Mar 31, 2014
We have audited the accompanying financial statements of AASHEE
INFOTECH LIMITED (''the Company'') which comprise the balance sheet as at
31 March 2014, the statement of profit and loss and the cash flow
statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements Management is
responsible for the preparation of these financial statements that give
a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act,1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Auditors'' Report
The Annexure referred to in our report to the members of Aashee
Infotech Limited (''the Company'') for the year ended 31 March 2014. We
report that:
1. a) The company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
Assets.
b) The fixed assets were physically verified by the management at
reasonable intervals. There is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets.
c) As per the information and explanation given to us none of the fixed
assets have been disposed off during the year.
2. a) As explained to us the inventories have been physically verified
by the management at reasonable intervals during the year. In our
opinion, the frequency of such Verification is reasonable.
b) In our opinion and according to the information and explanations
given by us the Procedures of physical verification of inventories
followed by the management are Reasonable and adequate in relation to
the size of the company and the nature of its business.
c) On the basis of our examination of the inventory, we are of the
opinion that the company is maintaining proper records of inventory. As
explained to us, no material discrepancies have been noticed on
physical verification of stocks as compared to book records.
3. The company has not taken/granted any loans, secured or unsecured
loans, to/from companies, firms, or, other parties covered in the
register maintained under section 301 of the Act. Accordingly, clause
(iii) (b), (c), (d), (e), (f), and (g) are not applicable to the
company.
4. In our opinion and according to the information and explanations
provided to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for purchase of inventory and for sale of inventory. During
the course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5. According to the information and explanations given to us, the
Company has not entered in to the transactions that need to be recorded
into the register maintained under Section 301 of the Companies Act,
1956.
6. In our opinion and according to the information an explanations
given to us, the company has not accepted any deposits from the public
during the year and hence the provision of section 58A of Companies
Act, 1956 and rule made there underdo not apply.
7. The Company has internal audit system commensurate with its size &
nature of its business.
8. According to the information and explanation given to us the central
govt. has not prescribed for the maintenance of cost record u/s 209(1)
(d) of the companies act.
9. a) In our opinion and according to the information and explanations
given to us the company is regular in depositing undisputed statutory
dues including Investor education and Protection fund, income tax, VAT,
sales tax, service tax, custom duty, excise duty, cess, and other
material statutory dues with appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, VAT, Wealth Tax,
Sales Tax, Service Tax, Custom Duty, Excise Duty were outstanding as at
31st March 2014 for a period of more than six months from the date of
they become payable.
10. The accumulated loss of the company at the end of year is of Rs.
33,985,294/- which are not less then 50% of its net worth. Further the
company has not incurred cash loss in current financial year as well as
in immediately preceding financial year.
11. No dues of financial institution were outstanding as at the
beginning of the financial year and no fresh loans has been received
from any financial Institution during the year under consideration.
12. As per information and explanations provided to us the company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13. In our opinion the company is not a chit fund or a nidhi/mutual,
benefit fund/society. Therefore, the provision of clause 4(XIII) of the
Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the company.
14. The company has not dealt in shares during the year.
15. As per information and explanations provided to us the company has
not given any guarantee for loans taken by others from banks or
financial institutions.
16. Based on our information and explanation given by the management,
there is no term loan in the company, so this clause is not applicable.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long-term
investment.
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 Companies Act, 1956.
19. During the period covered by our audit report, the company has not
issued any debentures.
20. The Company has not raised any money by public issues during the
year concerned.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For UBS & Company
Chartered Accountants
FRN No. 012351N
SHISHIR GUPTA
DATE : 15th May, 2014 Partner
PLACE : DELHI M. NO.: 093589
Mar 31, 2012
We hove examined the attached Balance Sheet of AASHEE INFOTECH LIMITED
as at 31st March, 2012 and profit and loss account and Cash flow 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.
1. We conducted our audit in accordance wtth 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 from any material misstatement An audit
Includes examining on a test basis, evidence supporting the amounts and
disclosure in the financial statements. An audit also Includes,
assessing the accounting principles used and the significant estimates
made by the management, as well as evaluating the overall presentation
of the financial statements. We believe that our audit provides a
reasonable basis for our Opinion
2. We draw your attention to Notes of accounts point no. 2.2 that
company has accumulated losses of 3,50,51,709.55/ which is not less
then 50% of its net worth. However, the company has not incurred cash
losses neither during the year nor in previous year.
3. As required by the Companies {Auditors Report) Order, 2003 {as
amended) issued by the Central Government of India in terms of
subsection (4A) of Section 227 of the Companies Act, 1956, we enclose
in the Annexure hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order and report that:
4. Further to our Comments in the annexure referred to in Paragraph 2
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 Purpose of our
audit.
b.) In our opinion, Proper books of accounts as required by iaw have
been kept by the company so far as appears from our examination of such
books.
a) The balance sheet and profit & loss account dealt with by this
report are in agreement with the books of accounts.
d.) In our opinion, the Balance Sheet comply with the accounting
standards referred to in sub section (3C) of Section 211 of the
Companies Act, 1956.
e.) On the basis of the written representation received from Directors,
taken on record by the Board of Directors, none of the Directors are
disqualified under section 274(1) (g) of the Companies Act 1956 from
being appointed as a Director as on 31=l March, 2012
f.) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with
accounting policies and notes thereon, attached to Balance Sheet give
the information required by the Companies Act, 1956 in manner so
required and give a true and fair view
(I) In the case of the Balance Sheet, of the state of the company s
affairs as at 31 st, March, 2012,
(II) In the case of Profit and Loss Account, of the profit of the year
ended on that date.
(III) in case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH (2) OF OUR REPORT OF EVEN DATE TO THE
MEMBERS OF AASHEE INFOTECH LIMITED FOR THE YEAR ENDED ON 31" MARCH 2012
1. a) The company has maintained proper records of fixed assets
showing liill particulars including quantitative details and situation
of fixed Assets,
b) The fixed assets were physically verified by the management at
reasonable intervals, There is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets.
c) As per the information and explanation given to us none of the fixed
assets have been disposed off during the year.
2. a) As explained to us the inventories have been physically verified
by the management at reasonable intervals during the year. In our
opinion, the frequency of such verification is reasonable. b) In our
opinion and according to the information and explanations given by us
the procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
c) On the basis of our examination of the inventory, we are of the
opinion that the company is maintaining proper records of inventory. As
explained to us, no material discrepancies have been noticed on
physical verification of stocks as compared to book records.
3. The company has not taken/ granted any loans, secured or unsecured
loans, to / form companies, firms, or, other parties covered in the
register maintained under section 301 of the Act. Accordingly, clause
(iii) (b)- (c), (d), (e), (f), and (g) are not applicable to the
company.
4. In our opinion and according to the information and explanations
provided to ust there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for purchase of inventory and for sale of inventory. During
the course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls,
5. a) 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 entered in the register maintained under
Section 301 of the Companies Act 1956 and exceeding during the year to
rupees five iakh in respect of any party have been made at a price
which are reasonable having regard to prevailing market prices at the
relevant time.
6. In our opinion and according to the information an explanations
given to us, the company has not accepted any deposits from the public
during the year and hence the provision of section 58Aof Companies Act,
1956 and rule made there under do not apply.
7. The company has yet to introduce an internal audit system.
8. According to the information and explanation given to us the
central govt, has not prescribed for the maintenance of cost record u/s
209(1) (d) of the companies act.
9. a) In our opinion and according to the information and explanations
given to us the company is regular in depositing undisputed statutory
dues including Investor education and Protection fund, income tax,
sales tax, service tax, custom duty, excise duty, cess, and any other
statutory dues with appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income Tax, Wealth Tax, Sales
Tax, Service Tax, Custom Duty, Excise Duty were outstanding as at 31"
March 2012 for a period of more than six months from the date of they
become payable.
10. The accumulated losses of the company at the end of year is of Rs.
3,50,51 ,709.55 which are not less then 50% of its net worth. Further
the company has not incurred cash loss fn current financial year as
well as in immediately preceding financial year
11 No dues of financial institution were outstanding as at the
beginning of the financial year and no fresh loans has been received
from any financial Institution during the year under consideration.
12 As per information and explanations provided to us the company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
13. In our opinion the company is not a chit fund or a nidhi / mutual,
benefit fund/ society. Therefore, the provision of clause 4{XIN) of the
Companies {Auditor s Report) Order, 2003 (as amended) are not
applicable to the company.
14. In our opinion and according to the information and explanations
given to us, in respect of dealing in shares proper records have been
maintained of the transactions and contracts and timely entries have
been made therein. The shares have been held by the company in its own
name.
15. As per information and explanations provided to us the company has
not given any guarantee for loans taken by others from banks or
financial institutions.
16. Based on our the information and explanation given by the
management, term loan were applied for the purpose for which the loans
were obtained, thought idle/surplus funds which were not required for
immediate utilization have gainfully invested in fixed deposit with
scheduled banks.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short term basis have been used for long
term investment.
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 Companies Act, 1956.
19. During the period covered by our audit report, the company has not
issued any debentures.
20. Company has not raised any money by public issues during the year
concerned,
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
ForRPRP& ASSOCIATES
Chartered Accountants
FRNNO.006687N
PARTNER RajeshSingla
MEM.NCX 085393
DATE 06/07/2012
PLACE NEWDELHI
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s Aashee Infotech
Limited as at 31st March, 2011, Profit and Loss account for the year
ended on that date along with the Cash Flow Statement annexed thereto.
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 we 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. Without qualifying our opinion, we draw your attention that company
has accumulated losses of 3,51,15,762/- which is not less than 50% of
its Net Worth.
4. As required by the Companies (Auditors Report) Order, 2003. as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956. we enclose
in the Annexure a statement on the matters specified in paragraphs 4 of
the said Order.
4. Further to our comments below in the Annexure referred to above and
subject to the Notes to the Accounts as per schedule "f' we report
thal:-
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii. 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.
iii. The Balance Sheet, Profit and Loss account dealt with by this
report are in agreement with the books of account.
iv. 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 Companies Act, 1956.
v. On the basis of written representations received from the directors,
as on 31sl March, 2011, and taken on record by the Board of Directors,
we report that none of the directors are disqualified as on 31st March
2011 form 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, the said accounts read together with the
significant accounting policies and notes on accounts, give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
company as at 31sl March, 2011.
b) In the case of the Profit and Loss Account, of the profit of the
company for the year ended on that date.
c) In the case of the Cash Flow Statement, of the cash flow of the
company for the year ended on that date.
ANNEXURE
Ref: Aasligg InfoTech Limited Referred to in paragraph 3 of our report
of even dated
1. a) The company has maintained proper records of fixed assets
showing full particulars including quantitative details and situation
of fixed assets.
b) The fixed assets were physically verified by the management at
reasonable intervals. There is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets.
c) As per the information and explanation given to us none of the fixed
assets have been disposed off during the year.
2. a) As explained to us the Inventories have been physically verified
by the management at reasonable intervals during the year. In our
opinion, the frequency of verification is reasonable.
, b) M our opinion and according to the information and explanations
given to us the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) On the basis of our examination of the inventory, we are of the
opinion that the company is maintaining proper records of inventory. As
explained to us, no material discrepancies have been noticed on
physical verification of stocks as compared to book records.
3 . The company has not taken / granted any loans, secured or unsecured
loans, to / from companies, firms, or other parties covered in the
register maintained under section 301 of the Act. Accordingly, clause
(iii) (b), (c), (d), (e), (1) and (g) are not applicable to the
company.
4. In our opinion and according to die information and explanations
provided to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal controls.
5. a) 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 entered in the register maintained under
Section 301 of the Companies Act.. 1956 and exceeding during the year
to rupees five lakh in respect of any party have been made at a price
which are reasonable having regard to prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any public deposits during
the year and hence the provision of Section 58 A of the Companies Act,
1956 and the rules framed there under do not apply.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. As per information and explanations given to us, maintenance of
cost records has not been prescribed by the Central Govt, as required
u/s 209 (1) (d) of the Companies Act, 1956.
9. a) In our opinion and according to the information and explanations
given to us the company is regular in depositing undisputed statutory
dues including Investor education and Protection fund, income tax,
sales tax, service tax custom duty, excise duty, and other material
statutory dues with appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Service Tax, Custom Duty, Excise Duty were outstanding as at 31st
March 2011 for a period of more than six months from the date of they
become payable.
10. The Accumulated losses of the Company at the end of year is of
Rs.35,115,762.09/- which are not less than 50% of its net worth.
Further the Company has not incurred any cash loss in current financial
year as well as in immediately preceding financial year.
11. No dues of financial institution were outstanding as at the
beginning of the financial year and no fresh loans has been received
from any financial institution during the year under consideration.
12. The Company has not granted any Loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a nidhi / mutual benefit fund / society hence
the provisions of any special statute and clause (a) to (d) are not
applicable.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company lias not obtained any term loan during the year.
17. On he basis of our overall examination of the Cash Flow
Statement, we are of the opinion that funds raised on short-term basis
have not been used for long term investment.
18. As per the information provided to us the company has made no
preferential allotment of shares to the parties covered by register
maintained u/s 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. As per information & explanation given to its the company has not
raised any money from public issue during the year.
21. According to the information and explanations given to us no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For R P R P & Associates
Chartered Accountants .
Firm No. 006687N
Partner : Rajesh Single
M. No. : 085393
Place : Delhi
Date : 30.06.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s Aashee Infotech
Limited as at 31st March, 2010, Profit and Loss account for the year
ended on that date along with the Cash Flow Statement annexed thereto.
These financial statements are the responsibility of the Companys
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 (Auditors Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
in the Annexure a statement on the matters specified in paragraphs 4 of
the said Order.
4. Further to our comments below in the Annexure referred to above and
subject to the Notes to the Accounts as per schedule "I" we report
that:-
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii. 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.
iii. The Balance Sheet, Profit and Loss account dealt with by this
report are in agreement with the books of account.
iv. 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 Companies Act, 1956.
v. On the basis of written representations received from the directors,
as on 31* March, 2010, and taken on record by the Board of Directors,
we report that none of the directors are disqualified as on 31* March
2010 form 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, the said accounts read together with the
significant accounting policies and notes on accounts, give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
cornpany as at 31th March, 2010.
b) in the case of the Profit and Loss Account, of the profit of the
company for the year ended on that date.
c) in the case of the Cash Flow Statement, of the cash flow of the
company for the year ended on that date.
ANNEXURE
Ref: Aashee Infotech Limited (Formerly known as S. R.Oils & Fats Ltd.)
Referred to in paragraph 3 of our report of even dated
1. a)The company has maintained proper records of fixed assets showing
full particulars including quantitative details and situation of fixed
assets.
b) The fixed assets were physically verified by the management at
reasonable intervals. There is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets.
c) As per the information and explanation given to us none of the fixed
assets have been disposed off during the year.
2. a) As explained to us the Inventories have been physically verified
by the management at reasonable intervals during the year. In our
opinion, the frequency of verification is reasonable.
b) In our opinion and according to the information and explanations
given to us the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) On the basis of our examination of the inventory, we are of the
opinion that the company is maintaining proper records of inventory. As
explained to us, no material discrepancies have been noticed on
physical verification of stocks as compared to book records.
3. The company has not taken / granted any loans, secured or unsecured
loans, to / from companies, firms, or other parties covered in the
register maintained under section 301 of the Act. Accordingly, clause
(iii) (b), (c), (d), (e), (f) and (g) are not applicable to the
company.
4. In our opinion and according to the information and explanations
provided to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal controls.
5. a) 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 entered in the register maintained under Section 301
of the Companies Act, 1956 and exceeding during the year to rupees five
lakh in respect of any party have been made at a price which are
reasonable having regard to prevailing market prices at the relevant
time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any public deposits during
the year and hence the provision of Section 58A of the Companies Act,
1956 and the rules framed there under do not apply.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. As per information and explanations given to us, maintenance of
cost records has not been prescribed by the Central Govt, as required
u/s 209 (1) (d) of the Companies Act, 1956.
9. a) In our opinion and according to the information and explanations
given to us the company is regular in depositing undisputed statutory
dues including Investor education and Protection fund, income tax,
sales tax, service tax custom duty, excise duty, and other material
statutory dues with appropriate authorities. b) According to the
information and explanations given to us, no undisputed amounts payable
in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom
Duty, Excise Duty were outstanding as at 31st March 2010 for a period of
more than six months from the date of they become payable.
10. The Accumulated losses of the Company at the end of year is of
Rs.3,59,45,802.50 which are not less than 50% of its net worth. Further
the Company has not incurred any cash loss in current financial year as
well as in immediately preceding financial year.
11. No dues of financial institution were outstanding as at the
beginning of the financial year and no fresh loans has been received
from any financial institution during the year under consideration.
12. The Company has not granted any Loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a nidhi / mutual benefit fund / society hence
the provisions of any special statute and clause (a) to (d) are not
applicable.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not obtained any term loan during the year.
17. On the basis of our overall examination of the Cash Flow
Statement, we are of the opinion that funds raised on short-term basis
have not been used for long term investment.
18. As per the information provided to us the company has made no
preferential allotment of shares to the parties covered by register
maintained u/s 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. As per information & explanation given to us the company has not
raised any money from public issue during the year.
21. According to the information and explanations given to us no fraud
on or by the Company has been noticed or reported during the course of
our audit.
FOR UBS & COMPANY
CHARTERED ACCOUNTANTS
PARTNER : SHISHIR GUPTA
M.N. : 93589
PLACE : New Delhi
DATE : 28.5.2010