| We have audited the attached Balance Sheet of Nils. Gamma Infoway Exalt
Limited, as at 31st March 2013 and the profit and loss account for the
year ended on that date annexed thereto. These financial statements are
the responsibility of the Company's managements. Our responsibility is
to express an opinion on these financial statements based on our audit.
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 disclosure 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.
I. As required by the Companies (Auditors-Report) Order, 2003 issued by
the Central Government of India in terms of section 227 (4A) of the
Companies Act, 1956, on the basis of such checks of the books and
records as we considered appropriate and the information and
explanations given to us during the course of audit, we annex hereto a
statement on the matter specified in paragraphs 4 & 5 of the said
order, to the extent they are applicable to the company.
2 Further to our comments in the Annexure referred to in paragraph to
Above, We state that;
a) We have obtained all information and explanations which, to the best
our knowledge and belief, were necessary for the purposes 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 such
books;
c) the Balance sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of Account;
d) in our opinion the Balance Sheet and the Profit & Loss Account
comply with the mandatory Accounting Standards referred to in Section
211 (3C) of the Companies Act; 1956;
e) on the basis of written representation received from the directors
as on 31* March, 2013, and taken on record by the Board of Directors of
the company, we report that the none of the directors is disqualified
as on 31* March,2013 from being appointed as a director in terms of
section 274(1Wa) of the Companies Act1956 :
f) In our opinion and to the best of our information and according to
the explanations given to us, the Balance-Sheet and the Profit & Loss
Account read together with the 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 accounting principles generally
accepted in India:
i) in so far as it relates to the Balance sheet of the state of affairs
of the Company as at 31* March 2013,
And
ii) In so far as it relates to the Profit & Loss Account of the loss of
the company for the year ended on that date
Annexure to the auditor's report eferred to in paragraph 1 of our
report of even date:
Loans and Advances :
The Company has taken unsecured loans from companies, firms or other
parties listed in the registers maintained under ection 301 of the
Companies Act, 1956 during the year. The number of parties covered are
Four and the total involved is 166970/-
I. Internal Control :
In our opinion & according to the information & explanations given to
us, there are adequate internal controls rocedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory nd fixed assets.
he company has not made sale of goods during the year. During the
course of our audit, we have not observed any ontinuing failure to
correct major weaknesses in internal controls.
II. Transaction with parties under section 301 of the Companies
Act,1956 :
On the basis of our examination of relevant records and on the basis of
Representation received from the management, ransaction that needs to
be Entered into the register in pursuance of section 301 of the act
have been so Entered.
On the basis of our examination of the books of account, the company
has not entered into any transaction exceeding Rs. Lacs in respect
of any party during the financial year that needs to be register
pursuant to section 301 of the Act, have ¯een made at prices which are
reasonable having regard to prevailing market prices for such goods,
materials or services.
IV. Fixed Deposits :
The company has not accepted any deposit during this year under the
Provisions of Section 58A and 58AA of the Companies Act, 1956 and the
rules Framed there under.
V. Cost Records :
The company has not been required to maintain cost records under
section 209(1) (d) of the Companies Act, 1956 for the troducts of the
company.
VI. Statutory Dues :
According to the books and records as produced and examined by us in
Accordance with the generally accepted auditing >ractices and based on
Management Representations, undisputed statutory dues in
authorm'es.respect of Income Tax, Wealth Tax, Sales Tax, Customs duty
and excise duty, have generally Been regularly deposited by the company
during the 'ear with the appropriate
As at 31st March 2013, there have been no undisputed dues which have
not been deposited with the respective authorities in respect of Income
tax, Wealth tax, Excise duty and cess for a period of more than six
months from the date on yhich they become payable.
VII. Profit& Losses:
The company has loss for this the financial year 1,82,103/-
III. Guarantees:
The company has not given any guarantee for the loans taken by others
from the anks and financial institutions.
IX. Utilisation of funds: he company has taken loan during the year
from parties in the register maintained inder section 301 of the
companies Act 1956.
X. Miscellaneous:
L. The company has not defaulted in repayment of its dues to financial
institution and banks
I. The company has not granted any loans advances on basis of
securities by way of Pledge of shares, debentures and other securities
therefore this clause is not Applicable to the Company.
i. The company has not made any preferential allotments of shares to
parties and Companies covered in the register maintained under section
301 of the Companies Act, 1956. The company has not issued any
debentures during the financial /ear.
4. The company has not raised any money from public issues.
5. On the basis of our examinations and according to information and
explanation given to us. No frauds on or by the company has been
noticed or reported during the course of our audit.
6. On the basis of our examinations and according to information and
explanation given to us, sales tax authority of the Maharashtra State
issued the notice on company related to bogus purchases and sales of
the company in earlier years and the case is still not finalised on the
date of Audit report.
For V S Bapna & Associates
Chartered Accountants
Proprietor
Place: Mumbai
Date: 04.09.2013
| 