Octav Investments Ltd merged Auditor Reports

OCTAV INVESTMENTS LIMITED (Formely known as MP POWER LINE LIMITED) ANNUAL REPORT 2007-2008 AUDITORS REPORT To, The Members of Octav Investments Limited. (Formely known as MP Power Line Limited) 1. We have audited the attached Balance Sheet of M/s. Octav Investments Limited (Formely known as MP Power Line Limited) as at 31st March, 2008 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards required 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 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. 3. 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, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order on the basis of the information and explanations received by us. 4. Further to our comments in the Annexure referred to above, we report that: (i) 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; ii) 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 those books; iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of Account; iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; v) On the basis of representation received from the Directors as on 31st March, 2008 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2008 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; vi) 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 give a true and fair view in conformity with the accounting principles generally accepted in India: (a) In the case of the Balance Sheet, of the State of affairs of the Company as at 31st March, 2008; b) In the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Dinesh Jain & Co. Chartered Accountants D.C. Jain Proprietor Membership No.: 12660 Place: Mumbai Dated: 30th May 2008 ANNEXURETO THE AUDITORS REPORT: 1) The Company has no fixed assets, hence, the matters specified in sub clauses (a), (b), & (c) of clause of paragraph 4 (i) of the Companies (Auditors Report) Order 2003 are not applicable to the Company. 2) The Company does not have any inventory accordingly matters specified in sub clauses (a), (b), (c), of clause (ii), of the Order are not applicable to the Company. 3) The Company has not taken any unsecured or secured loan from companies, firms or other parties as listed in the register maintained under section 301 of the Companies Act, 1956. 4) The Company has not granted any loan, secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. The matters specified in sub clauses (b), (c), & (d) of paragraph (iii) of the Order are not applicable to the Company. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public. The provisions of sections 58A and 58AA of the Act and the rules framed there under are not applicable to the Company. We have been informed that during the year, no order has been passed by the Company Law Board or National Company Law Tribunal, Reserve Bank of India or any Court or any other Tribunal. 6) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 7) In our opinion and according to the information & explanations given to us, the provisions of the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 are not applicable to the Company. 8) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including income-tax and other statutory dues, applicable to the Company. 9) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, as at 31st March, 2008 for a period of more than six months from the date they became payable. 10) The Company does not have accumulated losses. The Company has incurred cash loss during the financial year covered by our audit. 11) The Company has not availed financial facilities from the financial institution or bank or debenture holders. The matters specified in clause (xi) of paragraph 4 of the Order are not applicable to the Company. 12) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13) As the Company is not a Nidhi / Mutual Benefit Fund/ Society, clause (xiii) of paragraph 4 of the Order are not applicable to the Company. 14) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of the transactions in respect of shares and made timely entries therein. 15) The Company has not given any guarantee /undertaking for loans taken by others from bank or financial institutions. The terms and conditions are not prejudicial to the interest of the Company. 16) The Company has not availed any term loan during the year. 17) Based on the audit procedures performed and information and explanations given to us the funds raised on short-term basis have not been used for long term investment and vice versa. 18) The Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act during the year. 19) The Company has not issued debentures during the year. 20) The Company has not raised money by public issues, during the year. 21) Based on the audit procedures performed and information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For Dinesh Jain & Co. Chartered Accountants D.C. Jain Proprietor Membership No.: 12660 Place: Mumbai Dated: 30th May 2008