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Nifty 25,966.40 +0.58%

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Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Auditor Report of Jeet Machine Tools Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of JEET MACHINE TOOLS LIMITED ("the
Company"), for the quarter and year ended 31 March 2024, attached herewith, being submitted by
the company pursuant to the requirement of regulation 33 of SEBI (Listing Obligation and Disclosure
Requirements) Regulation 2015, as amended (Listing Regulations).

In our opinion to the best of information and according to explanations given to us the aforesaid
financial results read with note therein.

a. Are presented in accordance with the requirements of regulations 33 of the listing
regulations in these regards" and

b. give a true and fair view in conformity with the regulation and measurements principal laid
down in the applicable Indian Accounting Standard, and other accounting principal accepted
in India specified under section 133 of the Act, of the state of affairs (financial position) of
the company as at 31^st March 2024, and its profit and loss A/c (financial performance
including other comprehensive Income), its cash flow.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under
section 143(10) of the Companies Act. 2013 ("the Act"). Our responsibilities under those SAs are
further described in the Auditor''s Responsibilities for the Audit of the Financial Results section of our
report. We are independent of the Company, in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Act, and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and
appropriate to provide a basis for our opinion on the financial results.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the current period. These matters were
addressed in the context of our audit of the standalone financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated
in our report. We have fulfilled the responsibilities described in the Auditor''s responsibility for the
audit of the standalone Ind AS financial statements section of our report, including in relation to
these matters. Accordingly our audit included the performance of procedures designed to respond
to our assessment of the risks of material misstatement of the standalone Ind AS financial
statements. The results of our audit procedures,

including the procedures performed to address the matters below, provide the basis for our audit
opinion on the accompanying standalone Ind AS Financial statements.

S/no.	Key audit matters	How our audit addressed the key audit matter
1.	Suspended at BSE due to penal reason	â¢ Checked at BSE Website. Compliances are
		pending and Status is showing as "Suspended
		due to penal reason"

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board''s Report including Annexures to
Board''s Report but does not include the financial statements and our auditor''s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these Standalone Ind AS financial statements that give a true and
fair view of the financial position, financial performance including other comprehensive income,
cash flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under
section 133 of the Act read with [the Companies (Indian Accounting Standards) Rules, 2015, as
amended. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the Standalone Ind AS financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS financial statements, management is responsible for assessing
the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

That Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to Influence the economic decisions
of users taken on the basis of these Standalone Ind AS financial statements. As part of an audit in
accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit.

We also:

â¢ Identify and assess the risks of material misstatement of the Standalone Ind AS financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

â¢ Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

â¢ Conclude on the appropriateness of management''s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company''s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor''s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.

â¢ Evaluate the overall presentation, structure and content of the Standalone Ind AS financial
statements, including the disclosures, and whether the Standalone Ind AS financial
statements represent the underlying transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit. We also provide
those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most Significance in the audit of the Standalone Ind AS financial
statements for the financial year ended March 31, 2024 and are therefore the key audit
matters. We describe these matters in our auditor''s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.

Report on other Legal and Regulatory Requirements

a) As required by the Companies (Auditor''s Report) Order, 2016 (''the Order'') issued by the
Central Government of India in terms of sub section (11) of section 143 of the Act, we
give in the ''Annexure A'' statement on the matters specified in the paragraph 3 and 4 of
the Order, to the extent applicable.

b) As required by Section 143 (3) of the Act, we report that:

c) We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit.

d) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.

e) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account.

f) In our opinion, the aforesaid financial statements comply with the Accounting Standards
(AS) specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

g) On the basis of the written representations received from the directors as on 31st
March, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2024 from being appointed as a director in terms of
Section 164 (2) of the Act.

h) With respect to the adequacy of the internal financial controls with reference to
financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in ''Annexure B''.

i) With respect to the matter to be included in the Auditor''s Report under section 197(16),
In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other details under section 197(16) which are
required to be commented upon by us.

j) With respect to the other matters to be included in the Auditor''s Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to
the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial
position.

ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. (a) The management has represented that, to the best of it''s knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in any other
person(s) or entity(ies), including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the company from any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material mis-statement.

v. No dividend has been declared or paid during the year by the company.

vi. Audit Trail: Based on our examinations, which includes test checks, the company has
used accounting software which did not had a features of recording audit trail (edit log)
facility.

For Agrawal Jain and Gupta.

Chartered Accountants

Firm Reg. No. 013538C

Govind Mishra

Partner

Membership No. 188560

UDIN : 24188560BKAHYO7212

Place: Mumbai

Dated: 30th May 2024

Mar 31, 2014

We have audited the accompanying financial statements of M/S JEET MACHINE TOOLS LTD, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s responsibility for the financial statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act 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 March 31, 2014;

b) in the case of the statement of Profit and Loss, of the Loss 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.

Reports on other Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, 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 account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to the auditors report of even date to the members of M/S JEET MACHINE TOOLS LTD.

i) a) The Company has maintained proper records showing full particulars, Including quantitative details and the situation of its fixed assets.

b) All fixed assets are physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) During the year no assets has been disposed off, therefore do not effect the going concern assumptions.

ii) a) The inventory have been physically verified by the management at reasonable intervals.

b) In our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the company has maintained proper records of inventory. The discrepancies between the physical stocks and the stocks in books were not material and have been properly dealt with in the books of account.

iii) During the year, the company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion and according to the information and explanations provided to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of out audit no major weakness has been noticed in the internal control.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions entered into by the company that need to be entered into the register maintained u/s 301 of the Act. Accordingly, clause (v)(b) of the Order is not applicable.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(1)(d) of the Companies Act, 1956.

ix) (a) According to the records, information and explanations provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, sales tax, employee''s state insurance, income tax and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

(b) On the basis of examination of the documents and records of the company and the information and explanations given to us upon our enquiries in this regard , disputed amounts payable in respect to Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise Duty / Cess not deposited with the appropriate authorities is NIL.

x) The company does not have accumulated losses but it has incurred cash losses during the current financial year and also in the immediately preceding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds / facilities from the financial institution or bank.

xii) Based on our examination and according to the information and explanations given 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.

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause (xiii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during the year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Based on the audit procedure performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For J. S. BHATIA & CO., CHARTERED ACCOUNTANTS.

PLACE : MUMBAI J. S. BHATIA DATE : 26/05/2014 PROPRIETOR M.No:034290

Mar 31, 2013

Report nit financial Statements

We have audited the accompanying financial statements of M/S JEET MACHINE TOOLS LTD, which comprise the Balance Sheet as at March 31, 2011. and the Statement of Profit and Loss and Cash Kluw Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s responsibility Tor the financial statements

Management is responsible for die preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-see lion (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of interna J control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of < hartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform Ihe audit to ohlain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of Ihe financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also inciudes evaluating the appropriateness of accounting policies used and the reasonableness of die accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given * to us, the financial statements give the information required by the Act 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 March 31,2013;

b) in the case of the statement of Profit and Loss, of the Loss 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,

Reports on other Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4 A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. *

2. As required by section 227(3) of the Act, 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 account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account,

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

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

Annexure to the auditors report of even date to the members of M/S JEET MACHINE TOOLS LTD,

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

b) All fixed assets are physically verified by the management during the year. ; In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) The assets disposed off during the year are not significant and therefore do not effect the going concern assumptions.

ii) a) The inventory have been physically verified by the management at reasonable intervals.

b) En our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory foJlowed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the company has maintained proper records of inventory. The discrepancies between the physical stacks and the stocks in books were not material and have been properly dealt with in the books of account.

iii) During the year, the company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) Id our opinion and according to the information and explanations provided to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for safe of goods. During the course of out audit no major weakness has been noticed in the internal control.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions entered into by the company that need to be entered into the register maintained u/s 301 of the Act. Accordingly, clause (v)(b) of the Order is not applicable.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(1 )(d) of the Companies Act, 1956.

ix) (a) According to the records, information and ex p I ana (ions provided to us, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, sales tax, employee''s stale insurance, income tax and other statutory dues applieshte to it and no undisputed amounts payable were outstanding as al 31" March. 2013 for a period of more than six months from the dale (hey became payable.

(b) On the basis of examination of the documents and records of the company and the information and explanations given to us upon our enquiries in this regard . disputed amounts payable in respect to income-tax. Sales Tax. Wealth-Tax. Service Tax, Custom duty and Excise Duty / Cess not deposited wtth the appropriate authorities is NIL

x) The company neither has accumulated tosses nor it has incurred any cosh losses during the current financial year and the immediately preceding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds/ facilities from the financial institution or bank.

xii) Based on our examination and according to the information and explanations given to us, the Company has not granted loans find advances on the basis of security by way or pi edge of shares, debentures and other securities.

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause {xiii) of the order is not applicable.

xivi In our opinion and according to the information and explanations given to us, proper records have been maintained of I he transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the inlornutiion and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during Lhe year,

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Bailed on the audit procedure performed and information ond explanations given to us by the management, we report that no fraud on or by the eompuny has been noticed or reported during the course ofour audit,

For J. S. BUATIA & CO-,

CHARTERED ACCOUNTANTS.

PLACE : MUMBAT J. S. BHATIA

DATE : 15/05/2013 PROPRIETOR

M.No:0J4290

Mar 31, 2012

We have audited the attached Balance Sheet of M/s JEET MACHINE TOOLS LTD., as on 31st March 2012 and also the Profit & Loss Account for the year ended on that date 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 these financial statements 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 the financial statements are free of material misstatements. An audit also 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 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 (Auditor's Report) Order, 2003, (the Order) issued by the Central Government of India in terms of sub-section (4 A) of Section 227 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:

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes 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 & Loss Account dealt with by this report are in agreement with the books of accounts.

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 written representations received from the directors as on March 31,2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 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, 2012.

b) In the case of Profit & Loss Account, of the Loss for the year ended on that date.

c) In case of Cash Flow statement, of the cash flows for the year ended on that date.

Annexure to the auditors report of even date to the members of M/s Jeet Machine Tools Ltd.

i) a) The Company has maintained proper records showing full particulars, including quantitative details and the situation of its fixed assets.

b) All fixed assets are physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the Company and the nature of its assets. There were no discrepancies noticed during the physical verification conducted by management.

c) The assets disposed off during the year are not significant and therefore do not effect the going concern assumptions.

ii) a) The inventory have been physically verified by the management at reasonable intervals.

b) In our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion the company has maintained proper records of inventory. The discrepancies between the physical stocks and the stocks in books were not material and have been properly dealt with in the books of account.

iii) During the year, the company has not granted any loans to parties listed in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion and according to the information and explanations provided to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. During the course of out audit no major weakness has been noticed in the internal control.

v) Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were no transactions entered into by the company that need to be entered into the register maintained u/s 301 of the Act. Accordingly, clause (v)(b) of the Order is not applicable.

vi) The company has not accepted any deposits from the public during the year.

vii) The company has a system of internal audit which, in our opinion, is commensurate with its size and nature of its business.

viii) The company is not required to maintain cost records pursuant to the rules made by the Central Government under section 209(l)(d) of the Companies Act, 1956.

ix) (a) According to the records, information and explanations provided

to us, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, sales tax, employee's state insurance, income tax and other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) On the basis of examination of the documents and records of the company and the information and explanations given to us upon our enquiries in this regard , disputed amounts payable in respect to Income-tax, Sales Tax, Wealth-Tax, Service Tax, Custom duty and Excise Duty / Cess not deposited with the appropriate authorities are as follows:

SrNo. STATUTES FORUMS TOTAL

Commissioner Appeals

1. Income Tax 1,20,752 1,20,752 A.Y. 06-07

2. Income Tax 3,93,676 3,93,676 A.Y. 07-08

5,14,428

x) The company neither has accumulated losses nor it has incurred any cash losses during the current financial year and the immediately preceeding financial year.

xi) Based on our procedures and on the information and explanations given by the management, the company has not availed and funds / facilities from the financial institution or bank.

xii) Based on our examination and according to the information and explanations given 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.

xiii) The company is not a chit / nidhi / mutual benefit fund/ society and clause (xiii) of the order is not applicable.

xiv) In our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts relating to dealing in shares, securities and debentures and timely entries have been made in such records. All the investments are in the name of the company.

xv) On the basis of the information and explanations given to us the Company has not given any guarantee for loans taken by others from bank or financial institution.

xvi) There was no term loan availed by the company and outstanding during the year.

xvii) On the basis of our examination of the books of accounts and the information and explanations given to us, in our opinion, the funds raised on short-term basis have not been used for long term investment and vice versa.

xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix) The company did not have any outstanding debentures during the year.

xx) The company has not raised any money by way of public issues during the year.

xxi) Based on the audit procedure performed and information and explanations given to us by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

ForJ.S. BHATIA&CO.,

CHARTERED ACCOUNTANTS.

PLACE : MUMBAI J.S.BHATIA

DATE : 01/09/2012 PROPRIETOR

M.No: 34290

Mar 31, 2011

We have audited the attached Balance Sheet of M/s JEET MACHINE TOOLS LTD., as on 31st March 2011 and also the Profit & Loss Account for the year ended on that date 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 these financial statements 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 the financial statements are free of material misstatements. An audit also 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 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 (Auditor's Report) Order, 2003, (the Order) issued by the Central Government of India in terms of sub-section (4A) of Section 227 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:

i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes 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 & Loss Accounts the by this report are in agreement with the books of accounts

v) On the basis of written representations received from the directors as on March 31,2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011.

b) In the case of Profit & Loss Account, of the Profit for the year ended on that date.