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Auditor Report of CHL Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of CHL Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, 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 and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ('the act') with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, 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 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 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 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 management and Board of Directors, as well as evaluating the overall presentation of the 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 31st March 2015, its profit/ loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 to the extent applicable.

As required by section 143 (3) of the Act, we further 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 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 aforesaid financial statements comply with the applicable 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 March 31,2015, and 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 other matters to be included in the Auditor's Report in accordance with Rule 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 has not provided depreciation on carrying cost of fixed assets in accordance with Schedule II of the Companies Act, 2013 (refer note 32). Effect thereof on the profit & loss cannot be quantified in the absence of requisite information.

(ii) The Company does not have any pending litigations which would impact its financial position.

(iii) The Company did not have any long - term contracts including derivative contracts for which there were any material foreseeable losses.

(iv) There has been no delay in transferring the amounts, required to be transferred, to the Investor Education and Protection Fund.

ANNEXURE

Annexure referred to in paragraph 7 Our Report of even date to the members of CHL Limited on the accounts of the company for the year ended 31st March, 2015

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

(i) In respect of its fixed assets:-

(a) The Company has not updated records, showing full particulars, including quantitative details and situation of fixed assets with regard to useful life and residual value as required by Schedule II of the Act ;

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

(ii) (a) The inventories have been physically verified at reasonable intervals by the management;

(b) In our opinion and accordance to the information and explanations given to us, the company is maintaining proper records of its inventories and no material discrepancies were noticed on such physical verification.

(iii) As Informed to us, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, no major weakness has not been noticed or reported.

(v) The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013

(vi) We have broadly review the books of accounts maintained by the Company pursuant to section (1) of Section 148 of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(vii) In respect of statutory dues:-

(a) The company is generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income tax, VAT, Wealth tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues with the appropriate authorities and we have been informed that there are no arrears of outstanding statutory dues as at the last day of the financial year under audit for a period of more than 6 months from the date they became payable.

(b) As per certificate issued by the Tax Auditor / Advisor of the company dues relating to the items, are listed below which have not been deposited till the year end on account of disputes pending adjudication:-

S.No. Name of the Statue Nature of Dues Amount (Rs.) the amount relate

1 Income-tax Act 1961 Income tax 3381982

2 Income-tax Act 1961 Income tax 5176278

3 Income-tax Act 1961 Income tax 5205310

4 Income-tax Act 1961 Income Tax 716786

5 Income-tax Act 1961 Income Tax 432959

6 Income-tax Act 1961 Income Tax 11125610

7 Income-tax Act 1961 Income Tax 4564190

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

Income-tax Act 1961 AY 1999-00 ITAT

Income-tax Act 1961 AY 2000-01 ITAT

Income-tax Act 1961 AY 2008-09 CIT (Appeal)

Income-tax Act 1961 AY 2009-10 CIT (Appeal)

Income-tax Act 1961 AY 2010-11 Rectification Pending u/s 154

Income-tax Act 1961 AY 2011-12 CIT (Appeal)

Income-tax Act 1961 AY 2012-13 CIT (Appeal

(c) In our opinion and according to the information and explanation given to us, amounts required to be transferred to the Investor Education and Protection Funds in accordance with the relevant provisions of the Companies Act 1956 and Rules there under have been transferred to such fund within time.

(viii) The company has no accumulated losses at the end of the financial year under audit. The company had not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

(ix) According to information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

(x) In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institution, the terms and conditions whereof are prejudicial to the interest of the company.

(xi) In our opinion, and according to the information and explanations given to us, the term loans have been applied for the purpose for which the loans were obtained.

(xii) Based upon the audit procedure performed and according to the information and explanation given to us, no material fraud on or by the company has been noticed or reported during the course of our audit.

For G. RAI & CO. CHARTERED ACCOUNTANTS (Registration No.001479N)

GULSHAN RAI Place : New Delhi PARTNER Date : 25th May, 2015 Membership No. 3921




Mar 31, 2014

We have audited the accompanying Financial Statements of CHL Limited (the Company) , which comprise the Balance Sheet as at March 31, 2014, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these final statements that give a true and fair view of the financial position, financial performance and cash flows of the Company is accordance with the Accounting Standards notified under the Companies Act 1956 ("the Act") read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of /internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free 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 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 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 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 the our information and according to the explanation given to us, the aforesaid financial statements 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 Account, of the profit of for the year ended on that date; and

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

Report on Other Legal & Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order 2003 as amended by companies (Auditor''s Report)(Amendment) Order,2004, issued by the Government of India in terms of Section 227 (4 A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 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 purposes of the 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 these books;

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

(iv) In our opinion, the Balance sheet, Profit and Loss Account and Cash Flow Statement Comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(v) On the basis of the written representations received from the Directors, we report that none of the 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;

ANNEXURE (TO THE AUDITORS'' REPORT DATED 24-05-2014)

1. In respect of its Fixed Assets:

(a) Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

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

(c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year.

2. In respect of its inventories;

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

(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) The Company has maintained proper records of inventories. As explained to us, the discrepancies noticed on verification between physical stocks and the book records were not material and have been properly dealt with in the books of accounts.

3. In respect of loans to or by the companies/firms/parties listed in register maintained u/s 301 of the Companies Act 1956, according to the information and explanation given to us :- (a) The Company has not granted any loans, secured or unsecured, to companies, firm or other parties stated in the

register maintained u/s 301 of the Act. (b) The Company has not taken any loan, secured or unsecured from companies, firms, or other parties stated in the register maintained u/s 301 of the Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and also for the sale of goods and services.

5. According to the information and explanations given to us,

A) particulars of the contracts or arrangements referred to in section 301 of the Companies Act 1956 have been entered in the register required to be maintained under that section and

B) Transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakh in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market price.

6. The Company has not accepted deposits from the public within the meaning of section 58A and section 58AA of the act & the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with its size and nature of business.

8. The Central Government has not prescribed the maintenance of cost records by the Company under section 209(1) (d) of the Companies Act, 1956, therefore the provision of clause 4 (viii) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company.

9. According to the information and explanations given to us in respect of statutory dues:

a. The Company has been regular in depositing undisputed dues of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities during the year.

b. There were no undisputed amounts outstanding as at 31st March 2014 for a period of more than 6 months from the date they became payable.

c. As per certificate issued by Tax Auditor/Advisor of the company dues relating to items, as listed below which have not been deposited till the year end on account of disputes pending adjudication;

Name of the Statue Nature of Dues Amount (Rs.)

1 Income-tax Act 1961 Income tax 3381982

2 Income-tax Act 1961 Income tax 5176278

3 Income-tax Act 1961 Income tax 5205310

4 Income-tax Act 1961 Income Tax 716786

5 Income-tax Act 1961 Income Tax 432959

6 Income-tax Act 1961 Income Tax 11125610

Name of the statue Period to which Forum where the amount relate dispute is pending

Income-tax Act 1961 AY 1999-00 ITAT

Income-tax Act 1961 AY 2000-01 ITAT

Income-tax Act 1961 AY 2008-09 CIT (Appeal)

Income-tax Act 1961 AY 2009-10 CIT (Appeal)

Income-tax Act 1961 AY 2010-11 Rectification Pending u/s 154

Income-tax Act 1961 AY 2011-12 CIT (Appeal)

10. The Company has neither accumulated losses nor incurred any cash loss as at the year end or at the end of the immediately preceding financial year.

11. According to the records of the Company examined by us and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to the banks or Financial Institutions.

12. According to the records of the company examined by us and 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. In our opinion, the company is not a chit fund / nidhi / mutual benefit fund / society. Therefore provisions of clause 4(xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. 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 other than disclosed in the financial statements.

16. In our opinion and according to information and explanations given to us, the term loan has been applied for the purpose for which it was obtained.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of th Company, we report that the funds raised on short term basis have, prima-facie, not been used for long-term investment.

18. 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 Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the year.

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

21. 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 according to the information and explanation given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor we have been informed of any such case by the Management.

Place : New Delhi Date : 24th May, 2014

For G. RAI & CO. CHARTERED ACCOUNTANTS (Registration No.001479N)

(GULSHAN RAI) PARTNER Membership No. 3921


Mar 31, 2013

Report of the Directors.

We have audited the accompanying Financial Statements of CHL Limited (the Company) , which comprise the Balance Sheet as at March 31, 2013, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these final 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 Accounting Standards referred to in Section 211 (3C) 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 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 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 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 the our information and according to the explanation given to us, the aforesaid financial statements 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 Account, of the profit of for the year ended on that date; and

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

Report on Other Legal & Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order 2003 as amended by companies (Auditor''s Report)(Amendment) Order, 2004, issued by the Government of India in terms of Section 227 (4 A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 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 purposes of the 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 these books;

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

(iv) 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;

(v) On the basis of the written representations received from the Directors, we report that 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;

ANNEXURE

(TO THE AUDITORS'' REPORT DATED 30-05-2013)

1. In respect of its Fixed Assets:

(a) Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

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

(c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year.

2. In respect of its inventories;

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

(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) The Company has maintained proper records of inventories. As explained to us, the discrepancies noticed on verification between physical stocks and the book records were not material and have been properly dealt with in the books of accounts.

3. In respect of loans to or by the companies/firms/parties listed in register maintained u/s 301 of the Companies Act 1956, according to the information and explanation given to us :- (a) The Company has not granted any loans, secured or unsecured, to companies, firm or other parties stated in the register maintained u/s 301 of the Act.

(b) The Company has not taken any loan, secured or unsecured from companies, firms, or other parties stated in the register maintained u/s 301 of the Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and also for the sale of goods and services.

5. According to the information and explanations given to us,

A) particulars of the contracts or arrangements referred to in section 301 of the Companies Act 1956 have been entered in the register required to be maintained under that section and

B) Transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakh in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market price.

6. The Company has not accepted deposits from the public within the meaning of section 58A and section 58AA of the Act & the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with its size and nature of business.

8. The Central Government has not prescribed the maintenance of cost records by the Company under section 209(1) (d) of the Companies Act, 1956, therefore the provision of clause 4 (viii) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company.

9. According to the information and explanations given to us in respect of statutory dues:

a. The Company has been regular in depositing undisputed dues of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities during the year.

b. There were no undisputed amounts outstanding as at 31st March 2013 for a period of more than 6 months from the date they became payable.

10. The Company has neither accumulated losses nor incurred any cash loss as at the year end or at the end of the immediately preceding financial year.

11. According to the records of the Company examined by us and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to the banks or Financial Institutions.

12. According to the records of the company examined by us and 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. In our opinion, the company is not a chit fund / nidhi / mutual benefit fund / society. Therefore provisions of clause 4(xiii) of the Companies (Auditors Report) Order 2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order 2003 are not applicable to the Company.

15. 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 other than disclosed in the financial statements.

16. In our opinion and according to information and explanations given to us, no term loan has been obtained by the Company during the year.

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 the funds raised on short term basis have, prima-facie, not been used for long-term investment.

18. 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 Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the year.

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

21. 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 according to the information and explanation given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor we have been informed of any such case by the Management. For G. RAI & CO.

CHARTERED ACCOUNTANTS

(Registration No.001479N)

GULSHAN RAI

Place : New Delhi PARTNER

Date : 30th May, 2013 MEMBERSHIP NO. 3921


Mar 31, 2012

We have audited the attached Balance Sheet of M/s. CHL LIMITED, as at 31st March 2012 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order 2003 as amended by companies (Auditor's Report)(Amendment) Order,2004, issued by the Government of India in terms of Section 227 (4 A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the annexure referred to above we report that:-

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of the 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 these books;

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

(iv) 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;

(v) On the basis of the written representations received from the Directors, we report that none of the Directors is disqualified as on March 31, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

(b) in the case of the Profit and Loss Account, of the profit for the year ended March 31, 2012.

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

ANNEXURE

(TO THE AUDITORS' REPORT DATED 09-08-2012)

1. In respect of its Fixed Assets:

(a) Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

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

(c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year.

2. In respect of its inventories;

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

(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) The Company has maintained proper records of inventories. As explained to us, the discrepancies noticed on verification between physical stocks and the book records were not material and have been properly dealt with in the books of accounts.

3. In respect of loans to or by the companies/firms/parties listed in register maintained u/s 301 of the Companies Act 1956, according to the information and explanation given to us :-

(a) The Company has not granted any loans, secured or unsecured, to companies, firm or other parties stated in the register maintained u/s 301 of the Act.

(b) The Company has not taken any loan, secured or unsecured from companies, firms, or other parties stated in the register maintained u/s 301 of the Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and also for the sale of goods and services.

5. According to the information and explanations given to us,

a) particulars of the contracts or arrangements referred to in section 301 of the Companies Act 1956 have been entered in the register required to be maintained under that section and

b) transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakh in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market price.

6. The Company has not accepted deposits from the public within the meaning of section 58A and section 58AA of the act & the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with its size and nature of business.

8. The Central Government has not prescribed the maintenance of cost records by the Company under section 209(1) (d) of the Companies Act, 1956, therefore the provision of clause 4 (viii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company.

9. According to the information and explanations given to us in respect of statutory dues:

a. The Company has been regular in depositing undisputed dues of Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities during the year.

b. There were no undisputed amounts outstanding as at 31st March 2012 for a period of more than 6 months from the date they became payable.

c. As per certificate issued by Tax Auditor/Advisor of the company dues relating to items, as listed below which have not been deposited till the year end on account of disputes pending adjudication;

S. No. Name of the Statute Nature of Dues Amount (Rs.)

1 Income-tax Act 1961 Income tax 3381982

2 Income-tax Act 1961 Income tax 5176278

3 Income-tax Act 1961 Income tax 5205310

4 Income-tax Act 1961 Income tax 15578574

5 Income-tax Act 1961 Penalty u/s 370260 271(1) (c)

6 Income-tax Act 1961 Penalty u/s 252618 271(1) (c)

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

Income Tax Act 1961 AY 1999-00 ITAT

Income Tax Act 1961 AY 2000-01 - do -

Income Tax Act 1961 AY 2008-09 CIT (Appeal)

Income Tax Act 1961 AY 2009-10 CIT (Appeal)

Income Tax Act 1961 AY 2006-07 CIT (Appeal)

Income Tax Act 1961 AY 2007-2008 CIT (Appeal)

10. The Company has neither accumulated losses nor incurred any cash loss as at the yearend or at the end of the immediately preceding financial year.

11. According to the records of the Company examined by us and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to the banks or Financial Institutions.

12. According to the records of the company examined by us and 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. In our opinion, the company is not a chit fund / nidhi / mutual benefit fund / society. Therefore provisions of clause 4(xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. 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 except as disclosed in the financial statements.

16. In our opinion and according to information and explanations given to us, the term loan thas been applied for the purpose for which it was obtained.

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 the funds raised on short term basis have, prima-facie, not been used for long-term investment.

18. 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 Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the year.

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

21. 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 according to the information and explanation given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor we have been informed of any such case by the Management.

For G. RAI & CO.

CHARTERED ACCOUNTANTS

(REGISTRATION NO. 001479N)

GULSHAN RAI

Place : New Delhi PARTNER

Date : 9th August, 2012 MEMBERSHIP NO. 3921


Mar 31, 2011

We have audited the attached Balance Sheet of M/s. CHL LIMITED, as at 31st March 2011 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order 2003 as amended by companies (Auditor's Report)(Amendment) Order,2004, issued by the Government of India in terms of Section 227 (4 A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the annexure referred to above we report that:- (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of the 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 these books;

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

(iv) 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; subject to:

Note No. K-(ii) regarding accounting of license fee from shops on receipt basis instead of on accrual as required by AS- 9.(In the absence of requisite information the effect on profit has not been quantified)

(v) On the basis of the written representations received from the Directors, we report that none of the Directors is disqualified as on March 31, 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

(vi) Subject to the qualification mentioned in para (iv) above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011; and

(b) in the case of the Profit and Loss Account, of the profit for the year ended March 31, 2011.

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

ANNEXURE (TO THE AUDITORS' REPORT DATED 23-07-2011)

1. In respect of its Fixed Assets:

(a) Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information .

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

(c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year.

2. In respect of its inventories;

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

(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) The Company has maintained proper records of inventories. As explained to us, the discrepancies noticed on verification between physical stocks and the book records were not material and have been properly dealt with in the books of accounts.

3. In respect of loans to or by the companies/firms/parties listed in register maintained u/s 301 of the Companies Act 1956, according to the information and explanation given to us :-

(a) The Company has not granted any loans, secured or unsecured, to companies, firm or other parties stated in the register maintained u/s 301 of the Act.

(b) The Company has not taken any loan, secured or unsecured from companies, firms, or other parties stated in the register maintained u/s 301 of the Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and also for the sale of goods and services.

5. According to the information and explanations given to us,

A) particulars of the contracts or arrangements referred to in section 301 of the Companies Act 1956 have been entered in the register required to be maintained under that section and

B) transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakh in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market price.

6. The Company has not accepted deposits from the public within the meaning of section 58A and section 58AA of the act & the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with its size and nature of business.

8. The Central Government has not prescribed the maintenance of cost records by the Company under section 209(1) (d) of the Companies Act, 1956, therefore the provision of clause 4 (viii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company.

9. According to the information and explanations given to us in respect of statutory dues:

a. The Company has been regular in depositing undisputed dues of Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities during the year.

b. There were no undisputed amounts outstanding as at 31st March 2011 for a period of more than 6 months from the date they became payable.

c. As per certificate issued by Tax Auditor/Advisor of the company dues relating to items, as listed below which have not been deposited till the year end on account of disputes pending adjudication;

S. Name of the Nature of Amount Period to Forum where No. Statute Dues (Rs.) which dispute is the amount pending related

1 Income-tax Income 3381982 AY 1999-00 ITAT Act 1961 tax

2 Income-tax Income 5176278 AY 2000-01 ITAT Act 1961 tax

3 Income-tax Income 10000 AY 2001-02 ITAT Act 1961 tax

4 Income-tax Income 9802032 AY 2005-06 ITAT Act 1961 tax

5 Income-tax Income 25489311 AY 2008-09 CIT (Appeal) Act 1961 tax

10. The Company has neither accumulated losses nor incurred any cash loss as at the yearend or at the end of the immediately preceding financial year.

11. According to the records of the Company examined by us and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to the banks or Financial Institutions.

12. According to the records of the company examined by us and 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. In our opinion, the company is not a chit fund / nidhi / mutual benefit fund / society. Therefore provisions of clause 4(xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. 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 except as disclosed in note no. 9 of schedule 16 annexed to the financial statements.

16. In our opinion and according to information and explanations given to us, the term loan taken during the year has been applied for the purpose for which it was obtained.

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 the funds raised on short term basis have, prima-facie, not been used for long-term investment.

18. 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 Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the year.

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

21. 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 according to the information and explanation given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor we have been informed of any such case by the Management.

For G. RAI & CO. CHARTERED ACCOUNTANTS (REGISTRATION NO. 001479N)

GULSHAN RAI PROPRIETOR MEMBERSHIP NO. 3921

PLACE : NEW DELHI Date : July 23, 2011


Mar 31, 2010

We have audited the attached Balance Sheet of M/s. CHL LIMITED, as at 31st March 2010 and also the Profit & Loss Account and 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 disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order 2003 as amended by companies (Auditors Report)(Amendment) Order,2004, issued by the Government of India in terms of Section 227 (4 A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the annexure referred to above we report that:- (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of the 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 these books;

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

(iv) 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; subject to:

Note No. K-(ii) regarding accounting of license fee from shops,on receipt basis instead of on accrual as required by AS- 9.(In the absence of requisite information the effect on profit has not been quantified)

(v) On the basis of the written representations received from the Directors, we report that none of the Directors is disqualified as on March 31, 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

(vi) Subject to the qualification mentioned in para (iv) above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010; and

(b) in the case of the Profit and Loss Account, of the profit for the year ended March 31, 2010.

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

ANNEXURE (TO THE AUDITORS REPORT DATED 30-07-2010)

1. In respect of its Fixed Assets:

(a) Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

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

(c) In our opinion, the Company has not disposed of substantial part of fixed assets during the year.

2. In respect of its inventories;

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

(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) The Company has maintained proper records of inventories. As explained to us, the discrepancies noticed on verification between physical stocks and the book records were not material and have been properly dealt with in the books of accounts.

3. In respect of loans to or by the companies/firms/parties listed in register maintained u/s 301 of the Companies Act 1956, according to the information and explanation given to us :- (a) The Company has not granted any loans, secured or unsecured, to companies, firm or other parties stated in the

register maintained u/s 301 of the Act.

(b) The Company has not taken any loan, secured or unsecured from companies, firms, or other parties stated in the register maintained u/s 301 of the Act.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and also for the sale of goods and services.

5. According to the information and explanations given to us,

A) particulars of the contracts or arrangements referred to in section 301 of the Companies Act 1956 have been entered in the register required to be maintained under that section and

B) the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakh in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market price.

6. The Company has not accepted deposits from the public within the meaning of section 58A and section 58AA of the act & the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with its size and nature of business.

8. The Central Government has not prescribed the maintenance of cost records by the Company under section 209(1) (d) of the Companies Act, 1956, therefore the provision of clause 4 (viii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

9. According to the information and explanations given to us in respect of statutory dues:

a. The Company has been regular in depositing undisputed dues of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities during the year.

b. There were no undisputed amounts outstanding as at 31st March 2010 for a period of more than 6 months from the date they became payable.

c. Dues relating to items, as listed below which have not been deposited as on 31st March 2010 on account of disputes with the related authorities.

S.No. Name of the Statute Nature of Dues Amount (Rs.) Period to which Forum where

the amount related dispute is pending

1 Income-tax Act 1961 Income tax 3381982 AY 1999-00 Pending appeal to ITAT

2 Income-tax Act 1961 Income tax 5176278 AY 2000-01 -do-

3 Income-tax Act 1961 Income tax 10000 AY 2001-02 ITAT

4 Income-tax Act 1961 Income tax 8613730 AY 2005-06 ITAT

5 Income-tax Act 1961 Income tax 5487865 AY 2006-07 CIT (Appeal)

6 Income-tax Act 1961 Income tax 13189342 AY 2007-08 CIT (Appeal)

7 Income-tax Act 1961 Income tax 20974727 FY 2002-03 ITO u/s 154 & CIT (A)

To FY 2005- 06

10. The Company has neither accumulated losses nor incurred any cash loss as at the yearend or at the end of the immediately preceding financial year.

11. According to the records of the Company examined by us and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to the banks or Financial Institutions.

12. According to the records of the company examined by us and 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. In our opinion, the company is not a chit fund / nidhi / mutual benefit fund / society. Therefore provisions of clause 4(xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. 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.

16. In our opinion and according to information and explanations given to us, the term loan taken during the year has been applied for the purpose for which it was obtained.

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 the funds raised on short term basis have, prima-facie, not been used for long-term investment.

18. 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 Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the year.

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

21. 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 according to the information and explanation given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor we have been informed of any such case by the Management.

For G. RAI & CO.

CHARTERED ACCOUNTANTS

(REGISTRATION NO. 001479N)

(GULSHAN RAI) PLACE : NEW DELHI PROPRIETOR

Date : July 30, 2010 MEMBERSHIP NO. 3921

 
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