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Praveg Communications (India) Ltd.

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    139.00 (19)

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Praveg Communications (India) Limited is not listed on NSE

Annual Report

For Year :
2015 2013 2011 2010 2009 2008 2007 2006

Auditor's Report

We have audited the annexed Balance sheet of SWORD AND SHIELD PHARMA LTD, as at 31/03/2010 and the Profit and Loss Account for the year ended on that date annexed thereto and the Cash flow for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to ex- press 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 examining, on a test basis, evidence supporting the amounts and disclo- sures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. This report does includes a statement on the matters specified in paragraph 4 of the Companies (Auditors Report) Order, 2003, issued by the department of company affairs, in terms of section 227 (4A) of the compa- nies Act, 1956. 2. Further to Our comments in the annexure referred to in paragraph 1 above, I state 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 books of accounts as required by the law have been kept by the Company so far as it appears from the examination of such books; (c) The Balance Sheet and the Profit and Loss Account and cash flow statement, dealt with by this report, are in agreement with the said books of accounts; (d) In Our opinion the Balance Sheet and Profit & Loss Account and cash flow statement comply with the accounting standards referred to in Sub Section 3(c) of Section 211 of the Companies Act, 1956. (e) On the basis of written representation received from the directors as of 31/03/2010 and taken on record by the board of directors, We report that none of the directors is disqualified as of 31/03/2010 from being appointed as a director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956. (f) In Our opinion and to the best of Our information and according to the explanations given to us, read with Accounting Policies and notes on Accounting mentioned in schedule 22 & 23, the said accounts give the information required by the Companies Act, 1956, in the manner so required give a true and fair view. (i) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31/03/2010 and; (ii) In the case of the Profit and Loss Account, of the profit/ (Loss) of the Company for the year ended on that date. (iii) Cash flow statement, cash flow of the company for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT 1. 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) Fixed assets have been physically verified by the management during the year and as informed, material discrepancies were identified on such verification. These have been properly dealt with in the books of account. (c) No substantial part of fixed assets have been disposed off during the year, and it has not affected the going concern. 2. In respect of its inventories: (a) Physical verification of inventor} has been conducted at reasonable intervals by the management. (b) Procedures for physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. There is no inadequacies in such procedures that should be reported. (c) Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification. 3. In respect of loans granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956. (a) The company has granted interest free unsecured loans as Intercorporate Loans covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 1982505 and the year end balance of loans granted to such parties was Rs. 1782505. (b) As per the information and explanations received by us from the management, we are of the opinion that such loans are without any stipulation as to predefined recovery schedule. (c) During the current year the company was able to recover only Rs. 200000 as against Rs. 415000 for the P.Y. 2008-09. (d) We have no further reservations apart from what is stated in clause (iii)(c) above. (e) The company has not taken any loans, secured or unsecured from companies, firms or other parties cov- ered in the register maintained u/s 301 of the companies Act-1956. (f) The company has taken interest free unsecured loans preceding the current previous year without stipula- tion as to predefined repayment schedule. (g) We have no further reservations apart from what is stated in clause (iii)(f) above. 4. In respect of internal control There are 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 goods and services. During the course of our audit, no major weakness has been noticed in the internal control system. 5. In respect of contracts or arrangements need to be entered into a register maintained u/s 301 of the Companies Act, 1956 6+2+6 (a) In our openion the transcations that need to be entered in to the register maintained under section 301 of the companies act 1956. have been entered as required by the provisions of the said section. (b) In our openion and according to the information and explanation given to us the transaction made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the companies Act. 1956 and aggreagating during the year to Rs. 5,00,000/- or more in respect of any party have not been made. 6. In respect of deposits from public No deposits within the meaning of Sections 58A and 58AA or any other relevant provision of the Act and rules farmed there under have been accepted by the Company. 7. In respect of internal audit system As per the information and explanations given to us by the management, the company has not placed any internal audit system. 8. In respect of maintenance of cost records To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) section 209 of the companies Act, 1956 for the products of the company. 9. In respect of statutory dues (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess have gener- ally been regularly deposited with the appropriate authorities though there has been a slight delay in a few cases. (b) According to the records of the Company, there are no dues of Income tax, sales tax, customs duty, wealth tax, service tax, excise duty, sales tax and cess that have been not been deposited on amount of any dispute. 10. In respect of accumulated lesses and cash losses The company does not have accumulated losses exceeding 50% of its networth as at 31-03-2010 and has not incurred any cash losses during the current financial year covered by our audit and immediately preceding financial year. 11. In respect of dues to financial institution / banks / debentures Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank of deben- ture holders. 12. In respect of loans and advances granted on the basis of security The company has not granted loans and advances on the basis of security by way of pledge of shares, deben- tures and other securities. 13. In respect of provisions applicable to Chit fund In our opinion and according to information and explanations given to us the company is not chit fund or a nidhi or mutual benefit fund/society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable to the company. (a) Not Applicable (b) Not Applicable (c) Not Applicable (d) Not Applicable 14. In respect of dealing or trading in shares, securities, debentures and other investment According to information and explanations given to us the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the company. 15. In respect of guarantee given for loans taken by others In our opinion and according to the information and explanations given to us, the company has not given any such guarantee. 16. In respect of application of term loans The company did not have any term loans outstanding during the year. 17. In respect of fund used According to the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been used for long- term investment. 18. In respect of preferential allotment of shares During the year, the company has not made any preferential allotment of shares to parties and companies covered and recorded in the register maintained under section 301 of the Act. 19. In respect of securities created for debentures The company has not issued any debentures during the year. Therefore provisions of clause 4(xix) of the Order are not applicable to the company. 20. In respect of end use of money raised by public issues The company has not raised any money from the public during the year under audit. 21. In respect of fraud According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year. Place: AHMEDABAD For A. C. BRAHMAKSHATRIYA & CO. (Chartered Accountants) Reg No. :044506 Dated: 01/09/2010 ANIL C. BRAHMAKSHATRIYA M.No. 044506 (Proprietor)