repayable on demand
(d) There is no overdue amount in respect of above loans.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5 In respect of transaction covered under section 301 of the Companies
Act, 1956:
(a) In our opinion and according to the information and explanation
given to us, the transaction made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under section 301 of
the Act and exceeding Rs.5 Lacs in respect of any party during the year
have been made at the prices, which are reasonable having regard to
prevailing market prices at the relevant times.
6. According to the information and explanation given to us the Company
has not accepted deposits from the public with in the meaning of
section 58A and 58AA,
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business
8. The Central Government has prescribed for the maintenance of cost
records under section 209 (1) (d) of the Companies Act 1956 in respect
of activities of the Company. We have broadly reviewed the accounts and
records of the Company in this connection and are of the opinion, that
prima facie, the prescribed accounts and records have been maintained.
We have not, however, made a detailed examination of the same.
9. In respedt of statutory dues:
The Company has been regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Sales Tax, Customs
Duty, Excise Duty, Income Tax, cess and any other statutory dues with
the appropriate authorities during the year.
10. The Company has accumulated losses. The company has made loss in
this year as well as in the immediately preceding previous year.
11. Based on books & records procedures and according to the
information and explanation given to us, we are of the opinion that the
Company has not defaulted in repayment of dues to banks.
12. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by its associates
from banks or financial institutions.
13. As informed and explained to us, the Company has not dealt/traded
in securities or debentures during the year. In our opinion and
according to the information and explanation given to us, no loans and
advances have been granted by the Company on the basis of security by
way of pledge of shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, no. new term loan has been taken during the year.
15. 1n our opinion and according tc the information and explanation
given to us, and on an overall examination of eth Balance Sheet of the
Company, we report that funds raised on short term basis have not been
used during the year for long term investment.
16. The Company has not made any preferential allotment of shares,
17. No Debentures have been issued by the Company and hence the
question of creating securities in respect thereof does not arise.
18. The Company has not raised any money through a public issue during
the year.
19. To the best of our knowledge and according to information and
explanation given to us, no fraud on or by the Company has been noticed
or reported during the year
For ANIL vASUDEVA & CO.
CHARTED ACCOUNTANTS
Place : Pathankot (PRAMOb KUMAR KHOSLA)
Dated May 30,2014 Partner
Membership No. 080970
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of Pioneer Agro
Extracts 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 loss 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
Referred to in Paragraph (3) of our report of even date
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The Fixed assets have been physically verified during the year by
the management. We are informed that no material discrepancies were
noticed by the management on such verification.
(c) None of the Fixed Assets have been revalued during the year. In our
opinion the Company has not disposed of substantial part of Fixed
Assets during the year.
2. In respect of its inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
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 has maintained proper records of inventories. As
explained to us, there are no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(a) The Company has taken loans from fourteen parties aggregating to
Rs.32.12 Lacs outstanding at the end of the year.
(b) In our opinion and according to the information and explanations
given to us, interest being paid/ charged and other terms and
conditions are not prima facie prejudicial to the interest of the
Company.
(c) The Company has granted loans on which interest is being charged.
In respect of loans taken/ granted by the Company, interest payments
are regular & the principal amount is repayable on demand.
(d) There is no overdue amount in respect of above loans.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5 In respect of transaction covered under section 301 of the Companies
Act, 1956:
(a) In our opinion and according to the information and explanation
given to us, the transaction made in pursuance of contracts or
arrangements, that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contractsor
arrangements entered in the Register maintained under section 301 of
the Act and exceeding Rs.5 Lacs in respect of any party during the year
have been made at the prices, which are reasonable having regard to
prevailing market prices at the relevant times.
6. According to the information and explanation given to us the
Company has not accepted deposits from the public with in the meaning
of section 58A and 58AA.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has prescribed for the maintenance of cost
records under section 209 (1) (d) of the Companies Act 1956 in respect
of activities of the Company. We have broadly reviewed the accounts and
records of the Company in this connection and are of the opinion, that
prima facie, the prescribed accounts and records have been maintained.
We have not, however, made a detailed examination of the same.
9. In respect of statutory dues:
The Company has been regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Sales Tax, Customs
Duty, Excise Duty, Income Tax, cess and any other statutory dues with
the appropriate authorities during the year.
10. The Company has accumulated losses. The company has made loss in
this year. However the company made profit in the immediately
preceding previous year.
11. Based on books & records procedures and according to the
information and explanation given to us, we are of the opinion that the
Company has not defaulted in repayment of dues to banks.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual benefit
fund/societies.
14. As informed and explained to us, the Company has not dealt/traded
in securities or debentures during the year.
15. According to the information and explanation given to us, the
Company has given guarantee for loans taken by its associates from
banks or financial institutions. According to the information and
explanation given to us, these are not prima- facie prejudicial to the
interest of the Company.
16. The Company has not made any preferential allotment of shares.
17. No Debentures have been issued by the Company and hence the
question of creating securities in respect thereof does not arise.
18. The Company has not raised any money through a public issue during
the year.
19. According to information and explanation given to us, no fraud on
or by the Company has been noticed or reported during the year.
For ANIL VASUDEVA & CO.
Chartered Accountants
Place : Pathankot (PRAMOD KUMAR HOSLA)
Dated : May20,2013 Partner
Membership No. 080970
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