AUDITORSTO THE MEMBERS OF UNITED INTERACTIVE LIMITED (FORMERLY NEEMTEK ORGANIC PRODUCTSLIMITED)
1) We have audited the attached Balance Sheet of UNITED INTERACTIVE LIMITED as at 31stMarch, 2011 and also the Profit & Loss Account and the Cash Flow Statement of theCompany for the year ended on that date annexed thereto. These financial statements arethe responsibility of the Management. Our responsibility is to express opinion on thesefinancial statements based on our audit.
2) We have conducted our audit in accordance with auditing standards generally acceptedin India. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement. Anaudit includes examining, on test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by the management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.
3) As required by the Companies (Auditor's Report) Order, 2003 (as amended by 2004)issued by the Company Law Board under Section 227(4A) of the Companies Act, 1956 and onthe basis of such checks as considered appropriate, as per information and explanationsfurnished to us and the books and records examined by us in the normal course of audit, weenclose in the annexure our report on the matters specified in paragraphs 4 and 5 of thesaid order.
4) Further to our comments in the Annexure referred to in paragraph (1) above.
a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as it appears from our examination of those books.
c) The Balance Sheet and Profit and Loss Account referred to in this report are inagreement with the books of account.
d) In our opinion the Profit & Loss Account, Balance Sheet and Cash Flow Statementcomply with the accounting standards referred to in Section 211 (3C) of the Companies Act,1956
e) On the basis of written representations received from the directors as on31.03.2011, and taken on the record by the Board of Directors, We report that none of theDirectors of the Company is disqualified as on 31.03.2011 from being appointed as aDirector u/s 274 (1) (g) of the Companies Act, 1956.
f) In our opinion and to the best of our knowledge and according to information andexplanation given to us, the said accounts read with Significant Accounting Policies andNotes to the Accounts, give information required by the Companies Act, 1956 in the mannerso required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:
a) In the case of Balance Sheet, of the state of the affairs of the Company as at 31stMarch, 2011, and
b) In the case of the Profit & Loss Account, of the Profit for the year ended onthat date, and
c) In case of the Cash Flow statement, of the cash flows for the year ended on thatdate.
For D. N. Kanabar & Co.
Chartered Accountants
(FRN 104698W)
Sd/-
Deepak Kanabar
Proprietor
M. No. 041157
Date : August 29, 2011
Place : Mumbai
ANNEXURE TO THE AUDITORS’ REPORT
(Referred to in Paragraph (3) of our report of even date)
(i) As per information and explanation given to us the company does not have any fixedAssets and hence, this clause is not applicable to the company.
(ii) As per the information and explanation given to us the company does not have anyinventory hence, this clause is not applicable to the company.
(iii) (a) In our opinion and according to the information and explanation given to us,the company has not granted any loan, secured or unsecured, to Companies, Firms and otherparties covered in the register maintained under Section 301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanation given to us, thecompany has taken unsecured loan from director covered in the register maintained underSection 301 of the Companies Act, 1956. Further the amount involved during the year isRs.31,36,702.
(c) According to the information and explanation given to us the rate of interest andother term of condition of loan taken by company, are prima facie not prejudicial to theinterest of the company; and
(d) According to the information and explanation given to us, there is no stipulationon periodical payment of interest. However, the company has made provision of interestpayable as at the year end and it has not been paid, further the loan taken is payable ondemand, hence, there is no default in repayment of principle amount.
(iv) In our opinion and according to information and explanation given to us, internalcontrol procedures are commensurate with the size of the company and the nature of itsbusiness.
(v) (a) In our opinion and according to explanation given to us, particular of contractreferred to in section 301 of the Act have been entered in the register required to bemaintained under that section; and
(b) According to the information and explanation given to us, the transactions areprima facie reasonable to the company.
(vi) As the Company has not accepted any deposit from public within the meaning of theprovisions of section 58A and 58AA of the Companies Act, 1956 and rules made there under,provisions of clause 4(vi) of the Companies (Auditor’s Report) Order, 2003 are notapplicable to the Company.
(vii) In our opinion, the company has an adequate internal audit system commensuratewith the size and the nature of the Company’s business.
(viii) In our opinion and according to information and explanation given, maintenanceof cost records has not been prescribed by the Central Government under section 209(1)(d)of the Companies Act, 1956.
(ix) According to information and explanations given to us and the records examined byus, the Company has been generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund, Investor Education and ProtectionFund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Excise Duty and Cessduring the year with appropriate authorities.
(x) In our opinion and according to information and explanation given, the Company hasaccumulated losses exceeding fifty percent of its networth at the end of the year. TheCompany has not incurred cash losses during the financial year. However, the company hadincurred cash loss of Rs. 75,16,719 in the immediate preceding financial year.
(xi) In our opinion and according to information and explanation given to us thecompany has not defaulted in repayment of dues to Financial Institutions and banks.
(xii) According to information and explanation given to us, the Company has not grantedany loans and / or advances on basis of security by way of pledge of shares, debenturesand other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund /society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’sReport) Order, 2003 are not applicable to the Company.
(xiv) In our opinion and according to information and explanation given to us, thecompany is not dealing or trading in shares, securities, debentures, and otherinvestments. However, the company has made investment in its subsidiary company. Thecompany has maintained proper records of transaction and contract and timely entry havebeen made therein. Also shares have been held by the company in its own name.
(xv) According to information and explanations given to us, the company has not givenany guarantee for loans taken by others from banks or financial institutions.
(xvi) In our opinion, and according to information and explanation given to us thecompany has not availed any term loan, Therefore, the provisions of clause 4(xvi) of theCompanies (Auditor’s Report) Order, 2003 are not applicable to the Company.
(xvii) According to information and explanations given to us, and on an overallexamination of the balance sheet of the company, we report that no funds raised on shortterm basis have been used for long term investment. No long term funds have been used tofinance short term assets.
(xviii) According to information and explanations given to us, the company has not madeany preferential allotment of shares during the year. Therefore, the provisions of clause4(xviii) of the Companies (Auditor’s Report) Order, 2003 are not applicable to theCompany.
(xix) According to information and explanation given to us the company has not issuedany debentures. Therefore, the provisions of clause 4(xix) of the Companies(Auditor’s Report) Order, 2003 are not applicable to the Company.
(xx) The Company has not raised any money by public issues during the year covered byour report. Therefore, the provisions of clause 4(xx) of the Companies (Auditor’sReport) Order, 2003 are not applicable to the Company.
(xxi) As per the information and explanation given to us, no fraud on or by the companyhas been noticed or reported during the year.
For D.N. Kanabar & Co.
Chartered Accountants
(FRN 104698W)
Sd/-
Deepak Kanabar
Proprietor
M. No. 041157
Date : August 29, 2011
Place : Mumbai