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Auditor Report of Bhagyashree Leasing & Finance Ltd.

Mar 31, 2015

We have audited the attached Balance Sheet of Bhagyashree Leasing & Finance Limited as at 31st March 2015 and the Statement of Profit & Loss 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 Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of the appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and fair 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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 judgement, 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 financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, of the state of affairs of the Company as at 31 st March, 2015, and its loss for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act , we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that:

a. We have sought and 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 appears from our examination of those books.

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

d. In our opinion, the aforesaid financial statements comply with the accounting standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of written representations received from the directors as on 31 st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of section 164(2) of the Act.

f. With respect to the other matters to be included in the Auditor's Report in accordance with Rules 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company does not have pending litigations which will impact the financial position in its financial statements, except for the note 14 on contingent liability.

ii) The Company did not have any long term contracts including derivative contracts that require provision under any law or accounting standards for which there were any material foreseeable losses.

iii) There were no amounts which are required to be transferred to the Investor Education and Protection Fund by the Company during the year.

ANNEXURE TO AUDITOR'S REPORT Referred to in Paragraph 1 of our Report of even date

i) In respect of Fixed Assets:

The Company does not hold fixed assets, therefore clause (i) of paragraph 3 of the order is not applicable to the company.

ii) In respect of its Inventories:

The Company does not hold any inventories, therefore clause (ii) of paragraph 3 of the order is not applicable to the company.

iii) The Company has not granted any loans, secured or unsecured to companies, firm or other parties covered in the register maintained under Section 189 of the Act. Consequently, the requirement of Clause (iii) (a) and Clause (iii) (b) of paragraph 3 of the Order not applicable to the Company.

iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and sale of services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control systems in respect of same.

v) According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the directives issued by the Reserve Bank of India and the provision of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under. Therefore, the provisions of Clause (v) of paragraph 3 of the Order are not applicable to the Company.

vi) To the best of our knowledge and as explained, the Central Government has not prescribed the maintenance of cost records under sub section (1) of Section 148 of the Act.

vii) In respect of statutory dues:

(a) According to the records of the Company, undisputed statutory dues including Income tax and other applicable statutory dues have been generally regularly deposited with appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31 st March, 2015 for a period of more than six months from the date of becoming payable.

(b) According to the information and explanations given to us, there are no dues of Income tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty and Cess which have not been deposited on account of any dispute.

viii) The Company does have accumulated losses at the end of the financial year. The Company has incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

ix) The company has not raised loans from Financial Institutions or Banks or by issue of debentures and hence Clause (ix) of paragraph 3 of the Order are not applicable to the Company.

x) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions during the year. Therefore, the provisions of clause (x) of paragraph 3 of the Order are not applicable to the Company.

xi) In our opinion and according to the information and explanations given to us, the Company had not taken any term loans during the financial year. Therefore, the provisions of clause (xi) of paragraph 3 of the Order are not applicable to the Company.

xii) In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For RSVA & Co F.R.NO.: 110504W Chartered Accountants

Sd/- Nimit Gujarathi Partner Membership No.:106810

Place : Pune Date: 30.05.2015


Mar 31, 2014

We have audited the accompanying financial statements of BHAGYASHREE LEASING & FINANCE LIMITED (''the Company''), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss for the year then ended, Cash Flow for the year ended and summary of significant Accounting Policies and other explanatory information.

2) 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 and financial performance 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") read with the General Circular 15/2013 dated 13 September, 2013 of Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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.

3) 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, but not for the purpose of expressing an opinion on the effectiveness of entity''s internal control. 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.

4) 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:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

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

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

5) Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 (as amended) (''the Order'') issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (''the Act'') we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the said 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) 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;

iii) The Balance Sheet, Statement of Profit & Loss dealt with by this report are in agreement with the books of accounts;

iv) In our opinion, the Balance Sheet and statement of Profit & Loss dealt with by this report complies with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September, 2013 of Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. and;

v) On the basis of written representation received from the directors, as on 31st March 2014 and taken on record by the Board of Directors, none of the directors are 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 REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE TO THE MEMBERS OF BHAGYASHREE LEASING & FINANCE LIMITED FOR THE YEAR ENDED 31ST MARCH, 2014.

1. (a) The Company does not have any fixed assets therefore sub clause 1 (b) and (c) of paragraph 4 of Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable.

2. (a) The Company maintains the Inventory i.e. Shares in Demat Form. So we are unable to verify the same physically.

3. (a) As informed to us Company has not granted or taken any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act.1956.

(b) Since there are no such loans, the comments regarding terms and conditions for repayment of the principle amount and interest thereon and overdue amount are not required.

4. In our opinion and according to the explanations given to us, there is adequate internal control procedure commensurate with the size of the company and the nature of its business with regard to the purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. According to the information and explanations given to us, the company has not entered into any transactions during the year with parties entered in the register maintained in pursuance of section 301 of the Companies Act.

6. The company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.

7. In our opinion, the company has an internal control system commensurate with the size of the company & nature of its business.

8. The maintenance of cost records under section 209 (i) (d) of the Companies Act, 1956 is not applicable to the company.

9. In respect of statutory dues.

a. According to the records of the company undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees state Insurance, Income tax, Sales tax, Wealth tax, Customs duty, Excise duty, Cess and other material statutory dues have been generally regularly deposited with the appropriate authorities.

b. According to the information and explanations given to us no undisputed amounts payable in respect dues were outstanding for the period of more than six months from the date of becoming payable.

c. According to the information and explanation given to us there are no dues of Sales tax, Income tax, Customs duty, Wealth tax, Excise duty and Cess which have not been deposited on account of any dispute.

10. The accumulated losses of the Company at the end of the financial year do not exceed more than 50% of the Net Worth as on 31st March, 2014. The Company has incurred the cash losses during the current year and in immediately preceding financial year.

11. Based on our audit procedures and according to explanation given to us, we are of the opinion that the company has not taken loans from the bank as at the Balance Sheet Date. The company has no debenture holder.

12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the companion 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 provisions of clause 4(xiii) of the Companies (Auditors Report) Order 2003 are not applicable to the company.

14. The company deals in shares, securities, debentures and other investments. As informed and explained to us, records of transactions and contracts relating to dealings have been properly made. Shares, Securities, debentures and other securities have been held by the Company in its own name except to the extent of the exemption, if any, granted under section 49 of the Act.

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

16. According to the information and explanation given to us the company has not taken term loans during the year and hence the related reporting requirements are 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 no funds raised on short-term basis have been used for long term investment. No long-term funds have been used to finance short-term assets except permanent working capital.

18. During the year 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. The company has not issued any debentures during the year, nor did it have any outstanding debentures at the beginning of the year.

20. The company has not raised any money by way of public issue during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year that causes financial statements to be materially misstated.

For RSVA & Co Chartered Accountants FRN: 110504W

Sd/- Nimit Gujarathi Partner M. No.: 106810 Place: Pune Date: 30.05.2014


Mar 31, 2013

We have audited the attached Balance Sheet of BHAGYASHREE LEASING & FINANCE LIMITED. as at 31st March, 2013 and also the annexed Profit and Loss Account of the company for the year ended on that date and report that, 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 the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examine, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the managements, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor''s report) Order, 2003 issued by the Central Government of India in terms of Sub- Section (4A) of Section 227 of the Companies Act, 1956 and in terms of the information and explanations given to us and on the basis of such checks as we considered appropriate, we enclose in the annexure a statement on the matters specified in the paragraphs 4 and 5 of the said Order.

Further our comments in the annexure referred to in Para 3 above, we report as follows:-

a) We have obtained all the information and explanation, 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 law have been kept by the company, so far as appears from our examination of the books.

c) The balance Sheet and Profit and Loss Account are in agreement with the books of accounts.

d) In our opinion, the balance Sheet and Profit and Loss Account complies with the Accounting Standards referred to Sub-Section (3C) of Section 211 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 together with the notes thereon give the information required by the companies Act, 1956, in the manner so required give a true and fair view:-

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 Profit and Loss Account, Loss of the year ended on that date.

f) On the basis of the written representations received from the Directors and taken on record by the company, we report that none of the directors is disqualified, as on the Balance Sheet date from being appointed, as a director in terms of section 274 (1) (g) of the companies Act, 1956.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE TO THE MEMBERS OF BHAGYASHREE LEASING & FINANCE LIMITED FOR THE YEAR ENDED 31 ST MARCH, 2013.

i (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets and no material discrepancies have been found on such verification.

(b) The Fixed Assets has been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification. These assets have been completely written off during this year.

(c) No substantial part of the fixed assets have been disposed off during the year.

(ii) (a) The Company maintains the Inventory i.e. Shares in Demat Form. So we are unable to verify the same physically.

(iii) (a) As informed, 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.

(b) Since there are no such loans, the comments regarding terms and conditions, repayment of the principle amount and interest thereon and overdue amount not required.

(iv) In our opinion and according to the information and explanation given to us, during the course of audit, there are adequate internal control systems commensurate with size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of books and practices in India, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedure.

(v) (a) According to the information and explanations given to us, we are of the opinion that no transactions were required to be entered into the register maintained under section 301 of the Act.

(b) In our opinion and according to the information and explanations given to us that no transactions were made aggregating during the year to Rupees five lakhs or more in respect of each party in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Act.

(vi) The Company has not accepted any deposits from public within the meaning of section 58A ¦Â• and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, j 1975. i

(vii) In our opinion, the Company has an adequate system of internal audit which is commensurate with the size and nature of its business.

(viii) We are informed that, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956.

(ix) (a) The Company is regular in depositing the undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other Statutory dues with the appropriate authorities as applicable. No amount was outstanding more than six months as on the date of Balance Sheet from the date they become payable. (b) There were no disputed Income Tax, Wealth Tax and Service Tax dues which were not deposited as on March 31, 2013.

(x) The accumulated losses of the Company at the end of the financial year do not exceed more than 50% of the Net Worth as on 31st March, 2013. The Company has incurred the cash losses during the current year and in immediately preceding financial year.

(xi) According to the records of the Company examined by us and the information and explanations given to us, the Company has not taken loans from bank as at the Balance Sheet date.

(xii) According to the information and explanations given 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.

(xiii) The Company does not fall within the category of Chit Fund/Nidhi/Mutual Benefit fund/ Society and hence the related reporting requirements are not applicable.

(xiv) The Company deals in shares, securities, debentures and other investments. As informed and explained to us, proper records have been maintained of the transactions and contracts relating to dealings have been made therein. Shares, Securities, debentures and other securities have been held by the Company in its own name except to the extent of the exemption, if any, granted under section 49 of the Act.

(xv) In our opinion, according to the information and explanations given to us and to the best of our knowledge and belief on an overall examination, the Company has not given any guarantee for loan taken by an associate company from bank or financial institutions.

(xvi) According to the information and explanations given to us, The Company has not obtained any term loans during the year and hence the related reporting requirements are not applicable.

(xvii) According to the information and explanations given to us,and as per the books and records examined by us, as on the date of balance sheet of the Company has not raised funds on short term basis.

(xviii) According to the information and explanations given to us, 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.

(xix) The company has not issued any debentures during the year.

(xx) The Company has not raised any money by way of public issues during the year.

(xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and as per the representation given by the Company and relied on by us we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such cases by the management.

Auditors'' Report

As per our report of even date

For RSVA & Co.

Chartered Accountants

FRN 110504W

Sd/-

(Nimit Gujarathi)

Place: Pune Partner

Date: 24.05 2013 Membership No.: 106810


Mar 31, 2012

1. We have audited the attached Balance Sheet of BHAGYASHREE LEASING & FINANCE LIMITED. as at 31st March, 2012 and also the annexed Profit and Loss Account of the company for the year ended on that date and report that, 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 the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examine, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the managements, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's report) Order, 2003 issued by the Central Government of India in terms of Sub- Section (4A) of Section 227 of the Companies Act, 1956 and in terms of the information and explanations given to us and on the basis of such checks as we considered appropriate, we enclose in the annexure a statement on the matters specified in the paragraphs 4 and 5 of the said Order.

4. Further our comments in the annexure referred to in Para 3 above, we report as follows:-

a) We have obtained all the information and explanation, 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 law have been kept by the company, so far as appears from our examination of the books.

c) The balance Sheet and Profit and Loss Account are in agreement with the books of accounts.

d) In our opinion, the balance Sheet and Profit and Loss Account complies with the Accounting Standards referred to Sub-Section (3C) of Section 211 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 together with the notes thereon give the information required by the companies Act,1956, in the manner so required give a true and fair view:-

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 Profit and Loss Account, Loss of the year ended on that date.

f) On the basis of the written representations received from the Directors and taken on record

by the company, we report that none of the directors is disqualified, as on the Balance Sheet date from being appointed, as a director in terms of section 274 (1) (g) of the companies Act, 1956.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE TO THE MEMBERS OF BHAGYASHREE LEASING & FINANCE LIMITED FOR THE YEAR ENDED 31ST MARCH, 2012.

i (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets and no material discrepancies have been found on such verification.

(b) The Fixed Assets has been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification. These assets have been completely written off during this year.

(c) No substantial part of the fixed assets have been disposed off during the year.

(ii) (a) The Company maintains the Inventory i.e. Shares in Demat Form. So we are unable to verify the same physically.

(iii) (a) As informed, 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.

(b) Since there are no such loans, the comments regarding terms and conditions, repayment of the principle amount and interest thereon and overdue amount not required.

(iv) In our opinion and according to the information and explanation given to us, during the course of audit, there are adequate internal control systems commensurate with size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of books and practices in India, we have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedure.

(v) (a) According to the information and explanations given to'us, we are of the opinion that no transactions were required to be entered into the register maintained under section 301 of the Act.

(b) In our opinion and according to the information and explanations given to us that no transactions were made aggregating during the year to Rupees five lakhs or more in respect of each party in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Act.

(vi) The Company has not accepted any deposits from public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.

(vii) In our opinion, the Company has an adequate system of internal audit which is commensurate with the size and nature of its business.

(viii) We are informed that, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956.

(ix) (a) The Company is regular in depositing the undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other Statutory dues with the appropriate authorities as applicable. No amount was outstanding more than six months as on the date of Balance Sheet from the date they become payable.

(b) There were no disputed Income Tax, Wealth Tax and Service Tax dues which were not deposited as on March 31, 2012.

(x) The accumulated losses of the Company at the end of the financial year do not exceed more than 50% of the Net Worth as on 31st March, 2012. The Company has incurred the cash losses during the current year and in immediately preceding financial year.

(xi) According to the records of the Company examined by us and the information and explanations given to us, the Company has not taken loans from bank as at the Balance Sheet date.

(xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of snares, debentures and other securities.

(xiii) The Company does not fall within the category of Chit Fund/Nidhi/Mutual Benefit fund/ Society and hence the related reporting requirements are not applicable.

(xiv) The Company deals in shares, securities, debentures and other investments. As informed and explained to us, proper records have been maintained of the transactions and contracts relating to dealings have been made therein. Shares, Securities, debentures and other securities have been held by the Company in its own name except to the extent of the exemption, if any, granted under section 49 of the Act.

(xv) In our opinion, according to the information and explanations given to us and to the best of our knowledge and belief on an overall examination, the Company has not given any guarantee for loan taken by an associate company from bank or financial institutions.

(xvi) According to the information and explanations given to us, The Company has not obtained any term loans during the year and hence the related reporting requirements are not applicable.

(xvii) According to the information and explanations given to us.and as per the books and records examined by us, as on the date of balance sheet of the Company has not raised funds on short term basis.

(xviii) According to the information and explanations given to us, 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.

(xix) The company has not issued any debentures during the year.

(xx) The Company has not raised any money by way of public issues during the year.

(xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and as per the representation given by the Company and relied on by us we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such cases by the management.

Auditors' Report

As per our report of even date

For RSVA & Co.

Chartered Accountants

FRN 110504 W

Sd/-

(Nimit Gujarathi)

Place: Pune Partner

Date : 31/07/2012 Membership No.-. A06810


Mar 31, 2010

1. We have audited the attached Balance Sheet of BHAGYASHREE LEASING & FINANCE LIMITED, as at 31st March, 2010 an also the annexed Profit and Loss Account of the company for the year ended on that date and report that, 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. These standards require that we plan andperformtheaudittoobtainreasonableassuranceaboutwhether t h e financial statements are free of material misstatements. An audit includes examine, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the managements, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for ouropinion.

3. As required by the Companies (Auditors report) Order, 2003 issued by the Central Government of India in terms of Sub- Section (4A) of Section 227 of the Companies Act, 1956 and in terms of the information and explanations given to us and on the basis of such checks as we considered appropriate, we enclose in the annexure a statement on the matters specified in the paragraphs 4 and 5 of the said Order.

4. Further our comments in the annexure referred to in Para 3 above, we report asfollows:-

a) We have obtained all the information and explanation, 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 law have been kept by the company, so far as appears from our examination of the books.

c) The balance Sheet and Profit and Loss Account are in agreement with the books of accounts.

d) In our opinion, the balance Sheet and Profit and Loss Account complies with the Accounting Standards referred to Sub-Section (3C) of Section 211 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 together with the notes thereon give the information required by the companies Act,1956, in the manner so required give a true and fair view:-

I) In the case of the Balance Sheet of the state of affairs of the company as at 31 st March, 2010.

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

f) On the basis of the written representations received from the Directors and taken on record by the company, we report that none of the directors is disqualified, as on the Balance Sheet date from being appointed , from being appointed as a director in terms of section 274 (1) (g) of the companiesAct,1956.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE TO THE MEMBERS OF BHAGYASHREE LEASING & FINANCE LIMITED FOR THE YEAR ENDED 31ST MARCH, 2010.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets and no material discrepancies have been found on such verification.

(b) The Fixed Assets has been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification,

(c) No substantial part of the fixed assets have been disposed off during the year.

(ii) (a) The Company maintains the Inventory i.e. Shares in Demat Form. So we are unable to verify the same physically.

(iii) (a) As informed, 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.

(b) Since there are no such loans, the comments regarding terms and conditions, repayment of the principle amount and interest thereon and overdue amount not required.

(iv) In our opinion and according to the information and explanation given to us, during the course of audit, there are adequate internal control systems commensurate with size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of books and practices in India, we have neither come across nor have been informed of ant instance o major weaknesses in the aforesaid internal control procedure.

(v) (a)According to the information and explanations given to us, we are of the opinion that no transactions were required to be entered into the register maintained under section 301 of the Act.

(b) In our opinion and according to the information and explanations given to us that no transactions were made aggregating during the year to Rupees five lakhs or more in respect of each party in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Act.

(vi) The Company has not accepted any deposits from public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975.

(vii) In our opinion, the Company has an adequate system of internal audit which is commensurate with the size and nature of its business.

(viii) We are informed that, the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the CompaniesAct, 1956.

(ix) (a) The Company is regular in depositing the undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other Statutory dues with the appropriate authorities as applicable. No amount was outstanding more than six months as on the date of Balance Sheet from the date they become payable.

(b) There were no disputed Income Tax, Wealth Tax and Service Tax dues which we re not deposited as on March 31,2010.

(x) The accumulated losses of the Company at the end of the financial year do not exceed more than 50% of the Net Worth as on 31st March, 2010. The Company has incurred the cash losses during the current year and in immediately preceding financial year.

(xi) According to the records of the Company examined by us and the information and explanations given to us, the Company has not taken loans from bank as at the Balance Sheet date.

(xii) According to the information and explanations given 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. (xiii) The Company does not fall within the category of Chit Fund / Nidhi / Mutual Benefit fund/Society and hence the related reporting requirements are not applicable.

(xiv)The Company deals in shares, securities, debentures and other investments. As informed and explained to us, proper records have been maintained of the transactions and contracts relating to dealings have been made therein. Shares, Securities, debentures and other securities have been held by the Company in its own name except to the extent of the exemption, if any, granted under section 49 of the Act.

(xv) In our opinion, according to the information and explanations given to us and to the best of our knowledge and belief on an overall examination, the Company has not given any guarantee for loan taken by an associate company from bank or financial institutions.

(xvi) According to the information and explanations given to us, The Company has not obtained any term loans during the year and hence the related re porting requirements are not applicable.

(xvii) According to the information and explanations given to us, and as per the books and records examined by us, as on the date of balance the Company has not raised funds on short term basis.

(xviii) According to the information and explanations given to us,. 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. (xix) The company has not issued any debentures during the year. (xx) The Company has not raised any money by way of public issues during the year.

(xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and as per the representation given by the Company and relied on by us we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such cases by the management.



For RSVA& Co. (FRN-110504W)

Sd/-

(Nimit Gujarathi) Place: Pune Partner Date:31/08/10

 
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