Liverpool Finance Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2013

We have audited the attached Balance Sheet of M/s. LIVERPOOL FINANCE LTD., as at 31st March, 2013 and the annexed Profit and Loss Account and cash flow statement for the year ended on that date. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements bases 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 die financial statements are free of material misstatement. An audit includes examining, 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order,2003 issued by the Central Govt, of India 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.

Further to our comments in the Annexure referred to 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 purpose of our audit.

(b) In our opinion proper books of accounts 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 the Profit 8s Loss Account referred to in this report are in agreement with the books of account.

(d) In our opinion and to the best of our information the said Balance Sheet and Profit & Loss Account and cash flow statement comply with the Accounting standard referred to in section 211(3c) of the companies act, 1956.

(e) On the basis of written representations received from the directors, as on 31st, March, 2013 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the 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 31st March, 2013 and ii. In so far as it relates to the Profit 8s Loss Account, of the loss of the company for the year ended on that date. iii. In the case of the cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED ON 31<" MARCH, 2013

i) The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets.

ii) The fixed assets have been physically verified by the management at reasonable intervals during the year and no material discrepancies were noticed on such verification as compared with the available records.

iii) During the year, the Company has not disposed off any substantial part of its fixed assets which has affected going concern status of the Company during the year .

iv) The stock of finished goods, and raw materials have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

v) The procedure followed by the management for physical verification of stocks is reasonable and adequate in relation to the size of the company and the nature of its business.

vi) On our basis of examination of stock records, we are of the opinion that the record of stocks is fair and proper in accordance with the normally accepted accounting principle and no material discrepancies were noticed on physical verification.

vii) There is no loans, secured and unsecured, taken by the company to/from companies, firm or other parties covered in the register maintained u/s. 301 of the Co.Act, 1956.

viii) Interest free Loans and Advances in the nature of loans have been given to employees and other parties who were generally regular in repaying the principal as stipulated. Where there is delay in repayment, the company has taken reasonable steps to recover the same.

ix) In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for financial activities.

x) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered.

xi) In our opinion and according to the information and explanations given to us, the provisions of section 58-A of the Companies Act, 1956 and Companies (acceptance of deposits) Rules, 1957 are not applicable as the company has not accepted and deposits from the public.

xii) The company does not have any formal system of internal audit. However in our opinion and according to information and explanations given to us, the internal control procedures are adequate. Considering die size and nature of business of the Company.

xiii) The Provisions of section 209(l)(d) of the Companies Act, 1956 regarding the maintenance of cost records are not applicable to the company.

xiv) As informed to us the provision of Provident Fund Act, Employees State Insurance Act provisions of investor education and protection fund, customs duty, excise duty and cess are not applicable to the Company during the year under review.

xv) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Income-Tax, Wealth Tax, Service Tax and other material statutory dues applicable to it.

xvi) According to the information and explanations given to us no disputed amounts in respect of Income-Tax, Wealth-tax, Sales-Tax, Customs-Duty and Excise-Duty were outstanding as at 31st, March, 2013 for a period of more than six months from the date they become payable.

(xvii) According to the information and explanations given to us and based on the generally accepted audit procedures carried out by us no personal expenses of employees or directors have been charged to Revenue Account, other than those payable under contractual obligations or in accordance with generally accepted business practice.

xvii) The Company has no accumulated losses at the end of the financial year and it has not incurred any losses in the current and in immediately preceding financial year.

xviii) 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 financial institution, banks or debenture holders.

xix) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xx) The provisions of any special statute applicable to Chit Funds, Nidhi, or Mutual Benefit Society/fund do not apply to the Company. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2012 (as amended) are not applicable to the Company.

xxi) The Shares and other securities have been held by the Company, in its own name as explained to us and proper records in respect thereof have been maintained.

xxii) According to the information and explanation given to us, the Company has not given any counter guarantee for loans taken by any other person/firms/companies.

xiii) According to the information and explanations given to us and on an 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.

xxiv) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained u/s 301 of the Co., Act, 1956.

xxv) The Company did not have any outstanding secured debentures during the year.

xxvi) The Company has not raised any money through a public issue during the year under review.

(xxviii) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

(xxix) The Company is not a sick Company as per the provisions of SICA, 1985.

S. CHANDULAL & CO., Chartered Accountants

Sd/-

Date : 03/09/2013 (SURESH C SHAH)

Place :MUMBAI PROPRIETOR

MEM.NO. 37266

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Mar 31, 2011

We have audited the attached Balance Sheet of the M/s. Liverpool Finance Ltd as at 31st March, 2011 and also the Profit and Loss Account and Cash Flow statement 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 the financial statements based on our audit.

We have 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 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 evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1) 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.

2) In our opinion, proper books of accounts as required by law have been kept by the company as far as appears from our examination of the books.

3) The Balance Sheet, Profit and Loss account and Cash Flow statement dealt with by this report are in agreement with the books of account.

4) In our opinion, the Balance Sheet, the Profit and Loss account and Cash Flow statement dealt with by the report are in compliance in all material aspect with the accounting standard referred to in Section 211 (3C) of the Companies Act, 1956.

5) On the basis of the written representation received from the Directors as at 31.03.2011 and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified as on 31.03.2011 from being appointed as director under Sec. 274 (1) (g) under Companies Act, 1956.

6) In our opinion and to the best of our information, and according to the explanations given to us, the said accounts read 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 the accounting principles generally accepted in India :

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; and

ii. in the case of the Profit and Loss account, of the Profit for the year ended on that date.

iii. in the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

7) As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 and in our opinion and on the basis of such checks as we considered appropriate we further report that :

(i) a) The Company has maintained proper records showing full particulars including quantitative details & situation of fixed assets.

b) As explained to us, Fixed Assets have been physically verified during the year by the management at the reasonable interval. The procedures, explained to us, which are followed by the management for physical verification of fixed assets, are reasonable and adequate in relation to the size of the company and the nature of its business.

c) During the year, the Company has not disposed off any substantial part of its Fixed Assets which has affected going concern status of the Company.

(ii) a) As the Company do not have stock of inventory at the year end, no physical verification of inventory has been made.

b) The procedures explained to us, which are followed by the management for physical verification of inventories, are reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of our examination of the record of inventories, we are of the opinion that the company is maintaining proper records of inventories. No material discrepancies noticed on physical verification of inventories as compared to book records during the year.

(iii) According to the information & explanation given to us, the company has not granted or taken loans, secured or unsecured to/from companies or other parties listed in the register maintain U/s 301 of the companies' act 1956. Accordingly, sub-clause 4 (iii) (b), (c), (d), (e), (f) & (g) are not applicable to the Company.

(iv) According to the information and explanations given to us there are generally adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to the purchase of fixed assets, inventories & Sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) The Company has not entered into any transaction covered by section 297 and 299 of the Act and so paragraphs 4 (v) (a) and (b) of the said Order are not applicable.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956, and the rules framed there under.

(vii) The Company has formal internal auditor for internal audit department. However, Company's control procedure ensures reasonable internal checking of its financial and other records.

(viii) In our opinion and according to the information and explanation given to us, maintenance of cost records has not been prescribed by the Central Government under clause (d) of the Section 209(1) of the Companies Act,1956, hence the question of reporting under clause 4(viii) of the said Order does not arises.

(ix) a) In our opinion and according to the records of the Company, the Company is regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax Sales Tax, Wealth Tax, Service Tax , Custom Duty Excise Duty, Cess & other material statutory dues applicable to it. We have been informed by the company Provision of Provident Fund, Employees State Insurance Scheme is not applicable and also provisions of Investor Education & Protection Fund are not applicable.

b) As per records of the Company and according to the information & explanation given to us , no undisputed amount payable in respect of Income Tax, Wealth Tax, , Service Tax , Sales Tax, Customs Duty, Excise Duty, Cess were outstanding as at 31.03.2011 for a period more than six months from the date they become payable.

c) According to the information & explanation given to us ,there are no dues of Sale Tax, Income tax, customs duty , Service Tax , wealth tax, excise duty and Cess which have not been deposited on account of any dispute.

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

(xi) According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution, banks.

(xii) Based on our examination of the records and information and explanations given to us, 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) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund / society.

(xiv) In our opinion and according to information and explanations given to us, Company is dealing in shares, securities, debentures and other investments, proper records have been maintained of the transaction and contracts and timely entries have been made therein.

(xv) According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a bank or financial institutions.

(xvi) The Company has not obtained any term loans. Accordingly, the question of reporting on its applications does not arise.

(xvii) According to the information and explanation given to us and as on overall examination of the Balance Sheet of the Company, We report that no funds raised on short term basis have been used during the year for the 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, 1956.

(xix) There are no debentures issued or outstanding during the year.

(xx) The Company has not issued any money by public issue during the year.

(xxi) According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

S. Chandulal & Co.

Chartered Accountants

Firm Registration No.: 101701W

Suresh C. Shah

Proprietor M.No.37266

Date: September 01, 2011

Place: Ahmedabad

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Mar 31, 2010

We have audited the attached Balance Sheet of the M/s. Liverpool Finance Ltd as at 31st March, 2010 and also the Profit and Loss Account and Cash Flow statement 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 the financial statements based on our audit.

We have 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 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 evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1) 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.

2) In our opinion, proper books of accounts as required by law have been kept by the company as far as appears from our examination of the books.

3) The Balance Sheet, Profit and Loss account and Cash Flow statement dealt with by this report are in agreement with the books of account.

4) In our opinion, the Balance Sheet, the Profit and Loss account and Cash Flow statement dealt with by the report are in compliance in all material aspect with the accounting standard referred to in Section 211 (3C) of the Companies Act, 1956.

5) On the basis of the written representation received from the Directors as at 31.03.2010 and taken on record by the Board of Directors, we report that none of the Directors of the Company are disqualified as on 31.03.2010 from being appointed as director under Sec. 274 (1) (g) under Companies Act, 1956.

6) In our opinion and to the best of our information, and according to the explanations given to us, the said accounts read 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 the accounting principles generally accepted in India :

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; and

ii. in the case of the Profit and Loss account, of the Profit for the year ended on that date.

iii. in the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

7) As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 and in our opinion and on the basis of such checks as we considered appropriate we further report that :

(i) a) The Company has maintained proper records showing full particulars including quantitative details & situation of fixed assets.

b) As explained to us, Fixed Assets have been physically verified during the year by the management at the reasonable interval. The procedures, explained to us, which are followed by the management for physical verification of fixed assets, are reasonable and adequate in relation to the size of the company and the nature of its business.

c) According to the information & explanation given to us ,there are no dues of Sale Tax, Income tax, customs duty , Service Tax , wealth tax, excise duty and Cess which have not been deposited on account of any dispute.

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

(xi) According to information & explanations given to us, the Company has not defaulted in the repayment of dues to financial institution, banks.

(xii) Based on our examination of the records and information and explanations given to us, 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) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund / society.

(xiv) In our opinion and according to information and explanations given to us, Company is dealing in shares, securities, debentures and other investments, proper records have been maintained of the transaction and contracts and timely entries have been made therein.

(xv) According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from a bank or financial institutions.

(xvi) The Company has not obtained any term loans. Accordingly, the question of reporting on its applications does not arise.

(xvii) According to the information and explanation given to us and as on overall examination of the Balance Sheet of the Company, We report that no funds raised on short term basis have been used during the year for the 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, 1956.

(xix) There are no debentures issued or outstanding during the year.

(xx) The Company has not issued any money by public issue during the year.

(xxi) According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our Audit.

S.Chandulal & Co.

Chartered Accountants

Suresh C. Shah

M.No. 37266

Date: September 01, 2010

Place: Ahmedabad