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Auditor Report of Goldcrest Corporation Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Goldcrest Corporation Limited ("the Company"), which comprises of Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the 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 (hereinafter referred to as "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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, 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. While conducting the 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the standalone 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 standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has an adequate internal financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Board of Directors, as well as evaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence obtained by us 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 their profit and their cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note 12 to the financial statements :

a) In respect to Note 12 : Change in Depreciation rates as per Schedule II of the Companies Act, 2013 as compared to depreciation rates as prescribed in Schedule XIV to the Companies Act, 1956. This change has resulted in charging additional depreciation amount by Rs, 2,30,498/- which has correspondingly reduced net profit by Rs, 2,30,948/-. Our opinion is not modified in respect of this matter.

Other Matters

Not Applicable

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, to the extent applicable, 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 of the aforesaid financial statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid financial statements have been kept so far as it appears from our examination of those books.

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

(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 the written representations received from the directors of the Company as on 31st March, 2015 taken on record by the Board of Directors of the Company, 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 the Companies (Audit and Auditor's) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note 29(6) to the financial statements.

ii. The Company did not have any material foreseeable losses on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to Investor Education and Protection Fund by the company.

The Annexure referred to in our report to the members of Goldcrest Corporation Limited ('referred to as the Company') for the year ended on 31.03.2015. We report that:

1. Fixed Assets

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the Company has formulated a program of physical verification of all the fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

2. Inventories

a. The Company has shares of various companies in the electronic form and as inventories and the same appears in the depository statement. Stock of commodities is physically verified at reasonable intervals by the management.

b. As explained to us, the company has formulated a program of physical verification of all the inventories. Inventories have been physically verified by the management wherever possible during the year, which in our opinion is reasonable and adequate in relation to the size of the company and nature of its business. No material inadequacies were noticed on such physical verification.

c. As explained to us, the company maintains proper records of inventory and there were no material discrepancies on physical verification.

3. Loans & Advances

a. The Company had granted unsecured loans, to a party covered in the register maintained under section 189 of the Companies Act in the previous years that have been returned during the year.

b. We are informed that the Company received principal amount and interest, thereon, regularly.

c. We are informed that there was no overdue amount for more than Rupees one lakh during the year and hence this sub-para is not applicable.

4. Internal Control System

a. The Company has adequate Internal Control Procedure commensurate with the size of the Company and the nature of business, for the purchase of fixed assets and for rendering of services.

5. Deposits

a. The Company has not accepted any deposits and hence provisions related to directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under are not applicable. No orders are passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal in this respect.

6. Cost Records

a. The Company is not covered under sub – section (1) of section 148 of the Companies Act and hence this para is not applicable.

7. Statutory Dues

a. According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues to the extent applicable like Provident Fund, Service Tax and Income Tax.

b. Pending dues of Income Tax on account of disputes are as follows:-

Name of the Statute Nature of Dues Amount Period to which Forum where (Rs, lakhs) it relates the dispute is pending

Income Tax Act, 1961 Income tax and interest 4.99 Assessment Commissioner year of Income- 2012-2013 tax (Appeals)

c. The amount required to be transferred by the Company to Investor education and protection fund has been transferred to Investor education and protection fund within time, in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

8. Accumulated Losses

a. There are no accumulated losses of the Company at the end of the financial year concerned. The Company has not incurred any cash losses during the financial year covered by our audit as also in the immediately preceding financial year.

9. Interest

a. The Company has not obtained any loan from any financial institutions. The Company has not defaulted in repayment of overdraft facility obtained from banks.

10. Guarantee

a. The Company has not given any guarantees for loans taken by others from banks or financial institutions and hence this para of the Order is not applicable.

11. Utilization of loans

a. The Company has not applied for any term loans and hence this para is not applicable.

12. Fraud

a. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For RAMESH M. SHETH & ASSOCIATES

Firm Registration No. : 111883W

Chartered Accountants

Mehul R. Sheth

Place: Mumbai (Partner)

Date: 19th May, 2015 M.No.101598


Mar 31, 2014

We have audited the accompanying financial statements of Gold crest Corporation Limited ("the Company) which comprise the balance sheet as at 31 March 2014, the statement of profit and loss and 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 Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act. 1956 ("the Act") read with the General Circular 15/2013 dated 13 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

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, 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.

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:

(i) In the case of the balance sheet, of the state of affairs of the Company as at 31st March 2014;

(ii) In the case of the statement of profit and loss, of the profit for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order"), as amended, 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 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. ; and

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

Annexure referred to in Paragraph 2 of our report of even date to the members of Gold crest Corporation Limited (The Company)

1. In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the Company has formulated a programme of physical verification of all the fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. The Management has physically verified Inventories In our opinion, the frequency of the verification is reasonable.

b. The procedures of physical verification of stocks followed by the management are adequate in relation to the size of the Company and the nature of its business.

c. The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and book records are not material and have been properly dealt with in books of account.

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

a. The Company has granted unsecured loans, to one party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 22.28 crores and year-end balance of such loan was Rs. 17.36 crores.

b. The rate of interest and terms and conditions hereto are not prima facie prejudicial to the interest of the Company.

c. The interest is received regularly. The maturity of principal amount is of future date and hence regularity of repayment is not commented upon.

d. The Company has no overdue recovery amount of principal and interest exceeding Rs. one lakh and hence clause d is not applicable.

e. The Company has taken loans from two parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs, 5.47 crores and year-end balance of such ban was Rs. 5.42 crores.

f. In absence of any terms and conditions, hereto we are unable to comment whether the rate of interest and repayment of principal amount is prima facie prejudicial to the interest of the Company.

g. In absence of any terms and conditions, we are unable to comment whether the payment of principal amount and interest thereon is regular.

4. The Company has adequate Internal Control Procedure commensurate with the size of the Company and the nature of business, for purchase of inventory, fixed assets and sale of goods.

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

a. In our opinion and according to the information and explanation given to us the transactions made pursuance to the contract or arrangement that needed 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 given to us the contracts has been reasonably made at prices prevailing at that point of time.

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

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

8. The Company is not into production, processing, manufacturing or mining business and hence para 4(viii) of the said Order is not applicable.

9. In respect of statutory dues:

According to the records of the Company, the Company has deducted Provident Fund and Profession tax and the same has normally paid in time. The company has transferred the unclaimed dividend of Rs 52,566/- pertaining to the year 2005-06 to the Investor Education and Protection fund during the current year. There are no undisputed dues pending in respect to Income-tax, Sales-tax, Wealth tax, Customs Duty,Excise Duty, Cess and other statutory dues.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year and there are no accumulated losses in the balance sheet as on 31stMarch 2014.

11. The Company has obtained loans from banks and is regular in repayment of dues.

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

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

14. The Company has maintained proper records of transactions and contracts in respect of trading in shares and securities and timely entries have been made therein. All shares have been held by the Company in its own name.

15. The Company has not given any guarantees for loans taken by others from banks or financial institutions and hence para 4(xv) of the Order is not applicable.

16. The Company has not raised any term loan during the year. The Company has not defaulted in repayment of the term loan obtained in the earlier years.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any short term funds for Song term 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 Companies Act, 1956.

19. The Company has not issued any debentures and hence para 4(xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issue during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

FOR RAMESH M.SHETH & ASSOCIATES CHARTERED ACCOUNTANTS FIRM REGISTRATION NO. : 111883W

Place: Mumbai Date: 24th May, 2014 MEHUL R.SHETH PARTNER M.NO. 101598


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of GOLDCREST CORPORATION LIMITED(The Company"), which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year ended and a summary of the significant accounting pofcies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audi 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 the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, vtduding 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 the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate n the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the 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

Attention is invited to note no. 27(8) to notes to accounts regarding non provision and non ascertainment of liability for gratuity. Since the amount of gratuity is not ascertained the overall impact of non provision is not ascertainable.

Subject to the forgoing, in our opinion and to the best of our information and acconfng 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 31" March, 2013;

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

(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements

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

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

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

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

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

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of Hie Act

(e) On the basis of the written representations received from the directors as on 31** March, 2013 taken on record by the Board of Directors, none of the Directors is disqualified as on 31" March, 2013 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Act.

Annexure referred to in Paragraph 2 of our report of even date to the members of Goldcrest Finance (India) Limited (The Company)

1. In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the Company has formulated a programme of physical verification of all the fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. Inventories have been physically verified by the management. In our opinion, the frequency of the verification is reasonable.

b. /The procedures of physical verification of stocks followed by the management are adequate in relation

to the size of the Company and the nature of its business.

c. The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and book records are not material and have been properly dealt with in books of account.

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

a. The Company has granted unsecured loans, to one party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs 0.61 crore and year-end balance of such loan was Rs 0.61 crore.

b. The rate of interest and terms and conditions hereto are not prima facie prejudicial to the interest of the Company.

c. The interest is received regularly. The maturity of principal amount is of future date and hence regularity of repayment is not commented upon.

d. The Company has no overdue recovery amount of principal and interest exceeding Rs one lakh and hence clause (d) is not applicable.

e. The Company has taken leans from two parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs 5.25 crores and year-end balance of such loan was Rs 4.39 crores.

f. In absence of any terms and conditions hereto we are unable to comment whether the rate of interest and repayment of principal amount is prima facie prejudicial to the interest of the Company.

g. In absence of any terms and conditions we are unable to comment whether the payment of principal amount and interest thereon is regular.

4. The Company has adequate Internal Control Procedure commensurate with the size of the Company and the nature of business, for the purchase of inventory, fixed assets and for the sale of goods.

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

a. In our opinion and according to the information and explanation given to us the transactions made pursuance to the contract or arrangement that needed 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 the transactions made pursuance to the contract or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding Rs 5 lacs in respect of any party during the year have been made at the prices which are reasonable having regard to prevailing market prices at the relevant time.

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

7. There is no internal audit system commensurate with the size and nature of its business.

8. The Company is not into production, processing, manufacturing or mining business and hence para 4(viii) of the said Order is not applicable.

9. In respect of statutory dues:

According to the records of the Company, the Company has deducted Provident Fund and Profession tax and the same has normally paid in time. Other statutory dues like Investor Education and Protection Fund and Employees'' State Insurance are not applicable. There are no undisputed dues pending in respect to Income- tax, Sales-tax, Wealth tax. Customs Duty, Excise Duty, Cess and other statutory dues.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31* March, 2013 for a period of more than six months from the date of becoming payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year and there are no accumulated losses in the Balance Sheet as on 31" March 2013.

11. The Company has obtained loans from banks and is regular in repayment of dues.

12. In our opinion and according to the information and explanation given to us, loans and advances have been granted during the year by the Company on the basis of security by way of pledge of shares, debentures and other securities.

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

14. The Company has maintained proper records of transactions and contracts in respect of trading in shares and securities and timely entries have been made therein. All shares have been held by the Company in its own narrfe.

15. The Company hasnot given any guarantees for loans taken by others from banks or financial institutions and hence para 4(xv)''1!ff „the Order is not applicable.

16. The Company .has not raised any term loan during the year. The Company has not defaulted in repayment of the term loan obtained in the earlier years.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any short term funds for long term 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 Companies Act, 1956.

19. The Company has not issued any debentures and hence para 4(xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issue during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.



For Ramesh M. Sheth & Associates Chartered Accountants

FRN111883W Place: Mumbai



Date:- 25th May, 2013 Mehul R Sheth

Partner

M. No. 101598


Mar 31, 2012

We have audited the attached Balance Sheet of GOLDCREST FINANCE (INDIA) LIMITED as at 31st March 2012, Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 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.

1. As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of Sub-section (4A) to Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. On the basis of audit conducted by us we report as under :

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 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, 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, Profit and Loss account and Cash Flow Statement dealt by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable.

v) In our opinion, and based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2012, from being appointed as directors in terms of Clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Attention is invited to note no.27 (8) to notes to accounts regarding non provision and non ascertainment of liability for gratuity. Since the amount of gratuity is not ascertained the overall impact of non - provision is not ascertainable.

vi) Subject to forgoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956 in the manner so required and present true and fair view, in conformity with the accounting principles generally accepted in India:

(a) In so far it relates to Balance Sheet of the state of affairs of the company as at 31st March, 2012;

(b) In so far as it relates to Profit and Loss Account of the profit of the Company for the year ended on that date, and

(c) In so far as it relates to Cash Flow Statement of the cash flows of the Company for the year ended on that date.

Annexure referred to in Paragraph 2 of our report of even date to the members of Goldcrest Finance (India) Limited (The Company)

1. In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the Company has formulated a programme of physical verification of all the fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. Inventories have been physically verified by the management. In our opinion, the frequency of the verification is reasonable.

b. The procedures of physical verification of stocks followed by the management are adequate in relation to the size of the Company and the nature of its business.

c. The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and book records are not material and have been properly dealt with in books of account.

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

a. The Company has granted unsecured loans, to one party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 0.50 crores and year-end balance of such loan was Rs. 0.52 crores.

b. The rate of interest and terms of conditions hereto are not prima facie prejudicial to the interest of the Company.

c. The interest is received regularly. The maturity of principal amount is of future date and hence regularity of repayment is not commented upon.

d. The Company has no overdue recovery amount of principal and interest exceeding Rs. one lakh and hence clause d is not applicable.

e. The Company has taken loans from three parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 14.94 crores and year-end balance of such loan was Rs. 4.25 crores.

f. In absence of any terms and conditions hereto we are unable to comment whether the rate of interest and repayment of principal amount is prima facie prejudicial to the interest of the Company.

g. In absence of any terms and conditions we are unable to comment whether the payment of principal amount and interest thereon is regular.

4. The Company has adequate Internal Control Procedure commensurate with the size of the Company and the nature of business, for the purchase of inventory, fixed assets and for the sale of goods.

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

a. In our opinion and according to the information and explanation given to us the transactions made pursuance to the contract or arrangement that needed 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 the transactions made pursuance to the contract or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding Rs. 5 lacs in respect of any party during the year have been made at the prices which are reasonable having regard to prevailing market prices at the relevant time.

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

7. There is no internal audit system commensurate with the size and nature of its business.

8. The Company is not into production, processing, manufacturing or mining business and hence para 4(viii) of the said Order is not applicable.

9. In respect of statutory dues:

According to the records of the Company, the Company has deducted Provident Fund and Profession tax and the same has normally paid in time. Other statutory dues likp Investor Education and Protection Fund and Employees' State Insurance are not applicable. There are no undisputed dues pending in respect to Income-tax, Sales-tax, Wealth tax, Customs Duty, Excise Duty, Cess and other statutory dues.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2012 for a period of more than six months from the date of becoming payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year and there are no accumulated losses in the balance sheet as on 31st March 2012.

11. The Company has obtained loans from banks and is regular in repayment of dues.

12. In our opinion and according to the information and explanation given to us, loans and advances have been granted during the year by the Company on the basis of security by way of pledge of shares, debentures and other securities.

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

14. The Company has maintained proper records of transactions and contracts in respect of trading in shares and securities and timely entries have been made therein. All shares have been held by the Company in its own name.

15. The Company has not given any guarantees for loans taken by others from banks or financial institutions and hence para 4(xv) of the Order is not applicable.

16. The Company has not raised any term loan during the year. The Company has not defaulted in repayment of the term loan obtained in the earlier years.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilized any short term funds for long term 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 Companies Act, 1956.

19. The Company has not issued any debentures and hence para 4(xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issue during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.

For Ramesh M. Sheth & Associates

FRN.H1883W

Chartered Accountants

Mumbai M. R. Sheth

13th August, 2012 (Partner)

M. No. 101598


Mar 31, 2010

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

1. 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 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 Sub-section (4A) of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. On the basis of audit conducted by us we report as under:

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, 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, Profit and Loss account and Cash Flow Statement dealt by this report comply with the mandatory accounting standards referred in sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable.

v) In our opinion, and based on information and explanations given to us, none of the directors are disqualified as on 31st March, 2010, from being appointed as directors in terms of Clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Attention is invited to note no. 12 to notes to accounts in schedule XV regarding non provision and non ascertainment of liability for gratuity. Since the amount of gratuity is not ascertained the overall impact of non - provision is not ascertainable.

Attention is also invited to note no. 10 to notes to accounts in schedule XV regarding non provision and non ascertainment of liability for additional stamp duty payable on Property purchased at Salt Lake City, Kolkatta. Since the amount of additional Stamp Duty is not ascertained the overall impact of non - provision is not ascertainable.

vi) Subject to forgoing, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956 in the manner so required and present true and fair view, in conformity with the accounting principles generally accepted in India:

(a) In so far it relates to Balance Sheet of the state of affairs of the company as at 31st March, 2010;

(b) In so far as it relates to Profit and Loss Account of the profit of the Company for the year ended on that date.

(c) In so far as it relates to Cash Flow Statement of the cash flows of the Company for the year ended on that date.

Annexure referred to in Paragraph 2 of our report of even date to the members of Goldcrest Finance (India) Limited (The Company)

1. In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b. As explained to us, the Company has program of verification of fixed assets. The fixed assets have been physically verified by the management during the year, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a. Inventories have been physically verified by the management. In our opinion, the frequency of the verification is reasonable.

b. The procedures of physical verification of stocks followed by the management are adequate in relation to the size of the Company and the nature of its business.

c. The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stock and book records are not material and have been properly dealt with in books of account.

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

a. The Company has received loan from two parties amounting to Rs. 397.75 Lacs and has not granted loan to any parties outstanding at the end of the year.

b. In absence of any terms and conditions we are unable to state whether rate of interest and other terms and conditions are prima facie prejudicial to the interest of the Company.

c. The Company has not taken or granted any secured loans from or to the Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

4. The Company has adequate Internal Control Procedure commensurate with the size of the Company and the nature of business, for the purchase of inventory, fixed assets and for the sale of goods.

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

a. In our opinion and according to the information and explanation given to us the transactions made pursuance to the contract or arrangement that needed 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 the transactions made pursuance to the contract or arrangement entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding Rs. 5,00,000/- in respect of any party during the year have been made at the prices which are reasonable having regard to prevailing market prices at the relevant time.

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

7. There is no internal audit system commensurate with the size and nature of its business.

8. The Company is not into production, processing, manufacturing or mining business and hence para 4(viii) of the Order is not applicable.

9. In respect of statutory dues:

According to the records of the Company, the Company has deducted Provident Fund and Profession tax and the same has normally paid in time. Other statutory dues like Investor Education and Protection Fund and Employees State Insurance are not applicable. There are no undisputed dues pending in respect to Income-tax, Sales-tax, Wealth tax, Customs Duty, Excise Duty, Cess and other statutory dues.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31* March, 2010 for a period of more than six months from the date of becoming payable.

10. The Company has not incurred any cash losses during the financial year covered by our audit and also in the immediately preceding financial year and there are no accumulated losses in the balance sheet as on 31s1 March 2010.

11. The Company has obtained loans from banks and is regular in repayment of dues. The Company has not accepted any loans from financial Institutions or debenture holders.

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

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

14. The Company has maintained proper records of transactions and contracts in respect of trading in shares and securities and timely entries have been made therein. All shares have been held by the Company in its own name.

15. The Company has not given any guarantees for loans taken by others from banks or financial institutions and hence para 4(xv) of the Order is not applicable.

16. The Company has not raised any term loan during the year. The Company has not defaulted in repayment of the term loan obtained in the earlier years.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilised any short term funds for long term 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 Companies Act, 1956.

19. The Company has not issued any debentures and hence para 4(xix) of the Order is not applicable.

20. The Company has not raised any money by way of public issue during the year.

21. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated.



For Ramesh M. Sheth & Associates

Chartered Accountants

Mumbai M. R. Sheth

31st July, 2010 (Partner)

M. No. 10 15 9 8

Firm Reg. No. 111883W

 
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