Mar 31, 2015
We have audited the accompanying financial statements of AADHAAR
VENTURES INDIA LIMITED("the Company"), which comprise the Balance
Sheet as at 31stMarch, 2015, the Statement of Profit and Loss and 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 and presentation 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 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
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 thereunder.
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 maimer 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 and its cash flow 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 exercise of power
conferred by sub section 11 of section 143 of the Act, we enclose 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 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; and
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amount which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's Report
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the financial statements for the year ended
31st March 2015, we report that:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical verification of
its fixed assets and have been physically verified by the management
at reasonable intervals during the year and no material discrepancies
have been noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to
the size of the Company and the nature of its assets.
(ii) (a) As per the information and explanations given to us, the
inventories have been physically verified by the management at
reasonable intervals during the year.
(b) In our opinion and as per the information and explanations given
to us, procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and nature of its business.
(c) The Company is maintaining proper records of inventories. In our
opinion, discrepancies noticed on physical verification of inventory
were not material in relation to the operations of the Company and the
same have been properly dealt with in the books of account.
(iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 ('the Act')
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of inventory,
goods and services. During the course of our audit, we have not
observed any major weakness in the internal control system.
(v) The Company has not accepted any deposits from the public within
the meaning of section 73 of the Act and the rules framed there under.
(vi) In our opinion, maintenance of cost records has been specified by
the Central Government under sub-section (1) of section 148 of the
Companies Act, are not applicable to the Company.
(vii) (a) According to the information and explanation given to us and
on the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income tax, Wealth tax, Sales tax, Service tax, Excise duty, Value
added tax, cess, Professional tax and other material statutory dues
have been regularly deposited during the year by the Company 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, Sales tax, Excise duty, Value added tax,
Wealth tax, Cess, Professional tax were in arrears as at March 31,
2015 for a period of more than six months from the date they became
payable.
(b) As at 31st March, 2015, the following are the particulars of dues
on account of Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Value Added Tax and Cess matters that have not been
deposited on account of any dispute:
Name of the Nature of Amount Period to which Forum where
Statute the dues (Rs. in Lac) the amount pending
relates
Income Tax Income Tax 26.95 Lacs A.Y. 2007-08 Appellate
Act, 1961 Authority-
Commissioners
of Income Tax
(c) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, there were
no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company, accordingly the
provisions of clause 3(vii c) of the Order are not applicable to the
Company.
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred any cash losses in the current
financial year and in the immediately preceding financial year.
(ix) According to the information and explanations given to us, the
Company does not have any borrowings from any financial institution or
bank and does not issued any debentures as at the balance sheet date,
accordingly the provisions of clause 3(9) of the order are not
applicable to the company.
(x) In our opinion and according to the information and the
explanations given to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
(xi) In our opinion and according to the information and the
explanations given to us, the Company has not raised any term loans,
according the provision of clause 3(11) are not applicable.
(xii) According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported
during the course of our audit.
For D. P. AGARWAL & CO.
Chartered Accountants
FRNo.: 100068W
D.P. AGARWAL
Proprietor
MNo.: 035500
Place : Surat
Dated: 29.05.2015
Mar 31, 2014
1. We have audited the accompanying financial statements of Aadhaar
Ventures India Limited (Formerly Known as Prraneta Industries Limited),
("the Company"), which comprise the Balance Sheet as at March 31, 2014,
and the statement of Profit and loss and Cash flow statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
2. 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
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. 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:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
ii) in the case of the statement of Profit and Loss, of the profit for
the year ended on that date;
iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
7. 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.
8. 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 appears from our examination of those
books;
c) the Balance Sheet and the statement of Profit and loss Account,
dealt with by this report are in agreement with the books of accounts;
d) in our opinion, the Balance Sheet and the statement of Profit and
loss Account, comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Act, and
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act,
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT I
Referred to in paragraph 4 and 5 of our report of even date on the
accounts for the year ended March 31, 2014 of Aadhaar Ventures
India Limited I
i. FIXED ASSETS f
(a) The Company is generally maintaining proper records showing full
particulars including quantitative details and situation of fixed assets.
(b) Assets have been physically verified by the management during the
year. According to the information and explanations f given to us,
there is regular programme of verification which, in our opinion is
reasonable having regards to the size of f the Company and the nature
of its assets. No material discrepancies were noticed on such
verification.
(c) The Company has not disposed off substantial part of its fixed
assets during the year.
ii. INVENTORIES
(a) Inventories have been physically verified during the year by the
management at reasonable intervals.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in f relation to the size of
the Company and the nature of its business.
(c) The Company has maintained proper records of Inventories and no
material discrepancy noticed on physical verification.
iii. LOANS AND ADVANCES J
I The company has neither taken nor granted any loans or advances in
nature of loans to parties covered under register maintained under
section 301of the Companies Act, 1956.
iv. INTERNAL CONTROL
I There is a 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. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
except as stated above.
v. TRANSACTIONS WITH RELATED PARTIES AS PER REGISTER OF CONTRACTS
UNDER SECTION 301 OF THE COMPANIE S ACT, 1956
(a) According to the information and explanations given to us, we are
of the opinion that the transactions that need to be I 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, there is no transaction with related parties J in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, J 1956 aggregating
the value of rupees five lakhs or more in respect of any party during
the year.
vi. DEPOSITS FROM PUBLIC
The Company has not accepted deposits from the public to which the
provisions of Section 58A and 58AA of the companies (Acceptance of
deposit) Rules; 1975 apply.
vii. INTERNAL AUDIT SYSTEM J
The Company has an internal audit system commensurate with size and
nature of its business.
viii. COST RECORDS
As informed to us, The Company is not required to maintain cost records
under section 209 (1) (d) of the Companies Act, 1956.
ix. STATUTORY DUES I
(a) No undisputed amounts payable in respect of income tax, wealth tax,
sales tax, customs duty, excise duty and cess were in arrears, as at
the balance sheet date for a period of more than six months from the
date they became payable.
(b) At the end of the financial year there were no dues of Sales Tax,
Custom Duty, Wealth Tax, Service Tax, Excise duty and Cess which have
not been deposited on account of any dispute.
x. SICK INDUSTRY
I The Company does not have any accumulated losses as at March 31,
2014. Further, the Company does not have cash loss in the immediately
preceding financial year.
xi. DUES TO FINANCIAL INSTITU TIONS
The Company has not taken any financial facilities from any financial
institute, bank or debenture holder during the year, except Car Loan
for which installment and interest have been paid regular.
xii. SECURED LOANS AND ADVANCES GRANTED
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
xiii. CHIT FUND, NIDHI OR MUTUAL BENEFIT COMPANY
In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of Clause 4 (xiii) of
the Companies (Auditor Report) Order, 2003 are not applicable to the
Company.
xiv. INVESTMENT COMPANY
The Company has maintained proper records of transactions and contracts
in respect of investments in shares, debentures and other securities
and those timely entries have been made therein. The shares, debentures
and other securities have been held by the Company in its own name
except to the exemption granted under Section 49(4) of the Companies
Act, 1956.
xv. GUARANTEES GIVEN BY COMPANY
The Company has not given any guarantees for loans taken by other from
banks or financial institutions. There is no guarantee given by the
Company to third party.
xvi. TERM LOANS
In our opinion and according to the information and explanation given
to us, the company has not taken any term loan during the year, hence
no question of reporting arise to that extent.
xvii. SOURCE OF FUNDS AND ITS APPLICATION
According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
xviii. PREFERENTIAL ISSUE
We are informed that the Company has not made any preferential
allotment of shares to the Companies, Firms or other parties listed in
the register maintained under Section 301 of the Companies Act 1956.
xix. DEBENTURES
According to the information and explanations given to us, the company
had not issued debenture. Therefore, the provisions of clause 4(xix) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
xx. PUBLIC ISSUE
During the year, company had not raised any money by public issues.
xxi. FRAUD
Based upon our audit procedures performed and on the information and
explanations given by the management we are of the opinion that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For D. P. AGARWAL AND CO.
Chartered Accountants
Firm Reg.No.100068W
Sd/-
D.P. AGARWAL
Proprietor
Mship.No.35500
Place : Surat
Dated: 30.05.2014
Mar 31, 2011
1. We have audited the attached Balance Sheet of Prraneta Industries
Limited as at 31st March 2011 and also the Profit and Loss Account for
the year ended on that date annexed thereto and the Cash Flow Statement
for the year ended on that date. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on test basis, evidence supporting the amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluation the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Audit Report) order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, and on the basis of such checks of
books and records of the Company as were considered appropriate and the
information and explanations given to us during the course of our
audit, we enclosed 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 above, we
report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief necessary for the purposes of our
audit;
ii. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books.
iii. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts.
iv. In our opinion, the Balance Sheet and 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 Companies Act, 1956;
v. On the basis of written representations received from the directors,
as on 31st March 2011 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2011
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, they said accounts read with notes give
the information required by the Companies Act, 1956, in the manner so
required and subject to Note No. 3, 7 & 8 read with Significant
Accounting Policies included therein, give a true and fair view in
conformity with the accounting principles generally accepted in India.
÷ In case of the Balance Sheet, of the state of affairs of the Company
as at 31st March 2011
÷ In the case of the Profit and Loss Account, of the profit for the
year ended on that date. And
÷ In case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Re:- Prraneta Industries Limited à F.Y. 2010-11 Referred to in
paragraph 3 of our report of even date,
(i) FIXED ASSETS
(a) The Company is yet in process of maintaining proper records showing
full particulars including quantitative details and situation of fixed
assets.
(b) Assets have been physically verified by the management during the
year. According to the information and explanations given to us, there
is regular programme of verification which, in our opinion is
reasonable having regards to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such
verification.
(c) Based on our scrutiny of the records of the company and the
information and explanation received by us, we report that there was no
sale of fixed assets. Hence, the question of reporting whether the sale
of any substantial part of fixed assets has affected the going concern
of the company does not arise.
(ii) INVENTORIES
(a) The Inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company has maintained proper records of Inventories and no
material discrepancy noticed on physical verification.
(iii) LOANS AND ADVANCES
a) The company has not granted unsecured loans or advances to companies
covered in the Register maintained under Section 301 of the Act. Hence
provisions of clauses (iii)(b),(c),(d) of paragraph 4 are not
applicable to the Company.
b) The Company has taken Interest free unsecured loan from one person
covered in the register maintained under Section 301 of the Companies
Act, 1956.The maximum amount involved during the year was Rs.12,11,037
and the yearend balance of loan taken from such party was Rs.9,29,940.
(iv) INTERNAL CONTROL
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. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
except as stated above.
(v) TRANSACTIONS WITH RELATED PARTIES AS PER REGISTER OF CONTRACTS
UNDER SECTION 301 OF THE COMPANIES ACT, 1956
(a) According to the information and explanations given to us, we are
of the opinion that 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, there is no transaction made with related parties in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 aggregating the
value of rupees five lakhs or more 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.
(vi) DEPOSITS FROM PUBLIC
In our opinion and according to the information and explanations given
to us, the Company has not accepted any deposits from the public.
(vii) INTERNAL AUDIT SYSTEM
The Company has no internal audit system commensurate with size and
nature of its business.
(viii) COST RECORDS
As informed to us, The Company is not required to maintain cost records
under section 209 (1) (d) of the Companies Act, 1956.
(ix) STATUTORY DUES
(a) According to the records of the Company, undisputed statutory dues
including provident fund, sales tax, custom duty, excise duty, cess and
other statutory dues have been regularly deposited with the appropriate
authorizes.
(b) According to the information and explanation given to us there is
no disputed Liabilities on account of Sales Tax, Custom Duty, Wealth
Tax, Service Tax, Excise duty and Cess as on 31st March,2011.
(x) SICK INDUSTRY
The Company has No accumulated losses and has not incurred any cash
losses during the financial year 2010-2011, covered by audit. Further,
the Company has no cash losses in the immediately preceding financial
year.
(xi) DUES TO FINANCIAL INSTITUTIONS
Based on our audit procedures performed and on the information and
explanation given by the management we are of the opinion that the
Company has not in defaulted in making repayment of dues for a period
over 12 months.
Further, The Company has neither taken any loans from debenture holder
hence no question of reporting arises to that extent.
(xii) SECURED LOANS AND ADVANCES GRANTED
In our opinion and according to the information and explanation given
to us, no loans and advances have been granted by the Company on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) CHIT FUND, NIDHI OR MUTUAL BENEFIT COMPANY
In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of Clause 4 (xiii) of
the Companies (Auditor Report) Order, 2003 are not applicable to the
Company.
(xiv) INVESTMENT COMPANY
In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investment. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditor Report) Order,
2003 are not applicable to the Company.
(xv) GUARANTEES GIVEN BY COMPANY
The Company has not given any guarantees for loans taken by other from
banks or financial institutions. There is no guarantee given by the
Company to third party.
(xvi) TERM LOANS
In our opinion and according to the information and explanation given
to us, the company has not taken any term loan during the year, hence
no question of reporting arise to that extent.
(xvii)SOURCE OF FUNDS AND ITS APPLICATION
According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
(xviii)PREFERENTIAL ISSUE
According to the information and explanations given to us, the Company
has taken application money for issue of 4,50,00,000 No's Convertible
Equity Warrants on Preferential basis at a price of Rs.70/-per Equity
Warrants including premium of Rs.69/- Per Share. The price at which the
Convertible Equity Warrants application money have been issued is not
prejudicial to the interests of the Company.
(xix) DEBENTURES
According to the information and explanations given to us, during the
period covered by our audit report, the Company has not issued any
debentures.
(xx) PUBLIC ISSUE
The Company has not raised any money by the public issue during the
year covered by our audit report.
(xxi) FRAUD
Based upon our audit procedures performed and on the information and
explanations given by the management we are of the opinion that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For RAMESH BATHAM AND CO.
Firm Registration Number:123638W
Chartered Accountants
Sd/-
RAMESH BATHAM
Place : Surat. Proprietor
Dated : 24th August, 2011 Membership No. 114178