We have audited the attached Balance sheet as at 31st March, 2012 and
also the Profit and Loss Account & the Cash Flow Statement for the year
ended on that date annexed thereto. These financial statements are the
responsiblilty of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit,
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
examine, 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 evaluation the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) Order, 2003 as amended
by the Companies (Auditor''s Report)(Amended) Order, 2004 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 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
(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
(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
(iii) The balance Sheet And Profit and Loss Account dealt with by this
report are in agreement with the books of account
(iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
the 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;
(v) On the basis of written representations received from the
directors, as on 31st March, 2012 And taken on records by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) 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
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 the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012, and
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO AUDITOR''S REPORT
(Referred to in paragraph (3) of our report of even date)
1. The company does not have any fixed assets during the year.
2. a) As informed and explained to us the stock-in-trade which includes
shares and other securities etc(hereinafter collectively referred to as
stocks) have been physically verified during the year by the
management. In our opinion, the frequency of verification is
b)In our opinion, the procedure of physical verification of stocks
followed by the management is reasonable and adequate in relation to
the size of the company and nature of business.
c) The Company generally maintains proper records of stocks. Further,
as per the explanation provided to us by the management there are no
material discrepancies as compared to the book records.
3. a)We are informed that the Company has not granted/taken any loans,
secured or unsecured, from/to companies, firms or other parties listed
in the register maintained under Section 301 of the Companies Act,
1956 during the year.
b)The Company has not taken any loans or advances in nature of loans
from parties covered in the register maintained under Section 301 of
the Companies Act, 1956 and therefore reporting requirements as per
clauses (iii) (e) to (iii) (g) of paragraph 4 of the order are not
applicable in case of the Company.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with size of the company and the nature of its business
for the purchase of stocks and for the sale of stocks or services.
5. In our opinion and explained to us, there were no contract and
arrangements referred in section 301 of the Companies Act, 1956 that
need to be entered in register required to be maintained under that
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public, within the
meaning of section 58A of the Companies Act, 1956 and ruled framed
7. As per the explanation provided to us, the company have an internal
Audit System in place.
8. The Company is not required to maintain cost records as under
Section 209 (1) (d) of the Companies Act, 1956.
9. a) In our opinion and according to information and explanation given
to us the Company is generally regular in depositing undisputed
statutory dues with the appropriate authorities in respect of Provident
Fund, Employees State Insurance, Income-Tax, Wealth Tax, Investor
Education and protection funds, profession tax, loyalty, cess and other
material statutory dues applicable to except there were some delays on
few occasion in payment of services tax Custom Duty, Sales tax, value
added tax and excise duty.
b) According to the information and explanations given to us, there are
no undisputed statutory dues payable in respect of Provident
Fund, Investor Education and Protection Funds, Employees State
Insurance, Income-tax, Sales-tax, Wealth Tax, custom Duty, Excise
Duty, Service tax, cess which are outstanding as at 31.03.2012 for a
period of more than six months from the date they became payable.
10. There are no accumulated losses at the end of the financial year
and company has not incurred any cash losses during the financial year
and in the immediately preceding financial year.
11. According to the information and explanations given to us the
company has not taken any loan from any financial institution or bank
or debenture holder.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a Chit Fund, Nidhi or mutual benefit Society.
Hence the requirements of item (xiii) of paragraph 4 of the order is not
applicable to the Company.
14. The Company generally keeps records of its transactions and
contracts in shares, securities, and timely entries have been made
therein. The shares, securities, debentures and other investments held
by the company are in it''s own name.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by other from bank
or financial institutions.
16. As per information and explanations given to us, the Company has
not obtained any term loan during the year.
17. In our opinion the Company does not raised any funds on short-term
18. According to the information and explanations given to us during
the year no preferential allotment of shares has been made by the
company by company to companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year. Hence
the requirements of clause (xix) of paragraph 4 of the Order is not
applicable to the company.
20. In our opinion during the year the Company has not raised any money
by public issue.
21. To the best of our knowledge and belief and According to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year that causes the financial
statements to be materially misstated.
For J C KABRA & ASSOCIATES
Firm Reg. No. 115749W
CA. J D Kabra