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Auditor Report of Control Print Ltd.

Mar 31, 2015

1. We have audited the accompanying standalone financial statements of Control Print 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.

2. We have relied on financials of the foreign branch audited by the Firm of Chartered Accountants who have issued the audit report thereof in Sri Lanka.

Management's Responsibility for the (Standalone) * Financial Statements

3. 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

4. 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 and other applicable authoritative pronouncements 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.

5. 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.

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

Opinion

7. 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:

a) In the case of Balance Sheet of the state of affairs of the Company as at 31st March 2015,

b) In the case of the Profit and Loss Account ,of the profit for the year ended on that date

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 and Regulatory Requirements

8. 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, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us. We give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order.

9. 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) In our opinion and to the best of our information and according to the explanations given to us, we report as under 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:

i. The Company has pending litigations which would impact its financial position as referred to in Note No 36 (i) (B) of the accounts on Contingent Liabilities not provided for

Financial Year Name of Statute Nature of Dues Amount

2007- 2008 Central Sales Tax CST liability 925,147/- Act 1956

2008- 2009 Central Sales Tax CST Liability 4,057,828/- Act,1956

2009- 2010 Central Sales Tax CST Liability 6,904,384/- 1956

Financial year Forum where dispute is pending

2007-2008 Joint Commissioner of Sales Tax Appeals -(Mumbai)

2008-2009 Joint Commissioner of Sales Tax Appeals -(Mumbai)

2009-2010 Joint Commissioner of Sales Tax Appeals- Mumbai

ii. The Company has made provision as on 31st Mach 2015 as required under the applicable law or accounting standard for material forseeable losses did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii. The Company during the year under report has transferred Rs. 229,963/- for the year 2005-06 with a delay of approximately one year and Rs. 332,958/- for 2006-07 to the Investor Education and Protection Fund.

Annexure referred to in paragraph 7 Our Report of even date to the members of Control Print 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 Fixed Assets

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

b) As explained to us, fixed assets have been physically verified by an outsourcing corporate agency at the year end ; As informed to us, few discrepancies were noticed on such verification which have been properly dealt in the books of accounts. The company has initiated measures to implement the suggestions made by them.

c) In our opinion, the company has not disposed off a substantial part of its fixed assets during the year.

ii) In respect of Inventories

a) The inventories have been physically verified by an outsourcing corporate agency by following reasonable and adequate procedures during the year end based on the inventory records maintained.

b) The material discrepancies noticed on the verification between physical stocks and book stocks have been properly dealt with in the books of accounts by the company. The company has initiated measures to implement the suggestions made by them.

iii) The company has not granted any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 189 of the Act during the year.

There is an outstanding balance of Rs. 900,000/- towards loan granted in the earlier year to the wholly owned subsidiary company Liberty Chemicals Private Limited.

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 fixed assets and for the sale of 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) As informed to us, the Central Government has prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act. The company has appointed the Cost Auditor whose report has been received upto the financial year 2012-13.

vii) In respect of Statutory dues

(a) According to the information and explanations given to us and based on the records of the company examined by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India. According to the information and explanations given to us ,there are no other undisputed amounts outstanding as on 31st March, 2015 for a period of more than six months from the date they become payable by the company except payment of service tax Rs. 2,340,734/- which is appearing as payable by the company for which the reconciliation with the income receivable of earlier period is in progress.

(b) According to the information and explanations given to us and based on the records of the company examined by us, dues of Central Sales Tax Rs. 11,887,359/- which have not been deposited on account of disputes are referred to in Note No 9 (f)(i) of our Independent Audit Report of even date.

(c) There has been a transfer of during the year under report to transfer Rs. 229,963/- for the year 2005-06 with a delay of approx. one year and Rs. 332,958/- for the year 2006-07 to the Investor Education and Protection Fund.

viii) The Company does not have accumulated losses and has not incurred cash losses during the financial year covered under audit and in the immediately preceding financial year.

ix) As per the information and explanations given to us, the Company has filed the suit before the Honorable High Court of Mumbai for recovery and damages against IDBI for wrongful appropriation for sale of promoters/guarantors shares in the earlier year which is still pending. There is no amount outstanding to the financial institution as the disputed amount is already appropriated.

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 a bank or financial institution during the year.

xi) In our opinion, and according to the information and explanations given to us, the company has not raised any term loans during the year.

xii) During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor have we been informed of any such instance by the Management.

For Dosi and Jain Chartered Accountants Firm Registration No 112435W

Chandresh Gandhi Partner

Place: Mumbai Dated: 30th June, 2015




Mar 31, 2014

We have audited the accompanying financial statements of Control Print Limited ("the Company"), which comprise the Balance Sheet as at March 31st,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

The management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, Financial Performance and Cash Flows of the Company in accordance with the Accounting Standards under the Companies Act, 1956 ("The Act") read with General Circular 15/2013 dated 13th September,2013 of Ministry of Company Affairs in respect of Section 133 of the Companies Act,2013 and in accordance with accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true fair view and are free from material misstatement 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. These standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31st, 2014;

(b) In the case of the Profit and Loss Account, of the Profit of the Company 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 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 notified under the Act read with General Circular 15/2013 dated 13th September,2013 of 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 31st, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31st, 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 AUDITOR''S REPORT As referred to in paragraph 2 of our report of even date to the members of Control Print Ltd., on the accounts for the year ended 31st March, 2014

i. In respect of Fixed Assets

(a) The Company has maintained records showing particulars including quantitative details and situation of Fixed Assets which needs updation and reconciliation with the physical records.

(b) The Company needs to carry out physical verification of assets in a phased manner.

(c) In our opinion, the company has not disposed off a subtantial part of its fixed assets during the year.

ii. In respect of inventories

(a) The inventories have been physically verified by the management at reasonable intervals during the year on a selective basis.

(b) In our opinion the procedures followed for physical verification of stocks is reasonable and adequate considering the nature of the business and size of the Company.

(c) The Company has maintained proper records of inventories. In our opinion the discrepancies noticed on the verification between physical stocks and book stocks were not material having regard to the size of the operations of the Company and have been properly dealt with in the books of accounts.

iii. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) The Company has not accepted any loan from related parties during the year. Consequently, the balance clauses are not applicable to the company.

(b) The Company has granted interest free loan Rs 9,00,000/- during the year to the wholly owned subsidiary company Liberty Chemicals Private Limited as covered in the Register maintained under Section 301 of the Companies Act, 1956. The said loan is outstanding at the end of the year .

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and Fixed Assets and for the sale of goods and services.During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, we are of the opinion that transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) (b) In our opinion and according to the explanations given to us, transactions in pursuance of contracts or arrangements entered in register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-(Rupees Five Lacs only) or more in respect of each party during the year have been made at prices which appear reasonable as per information available with the company.

vi. According to the information and explanation given to us, the company has not accepted any deposit from the public.Therefore, the provisions of Clause (vi)of paragraph 4 of the order are not applicable to the Company.

vii. In our opinion, the Company needs to strengthen the Internal Audit System to commensurate with the size and nature of its business especially in respect of its manufacturing operations

viii. We are informed that the Central Government has prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 and the Company has appointed the cost auditor has been received upto the financial year 2012-13.

ix. In respect of the statutory dues:

(a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income- Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax and other statutory dues have been regularly deposited with the appropriate authorities. According to

the information and explanation given to us, there are no other undisputed amounts st outstanding as on 31 March, 2014 for a period of more than six months from the date they become payable except payment of service tax Rs. 23,40,374/- which is appearing as payable by the company for which the reconciliation with the income receivable of earlier period is in progress.

(b) According to the information and explanation given to us and records of the Company, there is a disputed demand payable by the company in respect of for which the company has filed appeals before the following authorities:

Financial Name of Nature of Amount Forum where Year Statute Dues dispute is pending

2005-2006 Central Sales CST liability 33,27,458/- Joint Commissioner Tax Act''1956 of Sales Tax Appeals - (Mumbai)

2005-2006 Maharastra Value Added 4,73,777/- Joint Commissioner Value Added Tax Liability of Sales Tax Appeals Tax Act''2002 - (Mumbai)

x. The Company does not have accumulated losses and has not incurred cash loses during the financial year covered by audit and in the immediately preceding financial year.

xi. As per the information and explanations given to us, The company has filed the suit before the Honorable High Court of Mumbai for recovery and damages against IDBI for wrongful appropriation for sale of promoters/guarantors shares in the earlier year which is still pending. There is no amount outstanding to the financial institution as the disputed amount is already appropriated.

xii. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a chit fund/mutual benefit fund/society. Therefore,the provisions of clause 4

(xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

xiv. In respect of company''s investments proper records have been maintained for all transactions and contracts and entries therein have generally been made on timely basis. All shares, securities, debentures and other investments have been held by the company in its own name except as permissible under section 49 of the Companies Act, 1956.

xv. In our opinion and according to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. The term loans outstanding at the beginning of the year and those raised during the year.

xvii. According to the information and explanation given to us and over all examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any amount from short term sources towards repayment of long-term borrowings and acquisition of fixed assets and funds raised on long term basis have not been used for short term investment.

xviii. The Company has raised the money through Preferential issue of warrants pending allotment from the parties and companies whose names appear in register maintained under section 301 of the Companies Act''1956. In our opinion ,the price at which the shares are issued are not prejudicial to the interest of the company.

xix. The Company has not issued any debentures and therefore the question of creating security in respect thereof does not arise.

xx. The Company has not raised any money by way of public issue during the year and therefore the question of disclosing the end use of money does not arise.

xxi. Based on the audit procedures performed and according to the information and explanation given to us by the management, no fraud on / by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

For Dosi & Jain Chartered Accountants FRN 112435W

(Chandresh Gandhi) Partner Place: Mumbai M.No 43172 Dated: 30 May,2014


Mar 31, 2013

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

Management''s Responsibility for the Financial Statements

The management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, Financial Performance and Cash Flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("The Act"). This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true fair view and are free from material misstatement 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. These standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

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

Opinion

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

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

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

(c) In the case of the Cash Flow statement, of the Cash Flows for the year ended on that date.

Report on other Legal and Regulatory requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 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 sub-section (3C) of section 211 of the companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the 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 AUDITOR''S REPORT

As referred to in paragraph 2 of our report of even date to the members of Control Print Ltd., on the accounts for the year ended 31st March, 2013

i. In respect of Fixed Assets

(a) The Company has maintained records showing particulars including quantitative details and situation of Fixed Assets which needs updation and reconciliation with the physical records.

(b) The Company needs to carry out physical verification of assets in a phased manner.

(c) In our opinion, the company has not disposed off a subtantial part of its fixed assets during the year.

ii. In respect of inventories

(a) The inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion the procedures followed for physical verification of stocks is reasonable and adequate considering the nature of the business and size of the Company.

(c) The Company has maintained proper records of inventories. In our opinion the discrepancies noticed on the verification between physical stocks and book stocks were not material having regard to the size of the operations of the Company and have been properly dealt with in the books of accounts.

iii. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) The Company has not accepted any loan from related parties during the year.

(b) The Company has not given any loan during the year to companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the balance clauses are not applicable.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and Fixed Assets and for the sale of goods and services.During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, we are of the opinion that transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the explanations given to us, transactions in pursuance of contracts or arrangements entered in register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.5,00,000/-(Rupees Five Lacs only) or more in respect of each party during the year have been made at prices which appear reasonable as per information available with the company.

vi. According to the information and explanation given to us, the company has not accepted any deposit from the public.Therefore, the provisions of Clause (vi)of paragraph 4 of the order are not applicable to the Company.

vii. In our opinion, the Company needs t© strengthen the Internal Audit System to commensurate with the size and nature of its business especially in respect of its manufacturing operations

viii. We are informed that the Central Government has prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 and the Company has appointed the cost auditor during the year whose report is-still awaited.

ix. In respect of the statutory dues:

(a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income- Tax, Sales Wealth Tax, Custom Duty, Excise Duty, Service Tax and other statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanation given to us, there are no other undisputed amounts outstanding as on 31st March, 2013 for a period of more than six months from the date they become payable, except payment of service tax Rs.23,44,682/- which is appearing as payable by the company for which the reconciliation with the income receivable of earlier period is in progress.

x. The Company does not have accumulated losses and has not incurred cash loses during the financial year covered by audit and in the immediately preceding financial year.

xi. As per the information and explanations given to us, the company has filed the suit before , the Honorable High Court of Mumbai for recovery and damages against IDBI for wrongful appropriation for sale of promoters/guarantors shares in the earlier year which is still pending. There is no amount outstanding to the financial institution as the disputed amount is already appropriated.

xii. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a chit fund/mutual benefit fund/society. Therefore,the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company.

xiv. In respect of company''s investments proper records have been maintained for all transactions and contracts and entries therein have generally been made on timely basis. All shares, securities, debentures and other investments have been held by the company in its own name except as permissible under section 49 of the Companies Act, 1956.

xv. In our opinion and according to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purpose for which they were raised.

xvii. According to the information and explanation given to us and over all examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any amount from short term sources towards repayment of long-term borrowings and acquisition of fixed assets and funds raised on long term basis have not been used for short term investment.

xviii. The Company has raised the money through Preferential allotment from the parties and companies whose names appear in register maintained under section 301 of the Companies Act''1956.

xix. The Company has not issued any debentures and therefore the question of creating security in respect thereof does not arise.

xx. The Company has not raised any money by way of public issue during the year and therefore the question of disclosing the end use of money does not arise.

xxi. Based on the audit procedures performed and according to the information and explanation given to us by the management, no fraud on / by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

For Dosi & Jain

Chartered Accountants FRN 112435W

(Chandresh Gandhi)

Partner

Place: Mumbai M.No 43172

Dated: 30th May,2013


Mar 31, 2012

We have audited the attached Balance Sheet of Control Print Limited as at 31st March, 2012 and Statement of Profit and Loss of the company and 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.

1. We have 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 test basis, evidence supporting the amount and disclosures 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 of our opinion.

2. As required by Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, and as per the information and explanation furnished to us and the books and records examined by us in the normal course of audit, we enclose in the Annexure, a statement on the matters specified in paragraph 4and 5 of the Order.

3. Further too ur comments in the Annexure referred to in paragraph above, we report that:

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

b) In our opinion, proper books of accounts as required by law have been kept by the company, so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visited by us.

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, Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

e) On the basis of the written representations received from the directors as on 31st March 2012, and the same being taken on record by the Board of Directors, we report that none of the directors is disqualified as a director in terms of section 274 (1) (g) of the Companies Act, 1956.

f) In our opinion, according to the information and explanation given to us, they said accounts read together with notes thereon and the accounting policies give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in the conformity with the accounting principles generally accepted in India:

i. In case of Balance Sheet, of state of affairs of the company as at 31 st March 2012;

ii. In case of Statement of Profit and Loss, of profit 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

As referred to in paragraph 2 of our report of even date to the members of Control Print Ltd., on the accounts for the year ended 31st March 2012

I. In respect of Fixed Assets

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us all the fixed assets have been physically verified by the management in a phased periodic manner, which in our opinion is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

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

ii. In respect of inventories

(a) The inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion the procedures followed for physical verification of stocks is reasonable and adequate considering the nature of the business and size of the Company.

(c) The Company has maintained proper records of inventories. In our opinion the discrepancies noticed on the verification between physical stocks and book stocks were not material having regard to the size of the operations of the Company and have been properly dealt with in the books of accounts.

iii. In respect of the loans, secured or unsecured, granted or taken by the Company to /from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act,1956:

(a) The Company has not accepted any loan from related parties during the year. However, the maximum amount outstanding of Rs 4.25,00,000 in respect of earlier years loan taken has been repaid during the year.

(b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the loans accepted by the Company, are not prima facie prejudicial to the interest of the Company.

(c) The principal amounts are repayable on demand and there is no repayment schedule. The interests is payable on demand.

(d) In respect of the said loans, the same are repayable on demand and therefore the question of overdue amounts does notaries. In respect of interest, there are no overdue amounts.

(e) The Company has not given any loan during the year from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.

Consequently, the requirements of Clauses (iii) (b), (c) and (d) of paragraph 4 of the Order are not applicable.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and Fixed Assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, we are of the opinion that transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the explanations given to us, transactions in pursuance of contracts or arrangements entered in register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.500000/-(Rupees Five Lacs only) or more in respect of each party during the year have been made at prices which appear reasonable as per information available with the company.

vi. According to the information and explanation given to us, the company has not accepted any deposit from the public. Therefore, the provisions of Clause (vi)of paragraph 4 of the order are not applicable to the Company.

vii. In our opinion, the Company has developed an Internal Audit System commensurate with the size and nature of its business.

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

ix. In respect of the statutory dues:

(a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax and other statutory dues have been regularity deposited with the appropriate authorities. According to the information and explanation given to us, there are no other undisputed amounts outstanding as on 31st March, 2012 for period of more than six months from the date they become payable, except payment of service tax Rs 28,23,429/-which is appearing as payable by the company for which the reconciliation with the income receivable of earlier period is in progress.

(b) According to the information and explanation given to us and records of the Company, there are no disputed demands payable by the company

x. The Company does not have accumulated losses and has not incurred cash loses during the financial year covered by audit and in the immediately preceding financial year.

xi. As per the information and explanations given to us, the Company has filed the suit before the Honorable High Court of Mumbai for recovery and damages against IDBI for wrongful appropriation by sale of promoters / guarantors shares in the earlier year which is still pending. There is no amount outstanding to the financial institution as the disputed amount is already appropriated.

xii. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a chitfund/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) 0rder2003 is not applicable to the Company.

xiv. In respect of company's investments proper records have been maintained for all transactions and contracts and entries therein have generally been made on timely basis. All shares, securities, debentures and other investments have been held by the company in its own name except as permissible under section 49 of the Companies Act, 1956.

xv. In our opinion and according to the information and explanation given to us, the Company has not given guaranteesfor loans taken by others from banks or financial institutions.

xvi. The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purpose for which they were raised.

xvii. According to the information and explanation given to us and over all examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any amount from short term sources towards repayment of long-term borrowings and acquisition of fixed assets and funds raised on long term basis have not been used for short term investment.

xviii. The Company has not issued any debentures and therefore the question of creating security in respect thereof does not arise.

xix. The Company has not raised any money by way of public issue during the year and therefore the question of disclosing the end use of money does not arise.

xx. Based on the audit procedures performed and according to the information and explanation given to us by the management, no fraud on / by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

For Dosi& Jain Chartered Accountants

Reg No. FRN112435W



Chandresh Gandhi

Partner

Membership No. 43172

Date: 27 June, 2012


Mar 31, 2011

We have audited the attached Balance Sheet of Control Print Limited as at 31st March, 2011 and Profit and Loss Account of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amount and disclosures 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 of our opinion.

2. As required by Companies (Auditor's Report) Order, 2003 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, and as per the information and explanation furnished to us and the books and records examined by us in the normal course of audit, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the Order.

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

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

b) In our opinion, proper books of accounts as required by law have been kept by the company, so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visited by us.

c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement referred to in this Report are in agreement with the books of account.

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

e) On the basis of the written representations received from the directors as on 31st March 2011, and the same being taken on record by the Board of Directors, we report that none of the directors is disqualified as a director in terms of section 274 (1) (g) of the Companies Act, 1956.

f) In our opinion, according to the information and explanation given to us, the said accounts read together with notes thereon and the accounting policies give the information required by the Companies Act, 1956 in the manner so required and give true and fair view in the conformity with the accounting principles generally accepted in India:

i. In case of Balance Sheet, of state of affairs of the company as at 31st March 2011, and

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

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

Annexure To The Auditor's Report

As referred to in paragraph 2 of our report of even date to the members of Control Print Ltd., on the accounts for the year ended 31st March 2011

i. In respect of Fixed Assets

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us during the year the Company has verified most of the Fixed Assets at various locations and no material discrepancies have been noticed on such verification. In our opinion the frequency of such verification is reasonable and adequate to the size of the Company and nature of the business.

(c) There are no substantial fixed assets disposed off during the year. ii. In respect of inventories

(a) The inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion the procedures followed for physical verification of stocks is reasonable and adequate considering the nature of the business and size of the Company.

(c) The Company has maintained proper records of inventories. In our opinion the discrepancies noticed on the verification between physical stocks and book stocks were not material having regard to the size of the operations of the Company and have been properly dealt with in the books of accounts.

iii. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

(a) The Company has accepted loan from three related parties. The maximum amount outstanding during the year was Rs. 345 lacs and year end balance is Rs. 225 lacs.

(b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of the loans accepted by the Company, are not prima facie prejudicial to the interest of the Company.

(c) The principal amounts are repayable on demand and there is no repayment schedule. The interest is payable on demand.

(d) In respect of the said loans, the same are repayable on demand and therefore the question of overdue amounts does not arise. In respect of interest, there are no overdue amounts.

(e) The Company has not given any loan during the year from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. Consequently, the requirements of Clauses (iii) (b),(c) and (d) of paragraph 4 of the Order are not applicable.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and Fixed Assets and for the sale of goods and services.

v. In respect of transactions covered under Section 301 of the Companies Act, 1956:

(a) In our opinion and according to the information and explanations given to us, we are of the opinion that transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the explanations given to us, transactions in pursuance of contracts or arrangements entered in register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs. 5,00,000/-(Rupees Five Lacs only) or more in respect of a party is reasonable having regard to the prevailing market prices at the relevant time.

vi. The Company has not accepted any deposits from the public.

vii. The Company has developed an Internal Audit System commensurate with the size and nature of its business.

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

ix. In respect of the statutory dues:

(a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales Wealth Tax, Custom Duty, Excise Duty, Service Tax and other statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanation given to us, there are no other undisputed amounts outstanding as on 31st March, 2011 for a period of more than six months from the date they become payable, except payment of Service Tax on Royalties, Technical Services & Professional fees amounting to Rs. 2,569,561.33 which is payable by the company and the amount has since been deposited.

(b) According to the information and explanation given to us and records of the Company, there are no disputed demands payables by the company.

x. The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

xi. As per the information and explanations given to us, the matter in respect of payment of dues to IDBI which has been appropriated by sale of promoters/guarantors shares in the previous year is still pending before the Honorable High Court of Mumbai. There is no amount outstanding to the financial institution as the disputed amount is already appropriated.

xii. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a chit fund/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.

xiv. In respect of company's investments proper records have been maintained for all transactions and contracts and entries therein have generally been made on timely basis. The shares, securities, debentures and other investments have been held by the company in its own name except as permissible under section 49 of the Companies Act, 1956.

xv. In our opinion and according to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

xvi. In our opinion and according to the information and explanation given to us, the term loan has been applied for the purpose for which they were raised.

xvii. According to the information and explanation given to us and over all examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any amount from short term sources towards repayment of long-term borrowings and acquisition of fixed assets and funds raised on long term basis have not been used for short term investment.

xviii. During the year, the Company has made preferential allotment of 3,75,000 equity shares to the parties covered under Section 301 of the Companies Act,1956. In our opinion, the said allotment and pricing of the shares have been made in accordance with the SEBI guidelines and hence the prices are not prejudicial to the interests of the company.

xix. The Company has not issued any debentures and therefore the question of creating security in respect thereof does not arise.

xx. The Company has not raised any money by way of public issue during the year and therefore the question of disclosing the end use of money does not arise.

xxi. Based on the audit procedures performed and according to the information and explanation given to us by the management, no fraud on / by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

For Dosi & Jain Chartered Accountants Reg No. FRN 112435W

Chandresh Gandhi Partner Membership No.43172

Place : Mumbai Date : 17 June, 2011


Mar 31, 2010

We have audited the attached Balance Sheet of Control Print Limited as at 31st March, 2010 and Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amount and disclosures 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 of our opinion.

2. As required by Companies (Auditors Report) Order, 2003 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, and as per the information and explanation furnished to us and the books and records examined by us in the normal course of audit, we enclose in the Annexure, a statement on the matters specified in paragraph 4 and 5 of the Order.

3. Furtherto our comments in the Annexure referred to in paragraph above, we report that:

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

b) In ouropinion, proper books ofaccounts as required by law have been kept by the Company, so far as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visited by us.

c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement referred to in this Report are in agreement with the books of account.

d) In ouropinion, Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards referred to in Sub- section (3C) of section 211 of the Companies Act, 1956 except for Note No.(l) 6 b of Schedule U

e) On the basis of the written representations received from the directors as on 31st March 2010, and the same being taken on record by the Board of Directors, we report that none of the directors is disqualified as a director in terms of section 274 (1)(g) of the Companies Act, 1956.

f) In ouropinion, according to the information and explanation given to us, the said accounts subject to: Note (I) 6 b of Schedule U regarding provision for leave encashment on cash basis and, read together with notes thereon and the accounting policies give the information required by the Companies Act, 1956, in the manner so required and give true and fair view in the conformity with the accounting principles generally accepted in India.

1) In case of Balance Sheet, of state of affairs of the Company as at 31 st March 2010, and

2) In case of Profit and Loss Account, of profits of the Company for the year ended on that date

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

Annexure To The Auditors Report

As referred to in paragraph 2 of our report of even date to the members of Control Print Ltd., on the accounts for the year ended 31st March 2010

1) Inrespect of Fixed Assets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) As explained to us during the year the Company has verified most of the Fixed Assets at various locations and no material discrepancies have been noticed on such verification. In our opinion the frequency of such verification is reasonable and adequate to the size of the Company and nature of the business.

(c)There are no substantial fixed assets disposed off during the year except as stated in Note no. (H)(5) of Schedule "U" - Notes to accounts.

2) In respectof inventories:

(a) The inventories have been physically verified by the management at reasonable intervals during the year.

(b) In our opinion the procedures followed for physical verification of stocks is reasonable and adequate considering the nature of the business and size of the Company.

(c) The Company has maintained proper records of inventories. In our opinion the discrepancies noticed on the verification between physical stocks and book stocks were not material having regard to the size of the operations of the Company and have been properly dealt within the books of accounts.

3) The Company has not taken or granted any loans secured or unsecured to/from Companies firms or other partners listed in the register maintained under Section 301 of the Companies Act, 1956 and accordingly the clause 4(iii) of the Companies (Auditors Report) Order, 2003 is not applicable.

4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and Fixed Assets and for the sale of goods and services.

5) In respectof transactions covered underSection 301 of the CompaniesAct, 1956:

(a) In our opinion and according to the information and explanations given to us, we are of the opinion that transactions that need to be entered in the register maintained under section 301 of the CompaniesAct, 1956 have been so entered.

(b) Inouropinionandaccordingtotheexplanationsgiventous,transactions in pursuance of contracts or arrangements entered in register maintained under Section 301 of the Companies Act, 1956 aggregating duringtheyearto?5,00,000/-(?FiveLacsonly)ormoreinrespectofa party is reasonable having regard to the prevailing market prices at the relevant time.

6) The Company has not accepted any deposits from the public.

7) The Company has developed an Internal Audit System commensurate with the size and nature of its business.

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

9) In respect of the statutory dues:

(a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales Wealth Tax, Custom Duty, Excise Duty, Service Tax and other statutory dues have been regularly deposited with the appropriate authorities. According to the information and explanation given to us, there are no other undisputed amounts outstanding as on 31 st March, 2010 for a period of more than six months from the date they become payable.

(b) According to the information and explanation given to us and records of the Company, there are no disputed demands payables by the Company

10) The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11) As per the information and explanations given to us, the matter in respect of payment of dues to IDBI which has been appropriated by sale of promoters/guarantors shares in the previous year is still pending before the Honorable High Court of Mumbai. There is no amount outstanding to the financial institution as the disputed amount is already appropriated.

12) In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company 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/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

14) In respect of companys investments proper records have been maintained for all transactions and contracts and entries therein have generally been made on timely basis. The shares, securities, debentures and other investments have been held by the Company in its own name except as permissible under Section 49 of the Companies Act, 1956.

15) In our opinion and according to the information and explanation given to us, the Company has not given guarantees for loans taken by others from banks or financial institutions.

16) In our opinion and according to the information and explanation given to us, the term loan has been applied for the purpose forwhich they were raised.

17) According to the information and explanation given to us and over all examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any amount from short term sources towards repayment of long-term borrowings and acquisition of fixed assets and funds raised on long term basis have not been used for short term investment.

18) During the year, the Company has made preferential allotment of 3,50,000 equity shares to the parties covered under Section 301 of the Companies Act, 1956. In our opinion, the said allotment and pricing of the shares have been made in accordance with the SEBI guidelines and hence the prices are not prejudicial to the interests of the Company.

19) The Company has not issued any debentures and therefore the question of creating security in respect thereof does not arise.

20) The Company has not raised any money by way of public issue during the year and therefore the question of disclosing the end use of money does not arise.

21) Based on the audit procedures performed and according to the information and explanation given to us by the Management, no fraud on / by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

Place: Mumbai Chandresh Gandhi For Dosi &Jain

Date- 07/08/2010 Partner Chartered Accountants

Membership No.43172 Reg No. FRN 112435W

 
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