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Auditor Report of Blue Chip India Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of BLUE CHIP INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The 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") read with the General Circular 15/2013 dated 13 September2013 ofthe 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.

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''sjudgment, 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 the Company''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.

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 profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central

Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the

Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement complywith the Accounting Standards referred to in subsection (3C) ofsection 211 ofthe Companies Act, 1956 read with the General Circular 15/2013 dated 13 September2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013; and

e) on the basis ofwritten representations received from the directors as on March 31,2014, and taken on record bythe Board of Directors, none ofthe directors is disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Blue Chip India Limited, on the accounts of the company for the year ended 31st March, 2014.

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

1. (a) The company has maintained proper records showing full particulars including quantitative

details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed off a substantial part of its fixed asset during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management

at reasonable intervals.

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

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination

of the books of accounts, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, Consequently, the provisions of clause 3(b), 3 (c), and 3 (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control system commensurate with the size ofthe company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) In our opinion and according to the information and explanations provided by the management,

the particulars of contracts or arrangements referred to in section 301 ofthe Act have been entered in the register required to be maintained under that section.

b) In our opinion and according to the information and explanations provided by the management, the transactions made in pursuance of contracts and arrangements referred to in (5)(a) above and exceeding the value of Rs. 5 lakh with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with its size and the nature of its business.

8. According to the information and explanations provided by the management, the Company is not engaged in production, processing, manufacturing or mining activities. Hence the provision of Section 209(1)(d) does not apply to the Company. Hence in my opinion, no comment is required on maintenance of cost record.

9. (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, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company have accumulated loss of Rs. 141384660.67/- at the end ofthefinancial yearwhich is more than fifty percent of the Net Worth of the company and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. 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.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution

16. To the best of our knowledge and belief and according to the information and explanations given to us, term loans were applied for the purpose for which these were obtained.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet ofthe Company as at 31st March, 2014, we report that no funds raised on short- term basis have been used for long-term investment by the Company.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year.

19. The Company did not have any outstanding debentures during the year.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Agrawal S Kumar & Associates Chartered Accountants Firm Regn No. 322324E Hitesh Lilha Place: Kolkata (Partner) Date: 30th Day of May 2014 M. No. 069536


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of BLUE CHIP INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion .

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at. March 31, 2013;

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

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

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

1. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

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

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

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

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses 3 (b), 3 (c) and 3 (d) of the order are not applicable to the Company. .

(e) According to the information and explanations given to us and on the*basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, there were no contracts or arrangements referred to in section 301 of the Act entered during the financial year.

(b) Since there were no transaction so this clause does not apply.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. To the best of our knowledge the Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956 for any of the products of the Company.

9. (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, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no Statutory dues outstanding as on 31.03.2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no Income Tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company have accumulated loss more than 50% of its Net Worth. However the Company has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the 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.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19.- The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Agrawal S. Kumar & Associates

Chartered Accountants

Firm Regn No. 322324E

Place : Kolkata Hitesh Lilha

Partner

Dated : 30th day of May, 2013 Membership No. 069536


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. BLUE CHIP INDIA LIMITED as at 31st March, 2012 and also the Statement of Profit & Loss and Cash Flow Statemerft 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.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require us to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit includes examining on test check basis, evidence supporting the amounts and disclosures of 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 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, (as amended) issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph (1) above :

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

b) In our opinion, proper books of account as required by Law, have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account as submitted to us.

d) In our opinion, the Balance Sheet, the Statement of Profit & Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representation received from the directors of the company as at 31st March, 2012 and taken on records by the Board of Directors, we report that no director is disqualified from being appointed as Director of the company under 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 statements of account read with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and 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 and

ii. In the case of the Statement of Profit & Loss, of the profit for the year ended on the date.

iii. In the case of Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to the Auditor's Report referred to in paragraph 3 of our report of even date

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

1. (a) The company is maintaining proper records to show full particulars including quantitative details and situation of fixed Assets.

(b) The fixed Assets of the company are physically verified by the management at reasonable intervals, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets, a physical verification was carried out during the year and this revealed no material discrepancies.

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the company during the year.

2. The company is dealing in shares and has maintained proper records in respect thereof and has made timely entries therein of the transactions and contracts entered in to during the year. The company is holding the shares in its own name. The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory and no material discrepancies were noticed on such physical verification.

3. (a) The Company has not given any loan to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not taken any loan from parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. In our opinion and according to explanation given to us, there is adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and sale of inventory. During the course of our audit no major weakness has been noticed in the internal control.

5. Based on the audit procedures applied by us and according to the information and explanation provided by the management, wa are of the opinion that there were no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

6. Based on our scrutiny of the Company's records and according to the information and explanation provided by the management, in our opinion, the Company has not accepted any public deposits so far up to 31st March, 2012.

7. In our opinion and according to the information and explanations given to us, the company has an adequate Internal Audit System commensurate with the size and nature of its business.

8. According to the information and explanations provided by the management, the Company is not engaged in production, processing, manufacturing or mining activities. Hence the provision of Section 209(1 )(d) does not apply to the Company. Hence in our opinion, no comment is required on maintenance of cost record.

9. According to the record of the Company, the Company is regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax, Wealth Tax, Sales Tax, Service Tax, Cess and other statutory dues applicable to the Company.

10. The Company has not incurred cash losses during the financial year covered by our audit. Hence no comment is required.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to bank.

12. According to the records, the Company has not granted any loans on the basis of security or pledge of shares, debentures or other securities.

13. As the Company is neither a Chit fund or a nidhi mutual benefit society. Hence the requirement under Para 4(xiii) is not applicable.

14. According to informations and explanations provided by the management, the Company deals in share and securities and proper records have been maintained by the company for the transactions and contracts and the investments made are held in the name of the company itself.

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

16. According to the records of the Company, the Company has not obtained any term loans.

17. We have been informed by the management that the fund raised on short term basis have not been used for long term investment.

18. According to the records of the Company, 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.

19. According to the records of the Company, the Company has not issued any debentures.

20. The Company has not raised any public issues during the period covered by our audit report.

21. Based on the audit procedures applied by us and according to the information and explanation provided by the management, we report that no frauds on or by the Company has been noticed or reported during the course of our audit.

For Agrawal S. Kumar & Associates

Chartered Accountants Firm Regn No. 322324E

Place : Kolkata M K JDh*war

Partner

Dated : The 28th day of May, 2012 Membership No. 061308


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s. BLUE CHIP INDIA LIMITED as at 31st March, 2010 and also the Profit & Loss Account and 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.

2. We conducted our audit in accordance with the Auditing Standards generally accepted In India. Those standards require us to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit includes examining on teat check basis, evidence supporting the amounts and disclosures of the financial statements, An audit also includes assessing the accounting principles used and significant estimates mads by management, 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 (Auditors Report) Order, 2003. (a$ amended) issued by the Central Government in terms of Section 227 (4A) of the Compenies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments In the Annexure referred to in paragraph (1) above :

a) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purpose of 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, tha Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account as submitted to us.

d) In our opinion, the Balance Sheet, the Profit & Loss account and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of written representation received Emm The directors of the company as at 31st March, 2010 and taken on records by the Board of Directors, we report that no director Is disqualified from being appointed as Director of the company under 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 statements of account read with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and 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, 2010 and

ii. in the case of the Profit & Loss Account, of the loss for the year ended on the date,

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

ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 3 of our report of even date

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

1. {a) The company is maintaining proper records to show full particulars Including quantitative details and situation of fixed Assets,

(b) The fixed Assets of the company are physically verified by the management at reasonable Intervals, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets, a physical verification was carried out during the year and this revealed no material discrepancies,

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the company during the year.

2, The company Is dealing In shares and has maintained proper records in respect thereof and has ¦ made timely entries therein of the transactions and contracts entered In to during the year. The company Is holding the shares in its own name. The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company Is maintaining proper records of Inventory and no material discrepancies were noticed on such physical verification.

3 (a) The Company has not given any loan to parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(b) The Company has not taken any loan from partes covered in the register maintained under Section 301 of the Companies Act, 1956.

4. in our opinion and according to explanation given to us, there Is adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and sate of inventory. During the course of our audit no major weakness has been noticed in the internal control,

5. Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that there were np transactions that need to be entered Into the register maintained under section 301 of the Companies Act, 1956.

6. Based on our scrutiny of the Companys records and according to the information and explanation provided by the management, In our opinion, the Company has not accepted any public deposits so far up to 31st March, 2010.

7. In our opinion and according to the Information and explanations given to us, the company have adequate internal audit system commensurate with the size and nature of its business

8. According to the information and explanations provided by the management, the Company is not engaged in production, processing, manufacturing or mining activities. Hence the provision of Section 209(1 )(d) does not apply to the Company. Hence in our opinion, no comment is required on maintenance of cost record,

9. According to the records of the Company, the Company has not yet deducted TDS amounting to fie. 3,16,949/- with the appropriate authorities. Else the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax, Wealth Tax, Sales Tax, Service Tax, Cess and other statutory dues applicable to the Company,

10. The Company has not Incurred cash losses during the financial year covered by our audit. Hence no comments-is required.

11. Based on our audit procedures and on the Information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to bank.

12. According to the records, the Company has not granted any loans on the basis of security or pledge of shares, debentures or other securities.

13. As the Company is neither a Chit fund or a nldhi mutual benefit society. Hence the requirement under Para 4fxiii} is not applicable.

14. According to Informations and explanations provided by the management, the Company deals in share and securities and proper records have been maintained by the company for the transactions and contracts and the investments made are held in the name of the company itself,

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

16. According to the records of the Company, the Company has not obtained any term bans,

17. We have been Informed by the management that tie fund raised on short term basis have not been used for long-term investment.

18 According to the records of the Company, 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.

19. According to the records of the Company, the Company has not issued any debentures.

20. The Company has not raised any public issues during the period covered by our audit report.

21. Based on the audit procedures applied by us and according to the information and explanation provided by the management, we report that no frauds on or by the Company has been noticed or reported during the course of our audit,



For Agrawal S. Kumar & Associates

Chartered Accountants

M. K, Jhawar

Place : Kolkata Partner

Membership No. 061308

Dated ; The 27th day of May, 2010 Firm Registration No. 322324E

 
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