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Auditor Report of Finkurve Financial Services Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Finkurve Financial Services Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give 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 operative effectiveness of such control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its profit and its 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, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we 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 purposes of our audit.

b.) In our opinion proper books of account as required by law have been kept by the Company so far as it 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 aforesaid standalone financial statements comply with the 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 31st March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

f.) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

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

ii.) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses; and

iii.) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE AUDITORS' REPORT

Referred to as Annexure in our report of even date to the members of Finkurve Financial Services Limited on the financial statement for the year ended on 31st March, 2015, we report that:

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

(b) All the assets have been physically verified by the management during the year under a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No discrepancies were noticed on such verification.

(ii.) The Company does not have any inventory; hence, the provisions of the clause 3(ii) (a) to (c) of the Companies (Auditors' Report) Order, 2015 are not applicable to the company.

(iii.) The Company has granted unsecured loan to two bodies corporate and five other parties covered in the register maintained under Section 189 of the Companies Act, 2013 ('the Act').

(a) The repayment of principle and interest, as stipulated for such unsecured loans granted to such bodies corporate and other parties are regular.

(b) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate and other parties listed in the register maintained under section 189 of the Act.

(iv.) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business with regard to purchase of fixed assets and for the sale of services. The activity of the Company does not involve purchase of inventory and sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal control system.

(v.) In our opinion and according to the information given to us, the Company has not accepted deposits and hence, compliance with the directives issued by Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under with regard to the deposits accepted is not applicable.

(vi.) According to the information and explanation given to us, the central government has not prescribed maintenance of cost records u/s 148 (1) of the Act for this company.

(vii.) (a) The Company is regular in depositing with appropriate authorities applicable undisputed statutory dues including provident fund, employee state insurance, income tax, sales tax, wealth tax, service tax, duty of custom, duty of excise, value added tax, cess etc as applicable.

According to the information and explanation given to us, no undisputed amounts payable in respect of provident fund, employee state insurance, income tax, sales tax, wealth tax, service tax, duty of custom, duty of excise, value added tax or cess etc were in arrears as at 31st March, 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, wealth tax, service tax, duty of custom, duty of excise, value added tax or cess which have not been deposited with appropriate authority on account of any dispute.

(c) According to the information and explanation given to us, there were no any amount which were required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act,1956 (1 of 1956) and rules made there under.

(viii.) The company does not have accumulated losses as at 31st March, 2015 and has not incurred cash losses in the financial year ended on that date. However, the company has incurred cash loss in the immediately preceding financial year.

(ix.) In our opinion and according to the information and explanation given to us, the company has not availed any loan from the financial institutions or banks; hence clause 3(ix) of the Companies (Auditors' Report) Order, 2015 is not applicable to the Company.

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

(xi.) The company has, during the year not availed any term loans from bank or financial Institutions hence, clause 3(xi) of the Companies (Auditors' Report) Order, 2015 is not applicable to the Company.

(xii.) 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 Ladha Singhal & Associates

Chartered Accountants

(Firm Registration No. 120241W)

(Ajay Singhal)

Partner

M. No. 104451

Place: Mumbai

Dated: 29th May, 2015.


Mar 31, 2014

We have audited the accompanying financial statements of Finkurve Financial Services Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). 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 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, 2014;

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

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

Report on other Legal and Regulatory Requirements

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

2. As required by section 227(3) of the Act, we report that:

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

b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

e. on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT

Re: Finkurve Financial Services Limited Referred to in paragraph 1of our report of even date,

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

(b) All the assets have been physically verified by the management during the year under a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No discrepancies were noticed on such verification.

(c) During the year, the company has not disposed any of its assets and thus the going concern status of the company is not affected.

(ii) The Company does not have any inventory; hence, the provisions of the clause 4(ii) (a) to (c) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(iii) (a) According to the information and explanation given to us and on the basis of records furnished before us, the company has granted unsecured loan to one Company and two other parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 442 Lacs and the year end balance of the unsecured loan granted to such company and other parties was Rs. 257.14 Lacs.

(b) In our opinion, rate of interest and other terms and conditions of the above unsecured loans given by the Company are not, prima facie, prejudicial to the interest of the company.

(c) The repayment of principle and interest for such unsecured loan granted to such company and other parties are regular.

(d) There are no overdue amount of more than Rs. 1 lakh in respect of the loan granted to a Company and other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company has not taken any loan, secured or unsecured from any companies, firms or other parties covered in the registered maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4(iii) (e) to (g) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of fixed assets and for the sale of services. The activity of the Company does not involve purchase of inventory and sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal control system.

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

(b) In our opinion and according to the information and explanation given to us, during the year, the company have not entered into any transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of each party.

(vi) In our opinion and according to the information explanations given to us, the company has not accepted deposits from public and hence compliance with the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public is not applicable.

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

(viii) According to the information and explanation given to us, the central government has not prescribed maintenance of cost records under section 209 (1) (d) of the Act for this company.

(ix) (a) The company is regular in depositing with appropriate authorities applicable undisputed statutory dues such as income tax, profession tax, cess etc. According to the information and explanation given to us, no undisputed amounts payable in respect of income tax / Profession Tax / cess etc were in arrears as at 31s* March, 2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no dues to income tax / Profession Tax / cess etc which have not been deposited on account of any dispute.

(x) The company does not have accumulated losses as at 31s* March, 2014. However, the company has incurred cash losses in the financial year ended on the date and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanation given to us, the company has not availed any loan from the financial institutions or banks; hence clause 4(xi) of the Companies (Auditors'' Report) Order, 2003 is not applicable to the Company.

(xii) According to information and explanation given to us, the company has not granted loans and advances 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 or nidhi/mutual benefit fund/society. Therefore, the provision of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) The company has maintained proper records of the transactions and contracts in shares and securities and timely entries have been made therein. All the investments of the Company in shares are held in its own name.

(xv) To the best of our knowledge and belief and according to information and explanation given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) The company has, during the year not availed any term loans from bank or financial Institutions.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-terms basis have been used for long-terms investment.

(xviii) The company has not made any preferential allotments of equity shares during the year to the parties covered in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provision of clause 4(xviii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xix) According to the information and explanation given to us, during the period covered by our audit report, the company has not issued any debenture and hence no any securities or charge is required to be created.

(xx) The company has not raised any money by public issue during the year.

(xxi) 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 LADHA SINGHAL & ASSOCIATES Chartered Accountants (Firm Registration No. 120241W)

Sd/- Ajay Singhal Place: Mumbai (Partner) Dated: 29th May, 2014 M. No. 104451


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Finkurve Financial Services 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

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 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 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 Statement of Profit and Loss, of the loss for the year ended on that date; and

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

Report on other Legal and Regulatory Requirements

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

2. As required by Section 227(3) of the Act, we report that:

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

b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in 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;

f. since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Re : Finkurve Financial Services Limited

Referred to in paragraph 1 of our report of even date,

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

(b) All the assets have been physically verified by the management during the year under a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No discrepancies were noticed on such verification.

(c) During the year, the Company has not disposed any of its assets and thus the going concern status of the Company is not affected.

(ii) The Company does not have any inventory, hence, the provisions of the clause 4(ii)(a) to (c) of the Companies

(Auditors'' Report) Order, 2003 are not applicable to the Company.

(iii) (a) According to the information and explanation given to us and on the basis of records furnished before us, the Company has granted unsecured loan to one Company covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 95 Lacs and the year end balance of the unsecured loan granted to such Company was Rs. Nil.

(b) In our opinion, rate of interest and other terms and conditions of the above unsecured loans given by the Company are not, prima facie, prejudicial to the interest of the Company.

(c) The repayment of principle and interest for such unsecured loan granted to such company is regular.

(d) There are no overdue amount of more than Rs. 1 Lac in respect of the loan granted to a Company listed in the register maintained under Section 301 of the Companies Act, 1956.

(e) The Company has not taken any loan, secured or unsecured from any companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4(iii) (e) to (g) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control Procedures commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and for the sale of services. The activity of the Company does not involve purchase of inventory and sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal control system.

(v) (a) According to the information and explanation given to us, the transaction that needs to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, during the year, the Company have not entered into any transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 Lacs in respect of each party.

(vi) In our opinion and according to the information explanations given to us, the Company has not accepted deposits from

public and hence compliance with the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public is not applicable.

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

(viii) According to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Act for this Company.

(ix) (a) The Company is generally regular in depositing with appropriate authorities applicable undisputed statutory dues such as income tax, profession tax, cess etc. According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax / Profession Tax / Cess etc were in arrears as at 31st March, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, there are no dues to Income Tax / Profession Tax / Cess etc., which have not been deposited on account of any dispute.

(x) The Company does not have accumulated losses as at 31st March, 2013. However, the Company have incurred cash losses in the financial year ended on the date and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanation given to us, the Company has not availed any loan from the financial institutions or banks; hence clause 4(xi) of the Companies (Auditors'' Report) Order, 2003 is not applicable to the Company.

(xii) According to information and explanation given to us, the Company has not granted loans and advances 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 or nidhi/mutual benefit fund/society. Therefore, the provision of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xiv) The Company has maintained proper records of the transactions and contracts in shares and securities and timely entries have been made therein. All the investments of the Company in shares are held in its own name.

(xv) To the best of our knowledge and belief and according to information and explanation given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) The Company has, during the year not availed any term loans from bank or financial Institutions.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that the no funds raised on short-terms basis have been used for long-terms investment.

(xviii) The Company has not made any preferential allotments of equity shares during the year to the parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provision of clause 4(xviii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

(xix) According to the information and explanation given to us, during the period covered by our audit report, the Company have not issued any debenture and hence no any securities or charge is required to be created.

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

(xxi) 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 Ladha Singhal & Associates

Chartered Accountants

(Firm Registration No. 120241W)

Ajay Singhal

Partner

M. No. 104451

Place : Mumbai

Date : 28th May, 2013


Mar 31, 2010

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

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

I. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub- section (4A) of section 227 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.

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

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

(ii) Inour 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;

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

(iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act,1956.

(v) On the basis of 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 31 st March 2010 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956;

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

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

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

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 1 of our report of even date)

(i) In respect of its Fixed assets

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

(b) The fixed assets were physically verified by the management at reasonable intervals; and no material discrepancies were noticed on such verification.

(ii) In respect of inventories

(a) Since there is no inventory, the physical verification of inventories does not arise.

(b) Since there is no inventory, the procedure of physical verification does not arise

(c) Since there is no inventory, the question of maintenance of proper records and maintaining the same with physical stock does not arise.

(iii) In respect of loans, secured or unsecured, granted or taken by the Company, to or from Companies, firms or other parties covered in the register maintained under section 301 of the Companies act 1956, according to the information and explanation given to us:

(a) The Company has not granted, any loans to any parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has not taken any unsecured loan from parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) Since there are no borrowings. reporting on rate of interest & other terms does not arise.

(c) Since there are no borrowings, repayment of principal & interest does not arise.

(d) Since there are no borrowings, reporting on overdue payable does not arise.

(iv) In our opinion and according to the explanation and information given to us there are adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase of fixed assets.

(v) In respect of transactions, that needs to be entered in the register maintained in pursuance of section 301 of the CompaniesAct1956:

(a) To the best of our knowledge and belief and according to the information and explanations given to us, all transactions that need to be entered into the register have been so entered.

(b) According to the information and explanations given to us, there are no such transactions (excluding loans reported under paragraph (iii above) in excess of Rs. 5 lacs in respect of each party).

(vi) The Company has not accepted any deposits from the Public during the year.

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

(viii) According to the information & explanation given to us, the Central Government has not prescribed the maintenance of Cost records under section 209(1 )(d) of the Companies Act, 1956.

(ix) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has been regular in depositing undisputed statutory dues with the appropriate authorities.

(b) According to the information and explanation given to us and in our opinion the company has no disputed dues out standing at the end of the year.

(x) The company does not have any accumulated losses but has incurred cash loss in the immediately preceding financial year. During the current financial year, the company has incurred cash loss.

(xi) The company has not defaulted in repayment to financial institution or/ and banks.

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

(xiii) The Company has not done any activity which is in the nature of Chit fund /Nidhi/mutual benefit/societies.

(xiv) The company has maintained proper records of the transactions and contracts in shares and securities and timely entries have been made therein. All the investments of the Company in shares are held in its own name.

(xv) According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) During the year company has not availed any term loan and therefore the questions of its application does not arise.

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

(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. Accordingly, the question of reporting on whether the price at which shares have been issued is prejudicial to the interest of the company does not arise.

(xix) The company has not issued any debentures. Accordingly the question of creating securities for debentures does not arise.

(xx) The company has not raised any money by public issue during the year. Accordingly, the question of disclosure of end use of such money does not arise.

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

For A.D. JAIN & CO.

Chartered Accountants (FRN:103882W)

Ashok D.Jain

Proprietor M.No.38528

Place : Mumbai

Date: 31.08.2010


Mar 31, 2003

We have audited the attached Balance Sheet of SANJAY LEASING LIMITED, as at 31st March, 2003 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

ii. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

iii. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956:

v. On the basis of written representations received from the directors, as on 31st March, 2003, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2003 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2003; and

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

ANNEXURE TO THE AUDITORS REPORT RE: SANJAY LEASING LIMITED REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE.

(i) The Company has maintained proper records showing full particulars including quantitative details and location of the fixed assets. We have been informed that these assets have been physically verified by management during the year. No material discrepancies have been noticed during such verification.

(ii) None of the fixed assets have been revalued during the year.

(iii) The Company has taken unsecured, loans from companies & parties as listed in the Register maintained under section 301 of the Companies Act, 1956. The rate of interest & other terms & conditions are not prima-facie prejudicial to the interest of the company. We are informed that there is no company under the same management as defined under sub-section (1B) of section 370 of the Companies Act, 1956.

(iv) In our opinion, the rate of interest and other terms and conditions on which loans have been granted to Companies and Parties listed in the register maintained under section 301 of the Companies Act, 1956, are not Prima facie Prejudicial to the interest of the Company. We are informed that there are no bodies Corporate under the same management as defined under section 370 (1-B) of the Companies Act, 1956.

(v) Loans and advances have been given to employees and other parties who are repaying the principal amount as stipulated and are also regular in payment of interest where applicable.

(vi) On the basis of selective checks carried out during the course of audit and according to the information and explanation given to us, there are adequate internal control procedures, commensurate with the size of the company and nature of its business with regard to purchases of plant and machinery, equipment and other assets.

(vii) In our opinion and according to the information and explanations given to us, no goods and materials, aggregating during the year to Rs. 50,000/- or more in respect of each party, were purchased and no materials and services, aggregating during the year to Rs. 50,000/- or more in respect of each party, were sold, in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 except goods in the nature of flats & property. The prices at which the transactions are made are reasonable having regard to Prevailing market prices for such Property. The Prices are not comparable since no other transaction have been made with other parties.

(viii) The question of determination of unserviceable or damaged stores does not arise as the company does not have any stores or raw materials.

(ix) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and as such the provisions of section 58A of the Companies Act, 1956 and the rules framed thereunder have no application to this company.

(x) There is no sale and disposal of waste and scrap by the Company. There are no by-products for the company.

(xi) The Company does not have any formal internal audit system as such during the year. But its internal control procedure involve reasonable internal checking of its financial records which is considered by us to be adequate under the circumstances.

(xii) The Central Government has not prescribed under section 209(1) of the Companies Act, 1956, the maintenance of cost records in respect of the company.

(xiii) During the year under review, we are informed that the provisions of Employees Provident Fund and Employees State Insurance Scheme Fund are not applicable.

(xiv)According to the information and explanations given to us no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, customs duty and excise duty were outstanding as at year end for a period of more than six months from the date they became payable.

(xv) According to the information and explanations given to us, no personal expenses of Employees or Directors have been charged to revenue account, other than those payable under the contractual obligations or in accordance with generally accepted business practice.

(xvi)The Company is not a sick Industrial Company within the meaning of clause (O) of sub-section 3(1) of the sick-Industrial Companies (special provisions) Act, 1985.

(xvii)The company has not granted any loans / advance against security of shares.

(xviii)We are informed that the Company is not a chit fund, Nidhi or mutual benefit society.

(xix)The following clauses of para 4A, 4B, 4C and 4D are not applicable to the Company during the year under review:

CLAUSE NOS. REGARDING

4(A)(iii) : Physical verification of finished goods, stores, spare parts and raw materials.

4(A)(iv) : procedures of physical verification of stocks and its adequacy in relation to the size of the company in nature of its business.

4(A)(v) : Material discrepancies on physical verification of stocks and its treatment in the books of account.

4(A)(vi) : Satisfaction of auditor with respect to fairness of stock valuation and the deviation in the basis of valuation with respect to preceding year.

4(B)(ii) : Reasonableness of the system of recording receipts, issues and consumption of material and stores and its allocation,commensurate with its size and nature of business.

4(B)(iii) : Reasonableness of the system of allocation of man- hours utilisation to relative jobs.

4(B)(iv) : Reasonableness of the system of authorisation and adequacy of internal controls on issue of stores and allocation of stores and labour to jobs.

4(C)(ii) : Determination and provision for the loss on damaged goods.

4(D)(iv) : Maintenance of proper records of the transactions and contracts in the nature of dealing or trading in shares, securities, debentures and other investments.

For RAJEEV SHAH & CO. CHARTERED ACCOUNTANTS.

(R.A. MODY) PARTNER.

Place : MUMBAI DATED : 25th August,2003.


Mar 31, 2001

We have audited the attached Balance Sheet of SANJAY LEASING LIMITED, as at 31st March, 2002 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

1. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

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

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

ii. In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

iii. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956:

v. On the basis of written representations received from the directors, as on 31st March, 2002, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2002 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

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

a. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2002; and

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

ANNEXURE TO THE AUDITORS REPORT RE: SANJAY LEASING LIMITED REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE.

(i) The Company has maintained proper records showing full particulars including quantitative details and location of the fixed assets. We have been informed that these assets have been physically verified by management during the year. No material discrepancies have been noticed during such verification.

(ii) None of the fixed assets have been revalued during the year.

(iii) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties as listed in the Register maintained under section 301 of the Companies Act, 1956. We are informed that there is no company under the same management as defined under sub-section (1B) of section 370 of the Companies Act, 1956.

(iv) In our opinion, the rate of interest and other terms and conditions on which loans have been granted to Companies and Parties listed in the register maintained under section 301 of the Companies Act, 1956, are not Prima facie Prejudicial to the interest of the Company. We are informed that there are no bodies Corporate under the same management as defined under section 370 (1-B) of the Companies Act, 1956.

(v) Loans and advances have been given to employees and other parties who are repaying the principal amount as stipulated and are also regular in payment of interest where applicable.

(vi) On the basis of selective checks carried out during the course of audit and according to . the information and explanation given to us, there are adequate internal control procedures, commensurate with the size of the company and nature of its business with regard to purchases of plant and machinery, equipment and other assets.

(vii) In our opinion and according to the information and explanations given to us, no goods and materials, aggregating during the year to Rs. 50,000/- or more in respect of each party, were purchased and no materials and services, aggregating during the year to Rs. 50,000/- or more in respect of each party, were sold, in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 except goods in the nature of flats & property. The prices at which the transactions are made are reasonable having regard to Prevailing market prices for such Property. The Prices are not comparable since no other transaction have been made with other parties.

(viii) The question of determination of unserviceable or damaged stores does not arise as the company does not have any stores or raw materials.

(ix) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and as such the provisions of section 58A of the Companies Act, 1956 and the rules framed thereunder have no application to this company.

(x) There is no sale and disposal of waste and scrap by the Company. There are no by- products for the company.

(xi) The Company does not have any formal internal audit system as such during the year. But its internal control procedure involve reasonable internal checking of its financial records which is considered by us to be adequate under the circumstances.

(xii) The Central Government has not prescribed under section 209(1) of the Companies Act, 1956, the maintenance of cost records in respect of the company.

(xiii) During the year under review, we are informed that the provisions of Employees Provident Fund and Employees State Insurance Scheme Fund are not applicable.

(xiv) According to the information and explanations given to us no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, customs duty and excise duty were outstanding as at year end for a period of more than six months from the date they became payable.

(xv) According to the information and explanations given to us, no personal expenses of Employees or Directors have been charged to revenue account, other than those payable under the contractual obligations or in accordance with generally accepted business practice.

(xvi)The Company is not a sick Industrial Company within the meaning of clause (O) of sub- section 3(1) of the sick-Industrial Companies (special provisions) Act, 1985.

(xvii)ln our opinion, adequate documents and records are maintained by the Company for loans and advances granted on the basis of security by way of pledge of shares and debentures and other similar securities.

(xviii)We are informed that the Company is not a chit fund, Nidhi or mutual benefit society.

(xix)The following clauses of para 4A, 4B, 4C and 4D are not applicable to the Company during the year under review:

CLAUSE NOS. REGARDING

4(A)(iii) : Physical verification of finished goods, stores, spare parts and raw materials.

4(A)(iv) : procedures of physical verification of stocks and its adequacy in relation to the size of the company in nature of its business.

4(A)(v) : Material discrepancies on physical verification of stocks and its treatment in the bocks of account.



4(A)(vi) : Satisfaction of auditor with respect to fairness of stock valuation and the deviation in the basis of valuation with respect to preceding year.

4(B)(ii) : Reasonableness of the system of recording receipts, issues and consumption of material and stores and its allocation, commensurate with its size and nature of business.

4(B)(iii) : Reasonableness of the system of allocation of man- hours utilisation to relative jobs.

4(B)(iv) : Reasonableness of the system of authorisation and adequacy of internal controls on issue of stores and allocation of stores and labour to jobs.

4(C)(ii) : Determination and provision for the loss on damaged goods.

4(D)(iv) : Maintenance of proper records of the transactions and contracts in the nature of dealing or trading in shares, securities, debentures and other investments.

For RAJEEV SHAH & CO. CHARTERED ACCOUNTANTS,

(R.A. MODY) PARTNER.

Place : MUMBAI DATED : 30.08.02

 
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