| We have audited the attached Balance Sheet of ENERGY PRODUCTS (INDIA)
LIMITED., Surat as at 31st MARCH, 2011 and also the Profit and Loss
Account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on this
Financial Statement 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
disclosures in the Financial Statement. 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.
1. As required by the Companies (Auditor's Report) Order 2003 issued by
the Company Law Board in terms of Section 227(4A) 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.
2. Further to our comments in the Annexure referred to in paragraph 1
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 purposed of our
audit.
b) In our opinion, proper books of accounts as required by Law have
been kept by the Company so far as it appears from our examination of
those books, and proper returns adequate for the purpose of our audit
have been received from the branches not visited by us;
c) The Balance Sheet and the Profit and Loss Account dealt with by this
report are in agreement with the books of accounts;
d) In our opinion, the Profit and Loss Account and Balance Sheet
mentioned above complied with the mandatory accounting standards
referred to in Sub-section (3c) of Section 211 of the Companies Act,
1956.
e) On the basis of written representations received from the Director
as on 31.03.2011 and taken on record by the Board of Directors, we
report that none of the Directors of the company are disqualified from
being appointed as Directors of the company under clause (g) of sub
section (1) of section 274 of Companies Act, 1956 as on 31.03.2011
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with required
by the Companies Act, 1956 in the manner so required and 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 March, 2011 AND
ii. In the case of the Profit and Loss Account, of the Loss of the
Company for the year ended on that date.
ANNEXURE: 'A' TO AUDITORS' REPORT YEAR ENDED ON 31-03-2011.
[1] In respect of Fixed Assets.
During the year under audit the fixed assets of the company is Nil The
working of the Company will become-Nil.
[2] In respect of its inventories.
As informed to us no inventories during the year under audit are
involved and hence verification of inventories is not applicable.
[3] The Company has taken secured or unsecured loans to Companies,
firms or other parties listed in the Register(s) maintained U/s 301 of
the companies act, 1956. In our opinion terms and conditions of these
loans are not prima Facie prejudicial to the interest of the Company.
As explained to us there are companies under the same management as
defined under sub section (1B) of Section 370 of the Companies Act.,
1956.
[4] The Company has not made any advances to other parties during the
year. The advances In the nature of loans to the employees free of
interest and the same have been recovered generally as per stipulations
wherever applicable or terms as listed in Register maintained under
section 301 of Companies Act, 1956.
[5] There are no sale of goods, materials and service made in pursuance
of contracts and arrangements entered in the Register maintained under
Section 301 of the Companies Act, 1956 and aggregating during the year
to Rs. 500000/- or more.
[6] Provision of Section 58A of the Companies Act, 1956 read with the
Companies (Acceptance of deposits) Rules, 1975 have not been complied
by the Company.
[7] In our opinion the internal audit system of the company is
commensurate with its size and nature of its business.
[8] As per the information given to us, the Central Government has not
prescribed the maintenance of cost records under section 209 (i)(d) of
the Companies Act, 1956.
[9] According to the information and explanation give to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty and excise duty were outstanding at 31st March, 2011
for a period of more than six months form the date the same become
payable.
[10] The Company has no activities Expenses which are compulsorily
incurred, entered in profit and loss Account. The same were not paid
due to lack of funds. So all expenses are payable as sundry creditors
for expenses.
[11] Based on our audit procedures and according to the information and
explanation given to us. We are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions and banks.
[12] 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.
[13] In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund society. Therefore clause 4(xii) of the Companies
(Auditors Report) order 2003 is not applicable to the company.
[14] The Company has no transactions and contracts in respect of
trading in 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 raised any new term loans during the year.
[17] According to the information and explanations given to us, no
short term funds utilized for the long term borrowing during the year
under audit.
[18] During the year, the company has not made any preferential
allotment of Shares.
[19] The Company has no debentures, issue and hence creation of
securities is not applicable.
[20] The Company has not raised any money by public issue during the
year and hence clause (xx) of the Companies (Auditor's Report) Order
2003 is not applicable to the Company.
[21] In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year.
For, ADIL AIBADA & ASSOCIATES,
Chartered Accountants
Sd\-
PROPRIETOR
MEMBERSHIP NO. 045310
Date : 06TH JULY, 2011
Place : Surat.
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