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Auditor Report of Calcom Vision Ltd.

Mar 31, 2013

Report on Financial Statements

We have audited the accompanying financial statements of Calcom Vision Limited, 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 presentation 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. 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 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 misstatements.

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 risks of material misstatements of financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the 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 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 subject to Emphasis of Matter Paragraph, give a true and fair view in conformity with the accounting principles generally accepted in India.

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

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

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

Emphasis of Matter

(a) We draw attention to Note No. 34 regarding non provision of interest due to banks. Had this provision been made, the ''Net loss for the year 2012-13 and ''Interest Accrued and due'' would have been higher by such amount.

(b) Further Attention is also invited to Note No. 16, regarding management opinion that Sundry Debtors outstanding for a period of more than six months, considered good amounting to Rs. 28.76 Lacs are fully recoverable and hence no provision is made there against.

Report on Other Legal and Regulatory Requirements

1. 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 2.21 of the Companies Act, 1956, we give in 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:

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

(b) in our opinion proper books of accounts as required by 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 arrangement with the books of accounts;

(d) in our opinion, the Balance Sheet, Statement of Profit and 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 representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the director 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 cess is to be paid, no cess is due and payable by the Company.

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

(b) As explained to us, all the fixed assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification.

(c) The company has not sold/ disposed off any substantial part of its fixed Assets during the year which has an impact on the going concern of the Entity.

(ii) (a) The Inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable

(b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining the records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records, which were not material, have been properly dealt with in the books of account.

(iii) (a) The company has not granted any secured or unsecured loans to companies, firms or other parties covered in the registers maintained under Section 301 of the Companies Act, 1956 so clause iii(a), (b),(c) & (d) of the Companies (Auditor Report) Order 2003 (as amended) are not applicable. The company has not granted any secured or unsecured loans to companies, firms or other parties covered in the registers maintained under Section 301 of the Companies Act, 1956.

(b) The company has taken fresh unsecured loans of RS. 250000/- from a person covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are 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 with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that, the particulars of contract or arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the register maintained under that section.

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

(vi) The company has not accepted any deposits from the public; hence, provisions of Section 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposit) Rules, 1975 with regard to the deposits accepted from the public are not applicable.

(vii) As per the information and explanation received by us from the management we report that, the company has an internal audit system commensurate with the size and nature of its business.

(viii) The company has maintained cost records as prescribed by Central Government under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956.

(ix) (a) According to the records of the Company, it is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employee''s state insurance, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it.

(b) According to the records of the Company and the information and explanations given to us, the following are particular of dues on account of excise duty / sales tax that have not been deposited on account of any dispute:

Name of the Statute Nature of the Dues Amount Period to which the Forum where (Rs. In Lakhs) amount relates pending

Delhi Sales Tax Act DST 3.61 1996-97 Dy.Comm. (Appeals) - Delhi

Central Sales Act. CST 2.34 1996-97 Dy.Comm. (Appeals) - Delhi

Delhi Sales Tax Act DST 53.48 1997-98 Add.Comm. (Appeals)

Central Sales Act. CST 2.03 1997-98 Add.Comm. (Appeals)

Delhi Sales Tax Act DST 17.42 1998-99 Add.Comm. (Appeals)

Central Sales Act. CST 1.82 1998-99 Add.Comm. (Appeals)

Delhi Sales Tax Act DST 3.34 1999-00 Dy.Comm. (Appeals) - Delhi

Central Sales Act. CST 0.16 1999-00 Dy.Comm. (Appeals) - Delhi

Central Sales Tax Act CST 0.20 2007-08 Dy. Comm. (Assessment) Gautam Budh Nagar

U.P Trade Tax Act UPTT 0.09 2007-08 Dy. Comm. (Assessment) Gautam Budh Nagar

U.P. Trade Tax Act UPTT 2.45 2002-03 Tribunal (Appeal)-UP

U.P. Trade Tax Act UPTT 14.63 2002-03 Tribunal (Appeal)-UP.

U.P. Trade Tax Act UPTT 4.11 2007-08 Dy. Comm. (Assessment) Gautam Budh Nagar

U.P. Trade Tax Act UPTT 0.08 2008-09 Dy. Comm. (Assessment) Gautam Budh Nagar

U.P. Trade Tax Act UPTT 0.24 2008-09 Dy. Comm. (Assessment) Gautam Budh Nagar

(x) The accumulated losses at the end of the financial year are more than its net worth. The company has not incurred any cash losses during the current financial year covered by our audit as well as in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has defaulted in repayment of dues to banks. The details of period and amount of default as ascertained by the management is as follows:

Name of Bank Principal Amount Interest accrued and due Period to which relates (Rs. in lakhs) (Rs. in lakhs) (reworked)

State Bank of Patiala -

Cash Credit 421.10 391.15 Oct. 03 to Mar. 13

State Bank of Patiala

- Working Capital Term Loan 168.00 156.80 Dec. 03 to Mar. 13

Bank of India - Cash Credit 332.17 315.90 Sep. 03 to Mar. 13

Bank of India - Term Loan 371.15 355.92 Jun. 03 to Mar. 13

Canara Bank 348.07 335.27 Sep. 03 to Mar. 13

ICICI Bank Ltd. 311.66 303.32 Mar. 02 to Mar.13

An amount of Rs.1952.14 Lacs (Principal) as above is overdue for repayment in respect of Secured Loans/Cash credit facilities taken from the banks and other financial institutions as above. As explained to us, reasonable steps have been taken for payment of principal.

(xii) According to 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 is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the Provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accord- ingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 (as amended), are not applicable to the company.

( xv) As informed to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) In our opinion and according to the information and explanations given to us, the Company has not availed any fresh term loan from banks or financial institutions during the financial year covered by our audit so this clause is not applicable on the company.

(xvii) 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 investments. No long-term funds have been used to finance short-term assets.

(xviii) 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 during the financial year covered by our audit.

(xix) The Company has not issued any debentures.

(xx) The Company has not raised any money by public issue during the financial year covered by our audit.

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

For SHANTI PRASHAD & COMPANY

CHARTERED ACCOUNTANTS

PLACE: DELHI (ASHISH KUMAR AGGARWAL)

DATED: 30-05-2013 PARTNER

Membership No. 522443/

FRN No.019923N


Mar 31, 2009

We have audited the attached Balance Sheet of CALCOM VISION LIMITED as at 31st March 2009, the Profit and Loss Account and also the Cash Flow Statement 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. 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.

1. As required by the Companies (Auditors Report) order, 2003(as amended), issued by the Central Government of India in terms of sub -section (4A) of section 227 of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we report that:

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

(b) In our opinion, proper books of accounts as required by law have been kept by the company so far, as appears from Our examination of such books;

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report 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 representations received from the directors of the company as on 31st March 2009 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2009 from being appointed as a director of the company in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(f) Attention is invited to Note No.9 in Schedule O, Part B, regarding management opinion that Sundry Debtors outstanding for a period of more than six months, considered good amounting to Rs. 238.49 lakhs are fully recoverable and hence no provision is made there against. Further out of this amount Rs. 109.85 is recoverable from associate companies covered in the register maintained U/s 301 of the Companies Act. We are however unable to express our opinion in this matter;

(g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon in Schedule O give the information required by the Companies Act, 1956 in the manner so required and subject to Note No.8 in Schedule O Part B regarding non provision of interest due to banks. Had this provision been made, the Net Loss for the year 2008-09 and Interest Accrued and due would have been higher by Rs 335.87 Lacs, gives 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, 2009,

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

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

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and

situation of fixed assets.

(b) As explained to us, all the fixed assets have been physically verified by the management during the year and we are informed that no material discrepancies were noticed on such verification.

(c) The company has sold a car costing Rs 3,50,000/- during the F Y 2008-09.

(ii) (a) The Inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable

(b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining the records of inventory The discrepancies noticed on physical verification of inventory as compared to book records, which were not material, have been properly dealt with in the books of account

(iii) (a) The company has not granted any secured or unsecured to companies, firms or other parties covered in the registers maintained under section 301 of the Companies Act, 1956

(b) As the company has not granted any Secured / Unsecured loan, therefore clause (iii)(b) of the Companies (Auditor Report) Order 2003 (as amended) is not applicable.

(c) As the company has not granted any Secured / Unsecured loan, therefore clause (iii)(c) of the Companies (Auditor Report) Order 2003 (as amended) is not applicable.

(d) As the company has not granted any Secured / Unsecured loan, therefore clause (iii)(d) of the Companies (Auditor Report) Order 2003 (as amended) is not applicable.

(e) The company has not taken any fresh unsecured loans from persons covered in the register maintained under section 301 of the Companies Act, 1956 .

(f) The rate of Interest and other terms and conditions of loans taken by the Company, secured or unsecured, are prima facie not prejudicial to the interest of the Company.

(g) The repayment of principal amount and interest was not regular but The company has repaid back all the loans taken from parties covered under Section 301 of the Companies Act.

(iv) In our opinion and according to the information and explanations given to us, there are 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 with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that, the particulars of

contract or arrangement referred to in section 301 of the Companies Act, 1956 have been entered in the register maintained under that section.

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

(vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Section 58A and 58AA or any other provisions of the Companies Act, 1956 and Companies (Acceptance of Deposit) Rules, 1975 with regard to the deposits accepted from the public.

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

(viii) We have broadly reviewed the records maintained by the Company pursuant to the order made by the Central Government for the maintenance of cost records under Section 209(i)(d) of the Companies Act, 1956. We are of the opinion that prima facie the prescribed records have been maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

(ix) (a) According to the records of the Company, it is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax. sales tax, wealth tax, custom duty, excise duty, cess and other material statutory dues applicable to it. However there are delays in deposit of Sales Tax.

(b) According to the records of the Company and the information and explanations given to us, the following are particular of dues on account of excise duty / sales tax that have not been deposited on account of any dispute:



Name of the Statute Nature of the Dues Amount (Rs. In Lakhs)

Central Excise Act, 1944 Excise Duty 1.77

Penalty 0.40

Central Excise Act. Excise Duty 2.30

Central Sales Tax Act. CST 0.65

U.P.Trade Tax Act Entry Tax 1.60

Central Sales Tax Act. CST 13.33

Central Sales Tax Act. CST 1.63

U. P.Trade Tax Act UPTT 1.19

U.P.TradeTaxAct UPTT 0.26

Delhi Sales Tax Act DST 03.61

Central Sales Tax Act. CST 02.34

Delhi Sales Tax Act DST 53.48

Central Sales Tax Act. CST 02.03

Delhi Sales Tax Act DST 17.42

Central Sales Tax Act. CST 01.82

Delhi Sales Tax Act DST 03.34

Central Sales Tax Act CST 0.16



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

Central Excise Act,1944 Nov.96 to Dec.2001 Appellate Tribunal

Central Excise Act. 3rd Jan. 2000 Commissioner of Excise, Noida.

Central Sales Tax Act. 2000-01 Appellate Tribunal- Ghaziabad

U.P.TradeTaxAct 2001-02 Appellate Tribunal- Ghaziabad

Central Sales Tax Act. 2002-03 Dy. Comm. (Apeals)

Central Sales Tax Act. 1995-99 High Court

U.P.TradeTaxAct 2001-02 Appellate Tribunal - Ghaziabad

U.P.TradeTaxAct 2002-03 Appellate Tribunal - Ghaziabad

Delhi Sales Tax Act 1996-97 Dy.Comm.(Appeals) - Delhi

Central Sales Tax Act. 1996-97 Dy.Comm.(Appeals) - Delhi

Delhi Sales Tax Act 1997-98 Add.Comm.(Appeals)

Central Sales Tax Act. 1997-98 Add.Comm.(Appeals)

Delhi Sales Tax Act 1998-99 Add.Comm.(Appeals)

Central Sales Tax Act. 1998-99 Add.Comm. (Appeals)

Delhi Sales Tax Act 1999-00 Dy.Comm.(Appeals) - Delhi

Central Sales Tax Act. 1999-00 Dy.Comm.(Appeals) - Delhi

(x) The accumulated losses at the end of the financial year are more than its net worth. The company has incurred cash losses of Rs. 18.40 Lakhs during the financial year covered by our audit and also 49.82 lacs during the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us the company has defaulted in repayment of dues to banks. The details of period and amount of default as ascertained by management is as

Name of Bank Principal Amount Interest accrued and due Period to which relates (Rs. in lakhs) (Rs. in lakhs)

Slate Bank of Patiala - Cash Credit 421.10 327.15 Oct.03 to Mar.09

State Bank of Patiala- Working Capital Term Loan 168.00 132.60 Dec.03 to Mar.09

Bank of India - Cash Credit 332.17 249.82 Sep.03 to Mar.09

Bank of India - Term Loan 37115 368.76 Jun.03 to Mar.09

Canara Bank 348.07 290.76 Sep.03 to Mar.09

ICICI Bank Ltd. 311.66 373.20 Mar.02 to Mar.09

An amount of Rs. 1952.06 lacs is overdue for repayment in respect of Secured loans / Cash credit facilities taken from banks and other financial institutions as above. As explained to us, reasonable steps have been taken for payment of principal.

The company has not availed of any fresh loan from financial institution and has not issued any debentures.

(xii) According to 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 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 (as amended) are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 (as amended), are not applicable to the company.

(xv) As informed to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) In our opinion and according to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained. The Company has not availed any fresh term loan from banks or financial institutions during the financial year covered by our audit.

(xvii) 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 investments. No long-term funds have been used to finance short-term assets.

(xviii) 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 during the financial year covered by our audit.

(xix) The Company has not issued any debentures.

(xx) The Company has not raised any money by public issue during the financial year covered by our audit.

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

For SHANTI PRASHAD & COMPANY CHARTERED ACCOUNTANTS

PLACE: DELHI (SATISH AGGARWAL) DATED: 29.06.2009 PARTNER



 
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