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Auditor Report of Citi Port Financial Services Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Citiport Financial Services Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, 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") read with the circular 15/2013 dated 13 September 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.

Auditors'' 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 judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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, 2014;

b) in the case of the Profit and Loss Account, of the profit/ loss 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 of the 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 comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General circular 15/2013 dated 13 September 2013of Ministry of Corporate Affairs in respect of Section 133 of the companies Act, 2013;

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, 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.

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.

Annexure to Independent Auditor''s Report

(Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date)

I. In respect of its Fixed Assets

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

b. All the fixed assets have been physically verified by the management at the reasonable interval. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c. In our opinion and according to information and explanations given to us, the Company has not disposed off substantial part of fixed assets during the year.

II. The Company is a financial services company, therefore physical verification and maintenance of adequate record of inventory is not applicable to the company.

III. a. The company has granted unsecured loans, to companies, firms and other parties covered in the register maintained under section 301 of the Act.

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

IV. In my opinion and according to the information and explanation given to me, there are adequate internal control procedures commensurate with the size of the company and nature of its business.

V. In our opinion and according to the information and explanations given to us, we are of the opinion, that the transaction that need to be entered in the register maintained under section 301 of the companies act, 1956 have been so entered and they have been made at price which are reasonable having regard to the prevailing market price at the relevant time.

VI. In my opinion and according to the information and explanations given to us, the company has not accepted deposits from public and therefore, the provision of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

VII. In my opinion, there is an internal audit system commensurate with the size of business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209(1) (d) of the Act.

IX. The company has been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, at the year-end for a period of more than six months from the date they became payable.

X. The Company have accumulated losses at the end of the year of Rs. Nil and the company has not incurred cash losses during current year and the company wasn''t incurred any cash losses in the immediately preceding financial year.

XI. Based on my audit procedures and on the information and explanation given by the management, I am of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

XII. According to the information and explanations given to me, the company has given loans and advances on the basis of security by way of Pronotes, post dated instruments, pledge of shares, debentures and other securities.

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

XIV. In my opinion the company is not dealing or trading in shares, securities, debentures and other investments during the year under review; however there are long- term investments in the company.

XV. According to the information and explanations given to me, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. There were no term loans obtained by the company during the year.

XVII. According to the cash flow statement and other records examined by me and the information and explanations given to me, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment pending application.

XVIII. The company has not made any preferential allotment during the year nor does the company have any outstanding debentures during the year.

XIX. The company has not issued any debentures and no securities and charges are required to be created.

XX. The company has not raised any money by public issue during the year.

XXI. To the best of my knowledge and belief and according to the information explanation given to me, no fraud on or by the company was noticed or reported during the year.

For G.V & Co., CHARTERED ACCOUNTANTS

Sd/- Grandhi Vittal Proprietor. Membership No.206462 Firm Regn. No.012875S

Place : Hyderabad Date : 30.05.2014


Mar 31, 2013

We have audited the accompanying financial statements of Citiport Financial Services Limited ("the Company"), which comprise the Balance Sheet as at March 31,2013, and the Statement of Proft and Loss and Cash Flow Statement for the year ended, and a summary of signifcant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements:

Management is responsible for the preparation of these fnancial statements that give a true and fair view of the fnancial position, fnancial 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 fnancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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 inancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the inancial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the fnancial 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 fnancial 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 fnancial statements.

We believe that the audit evidence we have obtained is suffcient 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 fnancial 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 Proft and Loss Account, of the proft/ loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash fows 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 of the 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 Proft 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 Proft 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 disqualifed 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 notifcation 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.

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements” of our report of even date)

I. In respect of its Fixed Assets

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fxed assets.

b. All the xed assets have been physically verifed by the management at the reasonable interval. According to the information and explanations given to us, no material discrepancies

c. were noticed on such verifcation. In our opinion and according to information and explanations given to us, the Company has not disposed off substantial part of fxed assets during the year.

II. The Company is a fnancial services company, therefore physical verifcation and maintenance of adequate record of inventory is not applicable to the company.

III. a. The company has granted unsecured loans, to companies, frms and other parties covered in the register maintained under section 301 of the Act.

b. In our opinion and according to the information and explanations given to us, the rate of interest, whenever applicable and other terms and conditions of the unsecured loans given by the company are not primafacie, prejudicial to the interest of the company.

IV. In my opinion and according to the information and explanation given to me, there are adequate internal control procedures commensurate with the size of the company and nature of its business.

V. In our opinion and according to the information and explanations given to us, we are of the opinion, that the transaction that need to be entered in th register maintained under section 301 of the companies act, 1956 have been so entered and they have been made at price which are reasonable having regard to the prevailing market price at the relevant time.

VI. In my opinion and according to the information and explanations given to us, the company has not accepted deposits from public and therefore, the provision of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

VII. In my opinion, there is an internal audit system commensurate with the size of business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209(1) (d) of the Act.

IX. The company has been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, at the year-end for a period of more than six months from the date they became payable.

X. The Company have accumulated losses at the end of the year of Rs. Nil and the company has not incurred cash losses during current year and the company hasn''t incurred any cash losses in the immediately preceding fnancial year.

XI. Based on my audit procedures and on the information and explanation given by the management, I am of the opinion that the company has not defaulted in the repayment of dues to inancial institutions, banks and debenture holders.

XII. According to the information and explanations given to me, the company has given loans and advances on the basis of security by way of Pronotes, post dated instruments, pledge of shares, debentures and other securities.

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Beneft Fund / Societies are not applicable to the Company.

XIV. In my opinion the company is not dealing or trading in shares, securities, debentures and other investments during the year under review; however there are long- term investments in the company.

XV. According to the information and explanations given to me, the company has not given any guarantee for loans taken by others from bank or fnancial institutions.

XVI. There were no term loans obtained by the company during the year.

XVII. According to the cash fow statement and other records examined by me and the information and explanations given to me, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment pending application.

XVIII. The company has not made any preferential allotment during the year nor does the company have any outstanding debentures during the year.

XIX. The company has not issued any debentures and no securities and charges are required to be created.

XX. The company has not raised any money by public issue during the year.

XXI. To the best of my knowledge and belief and according to the information explanation given to me, no fraud on or by the company was noticed or reported during the year.

For G.V & Co.,

CHARTERED ACCOUNTANTS

Sd/-

Grandhi Vittal

Proprietor.

Membership No.206462

Firm Regn. No.012875S

Place : Hyderabad

Date : 06.06.2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. Citi Port Financial Services Limited as at 31st March, 2012, the Profit and Loss account and the cash flow statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. My responsibility is to express an opinion on these financial statements based on my audit.

2. I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I 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 managements, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the central Government of India in terms of section 227 (4A) of the Companies Act, 1956,1 give in the annexure, a statement on the matters specified in paragraphs 4 of the said Order.

4. Further to my comments in the annexure referred to in Para 3 above, I report that:

(a) I have obtained all the information and explanation, which to the best or my knowledge and belief were necessary for the purpose of my audit in my opinion, proper books of accounts as required by law have been kept by the company so far as appears from my examination of such books.

(b) The balance sheet, profit & loss account and cash flow statement dealt with by this report are in agreement with the book of account.

(c) In my opinion, the balance sheet, profit &, 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.

(d) On the basis of the written representation received from the directors as on 31st March 2012 and taken on record by board of directors, I report that none of the directors is disqualified as on 3 1st March, 2012 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies act, 1956. As regards government - nominee directors, they are exempted from the provision of section 274 (1) (g) in view of general circular issued by the department of company affairs.

5. In my opinion and to the best of my information and according to the explanation given to me, the said accounts read with significant accounting policies and the other note thereon, 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:

i. in case of the balance sheet of the state of affairs of the company as at 31st March, 2012;

ii. in case of profit & loss account of the loss for the year ended on that date, and

iii. in 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)

I. In respect of its Fixed Assets

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

b. All the fixed assets have been physically verified by the management at the reasonable interval. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c. In our opinion and according to information and explanations given to us, the Company has not disposed off substantial part of fixed assets during the year.

II. The Company is a financial services company, therefore physical verification and maintenance of adequate record of inventory is not applicable to the company.

III. a. The company has granted unsecured loans, to companies, firms and other parties covered in the register maintained under section 301 of the Act.

b. In our opinion and according to the information and explanations given to us, the rate of interest, whenever applicable and other terms and conditions of the unsecured loans given by the company are not primafacie, prejudicial to the interest of the company.

IV. In my opinion and according to the information and explanation given to me, there are no laid down internal control procedures commensurate with the size of the company and nature of its business.

V. In our opinion and according to the information and explanations given to us, we are of the opinion, that the transaction that need to be entered in the register maintained under section 301 of the companies act, 1956 have been so entered and they have been made at price which are reasonable having regard to the prevailing market price at the relevant time.

VI. In my opinion and according to the information and explanations given to us, the company has not accepted deposits from public and therefore, the provision of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

VII. In my opinion, there is an internal audit system commensurate with the size of business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209(1) (d) of the Act.

IX. The company has been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, at the year-end for a period of more than six months from the date they became payable.

X. The Company have accumulated losses at the end of the year of Rs.Nil and the company has not incurred cash losses during current year and the company wasn't incurred any cash losses in the immediately preceding financial year.

XI. Based on my audit procedures and on the information and explanation given by the management, I am of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

XII. According to the information and explanations given to me, the company has given loans and advances on the basis of security by way of Pronotes, post dated instruments, pledge of shares, debentures and other securities.

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

XIV. In my opinion the company is not dealing or trading in shares, securities, debentures and other investments during the year under review; however there are long- term investments in the company. The records, however, does not fully comply with the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 applicable to the company.

XV. According to the information and explanations given to me, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. There were no term loans obtained by the company during the year.

XVII. According to the cash flow statement and other records examined by me and the information and explanations given to me, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment pending application.

XVIII. The company has not made any preferential allotment during the year nor does the company have any outstanding debentures during the year.

XIX. The company has not issued any debentures and no securities and charges are required to be created.

XX. The company has not raised any money by public issue during the year.

XXI. To the best of my knowledge and belief and according to the information explanation given to me, no fraud on or by the company was noticed or reported during the year.

For G.V & Co.,

CHARTERED ACCOUNTANTS

Sd/-

Grandhi Vittal

Proprietor.

Membership No.206462

Firm Regn. No.012875S

Place: Hyderabad

Date : 30.05.2012


Mar 31, 2010

1. I have audited the attached Balance Sheet of M/s. Citi Port Financial Services Limited as at 31st March, 2010, the Profit and Loss account and the cash flow statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. My responsibility is to express an opinion on these financial statements based on my audit.

2. I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I 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 managements, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

3. As required by the Companies Order, 2003, issued by the central Government of India in terms of section 227 (4A) of the Companies Act, 1956,1 give in the annexure, a statement on the matters specified in paragraphs 4 of the said Order.

4. Further to my comments in the annexure referred to in Para 3 above, I report that:

(a) I have obtained all the information and explanation, which to the best of my knowledge and belief were necessary for the purpose of my audit in my opinion, proper books of accounts as required by law have been kept by the company so far as appears from my examination of such books.

(b) The balance sheet, profit & loss account and cash flow statement dealt with by this report are in agreement with the book of account.

(c) In my opinion, the balance sheet, profit &, 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.

(d) On the basis of the written representation received from the directors as on 31st March 2010 and taken on record by board of directors, I report that none of the directors is disqualified as on 3 1st March, 2010 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the companies act, 1956. As regards government - nominee directors, they are exempted from the provision of section 274 (1) (g) in view of general circular issued by the department of company affairs.

5. In my opinion and to the best of my information and according to the explanation given to me, the said accounts read with significant accounting policies and the other note thereon, 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 :

i. in case of the balance sheet of the state of affairs of the company as at 31st March, 2010;

ii. in case of profit & loss account of the loss for the year ended on that date, and

iii. in case of cash flow statement, of the cash flows for the year ended on that date.



ANNEXURE TO THE AUDITORS REPORT



I. In respect of its Fixed Assets

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

b. All the fixed assets have been physically verified by the management at the reasonable interval.

c. In our opinion and according to information and explanations given to us, the Company has not disposed off substantial part of fixed assets during the year.

II. The Company is a financial services company, therefore physical verification and maintenance of adequate record of inventory is not applicable to the company.

III. a. The company has granted Rs.51,69,779/- unsecured loans, to companies, firms and other parties covered in the register maintained under section 301 of the Act.

b. In my opinion and according to the information and explanations given to us, the rate of interest, whenever applicable and other terms and conditions of the unsecured loans given by the company are not primafacie, prejudicial to the interest of the company.

IV. In my opinion and according to the information and explanation given to me, there are no laid down control procedures commensurate with the size of the company and nature of its business.

V. In our opinion and according to the information and explanations given to us, we are of the opinion, that the transaction that need to be entered in the register maintained under section 301 of the companies act, 1956 have been so entered and the have been made at price which are reasonable having regard to the prevailing market price at the relevant time.

VI. In my opinion and according to the information and explanations given to us, the company has not accepted deposits from public and therefore, the provision of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

VII. In my opinion, there is no internal audit system commensurate with the size of business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209(1) (d) of the Act.

IX. The company has been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, at the year-end for a period of more than six months from the date they became payable.

X. The Company have accumulated losses at the end of the year of Rs.Nil and the company has not incurred cash losses during current year and the company doesnt incurred any cash losses in the immediately preceding financial year.

XI Based on my audit procedures and on the information and explanation given by the management, I am of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

XII. According to the information and explanations given to me, the company has given any loans and advances on the basis of security by way of Pronotes, post dated instruments, pledge of shares, debentures and other securities.

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

XIV. In my opinion the company is not dealing or trading in shares, securities, debentures and other investments during the year under review, however there are long- term investment in the company. The records however does not fully comply with the provisions of clause 4(ixv) of the Companies (Auditors Report) Order, 2003 applicable to the company.

XV. According to the information and explanations given to me, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. There were no term loans obtained by the company during the year.

XVII. According to the cash flow statement and other records examined by me and the information and explanations given to me, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment pending application.

XVIII. The company has not made any preferential allotment during the year nor does the company have any outstanding debentures during the year.

XIX. The company has not issued any debentures and no securities and charges are required to be created.

XX. The company has not raised any money by public issue during the year.

XXI. To the best of my knowledge and belief and according to the information explanation given to me, no fraud on or by the company was noticed or reported during the year.

For Grandhi Vittal

CHARTERED ACCOUNTANTS

Sd/-

Grandhi Vittal

Proprietor.

Membership No.206462

Place : Hyderabad

Date : 29.05.2010

 
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