Auditor Report of Arcuttipore Tea Company Ltd.

Mar 31, 2014

We have audited the attached Balance Sheet of ARCUTTIPORE TEA COMPANY LIMITED as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date and a summary of significant accounting policies and other explanatory information

Management''s Responsibility For The Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, and financial performance of the company in accordance with the Accounting Standards notified under the Companies Act ,1956 ("the Act"). read with the General Circular 15/2013 dated 13th September , 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act,2013 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 a true and fair view and are free of 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 auditing standards 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 of 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 statement, 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.

Basis for Qualified Opinion: -

i. Note12.4 regarding, non-provision / non-ascertainment of diminution in value of shares held as stock in trade, the eventual shortfall that may arise there from cannot be commented upon by us.

ii. Note 12.5 regarding non-availability of shares held as stock in trade for physical verification.

iii. Note 13.1 regarding sundry receivables, aggregating to Rs. 2,00,069/-/- (Previous year Rs. 1,21,393/-), the eventual recovery of which and extent of provision there against, if any, cannot be ascertained.

iv. Note 29 regarding non-provision and basis of ascertainment of gratuity liability on the management''s estimate, which may be different if ascertained on the basis of actuarial valuation and the impact of which is not ascertainable. This is not in consonance with Accounting Standard-15 on Accounting of Retirement benefits issued by the Institute of Chartered Accountants of India (ICAI) due to which loss for the year is lower by Rs 4,12,128/- Previous year Rs. 6,28,517/-), Reserve and Surplus are higher and current liabilities at the year end are lower by Rs.1,16,79,382/- (Previous year Rs.1,06,50,382/-) (to the extent ascertained).

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the Basis for Qualified Opinion paragraph, the Financial Statements give the information required by 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, 2014

ii. in the case of the statement of Profit & 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 of the Company 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 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 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 :

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. The Balance Sheet, Statement of Profit & Loss and Cash Flow statement dealt with by this report are in agreement with the books of account,

iii. 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 the books,

iv In our opinion the Statement of Profit & Loss and the Balance Sheet of the Company dealt with by this report comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 to the extent applicable.

v. On the basis of written representations received from the directors and 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 Clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956,

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph 1 of our report of even date)

Re: ARCUTTIPORE TEA COMPANY LIMITED

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

i. (a) Proper updated records showing full particulars including quantitative details and situation of its fixed assets are being updated by the Company.

(b) As explained to us, the fixed assets of the Company have been physically verified by the management during the year .No material discrepancies between the book records and the physical inventory were noticed.

(c) The company has not disposed any fixed assets during the year.

ii. (a) As explained to us, physical verification of inventory of finished stock of Tea and shares has been conducted at reasonable intervals by the management. There is inventory of finished stock of tea at the year end with third parties and confirmations for the same have not been obtained from the concerned parties.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) As informed, the Company is maintaining proper records of its inventories and no discrepancies were noticed on verification of stocks with book record

iii. (a) The company has taken/granted certain unsecured loan and /or advances in the nature of loans from/to the companies, firms, parties covered under the register maintained under Section 301 of the Companies Act 1956. In the absence of relevant information and related documents, we are unable to quantify the number of companies and amount involved in the transactions. There are however, interest free loan of Rs.1,58,00,000/- taken by the company from a company other than the aforesaid companies. The maximum amount outstanding at any time during the year was Rs.1,58,00,000/- ,and at the year end balance is Rs.1,58,00,000/-. The company has also taken interest bearing unsecured loans amounting Rs1,71,55,003/- in aggregate .( previous year Rs 96,00,000/-) from several companies other than the aforesaid companies and the said loan amounts are outstanding at the year end and repayable on demand. Moreover, the company has given an interest free advance in the nature of unsecured loan of Rs. 25,00,000/- to a company and the same is receivable on demand.

(b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the said loans taken and given by the company, are not prima facie prejudicial to the interest of the company.

(c) In respect of the said loans and interest thereon , there are no overdue amounts and the principal loan amounts are repayable on demand, except for the interest free long term loan Rs.1,58,00,000/- which is repayable over a period of 5 years.

(d) In case of other loans taken and or given, there is no stipulation for payment of principal and interest amount except as stated in Para iii(a) and iii(c). As such, we are unable to ascertain whether such terms are prejudicial to the interest of the company and whether said loan is overdue for repayment.

iv. In our opinion and according to the information and explanations given to us, the prevailing internal control system needs to be strengthened, to commensurate with the size of the company and the nature of its business for purchases/inventory and fixed assets, and for sale of goods.

v. (a) In our opinion and according to information and explanation given to us, the particulars of contracts or transactions referred to in Section 301 of the Companies act 1956 ,if any, are yet to be recorded in the register required to be maintained under that section.

(b) The Company has made related parties transactions as stated in Note 27 herein.

vi. According to the information and explanation given to us, the company has not accepted any public deposit within the meaning of the Section 58A of the Companies Act, 1956 and rules framed there under.

vii. The Company has not been maintaining the cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956. No Cost Audit has been conducted during the year.

viii. (a) As given in Note 7.2 & 7.3 and according to the information and explanations, given to us the company is regular during the year in depositing with the appropriate authorities undisputed statutory dues in respect of Provident Fund, Income Tax, Sales-Tax, Cess and Professional Tax. Provident Fund dues and Cess on Green leaf for the year and the old statutory dues on these accounts for the earlier years, as stipulated, are being deposited with the concerned authorities.

(b) According to information and explanations given to us, there are no dues of income tax, sales tax excepting Rs.65,557/- ( previous year Rs14,065/-), wealth tax, service tax, professional tax excepting Rs, 91,562/- (Previous year Rs.89,855/-)., custom duty, excise duty or cess on green leaf excepting Rs.49,57,072/--(Previous year Rs.57,73,033/-), land Revenue tax Rs. 12,18,874/- (previous year Rs.2,04,624/-) as at 31st March, 2014, outstanding on account of any dispute, other than the following:

Name of Nature of Dues Amount Rs. Statute

Income tax Order U/s 154/251/254/143(3) Refund of Act 1961 dated24.12.2013 of the Income Rs. Tax in respect of regular 13,58,214 assessment u/s143(3) of the Act against as against total demand for Rs. demand For 248.47 lakhs as on 31.03.2013 Rs. referred by the Department to 2,00,99,643 Income Tax Appellate Tribunal Notice appeal no 912/ kol/2014 dated 13/05/2014

Appeal against Order of regular 39,64,196 assessment u/s143(3) of the Act as against total demand for Rs. 63.43 lakhs as on 31.03.2013 as per Tax Recovery Certificate no 223 dated 14.01.2013

Wealth Tax Demand raised in the Order of 5,370 Act regular assessment u/s 17& 16(5)

Demand raised in the Order of 15,303 regular assessment u/s 17& 16(5)

Demand raised on the Order Of 12,921 regular assessment u/s 17& 16(5)

Name of Period to which the Forum where Statute amount relates dispute is pending

Income tax Asst Year 2002-03 Case is referred Act 1961 to Appettate Tribunal

Asst year 2003-04 CIT (A) Wealth Tax Asst Year 2002-03 Act Asst Year 2003-04 Asst Year 2004-05 ix. The accumulated losses of the company as at the end of the year are Rs.12,71,34,103/--. The said amount as shown in the Note 2 are more than the net worth of the Company. However, the Company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xi Based on our examination and according to 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.

xii The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the company

xiii During the year under audit, the company has not dealt in shares, securities, debentures. The company has shares of other companies held as stock in trade at the year end.

xiv According to information and explanations given to us, we are of the opinion that the company has not given any guarantee for loans taken by others from bank or financial institutions.

xv. As per the information and explanations given to us, loans taken from financial company / bank as obtained/ availed by the company were generally utilised for purpose for which these were obtained/availed.

xvi. During the year under audit, the company has not borrowed any term loan except for an interest free loan of Rs.1,58,00,000/- for 5 years from a body corporate.

xvii. 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.

xviii. The company has not issued any debentures and therefore, the provisions of clause 4(xix) are not applicable to the company.

xix. During the period covered by our audit, the company has not raised any money by public issue therefore, the provision of clause 4(xx) are not applicable to the company.

xx. According to the information and explanations given to us and the audit procedures performed, we have neither come across any instances of fraud on or by the company noticed or reported during the year nor have we been informed of such case by the management.

For GORA & COMPANY Chartered Accountants FRN 327183E

Gora Chand Mukherjee Place: Kolkata (Partner) Date: 26th May, 2014 Membership No. 17630

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Mar 31, 2013

Report on the Financial Statements

We have audited the attached Balance Sheet of ARCUTTIPORE TEA COMPANY LIMITED as at 31 st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date 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 of 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 auditing standards 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 of 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 statement, 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.

Basis for Qualified Opinion : -

i. Note 7.2 (iii) regarding non-provision of interest demand Rs.8,00,245/- on delayed deposit of P.F dues.

ii. Note 9.5 regarding non-provision of depreciation on machineries Rs. 18,09,8407- (previous year Rs. 18,09,840/-) for the earlier years, due to which loss is lower and both Fixed assets and Reserve and Surplus at the year end are higher by Rs.18,09,840/ - (Previous year Rs.18,09,840/-).

iii. Notel 2.4 regarding, non-provision / non-ascertainment of diminution in value of shares held as stock in trade, the eventual shortfall that may arise there from cannot be commented upon by us.

iv. Note 12.5 regarding non-availability of shares held as stock in trade for physical verification.

v. Note 13.1 regarding sundry receivables, aggregating to Rs. 1,21,393/- (Previous year Rs. 5,09,616/-), the eventual recovery of which and extent of provision there against, if any, cannot be ascertained.

vi. Note 29 regarding non-provision and basis of ascertainment of gratuity liability on the management''s estimate, which may be different if ascertained on the basis of actuarial valuation and the impact of which is not ascertainable. This is not in consonance with Accounting Standard-15 on Accounting of Retirement benefits issued by the Institute of Chartered Accountants of India (ICAI) due to which loss for the year is lower by Rs 6,28,517/- ( Previous year Rs. 9,78,806/-), Reserve and Surplus are higher and current liabilities at the year end are lower by Rs. 1,06,50,382/- (Previous year Rs.93,71,660/-) (to the extent ascertained).

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matters described in the Basis for Qualified Opinion paragraph, the Financial Statements give the information required by 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, 2013

ii. in the case of the statement of Profit & 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 of the Company 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 issued by the Central Government in terms of Section 227(4 A) of the Companies Act, 1956 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:

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. The Balance Sheet, Statement of Profit & Loss and Cash Flow statement dealt with by this report are in agreement with the books of account,

iii. 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 the books,

iv In our opinion, the Balance Sheet .Statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act 1956 to the extent applicable.

v. On the basis of written representations received from the directors and taken 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 Clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956,

NNEXURE TO THE AUDITORS''REPORT

( Referred to in paragraph 1 of our report of even date )

Re: ARCUTT1PORE TEA COMPANY LIMITED

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

i. (a) Proper updated records showing full particulars including quantitative details and situation of its fixed assets are being updated by the Company.

(b) As explained to us, the fixed assets of the Company have been physically verified by the management during the year .No material discrepancies between the book records and the physical inventory were noticed.

(c) The company has not disposed any fixed assets during the year.

ii. (a) As explained to us, physical verification of inventory of finished stock of Tea and shares has been conducted at reasonable intervals by the management. There is no inventory of finished stock of tea at the year end with third parties.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) As informed, the Company is maintaining proper records of its inventories and no discrepancies were noticed on verification of stocks with book record

iii. (a) The company has taken/granted certain unsecured loan and /or advances in the nature of loans from/to the companies, firms, parties covered under the register maintained under Section 301 of the Companies Act 1956. In the absence of relevant information and related documents, we are unable to quantify the number of companies and amount involved in the transactions. There is, however, an interest free loan of Rs. 1,58,00,000/- taken by the company from a company other than the aforesaid companies and the maximum amount outstanding at any time during the year was Rs. 1,5 8,00,000/- ,and at the year end balance is Rs. 1,58,00,000/-. The company has also taken interest bearing unsecured loans amounting Rs96,00,000/- in aggregate.(previous year Rs 45,00,000/-) from several companies other than the aforesaid companies and the said loan amounts are outstanding at the year end and repayable on demand ..

(b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the said loans taken by the company, are not prima facie prejudicial to the interest of the company.

(c) In respect of the said loans and interest thereon , there are no overdue amounts and the principal loan amounts are repayable on demand, except for the interest free long term loan Rs.l ,58,00,000/- which is repayable over a period of 5 years.

(d) In case of other loans taken and or given, there is no stipulation for payment of principal and interest amount. As such, we are unable to ascertain whether such terms are prejudicial to the interest of the company and whether said loan is overdue for repayment.

i v. In our opinion and according to the information and explanations given to us, the prevailing internal control system needs to be strengthened, to commensurate with the size of the company and the nature of its business for purchases/inventory and fixed assets, and for sale of goods.

v. (a) In our opinion and according to information and explanation given to us, the particulars of contracts or transactions referred to in Section 301 of the Companies act 1956 ,if any, are yet to be recorded in the register required to be maintained under that section. (b) The Company has made related parties transactions as stated in Note 27 herein.

vi. According to the information and explanation given to us, the company has not accepted any public deposit within the meaning of the Section 58A of the Companies Act, 1956 and rules framed there under.

vii. The Company has not been maintaining the cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

viii.(a) As given in Note 7.2 & 7.3 and according to the information and explanations, given to us the company is regular during the year in depositing with the appropriate authorities undisputed statutory dues in respect of Provident Fund, Income Tax, Sales-Tax, Cess and Professional Tax. Provident Fund dues and Cess on Green leaf for the year and the old statutory dues on these accounts for the earlier years, as stipulated, are being deposited with the concerned authorities.

(b) According to information and explanations given to us, there are no dues of income tax, sales tax excepting Rs. 14,065/- (previous year Rs.Nil), wealth tax, service tax, professional tax excepting Rs, 89,855/- (Previous year Rs 90,213/-)., custom duty, excise duty or cess on green leaf excepting Rs.57,73,033/- (Previous year Rs.68,43,848/-) as at 31" March, 2013, outstanding on account of any dispute, other than the following:



Name of Nature of Dues Amount Rs. Period to which the Forum where Statute amount relates dispute is pending

Income tax Appeal against Order of regular 2,00,99,643 Asst Year 2002-03 CIT(A) Act 1961 assessment u/s 143(3) of the Act as against total demand for Rs. 248.47 lakhs as on 31.03.2013 as per Tax Recovery Certificate no 222 dated 14.01.2013

Appeal against Order of regular 39,64,196 Asst year 2003-04 CIT(A) assessment u/s 143(3) of the Act as against total demand for Rs. 63.43 lakhs as on 31.03.2013 as per Tax Recovery Certificate no 223 dated 14.01.2013

Wealth Tax Demand raised in the Order of 5,370 Asst Year 2002-03 Act regular assessment u/s 17& 16(5)

Demand raised in the Order of 15,303 Asst Year 2003-04 regular assessment u/s 17& 16(5)

Demand raised on the Order f 12,921 Asst Year 2004-05 regular assessment u/s 17& 16(5)



ix. The accumulated losses of the company as at the end of the year are Rs. 12,33,64,010/-. The said amount as shown in the Note 2 are more than the net worth of the Company. However, the Company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

x. In our opinion and according to the information and explanation given to us, there have not been repayment of dues including interest to financial institution and details of the delayed amount and delays are given as under:

Particulars of loan Maximum amount of delay Maximum period of delay

Tea Board of Rs. 12,82,211/- Rs.28,03,031/- More than 8 years

xi Based on our examination and according to 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.

xii The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to the company

xiii During the year under audit, the company has dealt in shares, securities, debentures. The company has shares held as stock in trade at the year end.

xi v According to information and explanations given to us, we are of the opinion that the company has not given any guarantee for loans taken by others from bank or financial institutions.

xv. As per the information and explanations given to us, loans taken from financial company / bank as obtained/ availed by the company were generally utilised for purpose for which these were obtained/availed.

xvi. During the year under audit, the company has not borrowed any term loan except for an interest free loan of Rs. 1,5 8,00,000/- for 5 years from a body corporate.

xvii. 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.

xviii. The company has not issued any debentures and therefore, the provisions of clause 4(xix) are not applicable to the company.

xix. During the period covered by our audit, the company has not raised any money by public issue therefore, the provision of clause 4(xx) are not applicable to the company.

xx. According to the information and explanations given to us and the audit procedures performed, we have neither come across any instances of fraud on or by the company noticed or reported during the year nor have we been informed of such case by the management. Subject to above, we report that: -



For GORA & COMPANY

Chartered Accountants

FRN 327183E

Gora Chand Mukherjee

Place: Kolkata (Partner)

Date:30th May, 2013 Membership No. 17630

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Mar 31, 2012

We have audited the attached Balance Sheet of ARCUTTIPORE TEA COMPANY LIMITED as at 31st March, 2012, the Statement of Profit and Loss and the cash flow statement of the Company 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 based 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 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.

A. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 and according to the information and explanations given to us and on the basis of such checks as we considered appropriate, we state that:

i. (a) Proper updated records showing full particulars including quantitative details and situation of its fixed assets are being updated by the Company.

(b) The fixed assets of the Company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(c) The company has not disposed any fixed assets during the year, which could affect the going concern status of the company.

ii. (a) As explained to us, physical verification of inventory has been conducted at reasonable intervals by the management. There is no inventory, except shares, at the year end with company as well as with third parties.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) As informed, the Company is maintaining proper records of its inventory and no discrepancies were noticed on verification of stocks with book record

iii. (a) The company has taken/granted certain unsecured loan and /or advances in the nature of loans

from/to the companies, firms, parties covered under the register maintained under Section 301 of the Companies Act 1956. In the absence of relevant information and related documents, we are unable to quantify the number of companies and amount involved in the transactions. There is, however, an interest free loan of Rs.1,58,00,000/- taken by the company from a company other than the aforesaid companies body corporate and the maximum amount outstanding at any time during the year was Rs.1,58,00,000/- and the year end balance is Rs.1,58,00,000/-. The company has taken interest bearing loans amounting Rs.45,00,000/- from companies other than the aforesaid companies and the said loan amounts are outstanding at the year end.

(b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the said loans taken by the company, are not prima facie prejudicial to the interest of the company.

(c) In respect of the said loans and interest thereon , there are no overdue amounts and the principal loans are repayable on demand, except for the interest free loan Rs.1,58,00,000/- which is repayable over a period of 5 years.

(d) In case of other loans taken and or given, there is no stipulation for payment of principal and interest amount. As such, we are unable to ascertain whether such terms are prejudicial to the interest of the company and whether said loan is overdue for repayment.

iv. In our opinion and according to the information and explanations given to us, the prevailing internal control system needs to be strengthened, to commensurate with the size of the company and the nature of its business for purchase/inventory and fixed assets and for sale of goods.

v. (a) In our opinion and according to information and explanation given to us, the particulars of contracts or

transactions referred to in Section 301 of the Companies act 1956 are yet to be recorded in the register required to be maintained under that section.

(b) The Company has made related parties transactions as stated in Note 27 herein.

vi. According to the information and explanation given to us, the company has not accepted any public deposit with in the meaning of the Section 58A of the Companies Act, 1956 and rules framed there under.

vii. The Company has not been maintaining the cost records as prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

viii. (a) As given in Note 7.2 & 7.3 and according to the information and explanations, given to us the company

is regular during the year in depositing with the appropriate authorities undisputed statutory dues in respect of Provident Fund, Income Tax, Sales-Tax, Cess and Professional Tax. Provident Fund dues and Cess on Green leaf for the year and dues for the earlier years as stipulated are being deposited with the concerned authorities.

(b) According to information and explanations given to us, there are no dues of income tax, sales tax, wealth tax, service tax, custom duty, excise duty or cess on green leaf excepting Rs.64,60,370/- (Previous year Rs.43,43,744/-) as at 31st March, 2012, outstanding on account of any dispute, other than the following:

Name of Nature of Dues Amount Rs. Period to which the Forum where amount relates dispute is pending Statute

Income tax Appeal against Order of regular 2,00,99,643 Asst Year 2002-03 CIT(A) Act 1961 assessment u/s143(3) of the Act

Appeal against Order of regular 39,64,196 Asst year 2003-04 CIT (A) assessment u/s143(3) of the Act

Wealth Tax Demand raised on the Order of 5,370 Asst Year 2002-03 Act regular assessment u/s 17& 16(5)

Demand raised on the Order of 15,303 Asst Year 2003-04 regular assessment u/s 17& 16(5)

Demand raised on the Order of 12,921 Asst Year 2004-05 regular assessment u/s 17& 16(5)

ix. The accumulated losses of the company as at the end of the year are Rs.12,02,70,440/-. The said amount as shown in the Note 2 exceeds the said losses and are more than the net worth of the Company. However, the Company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

x. In our opinion and according to the information and explanation given to us, there have not been repayment of dues to financial institution and details of the delayed amount and delays are given as under:

Particulars of loan Maximum amount of delay Maximum period of delay

Tea Board of Rs.12,82,211/- Rs.12,82,211/- More than 6 years

xi Based on our examination and according to 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.

xii The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the company

xiii During the year under audit, the company has not dealt in shares, securities, debentures. However, the company has shares held as stock in trade at the year end.

xiv According to information and explanations given to us, we are of the opinion that the company has not given any guarantee for loans taken by others from bank or financial institutions.

xv. As per the information and explanations given to us, cash credit loans as obtained/ availed by the company were generally utilised for purpose for which these were obtained/availed. However, in respect of the secured loans taken by the company from Central Bank of India, Kolkata, the company has settled and paid off its dues amount during the year.

xvi. During the year under audit, the company has not borrowed any amount in form of Term Loan except for an interest free loan of Rs.1,58,00,000/- for 5 years from a body corporate.

xvii. 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.

xviii. The company has not issued any debentures and therefore, the provisions of clause 4(xix) are not applicable to the company.

xix. During the period covered by our audit, the company has not raised any money by public issue therefore, the provision of clause 4(xx) are not applicable to the company.

xx. According to the information and explanations given to us and the audit procedures performed, we have neither come across any instances of fraud on or by the company, noticed or reported during the year nor have we been informed of such case by the management.

B. Attention is invited to the following notes of Schedule D: -

i. Note 7.2 (iii) regarding non-provision of interest demand Rs.8,00,245/- on delayed deposit of P.F. dues.

ii. Note 9.5 regarding non-provision of depreciation on machineries for Rs. 904920/- (previous year Rs. 1809840/-) for the year, due to which loss for the year is lower and both Fixed assets and Reserve and Surplus at the year end are higher by Rs.27,14,760/- (Previous year Rs.18,09,840/-).

iii. Note 11.1 and Note 13.1 regarding loans receivables and sundry receivables, aggregating to Rs. 6,88,030/- (Previous year Rs. 1,90,66,325/-), the eventual recovery of which and extent of provision there against, if any, cannot be ascertained.

iv. Note12.4 regarding, non-provision / non-ascertainment of diminution in value of shares held as stock in trade, the eventual shortfall that may arise there from cannot be commented upon by us,

v. Note 12.5 regarding non-availability of shares held as stock in trade for physical verification.

vi. Note 29 regarding non-provision and basis of ascertainment of gratuity liability on the management's estimate, which may be different if ascertained on the basis of actuarial valuation and the impact of which is not ascertainable. This is not in consonance with Accounting Standard-15 on Accounting of Retirement benefits issued by the Institute of Chartered Accountants of India (ICAI) due to which loss for the year is lower by Rs.9,78,806/-, Reserve and Surplus are higher and current liabilities are lower by Rs.93,71,660/- (Previous year Rs.87,29,038/-) (to the extent ascertained).

C. Subject 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 purpose of our audit,

ii. The Balance Sheet, Statement of Profit & Loss and Cash Flow statement dealt with by this report are in agreement with the books of account,

iii. 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 the books,

D. In our opinion, excepting (i) note 9.5 regarding non provision of depreciation on machineries ii) note 12.4 regarding non-provision / non-ascertainment of diminution in value of shares held as stock in trade and (iii) note 29 regarding non-provision of gratuity liability the statement of Profit and Loss and Balance Sheet comply with the Accounting Standards as referred to in Section 211 (3C) of the Companies Act 1956 to the extent applicable.

E. On the basis of written representations received from the directors and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March 2012 from being appointed as a Director in terms of Clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956,

F. In our opinion and to the best of our information and according to the explanations given to us the said accounts subject to our remarks in para B read together with other notes, give the information required by Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles prevailing 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 & 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 of the Company for the year ended on that date.

For GORA & COMPANY Chartered Accountants FRN 327183E

Gora Chand Mukherjee (Proprietor)

Membership No. 17630

Place: Kolkata

Date: 24th May 2012

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Mar 31, 2011

We have audited the attached Balance Sheet of ARCUTTIPORE TEA COMPANY LIMITED as at 31st March, 2011 and the Profit & Loss account along with cash flow statement of the Company 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 based 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 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.

A. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 and according to the information and explanations given to us and on the basis of such checks as we considered appropriate, we state that:

i. (a) Proper updated records showing full particulars including quantitative details and situation of its fixed assets are yet to be updated by the Company.

(b) The fixed assets of the Company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(c) The company has not disposed any fixed assets during the year, which could affect the going concern status of the company..

ii. (a) As explained to us, physical verification of inventory has been conducted at reasonable intervals by the management. There is no inventory except shares at the year end with company as well as with third parties.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) As informed, the Company is maintaining proper records of its inventory and no discrepancies were noticed on verification of stocks with book record

(d) (a) The company has taken/granted certain unsecured loan from/to the company covered under the register maintained under Section 301 of the Companies Act 1956. In the absence of relevant information and related documents, we are unable to quantify the number of companies and amount involved in the transaction.

(b) There is no stipulation for payment of principal and interest amount. As such we are unable to ascertain whether such terms are prejudicial to the interest of the company and whether said loan is overdue for repayment.

iii. In our opinion and according to the information and explanations given to us, the prevailing internal control system needs to be strengthened, to commensurate with the size of the company and the nature of its business for purchase/inventory and fixed assets and for sale of goods.

iv. (a) In our opinion and according to information and explanation given to us, the particulars of contracts or transactions referred to in Section 301 of the Companies act 1956 are yet to be recorded in the register required to be maintained under that section.

(b) The Company has made transactions as stated in Note No. 21B herein.

v. According to the information and explanation given to us, the company has not accepted any public deposit with in the meaning of the Section 58A of the Companies Act 1956 and rules framed there under.

vi. The Company has not been prescribed for the maintenance of cost records by the Central Government under clause (d) of sub-section (1) of section 209 of the companies Act 1956.

vii. (a) As given in Note No. B 14 (a) & B 14 (b) of Schedule D and according to the information and explanations, given to us the company is regular during the year in depositing with the appropriate authorities undisputed statutory dues in respect of Provident Fund, Income Tax, Sales-Tax, Cess and Professional Tax. Provident Fund dues and Cess on Green leaf for the year and dues for the earlier years as stipulated , are being deposited with the concerned authorities.

(b) According to information and explanations given to us, there are no dues of income tax , sales tax , wealth tax , service tax , custom duty , excise duty or cess or cess on green leaf excepting Rs.4,81,771/- for the year 2010-11, outstanding on account of any dispute , other than the following

viii. The accumulated losses of the company as at the end of the year are Rs.11,90,34,617/-. The said amount as shown in the Schedule exceeds the said losses and are more than the net worth of the Company. However, the Company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

ix. In our opinion and according to the information and explanation given to us, there have been delays in repayment of dues to financial institution and details of the delayed amount and delays are given as under:

Particulars of loan Maximum amount of delay Maximum period of delay

Tea Board of Rs.12,82,211/- Rs.12,82,211/- More than 6 years

x. Based on our examination and according to 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.

xi. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the company

xii. During the year under audit ,the company has not dealt in shares, securities, debentures . However , the company has shares as stock in trade at the year end.

xiii. According to information and explanations given to us, we are of the opinion that the company has not given any guarantee for loans taken by others from bank or financial institutions.

xiv. As per the information and explanations given to us, cash credit loans obtained/availed by the company were generally utilised for purpose for which these were obtained/availed.

xv. During the year under audit, the company has not borrowed any amount in form of Term Loan.

xvi. 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.

xvii. The company has not issued any debentures and therefore, the provisions of clause 4(xix) are not applicable to the company.

xviii. During the period covered by our audit, the company has not raised any money by public issue therefore, the provision of clause 4(xx) are not applicable to the company.

ix According to the information and explanations given to us and the audit procedures performed, we have neither come across any instances of fraud on or by the company, noticed or reported during the year nor have we been informed of such case by the management.

B. Attention is invited to the following notes of Schedule D: -

i. Note No. B.1 (a) regarding, non-provision / non-ascertainment of diminution in value of shares held as stock in trade , the eventual shortfall that may arise there from cannot be commented upon by us,

ii. Note No. B.1 (b) regarding non-availability of shares held as stock in trade for physical verification,

iii. Note No. 5, 6 and Note No. 8 regarding receivables, outstanding, balances and loans receivables, aggregating to Rs. 1,90,66,325/- (Previous year Rs.2, 85,11,712), the eventual recovery of which and extent of provision there against, if any, cannot be ascertained.

iv. Note No.9 (b) regarding income tax deducted at source Rs.29,57,842/- (Previous year Rs 29,57,842/-) which were doubtful of recovery due to non –receipts of relevant certificates from the parties , have been debited to the respective parties accounts and have been shown as considered Good under head Advances Recoverable in cash or in kind in the Statements of Accounts.

v. Note No. B 12 regarding non-provision of depreciation on machineries for Rs. 904920/- ( previous year Rs. Nil) for the year, due to which loss for the year is lower, both Fixed assets and Reserve and Surplus are higher by Rs.9,04,920/- (Previous year Rs.Nil ).

vi. Note No. B 13 regarding non-provision and basis of ascertainment of gratuity liability on the management's estimate, which may be different if ascertained on the basis of actuarial valuation and the impact of which is not ascertainable. This is not in consonance with Accounting Standard-15 on Accounting of Retirement benefits issued by the Institute of Chartered Accountants of India (ICAI) due to which loss for the year is lower, Reserve and Surplus are higher and current liabilities are lower by Rs.87,29,038/- (Previous year Rs.35,56,681/-) (to the extent ascertained), net of payment Rs. 7,20,559/- (Previous year Rs.243319/-) given on account.

C. Subject 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 purpose of our audit,

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

iii. 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 the books,

D. In our opinion, excepting (i) note no B.1 (a) regarding non-provision / non-ascertainment of diminution in value of shares held as stock in trade (ii) note no B12 regarding non provision of depreciation on machineries and (iii) note no.B.13 regarding non-provision of gratuity liability of schedule D, the profit & loss Account and Balance Sheet comply with the Accounting Standards as referred to in Section 211 (3C) of the Companies Act 1956 to the extent applicable.

E. On the basis of written representations received from the directors and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March 2011 from being appointed as a Director in terms of Clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956,

F. In our opinion and to the best of our information and according to the explanations given to us the said accounts subject to our remarks in para B read together with other notes in Schedule 'D', give the information required by Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles prevailing in India: -

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

2011, ii) in the case of Profit & Loss Account, of the loss of the Company for the year ended on that date and iii) in the case of Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

For GORA & COMPANY Chartered Accountants FRN 327183E

Gora Chand Mukherjee (Proprietor) Membership No. 17630

Place: Kolkata

Date: 3rd September 2011

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Mar 31, 2009

We have audited the attached Balance Sheet of ARCUTTIPORE TEA COMPANY LIMITED as at 31st March, 2009 and the Profit & Loss account along with cash flow statement of the Company for the year ended on that date, 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.

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. Ah 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.

A. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 and according to the information and explanations given to us and on the basis of such checks as we considered appropriate, we state that

i. (a) Proper updated records showing full particulars including quantitative details and situation of its fixed assets are being updated by the Company.

(b) The fixed assets of the Company have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(c) The company has not disposed any fixed assets during the year, which could affect the going concern status of the company..

ii. (a) As explained to us, physical verification of inventory has been conducted at reasonable intervals by the management. There is no inventory at the year end with company as well as with third parties.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) As informed, the Company is maintaining proper records of its inventory and no discrepancies were noticed on verification of stocks with book record

(d) (a) The company has taken/granted certain unsecured loan from/to the company covered under the register maintained under Section 301 of the Companies Act 1956. In the absence of relevant information and related documents, we are unable to quantify the number of companies and amount involved in the transaction.

(b) There is no stipulation for payment of principal and interest amount. As such we are unable to ascertain whether such terms are prejudicial to the interest of the company and whether said loan is overdue for repayment.

iii. In our opinion and according to the information and explanations given to us, the prevailing internal control system needs to be strengthened, to commensurate with the size of the company and the nature of its business for purchase/inventory and fixed assets and for sale of goods.

iv. (a) In our opinion and according to information and explanation given to us, the particulars of contracts or transactions referred to in Section 301 of the Companies act. 1956 are being recorded in the register required to be maintained under that section.

(b) The Company has made transactions as stated in Note No. 18B herein.

v. According to the information and explanation given to us, the company has not accepted any public deposit with in the meaning of the Section 58A of the Companies Act 1956 and rules framed there under.

vi. The Company has not been prescribed for the maintenance of cost records by the Central Government under clause (d) of sub-section (1) of section 209 of the companies Act 1956.

vii. (a) As given in Note No. B 12 (a) & B 12 (b) of Schedule D and according to the information and explanations, given to us the company is not regular in depositing with the appropriate authorities undisputed statutory dues in respect of Provident Fund, Income Tax, Sales-Tax, Cess and Professional Tax.

viii. The accumulated losses of the company as at the end of the year are Rs. 114173097/-. The said amount as shown in the Schedule exceeds the said losses and are more than the net worth of the Company. However, the Company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

ix. In our opinion and according to the information and explanation given to us, there have been delays in repayment of dues to financial institution and details of the delayed amount and delays are given as under:

Particulars of loan Maximum amount of delay Maximum period of delay

Tea Board of Rs.1282211/- Rs.1282211/- More than 5 years

x. Based on our examination and according to 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.

xi. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the company

xii. The company is not dealing in shares, securities, debentures.

xiii. According to information and explanations given to us, we are of the opinion that the company has not given any guarantee for loans taken by others from bank ;or financial institutions.

xiv. As per the information and explanations given to us, cash credit loans obtained/availed by the company were generally utilised for purpose for which these were obtained/availed.

xv. During the year under audit, the company has not borrowed any amount in form of Term Loan.

xvi. 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.

xvii.The company has not issued any debentures and therefore, the provisions of clause 4(xix) are not applicable to the company.

xviii. During the period covered by our audit, the company has not raised any money by public issue therefore, the provision of clause 4(xx) are not applicable to the company.

xix. According to the information and explanations given to us and the audit procedures performed, we have neither come across any instances of fraud on or by the company, noticed or reported during the year nor have we been informed of such case by the management.

B. Attention is invited to the following notes of Schedule D: -

i. Note No.B.1 (a) regarding, non-provision / non-ascertainment of diminution in value of Investments, the eventual shortfall that may arise there from cannot be commented upon by US,

ii. Note No. B.1 (rjf regarding non-availability of investments for physical verification,

iii. Note No. 4, 5, 6(a), 6(b), and Note No. 7 regarding receivables, outstanding, balances, loans and interest regarding interest receivables, aggregating to Rs. 3,50,87,400 (Previous year Rs.3, 98,71,266), the eventual recovery of which and extent of provision there against, if any, cannot be ascertained.

iv. Note No.8 (b) regarding income tax deducted at source Rs.29,57,842/- (Previous year Rs 29,57,842/-) which is doubtful of recovery, due to non-adjustment of which the accumulated losses is lower, current assets are higher and Reserve and Surplus are lower to that extent,

v. Note No. B 11 regarding non-provision and basis of ascertainment of gratuity liability on the managements estimate, which may be different if ascertained on the basis of actuarial valuation and the impact of which is not ascertainable. This is not in consonance with Accounting Standard-15 on Accounting of Retirement benefits issued by the Institute of Chartered Accountants of India (ICAI) due to which loss for the year is lower, Reserve and Surplus are higher and current liabilities are lower by Rs.32,52,048/- (Previous year Rs.38,46,243/-) (to the extent ascertained), net of payment Rs. 1247952/- (Previous year Rs.3,53,757/-) given on account.

C. Subject to above, we report that:-

i. We have obtained aH the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit,

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

iii. 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 the books,

D. In our opinion, excepting (i) note no B.1 (a) regarding non-provision / non-ascertainment of diminution in value of Investments (ii) note no.B.11 regarding non-provision of gratuity liability, of schedule D, the profit & loss Account and Balance Sheet comply with the Accounting Standards as referred to in Section 211 (3C) of the Companies Act 1956 to the extent applicable.

E. On the basis of written representations received from the directors and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March 2009 from being appointed as a Director in terms of Clause (g) of Sub Section (1) of Section 274 of the Companies Act, 1956,

F. In our opinion and to the best of our information and according to the explanations given to us the said accounts subject to our remarks in para B read together with other notes in Schedule D, give the information required by Companies Act, 1956, in the manner so required and give a true and" fair view in conformity with the accounting principles prevailing in India: -

i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2009,

ii) in the case of Profit & Loss Account, of the loss of the Company for the year ended on that date and

iii) in the case of Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

For ARUNABHA GANGULY Chartered Accountant Arunabha Ganguly (Proprietor) Membership No. 52554

Place: Kolkata

Date: 3rd September 2009