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Auditor Report of Aashee Infotech Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of AASHEE INFOTECH LIMITED (''the Company'') which comprise the balance sheet as at 31 March 2014, the statement of profit and loss and the 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:

(i) in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014;

(ii) in the case of the statement of profit and loss, of the profit for the year ended on that date; and

(iii) in the case of the cash flow statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, 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; and

e. On the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 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

The Annexure referred to in our report to the members of Aashee Infotech Limited (''the Company'') for the year ended 31 March 2014. We report that:

1. a) The company has maintained proper records of fixed assets showing full particulars including quantitative details and situation of fixed Assets.

b) The fixed assets were physically verified by the management at reasonable intervals. There is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets.

c) As per the information and explanation given to us none of the fixed assets have been disposed off during the year.

2. a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such Verification is reasonable.

b) In our opinion and according to the information and explanations given by us the Procedures of physical verification of inventories followed by the management are Reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of our examination of the inventory, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies have been noticed on physical verification of stocks as compared to book records.

3. The company has not taken/granted any loans, secured or unsecured loans, to/from companies, firms, or, other parties covered in the register maintained under section 301 of the Act. Accordingly, clause (iii) (b), (c), (d), (e), (f), and (g) are not applicable to the company.

4. 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 for purchase of inventory and for sale of inventory. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. According to the information and explanations given to us, the Company has not entered in to the transactions that need to be recorded into the register maintained under Section 301 of the Companies Act, 1956.

6. In our opinion and according to the information an explanations given to us, the company has not accepted any deposits from the public during the year and hence the provision of section 58A of Companies Act, 1956 and rule made there underdo not apply.

7. The Company has internal audit system commensurate with its size & nature of its business.

8. According to the information and explanation given to us the central govt. has not prescribed for the maintenance of cost record u/s 209(1) (d) of the companies act.

9. a) In our opinion and according to the information and explanations given to us the company is regular in depositing undisputed statutory dues including Investor education and Protection fund, income tax, VAT, sales tax, service tax, custom duty, excise duty, cess, and other material statutory dues with appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, VAT, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty were outstanding as at 31st March 2014 for a period of more than six months from the date of they become payable.

10. The accumulated loss of the company at the end of year is of Rs. 33,985,294/- which are not less then 50% of its net worth. Further the company has not incurred cash loss in current financial year as well as in immediately preceding financial year.

11. No dues of financial institution were outstanding as at the beginning of the financial year and no fresh loans has been received from any financial Institution during the year under consideration.

12. As per information and explanations provided to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion the company is not a chit fund or a nidhi/mutual, benefit fund/society. Therefore, the provision of clause 4(XIII) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the company.

14. The company has not dealt in shares during the year.

15. As per information and explanations provided to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. Based on our information and explanation given by the management, there is no term loan in the company, so this clause is not applicable.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the company has not issued any debentures.

20. The Company has not raised any money by public issues during the year concerned.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For UBS & Company Chartered Accountants FRN No. 012351N

SHISHIR GUPTA DATE : 15th May, 2014 Partner PLACE : DELHI M. NO.: 093589


Mar 31, 2012

We hove examined the attached Balance Sheet of AASHEE INFOTECH LIMITED as at 31st March, 2012 and profit and loss account and Cash flow for the year ended on that date, These financial statements are the responsibility of the company s management. Our responsibility Is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance wtth the 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 from any material misstatement An audit Includes examining on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also Includes, assessing the accounting principles used and the significant estimates made by the management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our Opinion

2. We draw your attention to Notes of accounts point no. 2.2 that company has accumulated losses of 3,50,51,709.55/ which is not less then 50% of its net worth. However, the company has not incurred cash losses neither during the year nor in previous year.

3. As required by the Companies {Auditors Report) Order, 2003 {as amended) issued by the Central Government of India in terms of subsection (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said order and report that:

4. Further to our Comments in the annexure referred to in Paragraph 2 above 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 accounts as required by iaw have been kept by the company so far as appears from our examination of such books.

a) The balance sheet and profit & loss account dealt with by this report are in agreement with the books of accounts.

d.) In our opinion, the Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e.) On the basis of the written representation received from Directors, taken on record by the Board of Directors, none of the Directors are disqualified under section 274(1) (g) of the Companies Act 1956 from being appointed as a Director as on 31=l March, 2012

f.) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with accounting policies and notes thereon, attached to Balance Sheet give the information required by the Companies Act, 1956 in manner so required and give a true and fair view

(I) In the case of the Balance Sheet, of the state of the company s affairs as at 31 st, March, 2012,

(II) In the case of Profit and Loss Account, of the profit of the year ended on that date.

(III) in case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH (2) OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF AASHEE INFOTECH LIMITED FOR THE YEAR ENDED ON 31" MARCH 2012

1. a) The company has maintained proper records of fixed assets showing liill particulars including quantitative details and situation of fixed Assets,

b) The fixed assets were physically verified by the management at reasonable intervals, There is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets.

c) As per the information and explanation given to us none of the fixed assets have been disposed off during the year.

2. a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable. b) In our opinion and according to the information and explanations given by us the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of our examination of the inventory, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies have been noticed on physical verification of stocks as compared to book records.

3. The company has not taken/ granted any loans, secured or unsecured loans, to / form companies, firms, or, other parties covered in the register maintained under section 301 of the Act. Accordingly, clause (iii) (b)- (c), (d), (e), (f), and (g) are not applicable to the company.

4. In our opinion and according to the information and explanations provided to ust there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchase of inventory and for sale of inventory. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls,

5. a) According to the information and explanations given to us, the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions entered in the register maintained under Section 301 of the Companies Act 1956 and exceeding during the year to rupees five iakh in respect of any party have been made at a price which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information an explanations given to us, the company has not accepted any deposits from the public during the year and hence the provision of section 58Aof Companies Act, 1956 and rule made there under do not apply.

7. The company has yet to introduce an internal audit system.

8. According to the information and explanation given to us the central govt, has not prescribed for the maintenance of cost record u/s 209(1) (d) of the companies act.

9. a) In our opinion and according to the information and explanations given to us the company is regular in depositing undisputed statutory dues including Investor education and Protection fund, income tax, sales tax, service tax, custom duty, excise duty, cess, and any other statutory dues with appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty were outstanding as at 31" March 2012 for a period of more than six months from the date of they become payable.

10. The accumulated losses of the company at the end of year is of Rs. 3,50,51 ,709.55 which are not less then 50% of its net worth. Further the company has not incurred cash loss fn current financial year as well as in immediately preceding financial year

11 No dues of financial institution were outstanding as at the beginning of the financial year and no fresh loans has been received from any financial Institution during the year under consideration.

12 As per information and explanations provided to us the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion the company is not a chit fund or a nidhi / mutual, benefit fund/ society. Therefore, the provision of clause 4{XIN) of the Companies {Auditor s Report) Order, 2003 (as amended) are not applicable to the company.

14. In our opinion and according to the information and explanations given to us, in respect of dealing in shares proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares have been held by the company in its own name.

15. As per information and explanations provided to us the company has not given any guarantee for loans taken by others from banks or financial institutions.

16. Based on our the information and explanation given by the management, term loan were applied for the purpose for which the loans were obtained, thought idle/surplus funds which were not required for immediate utilization have gainfully invested in fixed deposit with scheduled banks.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short term basis have been used for long term investment.

18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. During the period covered by our audit report, the company has not issued any debentures.

20. Company has not raised any money by public issues during the year concerned,

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

ForRPRP& ASSOCIATES Chartered Accountants

FRNNO.006687N

PARTNER RajeshSingla

MEM.NCX 085393

DATE 06/07/2012

PLACE NEWDELHI


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s Aashee Infotech Limited as at 31st March, 2011, Profit and Loss account for the year ended on that date along with the Cash Flow Statement annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with we 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 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. Without qualifying our opinion, we draw your attention that company has accumulated losses of 3,51,15,762/- which is not less than 50% of its Net Worth.

4. As required by the Companies (Auditors Report) Order, 2003. as amended, 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 of the said Order.

4. Further to our comments below in the Annexure referred to above and subject to the Notes to the Accounts as per schedule "f' we report thal:-

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 it appears from our examination of those books.

iii. The Balance Sheet, Profit and Loss account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet, Profit and Loss account 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 31sl March, 2011, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March 2011 form 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 read together with the significant accounting policies and notes on 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 31sl March, 2011.

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

c) In the case of the Cash Flow Statement, of the cash flow of the company for the year ended on that date.

ANNEXURE

Ref: Aasligg InfoTech Limited Referred to in paragraph 3 of our report of even dated

1. a) The company has maintained proper records of fixed assets showing full particulars including quantitative details and situation of fixed assets.

b) The fixed assets were physically verified by the management at reasonable intervals. There is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets.

c) As per the information and explanation given to us none of the fixed assets have been disposed off during the year.

2. a) As explained to us the Inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable.

, b) M our opinion and according to the information and explanations given to us the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of our examination of the inventory, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies have been noticed on physical verification of stocks as compared to book records.

3 . The company has not taken / granted any loans, secured or unsecured loans, to / from companies, firms, or other parties covered in the register maintained under section 301 of the Act. Accordingly, clause (iii) (b), (c), (d), (e), (1) and (g) are not applicable to the company.

4. In our opinion and according to die 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. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. a) According to the information and explanations given to us, the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions entered in the register maintained under Section 301 of the Companies Act.. 1956 and exceeding during the year to rupees five lakh in respect of any party have been made at a price which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any public deposits during the year and hence the provision of Section 58 A of the Companies Act, 1956 and the rules framed there under do not apply.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. As per information and explanations given to us, maintenance of cost records has not been prescribed by the Central Govt, as required u/s 209 (1) (d) of the Companies Act, 1956.

9. a) In our opinion and according to the information and explanations given to us the company is regular in depositing undisputed statutory dues including Investor education and Protection fund, income tax, sales tax, service tax custom duty, excise duty, and other material statutory dues with appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty were outstanding as at 31st March 2011 for a period of more than six months from the date of they become payable.

10. The Accumulated losses of the Company at the end of year is of Rs.35,115,762.09/- which are not less than 50% of its net worth. Further the Company has not incurred any cash loss in current financial year as well as in immediately preceding financial year.

11. No dues of financial institution were outstanding as at the beginning of the financial year and no fresh loans has been received from any financial institution during the year under consideration.

12. The Company has not granted any Loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a nidhi / mutual benefit fund / society hence the provisions of any special statute and clause (a) to (d) are not applicable.

14. The Company is not dealing or trading in shares, securities, debentures and other investments.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company lias not obtained any term loan during the year.

17. On he basis of our overall examination of the Cash Flow Statement, we are of the opinion that funds raised on short-term basis have not been used for long term investment.

18. As per the information provided to us the company has made no preferential allotment of shares to the parties covered by register maintained u/s 301 of the Companies Act, 1956.

19. The company has not issued any debentures.

20. As per information & explanation given to its the company has not raised any money from public issue during the year.

21. According to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the course of our audit.



For R P R P & Associates

Chartered Accountants .

Firm No. 006687N

Partner : Rajesh Single

M. No. : 085393

Place : Delhi

Date : 30.06.2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s Aashee Infotech Limited as at 31st March, 2010, Profit and Loss account for the year ended on that date along with the Cash Flow Statement 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 conducted our audit in accordance with the 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 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, as amended, 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 of the said Order.

4. Further to our comments below in the Annexure referred to above and subject to the Notes to the Accounts as per schedule "I" 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 it appears from our examination of those books.

iii. The Balance Sheet, Profit and Loss account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet, Profit and Loss account 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 31* March, 2010, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31* March 2010 form 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 read together with the significant accounting policies and notes on 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 cornpany as at 31th March, 2010.

b) in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date.

c) in the case of the Cash Flow Statement, of the cash flow of the company for the year ended on that date.



ANNEXURE



Ref: Aashee Infotech Limited (Formerly known as S. R.Oils & Fats Ltd.) Referred to in paragraph 3 of our report of even dated

1. a)The company has maintained proper records of fixed assets showing full particulars including quantitative details and situation of fixed assets.

b) The fixed assets were physically verified by the management at reasonable intervals. There is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets.

c) As per the information and explanation given to us none of the fixed assets have been disposed off during the year.

2. a) As explained to us the Inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable.

b) In our opinion and according to the information and explanations given to us the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) On the basis of our examination of the inventory, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies have been noticed on physical verification of stocks as compared to book records.

3. The company has not taken / granted any loans, secured or unsecured loans, to / from companies, firms, or other parties covered in the register maintained under section 301 of the Act. Accordingly, clause (iii) (b), (c), (d), (e), (f) and (g) are not applicable to the company.

4. 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. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. a) According to the information and explanations given to us, the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information and explanations given to us, the transactions entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding during the year to rupees five lakh in respect of any party have been made at a price which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not accepted any public deposits during the year and hence the provision of Section 58A of the Companies Act, 1956 and the rules framed there under do not apply.

7. The company has an internal audit system commensurate with its size and nature of its business.

8. As per information and explanations given to us, maintenance of cost records has not been prescribed by the Central Govt, as required u/s 209 (1) (d) of the Companies Act, 1956.

9. a) In our opinion and according to the information and explanations given to us the company is regular in depositing undisputed statutory dues including Investor education and Protection fund, income tax, sales tax, service tax custom duty, excise duty, and other material statutory dues with appropriate authorities. b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty were outstanding as at 31st March 2010 for a period of more than six months from the date of they become payable.

10. The Accumulated losses of the Company at the end of year is of Rs.3,59,45,802.50 which are not less than 50% of its net worth. Further the Company has not incurred any cash loss in current financial year as well as in immediately preceding financial year.

11. No dues of financial institution were outstanding as at the beginning of the financial year and no fresh loans has been received from any financial institution during the year under consideration.

12. The Company has not granted any Loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a nidhi / mutual benefit fund / society hence the provisions of any special statute and clause (a) to (d) are not applicable.

14. The Company is not dealing or trading in shares, securities, debentures and other investments.

15. The Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The company has not obtained any term loan during the year.

17. On the basis of our overall examination of the Cash Flow Statement, we are of the opinion that funds raised on short-term basis have not been used for long term investment.

18. As per the information provided to us the company has made no preferential allotment of shares to the parties covered by register maintained u/s 301 of the Companies Act, 1956.

19. The company has not issued any debentures.

20. As per information & explanation given to us the company has not raised any money from public issue during the year.

21. According to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the course of our audit.

FOR UBS & COMPANY

CHARTERED ACCOUNTANTS

PARTNER : SHISHIR GUPTA

M.N. : 93589

PLACE : New Delhi

DATE : 28.5.2010

 
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