Mar 31, 2015
I have audited the accompanying standalone financial statements of M/s.
TATIA GLOBAL VENNTURE LTD ("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 STANDALONE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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
My responsibility is to express an opinion on these standalone
financial statements based on my audit.
I 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.
I conducted my audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that I 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. 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.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for my audit opinion on the standalone
financial statements.
OPINION
In my opinion and to the best of my information and according to the
explanations given to me, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit/loss and its cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by Section 143 (3) of the Act, I report that:
(a) I have sought and obtained all the information and explanations
which to the best of my knowledge and belief were necessary for the
purposes of my audit.
(b) In my opinion, proper books of account as required by law have been
kept by the Company so far as it appears from my 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 my opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
For K SUBRAMANYAM & CO
CHARTERED ACCOUNTANTS
(Firm's Registration No.004146S)
Sd/-
(K SUBRAMANYAM & CO)
(PROPRIETOR)
(Membership No.023663)
Place : Chennai
Date : 30.05.2015
Mar 31, 2014
I have audited the accompanying financial statements of Tatia Global
Vennture Limited (the Company), which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 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
My responsibility is to express an opinion on these financial
statements based on my audit. I conducted my audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that I comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company''s internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.I believe that the audit evidence I have obtained
is sufficient and appropriate to provide a basis for my audit opinion.
OPINION
In my opinion and to the best of my information and according to the
explanations given to me, 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 March 31, 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 the Companies (Auditor''s Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, i 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, i report that:
a. I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit;
b. In my opinion, proper books of account as required by law have been
kept by the Company so far as appears from my 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 my opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. On the basis of the written representations received from the
directors as on March 31, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
ANNEXURE REFERRED TO IN PARAGARAPH 3 OF OUR REPORT OF EVEN DATE
RE:TATIA GLOBAL VENNTURE LIMITED
(I) 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 company has physically verified certain assets during the year
in accordance with a programme of verification, which in my opinion
provides for physical verification of the fixed assets at reasonable
intervals. According to the information & explanation given to me no
material discrepancies were noticed on such verification.
(II) In respect of its inventories:
(a) There are no Inventories in the Company at the year end. Hence the
valuation is dispensed with.
(III) (a) The company has granted and taken loans, secured / unsecured,
to / from companies,firms and other parties covered in the register
maintained under section 301 of the Act.1956.the details are as under
:-
S.No Name of the party Interest Closing
Amount (Rs) Balance (Rs)
1 Ashram online. Com Ltd 379100 8068063
2 Kreon Finnancial Services ltd 16767 -
3 Opti Products Pvt ltd 71507 500000
4 Make my Inner wear India Pvt ltd 18883 480229
(b) The terms and conditions , as to the repayments, interest thereon
are not prejudical to the interest of the company . There are no
overdue amounts outstanding.
(IV) In my opinion and according to the information and explanation
given to me, there are adequate internal control procedures
commensurate with the size of the company and nature of its business.
(V) In my opinion and according to the information and explanation
given to me, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301,
exceeding the value of Rs 5 lakhs, in respect of any party during the
year.
VI) The company has not accepted any deposits from the public during
the period under review.
(VII) In my opinion, the company has adequate internal audit system
commensurate with the size of business.
(VIII) The Central Government has not prescribed maintenance of cost
records by the Company under section 209(1) (d) of the Act.
(IX) The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employees'' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
According to the records of the Company, there are no outstanding Sales
tax, Income tax act 1961, Customs duty, Wealth tax, excise duty on
account of any dispute.
(X) The Company has made a profit amount of Rs 49.49 lakhs during the
year. The company have accumulated losses at the end of the financial
year to an extent of Rs 88.81 Lakhs to be written off against future
profits.
(XI) Based on my audit procedures and on the information and
explanation given by the management, I am of the opinion that the
company has not defaulted in the repayment due to financial
institutions, banks and debenture holders.
(XII) According to the information and explanations given to me, the
company has given loans and advances on the basis of security by way of
Pronotes, post dated instruments, pledge of shares, debentures and
other securities. The loans advanced are subject to confirmation.
(XIII) In my opinion the company is not a chit fund or nidhi / mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(XIV) In my opinion the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(XV) According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(XVI) There were term loans obtained by the company during the year.
(XVII)According to the cash flow statement and other records examined
by me and the information and explanations given to me, on overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application.
(XVIII)The company has not allotted equity shares during the period.
(XIX) The company has not issued any debentures and no securities and
charges are required to be created.
(XX) The company has not raised any money by public issue during the
year.
(XXI) To the best of my knowledge and belief and according to the
information explanation given to me, no fraud on or by the company was
noticed or reported during the year.
Chennai Sd/-
Date : 30.05.2014 For K.Subramanyam & co
Chartered Accountants
(Firm Registration No. 004146S )
Mar 31, 2013
Report on the Financial Statements
I have audited the accompanying financial statements of M/s. Tatia
Global Venture 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
My responsibility is to express an opinion on these financial
statements based on my audit. I conducted my audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that I 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. I believe that the audit evidence I have obtained is
sufficient and appropriate to provide a basis for my audit opinion.
Opinion
In my opinion and to the best of my information and according to the
explanations given to me, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Profit and Loss Account, of the profit/ 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, I 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, I report that:
a. I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit;
b. in my opinion proper books of account as required bylaw have been
kept by the Company so far as appears from my examination of those
books and proper returns adequate for the purposes of my audit have
been received from branches not visited by me;
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 [and with the returns received from branches not visited by me;
d. in my 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.
(I) In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars,
including quantitative details & situation of fixed assets.
(b) The company has physically verified certain assets during the year
in accordance with a programme of verification, which in my opinion
provides for physical verification of the fixed assets at reasonable
intervals. According to the information & explanation given to me no
material discrepancies were noticed on such verification.
(II ) In respect of its inventories:
There are no inventory in the Company during the year.
(III) (a) The company has given loan amounting to Rs. 17.00 lacs to the
companies covered in the register maintained under section 301 of the
Act 1956.
(b) The company has taken loan amounting to Rs. 16.00 lacs to the
companies covered in the register maintained under section 301 of the
Act 1956.
(c) The terms and conditions, as to the repayments, interest thereon
are not prejudicial to the interest of the company. there are no
overdue amount outstanding.
(IV) In my opinion and according to the information and explanation
given to me, there are adequate internal control procedures
commensurate with the size of the company and nature of its business.
(V) In my opinion and according to the information and explanation
given to me, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 ,
exceeding the value of Rs 5 lakhs, in respect of any party during the
year.
(VI) The company has not accepted any deposits from the public during
the period under review.
(VII) In my opinion, the company has adequate internal audit system
commensurate with the size of business.
(VIII) The Central Government has not prescribed maintenance of cost
records by the Company under section 209(1) (d) of the Act.
(IX) The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employees'' state insurance, income-tax, sales-tax, wealth-tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
According to the records of the company, there are no outstanding sales
tax, Income Tax act 1961, customs duty, Wealth Tax, excise duty on
account of any dispute other than following:
Financial
Period to Forum Where Amount
which the
amount Act Nature of Dues
relates to Dispute is
Pending (Rs. in Lakhs)
1994 - 1995 Customs Customs Duty High court
of Madras 15.83
(X) The Company has made a cash Profit amount of Rs. 25.64 Lakshs
during the year. The Company have accumulated losses at the end of the
Financial year to an extent of Rs. 138.30 Lakhs to be written off
against future Profits.
(XI) Based on my audit procedures and on the information and
explanation given by the management, Iam of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
(XII) According to the information and explanations given to me, the
company has given loans and advances on the basis of security by way of
Pronotes, post dated instruments, pledge of shares, debentures and
other securities. The loans advanced are subject to confirmation.
(XIII) In my opinion the company is not a chit fund or nidhi/mutual
benefit fund/society. therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(XIV) In my opinion the company is dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the company
has complied with provisions of clause 4(xiv) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(XI) Based on my audit procedures and on the information and
explanation given by the management, Iam of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
(XV) According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(XVI) There were no term loans obtained by the company during the year.
(XVII) According to the cash flow statement and other records examined
by me and the information and explanations given to me, on overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application.
(XVIII) The Company has not allotted Equity shares during the Period.
(XIX) The company has not issued any debentures and no securities and
charges are required to be created.
(XX) The company has not raised any money by public issue during the
year.
(XXI) To the best of my knowledge and belief and according to the
information explanation given to me, no fraud on or by the company was
noticed or reported during the year.
K SUBRAMANYAM & CO.,
CHARTERED ACCOUNTANTS
Sd/-
K SUBRAMANYAM
PROPRIETOR
Place:Chennai M.No.023663
Date: 31.05.2013 Firm Regn No004146S
Mar 31, 2010
1. I have audited the attached Balance Sheet of M/S. TATIA GLOBAL
VENNTURE LIMITED as at 31st March, 2010 and also the Profit & Loss
account and the cash flow statement of the company for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the companyÃs management. My responsibility is to
express an opinion on these financial statements based on my audit.
2. I conducted my audit in accordance with auditing standards
generally accepted in India. Those standards require that I 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 &
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by managements, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for
my opinion.
3. As required by the companies order, 2003, issued by the central
govt. of India in terms of section 227 (4A) of the companies act, 1956,
I give in the annexure, a statement on the matters specified in
paragraphs 4 of the said order.
4. Further to my comments in the annexure referred to in Para 3 above,
I report that:
(a) I have obtained all the information and explanation, which to the
best of my knowledge and belief were necessary for the purpose of my
audit. In my opinion, proper books of accounts as required by law have
been kept by the company as far as appears from my examination of such
books.
(b) The Balance Sheet, Profit & Loss account and Cash Flow statement
dealt with by this report are in agreement with the book of account.
(c) In my opinion, the Balance Sheet, Profit & Loss account and Cash
Flow statement dealt with by this report comply with the accounting
standards referred to in sub- section (3c) of section 211 of the
companies act, 1956.
(d) On the basis of the written representation received from the
directors as on 31st March 2010 and taken on record by board of
directors, I report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the companies act, 1956 as
regards government. Nominee directors, they are exempted from the
provision of section 274 (1) (g) in view of general circular issued by
the department of company affairs.
5. in my opinion & to the best of my information and according to the
explanation given to me, the said accounts read with significant
accounting policies and the other notes thereon, give the information
required by the companies act,1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :
a) in case of the Balance Sheet of the state of affairs of the company
as at 31 st March, 2010;
b) in case of Profit & Loss account of the profit for the year ended on
that date, and
c) In case of Cash Flow Statement, of the cash flows for the year ended
on that date.
ANNEXURE REFERRED TO IN PARAGARAPH 3 OF OUR REPORT OF EVEN DATE
RE:TATIA GLOBAL VENNTURE LIMITED
(I) 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 company has physically verified certain assets during the year
in accordance with a programme of verification, which in my opinion
provides for physical verification of the fixed assets at reasonable
intervals. According to the information & explanation given to me no
material discrepancies were noticed on such verification.
(II) In respect of its inventories:
There are no inventories in the company during the year under review,
hence provisions relating to valuation and verification are not
applicable to the company during the year under review.
(III) (a) The company has neither granted nor taken any loan, secured
or unsecured, to / from companies, firms and other parties covered in
the register maintained under section 301 of the Act.
(b) Since there are no such loans, the comments regarding terms and
conditions, repayments of the principal, interest thereon and overdue
amount are not required.
(IV) In my opinion and according to the information and explanation
given to me, there are adequate internal control procedures
commensurate with the size of he company and nature of its business.
(V) In my opinion and according to the information and explanation
given to me, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 ,
exceeding the value of Rs 5 lakhs, in respect of any party during the
year.
(VI) The company has not accepted any deposits from the public during
the period under review.
(VII) In my opinion, the company has adequate internal audit system
commensurate with the size of business.
(VIII) The Central Government has not prescribed maintenance of cost
records by the Company under section 209(1) (d) of the Act.
(IX) The company has been regular in depositing undisputed statutory
dues, including provident fund, investor education and protection fund,
employeesà state insurance, income-tax, sales- tax, wealth-tax, custom
duty, excise duty, cess and other statutory dues with the appropriate
authorities. According to the information and explanation given to me,
no undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty and excise duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
According to the records of the Company, there are no outstanding Sales
tax, Income tax act 1961, Customs duty, Wealth tax, excise duty on
account of any dispute other than following:
Financial period Forum where
Amount
to which the Act Nature of dues dispute is (Rs in Lakhs)
amount relates to pending
15.83
1994-95 Customs Customs Duty High Court of
Madras
(X) The Company has not incurred any cash loss during the year. The
company have accumulated losses at the end of the financial year to be
written off against future profits.
(XI) Based on my audit procedures and on the information and
explanation given by the management, I am of the opinion that the
company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
(XII) According to the information and explanations given to me, the
company has given any loans and advances on the basis of security by
way of Pronotes, post dated instruments, pledge of shares, debentures
and other securities. The loans advanced are subject to confirmation.
(XIII) In my opinion the company is not a chit fund or nidhi / mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (AuditorÃs Report) Order, 2003 are not applicable to the
company.
(XIV) In my opinion the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (AuditorÃs Report) Order,
2003 are not applicable to the company.
(XV) According to the information and explanations given to me, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(XVI) There were no term loans obtained by the company during the year.
(XVII) According to the cash flow statement and other records examined
by me and the information and explanations given to me, on overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa, other
than temporary deployment pending application.
(XVIII) The company has made any preferential allotment of 50,00,000
convertible warrants of Rs 10/- each @ 60/- each during the year for an
amount of Rs 30,00,00,000 ( including premium of Rs 25,00,00,000 )
against which 25% subscription amount of Rs 7,50,00,000/- have been
received by the company , further the company paid value per share were
converted in face value of Rs. 1/- each from Rs 10/- each and
accordingly the proportionate outstanding warrants were also converted
as in to 5,00,00,000 warrants of Rs 1/- each, the company does not have
any outstanding debentures during the year.
(XIX) The company has not issued any debentures and no securities and
charges are required to be created.
(XX) The company has not raised any money by public issue during the
year.
(XXI) To the best of my knowledge and belief and according to the
information explanation given to me, no fraud on or by the company was
noticed or reported during the year.
K SUBRAMANYAM & CO.,
CHARTERED ACCOUNTANTS,
Sd/-
Place : Chennai K SUBRAMANYAM
Date : 31.05.2010 PROPRIETOR
M.No.023663
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