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Auditor Report of Antariksh Industries Ltd.

Mar 31, 2014

Report on the Financial Statements

1. We have audited the accompanying financial statements of CHANKYA INVESTMENTS LIMITED which comprise the Balance Sheet as at 31st March, 2014, the statement of Profit and Loss and Cash Flow Statement for the year ended on that date, and summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. The company''s 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 flow of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

3. 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.

4. An audit involves performing procedures to obtain audit evidence about the amounts and the

disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risk 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 the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. In our opinion and to the best of our information and according to the explanation given to us, the aforesaid financial statements subject to NOTE NO 1 (C) REGARDING DEPRECIATION PROVIDED AS PER INCOME TAX RULES INSTEAD OF PROVIDING AS PER SCHEDULE XIV OF THE COMPANIES ACT 1956, 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

(b) in the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

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

8. 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 purposes of our audit.

(b) 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.

(c) 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.

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in Section 211 (3C) of the Act.

(e) On the basis of the written representations received from the Directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1) (g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 7 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

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

b) Fixed Assets have been physically verified by the management during the year and no serious discrepancies have been noticed on such verification.

c) In our opinion, the company has not disposed off a substantial part of fixed assets during the year and therefore paragraph 4 (i) (c) of the companies (Auditor''s Report) order, 2003 (hereinafter referred to as the said order) is not applicable.

2. The company does not have any inventory other than quoted shares and securities and in our opinion and according to the records verified by us and information and explanations given to us, the Company has maintained proper records of its.

3. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 and therefore paragraph 4 (iii) of the said order is not applicable.

4. In our opinion, the Company has an adequate internal control procedure commensurate with its size and the nature of its Business.

5. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered in the register maintained under section 301 of the Companies Acts, 1956 and therefore paragraph 4 (v) of the said order is not applicable.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public to which the provisions of section 58A and 58AA of the Companies Act, 1956 and the Rules framed there under are applicable, and therefore paragraph 4 (vi) of the said order is not applicable.

7. The Company does not have a formal internal audit system at any time during the year.

8. Maintenance of cost record is not applicable to the company under clause (d) of sub section (1) of section 209 of the Companies Act, 1956, therefore paragraph 4 (viii) of the said order is not applicable.

9. As per the financial and other records verified by us, the Company is generally regular in depositing undisputed statutory dues in respect of Income-Tax, and other dues with the appropriate authorities. Considering the present operations of the Company, there can be no liability on account of Excise Duty, Sales Tax, Customs Duty and Cess. As explained to us, there were no dues arising to the Company in respect of the Investor Education and Protection Fund, Wealth Tax during the year.

10. The Company has not incurred cash loss in the Financial Year and it has not accumulated losses.

11. The Company has not taken any loan from bank or Financial institutions therefore clause 4 (xi) of the said order is not applicable.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and therefore paragraph 4 (xii) of the said order is not applicable.

13. The provisions of any special Statue applicable to chit fund and nidhi / mutual benefit fund/society are not applicable to the company and therefore paragraph 4 (xiii) of the said order is not applicable.

14. The Company is dealing in shares, securities and in our opinion and according to the records verified by us and information and explanations given to us, the Company has maintained proper records of its.

15. Other investments therefore paragraph 4 (xiv) of the said order is applicable.

16. According to the information and explanations given to us, during the year the company has not given any guarantee for loans taken by others from banks or financial institutions and therefore paragraph 4 (xv) of the said order is not applicable.

17. The Company has not taken term loan during the year and therefore paragraph 4 (xvi) of the said order is not applicable.

18. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, in our opinion, there are no funds raised on short term basis which have been used for long term investments and vice versa.

19. The company has not made any preferential allotment of shares during the year and therefore paragraph 4 (xviii) of the said order is not applicable.

20. The Company has not issued any debentures during the year and therefore paragraph 4(xix) of the said order is not applicable.

21. The Company has not raised any money by way of public issues during the year and therefore paragraph 4 (xx) of the said order is not applicable.

22. Based upon the audit procedures performed and as per the information and explanations given to us by the management, we report that no fraud on or by the company has been noticed during the year.

For S. JAIN BOHRA & CO. CHARTERED ACCOUNTANTS. FIRM REGD. NO. 114855W

Sd/-

(R. C. BOHRA) PLACE : MUMBAI Partner DATE : 15/05/2014 (M. NO. 73480)


Mar 31, 2013

1. We have audited the accompanying financial statements of CHANKYA INVESTMENTS LIMITED which comprise the Balance Sheet as at 31st March, 2013, the statement of Profit and Loss and Cash Row Statement for the year ended on that date, and summary of the significant accounting policies and other explanatory information

Management''s Responsibility for the Financial Statements

2. The company''s 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 flow of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

3. Our responsibl ity 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 Insttuteof Chartered Accountants of lndia.Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whett Jrthe financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevantto 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 the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. in our opinion and to the best of our information and according to the explanation given to us, the aforesaid financial statements subject to NOTE NO 1 (C) REGARDING DEPRECIATION PROVIDED AS PER INCOME TAX RULES INSTEAD OF PROVIDING AS PER SCHEDULE XIV OF THE COMPANIES ACT 1956, 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 Balance Sheet, of the state of affairs of the Company as at 31 st March, 2013;

(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

7. As required by the Companes (Auditor''s Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the Order.

8. 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 purposes of our audi.

(b) 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.

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply wth the Accounting Standards referred to in Section 211(3C) of the Act.

(e) On the basis of the written representations received from the Directors as on 31 st March, 2013taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of Section 274(1) (g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 7 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) 1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) Fixed Assets have been physicallyverified by the management during the year and no serious discrepancies have been noticed on such verification.

c) In our opinion, the company has not disposed off a substantial part of fixed assets during the year and therefore paragraph 4 (i) (c) of the companies {Auditor''s Report) order. 2003 (hereinafter referred to as the said order) is not applicable.

2. The company does not have any inventory therefore paragraph 4 ( i i) of the said order is not applicable.

3. The Company has neither granted nor taken any loans, secured or unsecured, to/ from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 and therefore paragraph 4 (iii) of the said order is not applicable.

4. In our opinion, the Company has an adequate internal control procedure commensurate with its size and the nature of its Business.

5. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered in the register maintained under section 301 of the Companes Acts, 1956and therefore paragraph 4 (v)0fthe said0rderis not applicable.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the pubic to which the provisions of section 56A and 58AA of the Companes Act, 1956 and the Rules framed there under are applicable, and therefore paragraph 4 of the said order is not applicable.

7. The Company does not have a formal internal audit system at any time during the year.

8. Maintenance of cost record is not applicable to the company under clause (d) of sub section (1) of section 209 of the Companies Act, 1956, therefore paragraph 4 (viii) of the said order is not applicable.

9. As per the financial and other records verified by us, the Company s generally reguar in depositing undisputed statutory dues in respect of Income-Tax, and other dues with the appropriate authorities. Considering the present operations of the Company, there can be no liability on account of Excise Duty, Sales Tax, Customs Duty and Cess. As explained to us, there were no dues arising to the Company in respect of the Investor Education and Protection Fund, Wealth Tax during the year.

10.The Company has not incurred cash loss in the Financial Year and it has not accumulated losses. 11. The Company has not taken any loan om bank or F inanc ial institutions therefore clause 4 (xi) of the said order is not applicable. 12.The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and therefore paragraph

4(xiiof the said order is not applicabe. 13.The provisions of any special Statue applicable to chit fund and nidhi/ mutual benefit fund/society are not applicabe to the company and therefore paragraph

4 (xiii) of the said order is not applicable. 14.TheCompany is not dealing in shares, securities, and other investments therefore paragraph 4 (xiv) of the said order is not applicable. 15.According to the information and explanations given to us, during the year the company has not given any guarantee for loans taken by others from banks or financial institutions and therefore paragraph 4
4 (xvi) of the said order 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, in our opinion, there are no funds raised on short term bass which have been used for long term investments and vice versa. 18.The company has not made any preferential allotment of shares during the year and therefore paragraph 4 (xviii) of the said order is not applicable. 19.The Company has not issued any debentures during the year and therefore paragraph 4(xix) of the said order is not applcable.

20. The Company has not raised any money by way of public issues during the year and therefore paragraph 4 (xx) of the said order is not applicable.

21. Based upon the audit procedures performed and as per the information and explanations given to us by the management, we report that no fraud on or by the company has been noticed during the year.



FOR & ON BEHALF OF THE BOARD OF DIRECTORS PRASHANT VAIDYA PRAVIN SHAH

DIRECTOR DIRECTOR

PLACE : MUMBAI

DATE : 23/07/2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of CHANKYA INVESTMENTS LIMITED as at 31st March, 2012 and also the statement of Profit and Loss and Cash Flow Statement for the year ended on that date, annexed thereto, which we have signed under reference to this report. 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 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. Further to our comments as referred to in paragraph 4, we report as follows:

a) 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.

b) In our opinion, proper books of account as required by law have been kept by the Company to far as appears from our examination of the 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 dealt with by this report are In compliance with the Accounting Standards referred to In section 211(3C) of the Companies Act 1956.

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to, NOTE NO. 1 (C) REGARDING DEPRECIATION PROVIDED AS PER INCOME TAX RULES INSTEAD OF PROVIDING AS PER SCHEDULE XIV OF THE COMPANIES ACT 1956, RESULTING IN LESS PROFIT TO THE EXTENT OF RS. 44,684/- 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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

(ii) in the case of the Statement of Profit and Loss, of the loss of the Company 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 dale.

f) On the basis of the written representations received from the directors as on March 31,2012, 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.

4. As required by Companies (Auditor's Report) order 2003 and on the basis of such checks of the books and records of the Company as we considered appropriate and as per the Information and explanations given to us during the course of audit we further report as under:

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

b) Fixed Assets have been physically verified by the management during the year and no serious discrepancies have been noticed on such verification.

c) In our opinion, the company has not disposed off a substantial part of fixed assets during the year and therefore paragraph 4 (i) (c) of the companies (Auditor's Report) order, 2003 (here in after referred to as the said order) Is not applicable.

2. The company does not have any inventory therefore paragraph 4 (ii) of the said order is not applicable.

3. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956 and therefore paragraph 4 (iii) of the said order is not applicable.

4. In our opinion, the Company has an adequate Internal control procedure commensurate with its size and the nature of its Business.

5. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered In the register maintained under section 301 of the Companies Acts, 1956 and therefore paragraph 4 (v) of the said order is not applicable.

6. In our opinion and according to the Information and explanations given to us, the company has not accepted deposits from the public to which the provisions of section 58A and 58AA of the Companies Act 1956 and the Rules framed there under are applicable, and therefore paragraph 4 (vi) of the said order is not applicable.

7. The Company does not have a formal Internal audit system at any time during the year.

8. Maintenance of cost record is not applicable to the company under clause (d) of sub section (1) of section 209 of the Companies Act 1956, therefore paragraph 4 (viii) of the said order is not applicable.

9. As per the financial and other records verified by us, the Company is generally regular in depositing undisputed statutory dues in respect of Income-Tax, and other dues with the appropriate authorities. Considering the present operations of the Company, there can be no liability on account of Excise Duty, Sales Tax, Customs Duty and Cess. As explained to us, there were no dues arising to the Company In respect of the Investor Education and Protection Fund, Wealth Tax during the year.

10. The Company has incurred cash loss In the Financial Year but it has not accumulated losses.

11. The Company has not taken any loan from bank or Financial institutions therefore clause 4 (xi) of the said order is not applicable.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities and therefore paragraph 4 (xii) of the said order is not applicable.

13. The provisions of any special Statue applicable to chit fund and nidhi / mutual benefit fund/society are not applicable to the company and therefore paragraph 4 (xiii) of the said order is not applicable.

14. The Company is not dealing in shares, securities, and other investments therefore paragraph 4 (xiv) of the said order is not applicable.

15. According to the information and explanations given to us, during the year the company has not given any guarantee for loans taken by others from banks or financial institutions and therefore paragraph 4 (xv) of the said order is not applicable.

16. The Company has not taken term loan during the year and therefore paragraph 4 (xvi) of the said order 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, In our opinion, there are no funds raised on short term basis which have been used for long term Investments and vice versa.

18. The company has not made any preferential allotment of shares during the year and therefore paragraph 4 (xviii) of the said order Is not applicable.

19. The Company has not issued any debentures during the year and therefore paragraph 4(xix) of the said order is not applicable.

20. The Company has not raised any money by way of public issues during the year and therefore paragraph 4 (xx) of the said order is not applicable.

21. Based upon the audit procedures performed and as per the information and explanations given to us by the management we report that no fraud on or by the company has been noticed during the year.

For S. JAIN BOHRA & CO. CHARTERED ACCOUNTANTS. FIRM REGD. NO. 114S55W

(R. C. BOHRA) Partner (M. NO. 73480)

PLACE : MUMBAI DATE: 11/06/2012

 
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