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Interads Export
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« Mar 12
Auditor's Report (Interads Export) Year End : Mar '13
1.  We have audited the accompanying financial statements of Euro Asia
 Exports Limited (the Company), which comprise the Balance Sheet as at
 March 31st, 2013, the funds flow statement and the Statement of Profit
 and Loss Account 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 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 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.
 
 Auditor''s 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 March 31st, 2013; and
 
 (ii) In the case of the Profit and Loss Account of the Loss for the
 year ended on that date; and
 
 iii) In the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required under 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 is annexed separately.
 
 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, Funds Flow Statement and Statement of Profit and
 Loss dealt with by this Report are in agreement with the books of
 account.
 
 d) In our opinion, the Balance Sheet, Funds Flow Statement and
 Statement of Profit and Loss 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 31st, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31st, 2013, from
 being appointed as a director in terms of clause (g) of sub-section (1)
 of section 274 of the Companies Act, 1956.
 
 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 AUDITOR''S REPORT
 
 Annexure Referred to in paragraph 6 of our Auditor''s Report of even
 date on the financial statements for the year ended 31.03.2013 of Euro
 Asia Exports Limited On the basis of such checks as we considered
 appropriate and in terms of the information and explanations given to
 us, we state that: -
 
 1.  The company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets.
 
 As explained to us, physical verification of a major portion of fixed
 assets as at 31st March 2013 was conducted by the management during the
 year. No material discrepancies were noticed on such verification, as
 confirmed by the management. The frequency of verification is
 reasonable.
 
 The company does not possess any Plant & Machinery. No purchases of
 Plant & Machinery made during the financial year.
 
 2.  (a) The inventory has been physically verified during the year by
 management. In our opinion, the frequency of verification is
 reasonable.
 
 (b) The procedure 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 records of the inventory, we
 are of the opinion that The Company is not maintaining proper records
 of inventory. The discrepancies noticed on verification between the
 physical stocks and the book records were not material.
 
 3.  (a) The Company has not granted any fresh loans during the year to
 Companies, firms and/ or other parties listed in the registers
 maintained under section 301 of the companies Act, 1956 and/or to the
 Companies under the same management within the meaning of section 370
 (1-B) of the Companies Act, 1956. The Company has not given any fresh
 loans and/ or advances in the nature of loans to any person during the
 year under review.
 
 (b) The Company has not taken any fresh loan from Companies, firms and
 / or other parties listed in the register maintained under section 301
 of the Companies Act, 1956 and/or from the Companies under the same
 management within the meaning of section 370 (1-B) of the Companies
 Act, 1956.
 
 4.  In our opinion and according to the information and explanations
 given to us, there exists an adequate internal control system,
 commensurate with the size of the company and the nature of its
 business with regard to purchases of inventory, fixed assets and sale
 of goods & services. During the course of our audit, we have not
 observed any continuing failure to correct major weaknesses in internal
 control system of the company.
 
 5.  There is no transaction made in pursuance of contracts or
 arrangement required to be entered in the register maintained under
 section 301 of the Companies Act, 1956; hence, not applicable.
 
 6.  Company has not accepted any public deposits during the year in
 contravention to the provisions of section 58A and 58AA of the
 Companies Act, 1956 and Companies (Acceptance of Deposits) Rules 1975.
 
 7.  In our opinion, the company has an internal audit system
 commensurate with the size and nature of its business.
 
 8.  In our opinion and according to information and explanations given
 to us, the maintenance of cost records, under section 209(1)(d) of the
 Companies Act, 1956 has not been prescribed for the company.
 
 9.  (a) According to the information and explanations given to us,
 Provident Fund, Investor Education and Protection Fund, Employees''
 State Insurance, Wealth Tax, Custom Duty, Excise Duty, etc. as referred
 are not applicable to the Company.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of income tax, wealth tax, sales
 tax, customs duty, excise duty and cess were in arrears, as at 31st
 March 2013 for a period of more than six months, from the date they
 became payable.
 
 (c) According to the information and explanations given to us, no
 disputed amounts payable in respect of income tax, wealth tax, sales
 tax, customs duty, excise duty and cess were in arrears, as at 31st
 March 2013 for a period of more than six months, from the date they
 became payable.
 
 10.  In our opinion and according to the information and explanations
 given to us, the company has not defaulted in repayment of dues to a
 financial institutions or bank.
 
 11.  In our opinion and according to the information and explanations
 given 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.
 
 12.  In our opinion, the company is not a chit fund or a nidhi/mutual
 benefit fund/ society.
 
 13.  In our opinion, and according to the information and explanations
 given to us the company is not in the business of dealing or trading in
 shares, securities, debentures and other investments.
 
 14.  In our opinion and according to the information and explanations
 given to us the company has not given any guarantee for loans taken by
 others from bank or financial institutions, the terms and conditions
 whereof are prejudicial to the interest of the company.
 
 15.  According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the company, we are of
 the opinion that no short-term funds have been utilized for long term
 investments.  Further no long term funds have been used to finance
 short term assets, except working capital.
 
 16.  According to the information and explanations given to us, the
 company has not made any preferential allotment of shares during the
 year.
 
 17.  The company has not issued any debentures during the year.
 
 18.  The company has not raised any money by way of Public Issue during
 the year.
 
 19.  To the best of our knowledge & belief and 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 VBR & Associates
 
 Chartered Accountants
 
 
 Sd/- 
 
 (Vijay Bansal)
 
 Partner
 
 Membership No. 88744
 
 Firm''s Registration No. 013174N
 
 
 
 Place : Delhi 
 
 Date : 05/08/2013
Source : Dion Global Solutions Limited
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