According to information and explanation given to us, there is not any transactions which have been
surrender or disclosed as income during the year in the tax assessment under the income Tax 1961
and not recorded in the books of accounts. ix) a) In our opinion based on audit procedures
performed and according the information and explanation given to us, the Company has defaulted in
repayment of loans and borrowings to bank. However, the Company has not taken loans from any
bank, financial institution, and Government or debenture holders during the year. The lender wise
details of default is as under; SI No. Name of Bank Total Default Amount* (Rs. Lakhs) Maximum
Delay (in days) Remark 1. Bank of India 2514.00 3925 Term Loan 2. Bank of Maharashtra 2506.00
3835 Term Loan 3. Indian Overseas Bank 2045.00 3743 Term Loan 4. ICICI Bank Ltd. 611.00 3925
Working Capital Term Loan and FITL 5. Oriental Bank of Commerce 1965.00 3925 Term Loan 6.
Canara Bank 12782.66 3650 Term Loan and Working Capital Loan – Assigned to EARC 7. Punjab
National Bank 14813.88 3726 Term Loan and Working Capital Loan – Assigned to EARC 8. State Bank
of Patiala 9789.44 3594 Term Loan and Working Capital Loan – Assigned to EARC 9. Dena Bank
3973.01 3833 Term Loan – Assigned to EARC 10. UCO Bank 4244.62 3652 Term Loan – Assigned to
EARC 11. United Bank of India 1467.46 3833 Term Loan – Assigned to EARC EARC = Edelweiss Asset
Reconstruction Company Ltd *Total default amount excludes the interest that is not provided in the
book b) According to information given to us, the company appears as a willful defaulter as per RBI
guidelines refer note no 3.2C of Financial statement. c) According to information and explanation
given to us, term loans were Applied for the purposes for the purpose for which the loans were
obtained. d) According to information and explanation given to us, the company has not utilized
funds for long term purposes for those funds which were raised for short term basis e) According to
information and explanation given to us, the company has not taken funds from any entity or
persons on account of or to meet the obligations of its subsidiaries, associates or joint ventures. f)
According to information and explanation given to us, the company has not raised loans raised loans
during the year on the pledge of securities in its subsidiaries, associates or joint ventures. x) a) The
Company did not raise any money by way of initial public offer or further public offer (including debt
instruments) during the year. Accordingly, sub-clause (a) of clause (x) of para 3 of the order is not
applicable.
