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Safety, HealthandEnvironment Serving the Society Directors’ Report Management Discussion andAnalysis Report on Corporate Governance
Financial Statements
x. The Company has no accumulated losses as at
March 31, 2010 and it has not incurred any cash
losses in the financial year ended on that date or in
the immediately preceding financial year.
xi. According to the records of the Company examined
by us and the information and explanation given to
us, the Company has not defaulted in repayment of
dues to any financial institution or bank or debenture
holders as at the balance sheet date.
xii. The Company has not granted any loans and
advances on the basis of security by way of pledge
of shares, debentures and other securities.
xiii. The provisions of any special statute applicable to
chit fund / nidhi / mutual benefit fund/ societies are
not applicable to the Company.
xiv. In our opinion, the Company is not a dealer or
trader in shares, securities, debentures and other
investments.
xv. In our opinion and according to the information and
explanations given to us, the terms and conditions
of the corporate guarantees given by the Company,
for loans taken by others from banks or financial
institutions in connection with central ETP project
at Ankleshwar during the year, are not prejudicial to
the interest of the Company.
xvi. In our opinion, and according to the information
and explanations given to us, on an overall basis, the
term loans have been applied for the purposes for
which they were obtained.
xvii. On the basis of an overall examination of the
balance sheet of the Company, in our opinion and
according to the information and explanations given
to us, there are no funds raised on a short-term basis
which have been used for long-term investment.
xviii.The Company has not made any preferential
allotment of shares to parties and companies covered
in the register maintained under Section 301 of the
Companies Act during the year.
xix. On the basis of the records and documents examined
by us, the Company has not issued any secured
debentures during the year.
xx. The Company has not raised any money by public
issues during the year.
xxi. During the course of our examination of the
books and records of the Company, carried out in
accordance with the generally accepted auditing
practices in India, and according to the information
and explanations given to us, we have neither come
across any instances of fraud on or by the Company,
noticed or reported during the year, nor we have
been informed of such case by the Management.
xxii. The other clauses, (iii)(b), (iii)(c), and (iii)(d) of
paragraph 4 of the Companies (Auditors’ Report)
Order 2003, as amended by the Companies
(Auditors’ Report) (Amendment) Order, 2004,are
not applicable in the case of the Company for the
year, since in our opinion there is no matter which
arises to be reported in the aforesaid Order.
For and on behalf of
Dalal and Shah
Firm Registration Number 102020W
Chartered Accountants
S Venkatesh
Mumbai
Partner
July 19, 2010
Membership Number 037942
Annexure
to the Report of the Auditors