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Auditor Report of Golechha Global Finance Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Golechha Global Finance Limited, which comprise the Balance Sheet as at March 31, 2014, 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 and financial performances of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 19S6 ("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, 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:

(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 Profit and Loss Account, of the Profit for the year ended on that date.

(c) In the case of the Cash Flow Statement, of the Cash Flow 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 S 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 and proper returns adequate for the purposes of our audit have been received from branches not visited by us];

c) the Balance Sheet and Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account and with the returns received from branches not visited by us;

d) In our opinion, the Balance Sheet and Statement of Profit and Loss 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.

ANNEXURE ''A'' TO AUDIT REPORT OF GOLECHHA GLOBAL FINANCE LIMITED STATEMENT ON THE MATTERS SPECIFIED IN PARAGRAPHS 4 AND S OF THE COMPANIES (AUDITOR''S REPORT) ORDER, 2003 ("the Order").

1. The company does not have any fixed assets hence, clause (I) of paragraph 4 of the Order is not applicable.

2. The business of the company does not entail any inventories hence clause (II) of paragraph 4 of the Order is not applicable.

3. On the basis of records examined by us and according to the information & explanations given to us , the company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under 301 of the companies Act,19S6. Accordingly, the provisions of Clause 4(iii) of the Order is not applicable.

4. In our opinion and according to the information and explana-tions given to us, there are adequate internal control procedure commensurate with the size of Company and nature of its business .During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. a) To the best of our knowledge and beliefs and according to the information and explanations given to us, we are of the opinion that the company has entered particulars of contracts or arrangements referred to in Section 301 of The Companies Act,19S6 that needs to be entered in the register maintained under that section have been so entered.

b) In our opinion and according to the information and explana-tions given to us, there are no transactions exceeding the value of five lakh rupees in respect of any of the parties mentioned in S(a) above.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public during the year.

7. The company has an adequate internal audit system, which in our opinion, is commensurate with the size and the nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Act.

9. a) According to the information and explanations given to us and according to books and records produced and examined by us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-tax, Wealth Tax, Sales Tax, Service Tax, Custom duty , Excise duty, cess and any other statu-tory dues applicable to it.

b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, Service Tax, Sales Tax , excise duty and cess which are outstanding as at 31st March,2014 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no statutory dues, not deposited by the company on account of any dispute.

10. The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the current or immediately preceding financial year.

11. On the basis of the records examined by us and the information and explanations given to us, the company has not taken any loans from banks or financial institutions.

12. In our opinion and according to the information and explanations 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.

13. The company is not a chit fund/ nidhi / mutual benefit fund or society.

14. The company is dealing in invest-ments and in our opinion, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares, securities, debentures and other securities,if any have been held by the company, in its own name.However, as on 31/03/2014 there is no investment in shares and securities.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. To the best of our knowledge and belief and according to the information and explanations given to us, the company has not taken any term loan during the financial year covered by our audit.

17. On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, we report that no funds raised on short term basis have been used for long-term investment.

18. The company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of The Companies Act,19S6 , hence clause (xviii) of the order is not applicable.

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

20. The company has not raised any money by way of public issues during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For V. Goyal & Associates Chartered Accountants Sd/- [Pankaj Kumar Goyal] Partner Membership No. 059991 Dated : 28th day of May,2014 Firm Regn No. 312136E


Mar 31, 2012

We have audited the attached Balance Sheet of Golechha Global Finance Limited , as at 31st March,2012 and the Statement of Proft and Loss of the Company for the year ended thereon and the Cash Flow Statement for the year ended on that date all annexed hereto. These fnancial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these fnancial 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 fnancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fnancial statements. An audit also includes assessing the accounting principles used and signifcant estimates made by management, as well as evaluating the overall fnancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that:

1. 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.

2. 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 these books.

3. The Balance Sheet, Statement of Proft & loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

4. In our opinion, the Balance Sheet, Statement of Proft & Loss and the 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.

5. On the basis of the written representations received from the directors as on 31st March.2012, and taken on record by the Board of Directors, we report that none of the directors are prima facie disqualifed from being appointed as a director in terms of clause (g) of sub-section(1) of section 274 of the Companies Act,1956.

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

a) in the case of the Balance Sheet, of the State of Affairs of the Company as at31stMarch,2012.

b) in the case of Statement of Proft & Loss , of the Proft for the year ended on that date.

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

As required by the Companies (Auditor's Report) Order, 2003 as amended by Companies (Auditor's Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of section 227(4A) of the Companies Act 1956, and on the basis of such checks as were considered appropriate and as per the information & explanations given to us, we further comment hereto on the matters specifed in paragraphs 4 and 5 of the said order as below:-

1. The company does not have any fxed assets hence, clause (I) of paragraph 4 of the Order is not applicable.

2. The business of the company does not entail any inventories hence clause (II) of paragraph 4 of the Order is not applicable.

3.

a) In our opinion and according to the information & explanations given to us , the company has not granted any loans to parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence, clause lll(a) to (d) of paragraph 3 of the Order is not applicable.

b) The company has taken unsecured loans from a company covered in register maintained under section 301 of the Companies Act, 1956. The year end balance of such loans was NIL and the maximum amount outstanding at anytime during the year was Rs.200.00 lacs.

c) In our opinion and according to the information and explanations given to us , the loans were taken free of interest and other terms and conditions on which above said loans have been taken are not, prima facie prejudicial to the interest of the company.

d) The loans taken by the company are repayable on demand and as informed to us the loans have not yet been recalled.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of Company and nature of its businesss .During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control.

5. a) To the best of our knowledge and beliefs and according to the information and

explanations given to us, we are of the opinion that the company has entered particulars of contracts or arrangements referred to in Section 301 of The Companies Act, 1956 that needs to be entered in the register maintained under that section.

b) In our opinion and according to the information and explanations given to us, there are no transactions exceeding the value of fve lakh rupees in respect of any of the parties mentioned in 5(a) above.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public during the year.

7. The company has an adequate internal audit system, which in our opinion, is commensurate with the size and the nature of its business.

8. The Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the Act.

9. a) According to the information and explanations given to us and according to

books and records produced and examined by us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees' State Insurance, Income-tax, Wealth Tax, Sales Tax, Service Tax, Custom duty , Excise duty, cess and any other statutory dues applicable to it.

b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, Service Tax, Sales Tax , excise duty and cess which are outstanding as at 31st March.2012 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no statutory dues , not deposited by the company on account of any dispute.

10. The company does not have any accumulated losses at the end of the fnancial year and has not incurred cash losses during the current or immediately preceding fnancial year.

11. On the basis of the records examined by us and the information and explanations given to us, the company has not taken any loans from banks or fnancial institutions.

12. In our opinion and according to the information and explanations 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.

13. The company is not a chit fund/ nidhi / mutual beneft fund or society.

14. The company is dealing in investments and in our opinion, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares, securities, debentures and other securities have been held by the company, in its own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or fnancial institutions.

16. To the best of our knowledge and belief and according to the information and explanations given to us, the company has not taken any term loan during the fnancial year covered by our audit

17. On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, we report that no funds raised on short term basis have been used for long-term investment.

18. The company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of The Companies Act, 1956 , hence clause (xviii) of the order is not applicable.

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

20. The company has not raised any money by way of public issues during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit

For V. Goyal & Associates

CHARTERED ACCOUNTANTS

Sd/-

(Pankaj Kumar Goyal)

Place : Kolkata Partner

Date : 30.05.2012 Membership No. 059991

FirmRegn No. 312136E

 
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