Mar 31, 2015
We have audited the accompanying financial statements of SHRI KALYAN
HOLDINGS LIMITED ("the Company"), which comprise the Balance Sheet
as at 31st March, 2015, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of the
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 the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under
the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the 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, of the state of affairs of the Company as
at 31st March, 2015, and its loss and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015
("the Order") issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) in our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) the Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) on the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2015 from being appointed as a director in terms of Section 164 (2)of
the Act.
(h) with respect to the other matters to be included in the
Auditor's Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. the Company does not have any pending litigations which would
impact its financial position;
ii. the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. there were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
on 31st March 2015. We report that:
(1) In Respect of its fixed assets:
(a) The company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets of the company have been physically verified by
the management during the year and no material discrepancies between
the book records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
(2) In respect of its inventories:
a) As explained to us, the inventory of shares and securities has been
physically verified during the year by the management. In our opinion,
the frequency of verification is reasonable.
b) According to the information and explanations given to us, in our
opinion, 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) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory of
shares and securities and there were no discrepancies noticed on
verification between the stocks lying in Demat Account and the book
records.
(3) In respect of loans granted:
a) According to the information and explanation given to us, the
company has granted unsecured loans to twenty nine companies covered
in the register maintained under Section 189 of the Companies Act. The
balance outstanding as at the end of the year was Rs. 230,423,034/-.
b) In respect of the aforesaid loans, the parties are repaying the
principal amounts as stipulated and are also regular in payment of
interest, where applicable.
c) There are no overdue amounts in respect of the above loan.
(4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(5) The company has not accepted any deposits from public.
(6) The Central Government of India has not prescribed the maintenance
of cost records under clause (d) of subsection (1) of Section 209 of
the Act for any of the products of the company.
(7) In respect of statutory dues:
(a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular in depositing the
undisputed statutory dues including provident fund, employees' state
insurance, income-tax, service tax, cess and any other statutory dues
as applicable with the appropriate authorities. According to the
information and explanations given to us no undisputed amounts payable
in respect of provident fund, employees' state insurance,
income-tax, service-tax and cess were in arrears, as at 31st March,
2015 for the period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no material dues of provident fund, employees' state insurance,
income-tax, service tax, cess which have not been deposited with the
appropriate authorities on account of any dispute.
(c) According to the information and explanations given to us, there
were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company in accordance with the
relevant provisions of the Companies Act, 1956. Accordingly, clause 3
(vii) (c) of the Order is not applicable.
(8) In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The company has incurred cash
losses during the financial year covered by our audit. The company has
also incurred cash losses in the immediately preceding financial year.
(9) According to the records of the company examined by us and the
information and explanations given to us, the company has not
defaulted in repayment of dues to bank. In our opinion the company has
not taken any loan from financial institution and has not issued
debentures to debenture holders as at the Balance Sheet date.
(10) 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 banks or financial institutions.
(11) The Company has not taken any term loan during the year and hence
the question of applying term loans for the purpose for which they
were obtained does not arise.
(12) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanation given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For BANSHI JAIN & ASSOCIATES
Chartered Accountants
Firm Registration No.100990W
Sd/-
Place: MUMBAI B.L. JAIN
Date: 28th May,2015 Partner
Membership No. 16600
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of SHRI KALYAN
HOLDINGS LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and the Cash Flow
Statement of the Company for the year then ended and a summary of the 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, financial performance and cash 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
Section 133 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 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.
Auditors'' 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 com ply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted
in India:
(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 loss of the
Company 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
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 purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, 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, and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs).On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date]
1. a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The fixed assets of the company have been physically verified by the
management during the year and no material discrepancies between the
book records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed of
by the company during the year.
2. a) As explained to us, the inventory of shares and securities has
been physically verified during the year by the management. In our
opinion, the frequency of verification is reasonable.
b) According to the information and explanations given to us, in our
opinion, 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) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory of
shares and securities and there were no discrepancies noticed on
verification between the stocks lying in Demat Account and the book
records.
3. a) In our opinion and according to the information and explanation
given to us, the company has granted unsecured loans to fourteen
companies covered in the register maintained under Section 301 of the
Act. The maximum amount involved during the year and the yearend
balance of the loan aggregates to Rs. 6,80,77,696/- & Rs.2,45,09,402/-
respectively.
b) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima facie prejudicial to the interest of the
company.
c) In respect of the aforesaid loans, the parties are repaying the
principal amounts as stipulated and are also regular in payment of
interest, where applicable.
d) In respect of the aforesaid loans, in the cases where the overdue
amount is more than Rupees One Lakh, in our opinion, reasonable steps
have been taken by the company for the recovery of the principal
amounts and interest, where applicable.
e) The company has not taken unsecured loans, from parties covered in
the register maintained under Section 301 of the Act. Therefore, the
provisions of sub-clauses (e), (f) and (g) of clause 4(iii) are not
applicable to the Company.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of and fixed assets. 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, carried out in
accordance with the generally accepted auditing practices in India, we
have neither come across nor have been informed of observed any
continuing failure to correct major weaknesses in the aforesaid
internal control procedures.
5.a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into 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 explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees Five Lacs 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. The company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA or any other provisions of the Act
and the rules framed there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. The Central Government of India has not prescribed the maintenance
of cost records under clause (d) of sub-section (1) of Section 209 of
the Act for any of the products of the company.
9. In respect of statutory dues:
a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular in depositing the
undisputed statutory dues including income-tax, wealth tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
b) According to the information and explanations given to us and
according to the books and records as produced and examined by us,
there are no dues of service tax, wealth tax and cess which have not
been deposited on account of any dispute, as at 31st March, 2014 for
the period of more than six months from the date they became payable.
10. The company has accumulated losses to the extent of
Rs.2,65,80,925/-as at 31st March, 2014. It has incurred cash losses
amounting to Rs. 81,06,467/- in the current financial year but has not
incurred cash loss during the immediately preceding year. The
accumulated losses are not more than 50% of net worth of the company as
at 31st March, 2014.
11. The company has not defaulted in repayment of dues to a financial
institution or bank or debentures holders.
12. In our opinion and according to the information and explanations
give to us and according to the books and records as produced and
examined by us, the company has not granted any loans and advances on
the basis of security by way of pledged of shares, debentures and other
securities. Accordingly clause 4(xii) of the Order is not applicable.
13. The provisions of any special statute applicable to Chit Fund /
Nidhi / Mutual Fund / Societies are not applicable to the company.
Accordingly clause 4(xiii) of the Order is not applicable.
14. In our opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures and other investments during the year and timely
entries have been made therein. Further, such securities have been held
by the company in its own name or are in the process of transfer in its
name, except to the extent of the exemption granted under Section 49 of
the Act.
15. In our opinion, and 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 during the year.
16. In our opinion, and according to the information and explanations
give to us and on the basis of books and records produced and examined
by us on an overall basis the term loans have been applied for the
purposes for which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment and vice versa.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
19. The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable
20. The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
PLACE: MUMBAI FOR BANSHI JAIN & ASSOCIATES
DATE: 28th MAY, 2014 CHARTERED ACCOUNTANTS
SD/-
(B. L. JAIN)
PARTNER
M. NO. : 16600
F.R. NO. 100990W
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of SHRI KALYAN
HOLDINGS LIMITED ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, the Statement of Profit and Loss and the Cash Flow
Statement of the Company for the year then ended and a summary of the
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, 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.
Auditors'' 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the 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 the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
viewin 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 31st,2013.
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company 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 purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, 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, Statement of Profit and Loss, and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Place: Mumbai For BANSHI JAIN & ASSOCIATES
Date : 22nd May. 2013 Chartered Accountants
Sd/-
B.L. Jain
(Partner)
M.No.16600
F.R. No. 100990W
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date]
l. (a)The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by the
management during the year and no material discrepancies between the
book records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
of by the company during the year.
2. (a) As explained to us, the inventory of shares and securities has
been physically verified during the year by the management. In our
opinion, the frequency of verification is reasonable.
(b) According to the information and explanations given to us, in our
opinion, 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) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory of
shares and securities and there were no discrepancies noticed on
verification between the stocks lying in Demat Account and the book
records.
3. (a) In our opinion and according to the information and explanation
given to us, the company has granted unsecured loans to nineteen
companies covered in the register maintained under Section 301 of the
Act. The maximum amount involved during the year and the yearend
balance of the loan aggregates to Rs.45,287,385/- & Rs.35,894,009/-
respectively.
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not prima facie prejudicial to the interest of the
company.
(c) In respect of the aforesaid loans, the parties are repaying the
principal amounts as stipulated and are also regular in payment of
interest, where applicable.
(d)ln respect of the aforesaid loans, in the cases where the overdue
amount is more than Rupees One Lakh, in our opinion, reasonable steps
have been taken by the company for the recovery of the principal amounts
and interest, where applicable.
(e)The company has not taken unsecured loans, from parties covered in
the register maintained under Section 301 of the Act. Therefore, the
provisions of sub-clauses (e), (f) and
(g) of clause 4(iii) are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of and fixed assets. 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, carried out in accordance
with the generally accepted auditing practices in India, we have
neither come across nor have been informed of observed any continuing
failure to correct major weaknesses in the aforesaid internal control
procedures.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
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 explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of the
Companies Act, 1956 and exceeding the value of rupees Five Lacs 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. The company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AAor any other provisions of the Act
and the rules framed there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. The Central Government of India has not prescribed the maintenance
of cost records under clause (d) of sub-section (1) of Section 209
of the Act for any of the products of the company.
9. In respect of statutory dues:
(a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular in depositing the
undisputed statutory dues including income-tax, wealth tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanations given to us and
according to the books and records as produced and examined by us,
there are no dues of service tax, wealth tax and cess which have not
been deposited on account of any dispute, as at 31st March, 2013 for
the period of more than six months from the date they became payable.
10. The company has accumulated losses to the extent of
Rs.1,60,53,574/- as at 31st March, 2013. It has incurred cash losses
amounting to Rs. 59,82,334/- in the current financial year but has not
incurred cash loss during the immediately preceding year. The
accumulated losses are not more than 50% of net worth of the company as
at 31st March, 2013.
11. The company has not defaulted in repayment of dues to a financial
institution or bank or debentures holders.
12. In our opinion and according to the information and explanations
give to us and according to the books and records as produced and
examined by us, the company has not granted any loans and advances on
the basis of security by way of pledged of shares, debentures and other
securities. Accordingly clause 4(xii) of the Order is not applicable.
13. The provisions of any special statute applicable to Chit Fund /
Nidhi / Mutual Fund / Societies are not applicable to the company.
Accordingly clause 4(xiii) of the Order is not applicable.
14. In our opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures and other investments during the year and timely
entries have been made therein. Further, such securities have been held
by the company in its own name or are in the process of transfer in its
name, except to the extent of the exemption granted under Section 49
of the Act.
15. In our opinion, and 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 during the year.
16. In our opinion, and according to the information and explanations
give to us and on the basis of books and records produced and examined
by us on an overall basis the term loans have been applied for the
purposes for which they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investment and vice versa.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
19. The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable
20. The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable
21. During the course of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of fraud on or by
the company, noticed or reported during the year, nor have we been
informed of such case by the management.
Place: Mumbai For BANSHI JAIN & ASSOCIATES
Date : 22nd May, 2013 Chartered Accountants
Sd/-
B.L. Jain
(Partner)
M.No.16600
F.R. No. 100990W
Mar 31, 2012
1. We have audited the attached Balance Sheet of SHRI KALYAN HOLDINGS
LIMITED as at 31st March, 2012 and the related Profit and Loss Account
for the year ended on that date annexed thereto, which we have signed
under reference to this report. These financial statements are the
responsibility of the company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report)(Amendment) Order,
2004 issued by the Central Government of India in terms of sub-section
(4A) of Section 227 of 'The Companies Act, 1956' of India (the 'Act')
and on the basis of such checks of the books and records of the company
as we considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Act;
(e) 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 as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Act;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Act 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 31st March, 2012 and
(ii) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
(Referred to in paragraph 3 of the Auditors' Report of even date to the
members of SHRI KALYAN HOLDINGS LIMITED on the financial statements for
the year ended 31st March, 2012)
1. (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year and no material discrepancies between
the book records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
of by the company during the year.
2. (a) As explained to us, the inventory of shares and securities has
been physically verified during the year by the management. In our
opinion, the frequency of verification is reasonable.
(b) According to the information and explanations given to us, in our
opinion, 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) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory of
shares and securities and there were no discrepancies noticed on
verification between the stocks lying in Demat Account and the book
records.
3. (a) The Company has not granted loans to companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Therefore, the provisions of sub-clauses (a), (b),
(c) and (d) of clause 4(iii) are not applicable to the Company.
(e) The company has not taken unsecured loans, from parties covered in
the register maintained under Section 301 of the Act.
4. In our opinion, and according to the information and explanations
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 and fixed assets. 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, carried out in
accordance with the generally accepted auditing practices in India, we
have not neither come across nor have been informed of observed any
continuing failure to correct major weaknesses in the aforesaid
internal control procedures.
5. (a) In our opinion and according to the information and
explanations given to us, the transactions that need to be entered into
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 explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees Five Lacs 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. The company has not accepted any deposits from the public within
the meaning of Sections 58A and 58AA or any other provisions of the Act
and the rules framed there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. The Central Government of India has not prescribed the maintenance
of cost records under clause (d) of sub-section (1) of Section 209 of
the Act for any of the products of the company.
9. (a) According to the information and explanations give to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular in depositing the
undisputed statutory dues including income-tax, wealth tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax and
cess were in arrears, as at 31st March, 2012 for the period of more
than six months from the date they became payable.
(c) According to the information and explanations given to us and
according to the books and records as produced and examined by us,
there are no dues of service tax, wealth tax and cess which have not
been deposited on account of any dispute.
10. The company has accumulated losses to the extent of Rs.
88,91,336/- as at 31st March, 2012 but it has not incurred any cash
losses in the Current financial year and has not incurred cash loss
during the immediate preceding year.
11. The company has not defaulted in repayment of dues to a financial
institution or bank or debentures holders.
12. In our opinion and according to the information and explanations
give to us and according to the books and records as produced and
examined by us, the company has not granted any loans and advances on
the basis of security by way of pledged of shares, debentures and other
securities. Accordingly clause 4(xii) of the Order is not applicable.
13. The provisions of any special statute applicable to Chit Fund/
Nidhi/Mutual Fund/Societies are not applicable to the company.
Accordingly clause 4(xiii) of the Order is not applicable.
14. In our opinion and according to the information and explanation
given to us, the company has maintained proper records of transactions
and contracts relating to dealing or trading in shares, securities,
debentures and other investments during the year and timely entries
have been made therein. Further, such securities have been held by the
company in its own name or are in the process of transferring in its
name.
15. In our opinion, and 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 during the year.
16. In our opinion, and according to the information and explanations
given to us the company has not obtained any term loans.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion and according to the information and explanations given to us,
there are no funds raised on a short term basis which have been used
for long term investment and vice versa.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
19. The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable
20. The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For BANSHI JAIN & ASSOCIATES
Chartered Accountants
(B. L. JAIN)
Partner
M. No. : 16600
FR NO. 100990W
Place : Mumbai
Date : 25th May, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of SHRI KALYAN HOLDINGS
LIMITED as at 31st March, 2011 and the related Profit and Loss Account
for the year ended on that date annexed thereto, which we have signed
under reference to this report. These financial statements are the
responsibility of the company's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the 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 text basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation.We believe that our audit provides reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) (Amendment) Order,
2004 issued Central Government of India in terms of sub-section (4A) of
Section 227 of 'The Companies Act, 1956' of India (the 'Act') and on
the basis of such checks of the books and records of the company as we
considered appropriate and according to the information and
explanations given to us, We give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(a) We have obtained all the information and explanations, which to
the best of knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Act;
(e) 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 as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Act;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon and attached thereto give in the prescribed
manner the information required by the Act 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 31st March, 2011 and (ii) in the case of the Profit and
Loss Account, of the Profit for the year ended on that date.
ANNEXURE TO AUDITORS' REPORT
(Referred to in paragraph 3 of the Auditors' Report of even date to the
members of SHRI KALYAN HOLDINGS LIMITED on the financial statements for
the year ended 31st March, 2011)
1. (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year and no material discrepancies between
the book records and the physical inventory have been noticed. In our
opinion, the frequency of verification is reasonable.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
of by the company during the year.
2. (a) As explained to us, the inventory of shares and securities has
been physically verified during the year by the management. In our
opinion, the frequency of verification is reasonable.
(b) According to the information and explanations given to us, in our
opinion, 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) On the basis of our examination of records of inventory, in our
opinion, the company has maintained proper records of inventory of
shares and securities and there were no discrepancies noticed on
verification between the stocks lying in Demat Account and the book
records.
3.(a) The Company has not granted loans to companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Therefore, the provisions of sub-clauses (a), (b),
(c) and (d) of clause 4(iii) are not applicable to the company (e) The
company has not taken unsecured loans, from parties covered in the
register maintained under Section 301 of the Act.
4. In our opinion, and according to the information and explanations
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 and fixed assets. 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, carried out
in accordance with the generally accepted auditing practices in India,
we have not neither come across nor have been informed of observed any
continuing failure to correct major weaknesses in the aforesaid
internal control procedures.
5. (a) In our opinion and according to the information and explanations
given to us, the transactions that need to be entered into 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 explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees Five Lacs 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 The company has not accepted any deposits from the public within the
meaning of Sections 58A and 58AA or any other provisions of the Act and
the rules framed there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8 The Central Government of India has not prescribed the maintenance of
cost records under clause (d) of sub-section (1) of Section 209 of the
Act for any of the products of the company.
9 (a) According to the information and explanations give to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular in depositing the
undisputed statutory dues including income tax, wealth tax, cess and
other material statutory dues as applicable with the appropriate
authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax and
cess were in arrears, as at 31st March, 2011 for the period of more
than six months from the date they became payable.
(b) According to the information and explanations given to us and
according to the books and records as produced and examined by us,
there are no dues of service tax, wealth tax and cess which have not
been deposited on account of any dispute.
10. The company has accumulated losses to the extent of Rs.
87,70,142/- as at 31st March, 2011 but it has not incurred any cash
losses in the Current financial year but has incurred cash loss during
the immediate preceding year.
11. The company has not defaulted in repayment of dues to a financial
institution or bank or debentures holders.
12. In our opinion and according to the information and explanations
give to us and according to the books and records as produced and
examined by us, the company has not granted any loans and advances on
the basis of security by way of pledged of shares, debentures and other
securities. Accordingly clause 4(xii) of the Order is not applicable.
13. The provisions of any special statute applicable to Chit Fund
/Nidhi/Mutual Fund /Societies are not applicable to the company.
Accordingly clause 4(xiii) of the Order is not applicable.
14. In our opinion and according to the information and explanation
given to us, the company has maintained proper records of transactions
and contracts relating to dealing or trading in shares, securities,
debentures and other investments during the year and timely entries
have been made therein. Further, such securities have been held by the
company in its own name or are in the process of transferring in its
name.
15. In our opinion, and 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 during the year.
16. In our opinion, and according to the information and explanations
given to us the company has not obtained any term loans.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, in our
opinion and according to the information and explanations given to us,
there are no funds raised on a short term basis which have been used
for long term investment and vice versa.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
19. The company has not issued any debentures. Accordingly, clause
4(xix) of the Order is not applicable
20. The company has not raised any money by public issues during the
year. Accordingly, clause 4(xx) of the Order is not applicable
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by the management.
For BANSHI JAIN & ASSOCIATES
Chartered Accountants
(B.L.. JAIN)
Partner
M.No.: 16600
MUMBAI, 18th August, 2011
Mar 31, 2010
1.We have audited the attached Balance Sheet of SHRI KALYAN HOLDINGS
LIMITED as at 31st March 2010 and the related profit and Loss Account
for the year ended on that date annexed there to which we have signed
under reference this report .These financial statement are the
responsibility of the company's management our responsibility is to
express an opinion on these financial statement base on our audit
2.We conducted our audit in accordance with the 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 bias evidence supporting the amounts and
disclosures in the financial statements An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation we believe that our audit provides a reasonable basis for
our opinion.
3. As required by the companies (Auditors report) (Amendment) order
2004 issued by the central Government of India in terms of sub-section
(4A) of section 227 of The Companies Act 1956 of India (the Act) and
on the basis of such checks of the books and records of the company as
we considered appropriate and according to the information and
explanation given to us we give in the Annexure a statement on the
matter specified in paragraph 4 and 5 of the said Order
4.Futher to our comments in the Annexure referred to in paragraph 3
above we report that
a) We have obtained all the information and explanation which to the
best of our Knowledgement and belief were necessary for the purposes of
our audit
b) In our opinion proper books of account as required by law have been
kept by the company so far as appears from our examination of those
books
c) The balance sheet and profit and Loss Account dealt with by this
report are in agreement with the books of account
d)In our opinion the Balance sheet profit and Loss Account dealt with
by this report comply with the account standards referred to in
sub-section (3C) of section 211 of the Act
e) On the basis of written representation receive form the directors as
on 31st March 2010 and taken on record by the Board of Director we
report that none of the directors is disqualified as on 31st March 2010
form being appointed as a director in terms of clause (g) of
sub-section(1) of section 274 of Act
f) In our opinion and to the best of our information and according to
the explanations give to us the said financial statements to gather
with the notes thereon and attached there to give in the prescribed
manner the information required by the Act and give a true and fair
view in conformity with the accounting principles generally accepted in
India
i)in the cast of the Balance sheet of the state of affairs of the
company as at 31st March 2010 and
ii)in the case of the Profit and Loss Account of the profit for the
year ended on that date
ANNEXURE TO AUDITORS REPORT
[Referred to in paragraph 3 of the auditor's report of even date to the
members of SHRI JALYAN HOLDINGS LIMITED on the financial statement for
the year ended 31st march]
1. a) The company is maintaining popper records showing full
particular including qualitative details and satiation of fixed assets
b) The fixed assets of the Company have been physically verified by the
management during the year and no material discrepancies between the
books records and the physical investor have been noticed In our
opinion the frequency of verification i seasonable c) In our opinion
and according to the information and explanations given to us a
substantial part of fixed assets has not been disposed of by the
company during the year
2. a) As explained to us the investor of share and securities has been
physically verified during the year by the management in our opinion
the frequency of verification is reasonable b)According to the
information and explanation given to us in our opinion the procedures
of physical verification of inventories followed by the management are
reasonable and adequate in relation in relation to the size of the
company and the nature of its business c) On the baize of our
examination of records of investor in our opinion the company has
maintained proper records of investor of shares and securities and
their were no discrepancies noticed on verification between the stocks
lying in demit Account and the book records
3 a)The Company has not granted loaned to companies firms or other
parties covered in the register maintained under section 301 of the
companies Act 1956 therefore the provision of sub-clauses (a)(b) (c)and
(d) of clause 4(iii) are not applicable to the company e)The company
has not taken unsecured loaned from parties covered in the register
maintained under section 301 of the Act
4.in our opinion and according to the information and explanations
given to us there are adequate internal control procedure commensurate
with the size of the company and the nature of its business for the
purchase of and fixed assets further on the basis of our examination of
the books and records of the company and according to the information
and explanation given to us carried our in according with the generally
accepted auditing practices in India we have not neither come across
not have been information of observed any continuing failure to correct
major weaknesses in the aforesaid internal control procedures
5 a) In our opinion and according to the information and explanation
given to us the transactions that need to be entered into 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 transaction made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the companies
Act 1956 and exceeding the value of rupees Five laces in respect of any
party during the year have been made at prices which are reasonable
having regard to reviling market prices at the relevant time
6.The company has not accepted any deposits from the public with in the
meaning of section 58 A and 58 AA or any other provisions of the Act
and the rules framed there under 7.In our opinion the company has an
internal audit system commensurate with its size and nature of its
business 8.The central Government of India has not prescribed the
maintenance of cost record under clause (d) of sub-section (1) of
section 207 of the Act for any of the products of the company 9(a)
According to the information and explanation give us and according to
the books and records as produced and examined by us in our opinion the
company is generally regular in depositing the undisputed statutory
dies including income tax , wealth tax cuss and there material
statutory dues as applicable with the appropriate authorities
b) According to the information and explanation given to us no
undisputed amount payable in respect of income tax wealth and cuss were
in arrears as at 31st March 2010 for the period of more than six month
from the date they become payable
b) According to the information and explanation given to us and
according to the book and records as produced and examined by us there
are no dues of service tax wealth tax and cess which have not been
deposited on account of any dispute
10.The company has accumulated losses to the extent of Rs 8,619,564 /-
as at 31st March 2010 but it has not incurred any cash losses in the
current financial year but has incurred cash loss during the immediate
proceeding year 11.The company has not defaulted in repayment of dues
to a financial institution or bank or debentures holders 12In our
opinion and according to the information and explanations given to us
an according to the books and records as produced and examined by us
the company has not fronted any loans and advances on the basis of
security by way of pleaded do shares debenture and other securities
According clause 4(xii) of the order is not applicable.
13.The provisions of any special statute applicable to chit Fund /
Nidhi mutual Fund / Societies are not applicable to the company.
Accordingly clause 4(xiii) of the order is not applicable
14.In opinion and according to the information and explanation given to
us the company has maintained proper records of transaction and
contracts relating to dealing or trading in shares securities
debentures and other investment during the year and timely entries have
been made there in further such securities have been held by the
company in its own name or are in the process of transferring in its
name
15. In our opinion and according to the information and explanation
given to us the company has not given any guarantee for loans taken by
other from banks or financial institutions during the year
16. In our opinion and according to the information and explanation
given to us the company has not obtained any term loans 17.According to
the information and explanation given to us and on an overall
examination of the balance sheet of the company in our opinion and
according to the information and explanation given to us there are no
funds raised on a short term basis which have been used for long term
investment and vice versa 18.The Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act during the year
19.The company has not issued any debentures .According clause 4(xix)
of the order is not applicable 20 The Company has not raised any money
by public issues daring the year Accordingly clause 4(xx) of the order
is not applicable
21. During the course of our examination of the books and records of
the company carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us we have neither come across any instance of
fraud on or by the company noticed or reported during the year nor have
we been informed of such case by the management
For BANSHI JAIN & ASSOCIATES
Chartered Accountants
(B.L..JAIN)
Partner
M.No.16600
MUMBAI, 01st September, 2010