Auditor Report of Geefcee Finance Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Geefcee Finance Limited ("the Company"), which comprises the Balance Sheet as at 31s' March, 2015 and The Statement of Profit and Loss Account for the year ended, and a summary of Significant accounting policies and other explanatory information..

Management's Responsibility for the Financial Statements

The Company's Managements is Responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 Dated 13lh September, 2013 of the Ministry of Corporate Affairs 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

a. 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 ot 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.

b. An audit involves performing procedures to obtain audit evidence about the amount and disclosers in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatements of the financial statement. 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 procedure that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. 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.

c. 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 31SI March, 2015;

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

Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub- section (4 A) of the section 227 of the Act (The "Order'), and on (he basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 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 accounts as required by law have been kept by the Company so far as appear from our examination of those books;

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

(d) The Balance Sheet, the Statements of Profit and Loss comply with the Accounting Standard referred to in sub-section (3C) of 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13th September, 2013, issued by the Ministry of Corporate Affairs, in respect of section 133 of the Companies Act, 2013;

(e) On the basis of written confirmations received from the Director of the Company as on 31st March, 2015 and taken on record by the Board of Directors, none of the directors of the Company is disqualified as on 31"' March, 2015 from being appointed as a director in term of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

ANNEXURE TO THE AUDITORS'REPORT FOR THE YEAR ENDING 31,03.2015

(Referred lo our report of even date)

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

I. a) There are no fixed assets.

b) There are no fixed assets, hence, not applicable.

2. a) The inventories, if any, have been physically verified during the year by the management at reasonable intervals.

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

3. a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 301 of the Act.

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company.

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs. t lac.

4. In our opinion and according to the information and explanations given lo us. there is an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In oui opinion each ot these transactions lias been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

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

8. Maintenance of cost records U/S 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company.

9. a) The Company is regular in depositing undisputed statutory dues including provident Fund, Employees' State Insurance, Income-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at 3 ls! March 2015, concerned for a period of more than six months from the date they become payable.

b) As per information given to us, there are no dues of sales Tax/ Income Tax Custom Duty/ Wealth Tax/ Excise Duty/ cess which have not been deposited on account of an) dispute.

10. The Company is not a sick company.

11. The Company has no dues to the financial institution or bank. The company has not issued any debentures.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities,

13. The Company is not a chit fund, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b), (c), and (d) are not applicable.

14. Proper records have been maintained of the transactions and contracts.

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions.

16 The Company has not taken any term loans,

17. On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, no fraud on or by the company has been noticed or reported during the year under report.

For SING LA & ASSOCIATES Chartered Accountants Firm Registration No. 005I04N

(Mahavir Parsad) Place: New Delhi Partner Dated: 15s' May, 2015 Membership No. 089313

---

Mar 31, 2014

We have audited the attached Balance Sheet of Geefcee Finance Limited as at 31st March, 2014 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statements based on our . audit.

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

2. As required by the companies (Auditors report) order, 2003 issued by the central Government of India in terms of Section 227(4A) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph 2 above we report that:-

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

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appear from our examination of the books.

c) The balance sheet and profit & loss account dealt with on this report are in agreement with the books of accounts.

d) In our opinion, the Profit & Loss Account and Balance Sheet as on 31st March, 2014 comply with accounting standards referred to in sub-section 3(c) of section 211 of the companies Act, 1956, to the extent applicable.

e) In our opinion and according to representations made to us by the Directors of the company none of the Director is disqualified from being appointed as director under section 274( l)(g) of the Companies Act, 1956

f) In our opinion and to the best of our information and according to the explanation given to us the said Balance Sheet and Profit & Loss Account and together with the notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true & fair view:-

i) in so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31st March, 2014 and

ii) in so far as it relates to the Profit and Loss Account of the Net Profit of the company for the year ended on that date.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, „ debentures and other securities.

13. The Company is not a chit fund, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b), (c), and (d) are not applicable.

14. Proper records have been maintained of the transactions and contracts.

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions.

16 The Company has not taken any term loans.

17. On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, any fraud on or by the company has not been noticed or reported during the year under report.

For SINGLA & ASSOCIATES Chartered Accountants

Firm Rmistrsitinn No.005104N

(Mahavir Prasd) Partner

Membership No. 089313

Place: New Delhi Dated: 15th May, 2014

---

Mar 31, 2010

We have audited the attached Balance Sheet of Geefcee Finance 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.

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

2. As required by the companies (Auditors report) order, 2003 issued by the central Government of India in terms of Section 227(4A) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph 2 above we report that:-

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

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appear from our examination of the books.

c) The balance sheet and profit & loss account dealt with on this report are in agreement with the books of accounts.

d) In our opinion, the Profit & Loss Account and Balance Sheet as on 3 Is1 March, 2010 comply with accounting standards referred to in sub-section 3(c) of section 211 of the companies Act, 1956, to the extent applicable.

e) In our opinion and according to representations made to us by the Directors of the company

none of the Director is disqualified from being appointed as director under section 274(1 )(g) of the Companies Act, 1956

0 In our opinion and to the best of our information and according to the explanation given to us

the said Balance Sheet and Profit & Loss Account and together with the notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true & fair view :-

i) in so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31s1

March, 2010 and ii) insofar as it relates to the Profit and Loss Account of the Net Profit of the company

for the year ended on that date

ANNEXURE TO THE AUDITORSREPORT FOR THE YEAR ENDING 31.03.2010

(Referred to our report of even date)

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

1 a) The Company has maintained proper records showing full particulars, including quantitative details and

situation of Fixed Assets.

b) The Fixed Assets, if any, have been physically verified by the management during the year and in our opinion, the verification is reasonable having regard to the size of the Company and nature of its assets. As informed, no material discrepancies were noticed on such verification.

c) There is no substantial disposal of fixed assets during the year.

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

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has no inventory.

3. a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or

other parties covered in the register maintained under section 301 of the Act.

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company.

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs. 1 lac.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In our opinion each of these transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

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

8. Maintenance of cost records U/S 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company.

9.a) The Company is regular in depositing undisputed statutory dues including provident Fund, Employees State Insurance, lncome-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. The re are no arrears of outstanding statutory dues as at 31s1 March 2010, concerned for a period of more than six months from the date they become payable.

b)As per information given to us, there are outstanding of Income-tax pertaining to the Assessment Year 2004-05, 2005-06 and 2006-07, which is pending before the lncome-Tax Appellate Tribunal and CIT(A).

10. The Company has no accumulated losses. The Company has not incurred cash losses in the financial year under report or in the financial year immediately preceding the financial year.

11. The Company has no dues to the financial institution or bank. The company has not issued any debentures.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b). (c), and (d) are not applicable.

14. Proper records have been maintained of the transactions and contracts.

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions.

16 The Company has not taken any term loans.

17 On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and v.ce versa.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, any fraud on or by the company has not been noticed or reported during the year under report.

For SINGLA & ASSOCIATES Chartered Accountants

Sd/- (Mahavir Parsad)

Place: New Delhi Partner

Dated: 30,th April, 2010

---

Mar 31, 2009

We have audited the attached Balance Sheet of Geefcee Finance Limited as at 31st March, 2009 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.

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

2. As required by the companies (Auditors report) order, 2003 issued by the central Government of India in terms of Section 227(4A) of Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

3. Further to our comments in the Annexure referred to in paragraph 2 above we report that :-

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

b) In our opinion, proper books of accounts as required by law have been kept by the company so far as it appear from our examination of the books.

c) The balance sheet and profit & loss account dealt with on this report are in agreement with the books of accounts.

d) In our opinion, the Profit & Loss Account and Balance Sheet as on 31st March, 2009 comply with accounting standards referred to in sub-section 3(c) of section 211 of the companies Act, 1956, to the extent applicable.

e) In our opinion and according to representations made to us by the Directors of the company

none of the Director is disqualified from being appointed as director under section 274(l)(g) of the Companies Act, 1956

f) In our opinion and to the best of our information and according to the explanation given to us

the said Balance Sheet and Profit & Loss Account and together with the notes thereon, give the information required by the companies Act, 1956 in the manner so required and give a true & fair view :-

i) in so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31st March, 2009 and

ii) in so far as it relates to the Profit and Loss Account of the Net Profit of the company for the year ended on that date.



ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDING 31.03.2009

(Referred to our report of even date)

In term of the information and explanations given to us and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state as under:

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

b) The Fixed Assets, if any, have been physically verified by the management during the year and in our opinion, the verification is reasonable having regard to the size of the Company and nature of its assets. As informed, no material discrepancies were noticed on such verification.

c) There is no substantial disposal of fixed assets during the year.

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

b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The company has no inventory.

3. a) The company has neither granted or taken any loans, secured or unsecured to/ from companies, firms or other parties covered in the register maintained under section 301 of the Act.

b) Rate of interest and other terms and additions of loan given are not prejudicial to the interest of the company.

c) The payment of principal and interest in case of loan given is regular wherever stipulated. There is no overdue amount of loan given exceeding Rs. 1 lac.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

5 a) As per our prima facie examination of the register maintained under section 301 of the act, that the transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

b) In our opinion each of these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. The company has not accepted deposits from the public.

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

8. Maintenance of cost records U/S 209 (1) (d) of the companies Act, 1956 has not been prescribed for the company.

9.a) The Company is regular in depositing undisputed statutory dues including provident Fund, Employees State Insurance, Income-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. The re are no arrears of outstanding statutory dues as at 31" March 2009, concerned for a period of more than six months from the date they become payable.

b)As per information given to us, there are outstanding of Income-tax pertaining to the Assessment Year 2004-05, 2005-06 and 2006-07, which is pending before the Income-Tax Appellate Tribunal and CIT(A).

10. The Company has no accumulated losses. The Company has not incurred cash losses in the financial year under report or in the financial year immediately preceding the financial year.

11. The Company has no dues to the financial institution or bank. The company has not issued any debentures.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund, nidhi or mutual benefit fund/ society. Therefore the clauses 13 (a), (b), (c), and (d) are not applicable.

14. Proper records have been maintained of the transactions and contracts.

15. The Company has not given any guarantee for loans taken by other from bank or financial institutions. 16 The Company has not taken any term loans.

17. On the basis of examination of records and as per the explanations given to us, we are of the opinion that the fund raised on short-term basis have not been used for long term investment and vice versa.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Act.

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

20. During the year, the Company has not raised any money by Public Issue.

21. During the checks carried out by us and as per the information made available to us, any fraud on or by the company has not been noticed or reported during the year under report.

For SINGLA & ASSOCIATES Chartered Accountants

Sd/-

Place: New Delhi (Mahavir Parsad)

Dated: 30th April, 2009 Partner

---

Mar 31, 2003

We have audited the attached Balance Sheet of Geefcee Finance Limited as at March 31, 2003 and also the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement of the Company for the year ended on that date. 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 required 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 the management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the 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.

Further to our comment 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 purpose of our audit;

(ii) in our opinion, proper books of accounts as required by law have been kept by the company so far as it appears from our examination of those books;

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

iv) In our opinion the Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by

this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31 st 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:

I) In the case of the Balance Sheet, of the state of affairs of the company as at March 31 st, 2003;

II) In the case of the Profit and Loss Account, of the Profits for the year ended on that date; IIl) in the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

(referred to in paragraph 1 of our report of even date on the Statement of Accounts of GEEFCEE FINANCE LIMITED as on and for the year ended 31st March. 2001)

1. The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets.

2. Fixed Assets have not been revalued during the year.

3. The Stocks of Shares and Fixed Assets have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

4. The Company has not taken any loans from the Company, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

5. The Company has not granted any loans, secured or unsecured, to Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act. 1956.

6. All loans and advances in the nature of loans given by the Company are being received together with interest thereon, whereever stipulated except the NPAs.

7. 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.

8. The Company has not accepted any public deposits during the year.

9. The Company has internal Audit System commensurate to its size and nature of business.

10. In our opinion, the provisions of the Provident Fund Act are not yet applicable to the Company.

11. According to the information and explanations given to us, there are no undisputed amounts payable by the Company in respect of Income-Tax, Wealth-Tax, Sales-Tax, Customs Duty and Excise Duty outstanding as on 31 st March, 2003, for more than six months from the date these became payable.

12. According to the information and explanations given to us, no personal expenses have been charged to the revenue account.

13. The Company is not a Sick Industrial Company within the meaning of clause (O) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985.

14. The Company has maintained adequate records to show full particulars of the transactions and contracts entered into in respect of dealings and tradings in shares, securities and other investments. The shares have been held by the company in its own name.

15. In our opinion, other clauses of the said order are not applicable in the case of this company.

for Navin Chander & Co. Chartered Accountants

Sd/- (Navin Chander) Partner

Place: New Delhi Dated: 28th June, 2003