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Auditor Report of Datasoft Application Software (India) Ltd.

Mar 31, 2014

We have audited the accompaying financial statements of Datasoft Application Software (India) 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 finanicial position, financial performance and cash flow 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 General Circular No. 15/2013 dated 13th September 2013 of the Ministry of Company Attairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''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 circumastances. 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

1. 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 31st March, 2014;

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

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

Emphasis of Matter :

Without Qualifying Our Opinion :

We draw attention to Note No. 3 and 4 of Notes of the Financial Statement regarding following factors raise substantial doubt on the assumption of going concern concept in preparation of financial statements :

i) There is no business activity during the year.

i i ) Management has already laid off its entire staff and they have not shown any evidence for the revival of the business by recruiting any employee.

In view of the above, we are unable to express any opinion as regards the appropriateness of going concern assumption followed in preparation of the financial statements.

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 matter 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, the 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, the 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, read with General Circular No. 15/2013 dated 13th September 2013 of the Ministry of Company Attairs 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, we report that 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 AUDITORS'' REPORT

(Referred to in paragraph 1 of Report on other Legal and Regulator Requirements of the Auditors'' Report of even date to the members of DATASOFT APPLICATION SOFTWARE (INDIA) LIMITED on the financial statements for the year ended 31st March, 2014)

(i) The Company does not have any fixed assets. Hence the question of maintaining proper records, carrying out physical verification and disposing off a substantial part of the fixed assets does not arise.

(ii) The Company does not have any inventory. Hence the question of carrying out physical verification and maintaining proper records does not arise.

(iii) a) According to information and explanations given to us, the company has not granted any loans, secured

or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence clauses (iii) (a), (iii) (b), (iii) (c), (iii) (d) of paragraph 4 of the order are not applicable to the Company.

b) The Company has taken loan from three parties listed in Register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 1,20,000 and the year-end balance of loans taken from such parties was Rs. 7,33,502.

c) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register are not, prima facie, prejudicial to the interest of the company.

d) In respect of such loan taken by the Company, no stipulation has been made with respect to repayment of loan and payment of interest, hence we are unable to comment on the same.

(iv) During the year, the company has not been engaged in purchase of inventory and fixed assets and sale of goods and services. Hence clause 4 (iv) is not applicable to the company.

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

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

b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements need to be entered in the register maintained under section 301 of the Companies Act, 1956 exceeding Rs. 5,00,000/-

(vi) The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under. Hence, the clause (vi) of the order is not applicable.

(vii) In our Opinion, the Company does not have any Internal Audit System.

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

(ix) a) According to the information and explanations given to us and on the basis of records produced before us, the

Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor education Protection fund, employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

b) There are no cases of non deposit with appropriate authorities of disputed due of Sales Tax / Income Tax / Custom Duty / Wealth Tax / Exicse authorities.

(x) The Company has accumulated losses at the end of the financial year exceeding fifty percent of its net worth. However the company has earned cash profit during the current financial year and in the immediately preceding financial year also.

(xi) In our opinion and according to the information and explanations given to us, the Company has not taken any loans from any financial institutions, banks or debenture holders and hence the question of defaulting in repayment of dues not arise.

(xii) According to the information and explanations given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

(xiv) According to the information and explanations given to us, the Company does not deal or trade in shares, securities, debentures and other investment.

(xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) The Company has not taken any term loan during the year.

(xvii) According to the information and explanations given to us, and on overall examination of the balance sheet and cash flow statement of the Company, in our opinion, the funds raised on short term basis have not been used for long terms investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

(xix) The company has not issued debentures during the financial year and hence the question of creating securities in respect thereof does not arise.

(xx) The Company has not raised any money by public issues during the year.

(xxi) On the basis of our examination and according to the information and explanation given to us, no fraud, on or by the Company, has been noticed or reported during the course of our audit.

For KANU DOSHI ASSOCIATES Chartered Accountants Firm Reg. No. : 104746W

PLACE : MUMBAI ANKIT PAREKH DATE : 29-05-2014 Partner M. No. : 114622


Mar 31, 2012

1. We have audited the attached Balance Sheet of DATASOFT 31st March, 2012 and also the Profit and Loss Account and the responsibility is to express an opinion on these financial statements based on our audit.

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

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

4. Further to our comments in the Annexure referred to 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;

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

d) In our opinion, the Balance Sheet, Profit and Loss Account, and the Cash Flow Statement dealt with by this report comply with the Companies (Accounting Standards) Rules, 2006 and/or 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 31st March, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st 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; ,

f) Attention is invited to the following in Schedule X

Note No. : 3 In our opinion, following factors raise substantial doubt on the assumption of going concern concept in preparation of financial statements :

I) There is no business activity during the year.

ii) Management has already laid off its entire staff and they have not shown any evidence for the revival of the business by recruiting any employee.

In view of the above, we are unable to express any opinion as regards the appropriateness of going concern assumption followed in preparation of the financial statements.

g) Subject to our observations in paragraph 4 (f) above, in our opinion and to the best of our information, and according to the explanations given to us, the said accounts read with the Significant Accounting Policies and other notes 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 the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2012.

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

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

ANNEXURE TO THE AUDITORS' REPORT

RE : DATASOFT APPLICATION SOFTWARE (INDIA) LIMITED

(Referred to in Paragraph 3 of our Report of even date)

(i) The nature of the Company's activities during the year have been such that clause (ii) (xi) (xiii) (xiv) (xv) (xvi) (xix) and (xx) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company for the year.

(ii) In respect of its fixed assets :

a) There is no Fixed Assets in the Company hence it creates doubts about the assumption of going concern concept followed in preparation of the financial statements.

(iii) The Company has not granted any loans, secured or unsecured, to the companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 during the year. Hence the question of verification of rate of interest, other terms and receipt of its principal amount and interest does not arise.

The Company has taken loan of Rs. 4,00,000/- from the parties listed in Register maintained under section 301 of the Companies Act, 1956. The terms and conditions of the loan taken by the company are prima facte not prejudicial to the interest of the company. In respect of such loan taken by the Company, no stipulation has been made with respect to repayment of loan and payment of interest, hence we are unable to comment on the same.

(iv) During the year, company has not entered into any transaction of purchase of goods or fixed assets and sale of goods & services. Hence question of observation and verification of internal controls in respect of, purchase of goods or fixed assets and sale of goods and services does not arise.

(v) a) According to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under, section 301 of the Companies Act, 1956 have been so entered.

b) According to the information and explanations given to us no transactions have been made exceeding the value of Rs. 5 lakhs in respect of any party during the year in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposits from the public

(vii) In our opinion, the company does not have an internal audit system.

(viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 in respect of the activities carried out by the company.

(ix) In our opinion and according to the information and explanations given to us, the company is not required to deposit or liable for any amount towards, Provident Fund, Investor education & Protection fund, ESIC, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Custom Duty, Cess and any other statutory dues except Income Tax and Profession Tax in the year under audit. Company is regular in depositing income tax with the appropriate authorities and there were no arrears of outstanding income tax dues as at the last day of the financial year, concerned for a period of more than six months from the date they became payable.

According to information and explanation given to us there are no due of Sales Tax/Income Tax/Custom Duty/Wealth Tax/Service Tax/Exicse Duty/Cess which have not been deposited with the appropriate authorities on account of any distpute.

(x) The Company has accumulated losses at the end of the year, which is not less than fifty percent of its net worth. However company has earned the cash profit during the financial year and in the immediately preceding financial year also.

(xi) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xii) According to the information and explanation given to us, and on an overall examination of the balance sheet and cash flow statement of the Company, in our opinion, the funds raised on short term basis have not been used for long term investment.

(xiii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

(xiv) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.





For KANU DOSHI ASSOCIATES Chartered Accountants Firm Reg. No. : 104746W

ANKIT PAREKH Partner M. No. 114622

PLACE : MUMBAI DATE : 31-05-2012


Mar 31, 2011

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

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

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

4. Further to our comments in the Annexure referred to 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;

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

d) In our opinion, the Balance Sheet, Profit and Loss Account, and the Cash Flow Statement dealt with by this report comply with the Companies (Accounting Standards) Rules, 2006 and / or 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 31st March, 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director, in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

f) Attention is invited to the following in Schedule XI

Note No. : 3 in our opinion, following factors raise substantial doubt on the assumption of going concern concept in preparation of financial statements :

i) There Is no business activity during the year.

II) Management has already laid off its entire staff and they have not shown any evidence for the revival of the business by recruiting any employee.

In view of the above, we are unable to express any opinion as regards the appropriateness of going concern assumption followed in preparation of the financial statements.

g) Subject to our observations in paragraph 4 (f) above, in our opinion and to the best of our information, and according to the explanations given to us, the said accounts read with the Significant Accounting Policies and other notes 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 the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2011.

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

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

ANNEXURE TO THE AUDITORS' REPORT RE : DATASOFT APPLICATION SOFTWARE (INDIA) LIMITED (Referred to in Paragraph 3 of our Report of even date)

(i) The nature of the Company's activities during the year have been such that clause (ii) (xi) (xiii) (xiv) (xv) (xvi) (xix) and (xx) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company for the year.

(ii) In respect of its fixed assets :

a) There is no Fixed Assets in the Company hence it creates doubts about the assumption of going concern concept followed in preparation of the financial statements.

(iii) The Company has not granted any loans, secured or unsecured, to the companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 during the year. Hence the question of verification of rate of interest, other terms and receipt of its principal amount and interest does not arise.

The Company has taken loan of Rs. 6,02,802/- and repaid loan of Rs. 75,000/ to the parties listed in Register maintained under section 301 of the Companies Act, 1956. The terms and conditions of the loan taken by the company are prima facie not prejudicial to the interest of the company.

(iv) During the year, company has not entered into any transaction of purchase of goods or fixed assets and sale of goods & services. Hence question of observation and verification of internal controls in respect of purchase of goods or fixed assets and sale of goods and services does not arise.

(v) a) According to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) According to the information and explanations given to us no transactions have been made exceeding the value of Rs. 5 lakhs in respect of any party during the year in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956.

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

(vii) In our opinion, the company does not have an internal audit system.

(viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956 in respect of the activities carried out by the company.

(ix) In our opinion and according to the information and explanations given to us, the company is not required to deposit or liable for any amount towards, Provident Fund, Investor education & Protection fund, ESIC, Sales tax, Wealth tax, Service tax, Excise Duty, Custom Duty, Cess and any other statutory dues except Income Tax and Profession Tax in the year under audit. Company is regular in depositing income tax with the appropriate authorities and there were no arrears of outstanding income tax dues as at the last day of the financial year, concerned for a period of more than six months from the date they became payable.

(x) The Company has accumulated losses at the end of the year, which is not less than fifty percent of its net worth. However company has earned the cash profit during the financial year and in the immediately preceding financial year also.

(xi) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xii) According to the information and explanation given to us, and on an overall examination of the balance sheet and cash flow statement of the Company, in our opinion, the funds raised on short term basis have not been used for long term investment and vice versa.

(xiii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

(xiv) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For KANU DOSHI ASSOCIATES Chartered Accountants Firm Reg. No. : 104746W

ANKITPAREKH Partner M. No. 114622 PLACE : MUMBAI DATE : 18-07-2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of DATASOFT APPLICATION SOFTWARE (INDIA) LIMITED as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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

4. Further to our comments in the Annexure referred to 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;

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

d) In our opinion, the Balance Sheet, Profit and Loss Account, and the Cash Flow Statement dealt with by this report comply with the Companies (Accounting Standards) Rules, 2006 and / or 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 31st March, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st 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;

f) Attention is invited to the following in Schedule XII

Note No. : 3 in our opinion, following factors raise substantial doubt on the assumption of going concern concept in preparation of financial statements :

i) There is no business activity during the year.

ii) Management has already laid off its entire staff and they have not shown any evidence for the revival of the business by recruiting any employee.

In view of the above, we are unable to express any opinion as regards the appropriateness of going concern assumption followed in preparation of the financial statements. Consequently, adjustments may be required to the amount of the recorded assets and liabilities.

g) Subject to our observations in paragraph 4 (f) above, in our opinion and to the best of our information, and according to the explanations given to us, the said accounts read with the Significant Accounting Policies and Other notes 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 the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2010.

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

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

ANNEXURE TO THE AUDITORS REPORT RE : DATASOFT APPLICATION SOFTWARE (INDIA) LIMITED

(Referred to in paragraph 3 of our Report of even date)

(i) The nature of the Companys activities during the year have been such that clause (ii) (xi) (xiii) (xiv) (xv) (xvi) (xix) and (xx) of paragraph 4 of the Companies (Auditors Report) Order, 2003 is not applicable to the Company for the year.

(ii) In respect of its fixed assets :

a) There is no Fixed Assets in the Company hence it creates doubts about the assumption of going concern concept followed in preparation of the financial statements.

(iii) The Company has not granted any loans, secured or unsecured, to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 during the year. Hence the question of verification of rate of interest, other terms and receipt of its principal amount and interest does not arise.

The Company has taken loan of Rs. 85,700/- from parties listed in Register maintained under section 301 of the Companies Act, 1956. The_ terms and conditions of the loan taken by the company are prima facie not prejudicial to the interest of the company.

(iv) During the year, company has not entered into any transaction of purchase of goods or fixed assets and sale of goods & services. Hence question of observation and verification of internal controls in respect of purchase of goods or fixed assets and sale of goods and services does not arise.

(v) a) According to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) According to the information and explanations given to us no transactions have been made exceeding the value of Rs. 5 lakhs in respect of any party during the year in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The company has not accepted any deposits from the public.

(vii) In our opinion, the company does not have an internal audit system.

(viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 in respect of the activities carried out by the company.

(ix) In our opinion and according to the information and explanation given to us, the company is not required to deposit or liable for any amount towards Provident Fund, Investor education & Protection fund, ESIC, Sales tax, Wealth tax, Service tax, Excise Duty, Custom Duty, Cess and any other statutory dues except Income Tax and Profession Tax in the year under audit. Company is regular in depositing income tax with the appropriate authorities and there were no arrears of outstanding income tax dues as at the last day of the financial year, concerned for a period of more than six months from the date they became payable.

(x) The Company has accumulated losses at the end of the year, which is not less than fifty percent of its net worth. However company has earned the cash profit during the financial year and in the immediately preceding financial year also.

(xi) According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xii) According to the information and explanation given to us, and on an overall examination of the balance sheet and cash flow statement of the Company, in our opinion, the funds raised on short term basis have not been used for Ipng term investment and vice versa.

(xiii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

(xiv) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.



For KANU DOSHI ASSOCIATES

Chartered Accountants

Firm Reg. No. : 104746W



PLACE : MUMBAI ANKIT PAREKH

DATE : 31-05-2010 Partner

M. No. 114622

 
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