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ETP Corporation Ltd.

BSE: 512127 Sector: Financials
NSE: ETPCORP ISIN Code: INE581C01017
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ETP Corporation Ltd. (ETPCORP) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

To

The Members

ETP Corporation Limited

We have audited the accompanying financial statements of ETP Corporation Limited("the Company") which comprise the Balance Sheet as at 31st March2014 and the Statement of Profit and Loss for the year ended and a summary of thesignificant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards referred to insub-section (3C) of section 211 of the Companies Act 1956 ("the Act"). Thisresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditors’ Responsibility

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

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

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2014 and

b) in the case of the Statement of Profit and Loss of the loss of the Company for theyear ended on that date

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2003("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 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 ourknowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account 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 Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.

(d) In our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31stMarch 2014 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2014 from being appointed as a director in termsof clause (g) of sub-section (1) of section 274 of the Act.

Rajiv Agarwal

Chartered Accountants

Membership No. : 107889

Place: Tamil Nadu

Date: 29th August 2014.

INDEPENDENT AUDITOR’S REPORT

To

The members of ETP Corporation Limited

Report on Financial Statements

1. We have audited the accompanying financial statements of ETP Corporation Limited("the Company") which comprise the Balance Sheet as at March 31 2014 and theStatement of Profit and Loss for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements:

2. Management is responsible for the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the Accounting Standards referred to in sub-section (3C)of section 211 of the Companies Act 1956 ("the Act") (which continue to beapplicable in respect of sec. l33 of the companies act’2013 in terms of generalcircular 15/2013 dated 13-09-2013 of the Ministry of corporate affairs) and in accordancewith accounting principles generally accepted in India. This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

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

Opinion

4. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2014; and

b) in the case of the Profit and Loss Account of the loss for the year ended on thatdate;

Report on Other Legal and Regulatory Requirements

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

6. 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 ourknowledge 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 theCompany so far as appears from our examination of those books;

c) the Balance Sheet and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account;

d) in our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards notified under the act (which continue to be applicable in respect ofSec.133 of the companies act’2013 in terms of general circular 15/2013 dated13-09-2013 of the ministry of corporate affairs);

e) on the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors aredisqualified 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.

f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441 A of the Companies Act 1956 nor has it issuedany Rules under the said section prescribing the manner in which such cess is to be paidno cess is due and payable by the Company.

Other Matters: If any. NIL

Rajiv Agrawal

Chartered Accountant?

M.No.107889

Place: Mumbai

Date: 29th August 2014

As required by para 5 of above report in respect of the Companies (Auditors Report)Order 2003 issued by the Company Law Board and on the basis of such checks as weconsidered appropriate we further state that:

ANNEXURE REFERRED TO THE AUDITORS’ REPORT

(Referred to in our report of even date)

(i) In respect of fixed assets -

The Company doesn’t have any fixed assets during the reporting period andaccordingly the sub clause (a) (b) & (c) of the order are not applicable.

(ii) As no Inventories have been maintained by the company at the end of the year inour opinion clause (ii) (a) (b) (c) of paragraph 4 of the order is not applicable to thecompanies.

(iii) In respect of loans secured or unsecured to/ from companies firms or otherparties covered in the register maintained under section 301 of the Act.

a. The company has not accepted / granted any loans during the year from the partiescovered in the register maintained under section 301 of the companies Act 1956

b. In our opinion and according to the information and explanations given to us therate of interest wherever applicable and other terms and conditions are not prima facieprejudicial to the interest of the company;

c. The loan granted by the company is repayable on demand. Accordingly the regularityof repayment is not applicable. The payments of the interest are regular.

d. The company has not taken loans secured or unsecured from companies firms orother parties covered in the register maintained under section 301 of the Companies Act1956 the clause (iii) (e) (f) (g) of the order are not applicable.

(iv) In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the company and thenature of its business for the purchase of fixed assets and for sale of goods andservices. During the course of our audit we have not observed any major weaknesses ininternal control.

(v) In respect of transactions entered in the register maintained in pursuance ofsection 301 of the Companies Act 1956:

a. In our opinion and according to the information and explanations given to us theparticulars of contracts or arrangements referred to in section 301 of the Act have beenentered.

b. According to the information and explanations given to us transactions made inpursuance of such contracts or arrangements have been made at prices which are primafacie reasonable having regard to the prevailing market prices at the relevant time.

(vi) As per the information and explanations given to us the company has not acceptedany deposits within the meaning of Section 58A and 58AA of The Companies Act 1956 and therules framed there under.

(vii) In our opinion the internal audit system of the company commensurate with itssize and nature of its business.

(viii) The Central Govt has not prescribed maintenance of cost records under clause(d) of sub-section (1) of section 209 of the Act for the business of the company.

(ix) In respect of statutory dues:

a. According to the information and explanations given to us the company is regular indepositing undisputed statutory dues including Income tax Wealth Tax and any otherstatutory dues to the extent applicable to the company with the appropriate authorities.The provisions of Provident Fund Employees State Insurance Sales tax Custom DutyExcise Duty Cess is not applicable to the company. According to information andexplanation given to us no undisputed amount payable were outstanding as on 31-03-2014for a period of more than six months from the date they become payable.

b. According to the information and explanations given to us the company does not haveany disputed dues of Income tax/ Service Tax/ Wealth tax/ Investor Education andProtection Fund and any other statutory due.

(x) The company has accumulated losses carrying from last year and has incurred cashlosses in the financial year and in the immediately preceding financial year.

(xi) The company has not defaulted in the repayment of dues to a Bank or Financialinstitution nor debenture holders.

(xii) According to the information and explanations given to us the company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand other securities.

(xiii) In our opinion the company is not a chit fund or nidhi mutual benefit fund /society. Therefore the provision of clause 4 (xiii) of the Companies (Auditor’sReport) Order 2003 are not applicable to the Company.

(xiv) In respect of shares securities and other investments dealt or traded by theCompany proper records have been maintained in respect of the transactions and contractsand timely entries have been made therein. All the investments are held by the Company inits own name.

(xv) According to the information and explanations given to us the company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(xvi) The company has not raised any term loan during the year.

(xvii) According to the information and explanation given to us and overall examinationof the Balance Sheet of the Company we report that the no funds raised on the short termbasis have been used for long term investment and vice versa.

(xviii) According to the information and explanations given to us the company has notmade any preferential allotment of shares to parties and companies listed in the Registermaintained under section 301 of the Act.

(xix) According to the information and explanations given to us the company has notissued secured debentures.

(xx) According to the information and explanations given to us the company has notraised money by public issues.

(xxi) In our opinion and according to the information and explanations given to us nofraud on or by the company has been noticed or reported during the year.

Rajiv Agrawal

Chartered Accountant

M.No. 107889

Place: Mumbai

Date: 29th August 2014